Homeowners Insurance

What is Homeowners insurance?

Homeowners insurance protects you financially after your home or the belongings within are damaged or lost. Homeowners insurance is almost always required if you are financing your home, but it’s also a smart investment if you own it outright. It not only protects your physical property, but also protects you financially if someone is injured on your property.

Condo Insurance
When you own a condo, you are responsible for what’s inside, not your condo association. Make sure you are covered. Generally associations only cover the outside of the building, the unit, and the common areas.

Homeowners Insurance
Homeowners insurance covers losses to your home and any possessions inside. Homeowners insurance covers losses caused by storms, fire, theft and more. It will also cover any lawsuits from injuries that might have occurred on your property.

Renter’s Insurance
If you are a renter, even if your landlord has insurance, it doesn’t mean it covers your possessions or even protects you against any lawsuits because of accidents. If your property is broken into and items are stolen, renters insurance will cover the costs. The same is true if your property is damaged by a fire or severe weather.

What does Homeowners insurance cover?

Basic home insurance policies provide financial reimbursement if the physical structure of your home or any of your property within it is damaged, as well as indirect costs related to repairs. This could mean interior or exterior damage, loss or damage to your furniture, electronics or other property stored within your home. It can cover the cost of repair or replacement of your personal property and even of your home itself.

It’s crucially important that you choose a policy with the right level of coverage for your property and belongings. You’ll need to carefully itemize anything of value in your home to make sure you’re fully reimbursed in the event of a loss.

If you need to stay in a hotel or other type of lodging while your home is being repaired, your homeowner’s policy can cover that cost, as well. There are many types of perils covered by home insurance. They include:

  • Fire
  • Vandalism
  • Windstorms, lightning and hail
  • Explosions
  • An aircraft or vehicle collision with your home
  • Burglary

Basic policies do not, however, typically cover floods, earthquakes, mudslides or sinkholes. If you think you also need flood or earthquake coverage, ask us about your options.

Injuries and Lawsuits
Most basic home insurance policies also include personal liability coverage. Personal liability provides reimbursement for the cost of medical care if someone is injured on your property. This may include hospital costs, surgery, X-rays, and even lost wages or funeral costs if the person dies. It also reimburses the cost of your legal fees if the person sues you. If you are away from your home and cause damage to another’s property, your liability coverage may also reimburse the cost of repairs or replacement.

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