Property Insurance

Coverage offered: Property Insurance

Buying a home includes buying homeowners insurance, but don’t let that be more complicated than it is.

Standard policies typically include six types of protection for your house. See the definitions below for a quick explanation of each type of coverage.
Dwelling Coverage: is what comes immediately to mind when someone says ‘home insurance.’ It protects the structure of your house against covered perils such as fire, wind, lightning, and hail. You should have enough dwelling coverage to rebuild your house from the ground up should it be destroyed by a covered event. One caution: Separate policies are needed for flood and earthquake coverage.
Other Structures Coverage: Other Structures protection is exactly what you might think. It protects sheds, detached garages, and fences from covered events. Typically, coverage limits are set at 10% of the amount of dwelling coverage, but you can purchase more protection if necessary.
Personal Property Coverage: Personal Property coverage protects your possessions in case they’re stolen or destroyed by a covered peril. Electronics, clothing, and furniture are among the items in this category. Limits typically are set at between 50% and 70% of your dwelling coverage limit. However, coverage is often limited for certain high-value items such as jewelry or furs – these can be covered fully by scheduling an endorsement to your policy.
Personal Liability Protection: Personal Liability protection helps if someone sues after being hurt on your property or suffering property damage because of an event caused by your or a member of your household. It can pay for your legal defense and for any settlement or award in the lawsuit, up to your coverage limits. You also can be protected from injuries caused by your pets. The coverage limit typically is set at $100,000, but you can purchase additional coverage.
Loss of Use Coverage: Loss of Use coverage kicks in if your house becomes uninhabitable because of a covered event. While it’s being repaired or replaced, this coverage helps with your living expenses, including hotel and restaurant bills. Limits typically are set at 20% of your dwelling coverage limit; however, sometimes policies include time limits as well.
Medical Payments Coverage: Medical Payments coverage helps if you’re responsible for the injuries of someone who does not want to sue. It can pay medical expenses up to your coverage limit. That limit typically is set at $1,000, but you can purchase additional coverage.

Renter Insurance FAQ

Most frequent questions and answers

What Is Renters Insurance?

Renters insurance provides coverage for your lost, damaged, or stolen personal possessions. It also provides coverage for injuries to another person that might occur in your rented home or apartment.

What Does Renters Insurance Cover?

Renters insurance provides financial reimbursement to cover a tenant’s lost or damaged possessions as a result of fire, theft or vandalism. It also covers a tenant’s liability in the event that a visitor is injured on the premises. Whether the renter’s insurance or the landlord insurance pays for the costs associated with the injury will depend on the circumstances of the incident, the location on the premises where the injury occurs, and who is at fault. Renters insurance can also provide compensation for alternative living arrangements in the event that your rental unit or rented home becomes uninhabitable due to storm damage or an apartment fire.

How Does Renters Insurance Work?

Renters insurance will help to pay your costs if you suffer a loss, such as a burglary. The amount of compensation you will receive depends on the type of loss and the amount of coverage you have in place. Certain items such as jewelry, collectibles or other valuable items may have a value limit or require additional insurance coverage to provide full coverage for loss, theft or damage. You will also be responsible for a deductible, which is an out-of-pocket expense. In the event that a visitor to your home, condo or apartment is severely injured, that person can file a claim with your insurance company, and your insurer will address the claim.

Is Renters Insurance Necessary?

Renters insurance is necessary if you are renting a home or apartment and want to be sure your valuable possessions are protected from loss, theft or damage, and protects you in the event of liability claims as well. You are not required to carry renter’s insurance by law, but a landlord can require renters’ insurance in your rental agreement in your lease. Carrying renter’s insurance protects you and the landlord by ensuring that no matter what happens on the premises, either your renter’s insurance or the landlord’s insurance will provide compensation.

Why Is Renters Insurance Important?

Renters insurance is important because your possessions are not protected by the landlord’s insurance policy. Landlord insurance covers damage to the building but does not protect your possessions. Another good reason to have renter’s insurance is for protection against liability claims. The liability portion of your renter’s insurance will provide compensation if a visitor to your rented home is injured. If that person files a lawsuit against you, your renter’s liability insurance will also help to cover the costs of your legal defense. Renters insurance can also cover temporary accommodations in the event that you have to live elsewhere while your rental is being repaired due to fire, smoke or water damage.

Condo Insurance FAQ

Most frequent questions and answers

What Is Condo Insurance?

Condo insurance provides coverage for the inside of your condominium. The external areas fall under the jurisdiction of your condo association and must be covered under the association’s insurance policy. Depending upon the specifics of your condominium association’s master policy, your condo insurance may include coverage for:

The interior walls
Your appliances
Your personal property and valuables

In addition to covering your belongings in the event of a loss, your condo insurance also protects you against liability claims if you are responsible for another person’s injury or property damage, or if you have legal fees to pay due to a lawsuit.

What Does Condo Insurance Cover?

Condo insurance policies typically cover what the condo association’s master policy doesn’t cover. A condo association master policy can be of two types:

An “all-in” condo master policy: Also known as a “single-unit” master policy, this type of policy covers the fixtures in your condo such as the appliances, wiring, plumbing, and carpets, but does not cover personal property that you own.
A “bare walls-in” condo master policy: This policy does not cover anything contained within your walls. It may or may not cover your condo’s plumbing and electrical systems. Be sure to carefully review the association’s master policy to determine what your condo insurance policy needs to cover.

You will need to buy more of your own condominium insurance if your association has a “bare walls-in” condo master policy than if it has “all-in” condo master policy.

Your condo insurance policy will cover you for loss or damage to your personal possessions, and provide coverage for personal liability and medical payments. Additionally, it will often cover loss of use in the event that your condominium becomes badly damaged by a fire or storm and you need to live elsewhere during repairs.

Insurance for a particular condo is known as a HO-6 policy. HO-6 policies typically provide you with coverage for a range of causes of loss. You may have to purchase additional coverage for specific items such as artwork, jewelry, and other items of value.

How Does Condo Insurance Work?

Your condo association’s master policy, or HOA policy, will cover damage to your condo building, grounds, and other external features. Your condominium policy therefore needs to cover your personal possessions, appliances, and sometimes installed fixtures and other attached features in the unit. In the event of a covered loss, such as a burglary or fire, you will need to file a claim with your insurance company, and/or the condo association’s insurance company.

Why Is Condo Insurance Important?

Condo association coverage will only cover the exterior of the condominium. For the interior and for your possessions, condo insurance will cover potential losses, such as theft or damage from fire. You also need to protect yourself from liability claims and lawsuits if someone is injured in your condo, or if you are responsible for damage to someone else’s property. Note that liability often covers your responsibility for libel, slander, and other bodily injury claims. Because liability claims can lead to lawsuits, it is important to evaluate the amount of coverage you need to protect yourself financially.

Land Lord FAQ

Most frequent questions and answers

What is landlord insurance?

Landlord insurance provides financial protection if your rental property is damaged, becomes unlivable after a catastrophic event such as a fire or a storm, or if someone is hurt on the property. Standard homeowners’ insurance only provides limited coverage for rental properties, which is why a separate landlord policy is necessary.

What does landlord insurance cover?

Insurance policies vary, but most landlord insurance policies offer coverage for the following:

Property damage insurance: A landlord policy typically covers any physical damage to the home that’s caused by fire, bad weather or criminal activity such as a break-in. It also covers any additional buildings, including a shed or detached garage. Equipment, like lawn mowers and snow blowers kept on the property to maintain it, is also covered.
Liability insurance: If someone is hurt while living in the rental property or visiting it, landlord insurance can help cover that person’s medical costs, legal fees and settlements.

Loss of income insurance: If your rental property is damaged by a covered loss, such as a fire or tornado, and the damage keeps you from renting it out, most policies will reimburse you for the income lost during that time.

What landlord insurance doesn't cover.

Landlord insurance doesn’t cover a tenant’s belongings. For example, if the tenant’s car, furniture and antique china collection are lost in a fire, landlord insurance doesn’t cover that. You should encourage your tenants to get renters insurance to cover their belongings. Landlord insurance doesn’t cover repairs, either; if the dishwasher breaks or the furnace goes out, you’re responsible.

Buying landlord insurance is a safe way to protect your investment. Owning a rental property isn’t always easy, but purchasing a policy with us will make it just a little bit easier.

Coverage offered: Property Insurance