Home Owner Insurance
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Homeowners insurance also provides financial protection in the event that your contents (appliances, furniture, jewelries, etc.,) are damaged.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners’ responsibility.
It is also required by most mortgage lenders.
Renters Insurance
You took great care in selecting the right place to live. You’ve moved in your personal belongings and added your personal touches to make your apartment or rental house a home. It makes sense that you would take the same great care to financially protect yourself and your contents. Take a quick inventory of your furniture, electronics, clothing, small appliances, and televisions and ask yourself if you could afford to replace those items in the event of a loss. The renters policy provides coverage due to Fire, Windstorm, Vandalism or Theft.
The renters policy also provides personal liability coverage for you and your family against legal liability, bodily injury and property damage arising out of activities at or away from your premises.
Condo Insurance
Many condo owners believe their Condo Association provides all the coverage they need when, in fact, they need their own policy. A Condo Unit Owner Policy provides the following coverage that may not be part of their Condo Association policy:
Unit Owners Real Property- Covers additions, fixtures, improvements and installations which are part of the building within your unit and for which you are responsible under the terms of your association agreement.
Personal Property – Coverage for personal belongings such as clothing, small appliances and furniture.
Personal Liability – Coverage for bodily injury, property damage and personal injury caused by you.
Loss Assessment – Coverage for your share of any loss assessment charged against you by the association.
Valuables Insurance
Valuable Article Insurance is specially designed for collectors and hobbyists with valuable property, collections or equipment. Coverage may include jewelry, art, photo equipment, musical instruments, antiques and other collections and hobby items. This coverage is often added to primary residence homeowner’s policy.
Umbrella Insurance
You don’t have to be a millionaire to be sued! Umbrella insurance extends your protection above and beyond the limits of your personal insurance policies to protect your financial assets in the event of a lawsuit resulting from a liability claim. The standard umbrella policy is issued with a limit of $1,000,000, but higher limits are available. Could this happen to you?
While driving a vehicle you are distracted and cause an accident with injuries and damage to the property of others.
Your invited or uninvited guest is injured while swimming in your pool, creating liability for you.
Your teenager is driving friends home from a school event and is involved in a major accident.
You injure a water skier while boating.
