Depending on your situation, you may want to purchase flood or earthquake insurance, as most
standard homeowners policies don't cover these disasters.
While it is true that your landlord will likely have some kind
of homeowners policy for the rental property, that policy will not be sufficient for your needs.
Whether you've had your current
homeowner policy for a few years or just purchased your first house, you deserve the right insurance to protect your family and home.
Depending on your situation, you may want to purchase flood or earthquake insurance, as most standard
homeowners policies don't cover these disasters.
Since these items generally have higher price tags due to their unique nature, you'll want to examine what coverage is offered under a standard
homeowners policy with your insurance agent.
A
typical homeowners policy covers most anything that happens to your home or the belongings inside, but it may not provide the necessary coverage for injuries that occur on your property.
Although policies vary, a typical
homeowners policy provides coverage for damage caused by certain «perils,» such as fire, lightning, and wind damage (except in certain locations).
This has to the potential to not only lower your auto insurance but can save you on your renters or
homeowners policy as well!
While some standard
homeowners policies offer limited coverage for boats, others do not and you should check with your insurance agent to see what your insurer actually covers.
In addition to insuring your property, the typical
homeowners policy includes liability protection that provides coverage for damages caused by your negligence.
Like homeowners policies, renters policies will also provide some liability protection if someone is injured while inside your rental unit.
This is because
homeowners policies typically offer coverage for items that are damaged or destroyed by certain types of «covered perils» — or causes of loss.
It is less expensive than a traditional
homeowners policy because it does not have to cover the exterior structure or recreational areas.
This is a
basic homeowner policy which offers protection against 10 of the 16 most common hazards, including your home and the belongings inside the home.
The standard
homeowners policy also isn't appropriate for certain high - value or historic homes because of potential coverage gaps or the cost of rebuilding a historic structure.
There are many endorsements or plans that might be better suited to you than a standard
homeowner policy when you have business activity.
The majority of
homeowner policies come with $ 100,000 in personal liability insurance but this is rarely enough coverage.
Replacement value vs. actual cash value: A replacement
value homeowners policy will cover the cost of rebuilding or repairing your home and restoring your personal belongings back to their state before a fire.
Its provisions are the same as those of
regular homeowners policies, except there is no coverage for structural damage since that is not the renter or their new roommates responsibilities.
The liability coverage in your standard
homeowners policy pays both for the cost of defending you and for any damages a court rules you must pay.
As a landlord, you are now faced with unique risks, and you may need more protection than an
average homeowners policy provides.
While condo insurance covers the same liability risks and potential property damage that a
normal homeowner policy does, there are still significant differences.
Let a Trusted Choice insurance agent talk to you about what the
right homeowners policy should cover when it comes to damaged property and stolen items.
A typical
homeowners policy contains property coverage for your building and liability coverage for bodily injury and property damage, but this coverage does not extend to tenants in your home.
Keep in mind that a standard
homeowners policy varies from company to company and make sure that the companies you get quotes from offer everything you need in a policy.
This is unlike the dwelling coverage in a standard
homeowners policy which provides coverage for the entire home (interior and exterior).
Personal property insurance and liability insurance are both available as options for renters insurance packages and may be added to a
parents homeowner policy as an endorsement.
The overall policy covers the same items covered under
other homeowners policies, including furniture, televisions and clothing.
Whether your insurance broker has informed you
about homeowner policies or not, it's also time to compare home insurance policies.