Types of Coverage
Home insurance protects your home from various perils, such as damage caused by theft, burst pipes, robbery, and severe weather. It includes coverage for your structure, personal belongings, liability coverage and guest medical. Homeowners insurance protects your biggest investment and can advert financial disaster by taking on the bulk of costs if your home is damaged or destroyed.
|Dwelling Coverage||Coverage includes damage from fire, smoke, storms, lightning, hail, vandalism and damage from a car.|
|Personal Property||Covers your possessions, such as clothing, furniture, electronics and appliances.|
|Liability Insurance||Covers you if you’re sued for bodily injury or property damage caused by you or a family member|
|Valuable Items||Extended coverage for items like jewelry, guns, musical instruments and art.|
|Additional Living Expenses||Compensation to live elsewhere temporarily in the event of catastrophe that renders your home unlivable.|
|Guest Medical Payments||Covers the medical costs if a visitor to your property is hurt in a minor incident, regardless of liability.|
Renters insurance covers your personal possessions. Your landlord should have a separate insurance policy to protect the structure but that will not cover your belongings. If a fire damages your belongings or a thief steals your laptop and TV, your renters insurance will cover your losses, minus your deductible. Liability coverage is also included as part of a renters policy.
Condo insurance covers damages within the unit (interior walls, floors and ceiling) and personal property, as well as liability claims, such as someone getting injured in your condo. Like home insurance many perils are covered by condo insurance, such as fire, theft and vandalism. Some policies will cover your entire condo unit, but that depends on your homeowners (HOA) master policy and what it covers.