A house is not only a valuable investment – it’s a sanctuary where families grow, friends gather, and memories are made. Homeowners insurance can cover damage and losses to your home and personal possessions caused by fire, severe weather, vandalism, and other perils. It can also protect you from liability if someone gets injured on your property. If you have the right coverage for your needs and budget, you can have peace of mind knowing that your home is protected.
A condo association’s insurance covers damage to the structure of the building and common property – but it doesn’t cover a condo owner’s personal property or liability. Condo insurance can include your possessions, repairs inside your condo, liability claims against you in cases of bodily injury or property damage, and more. You can even add additional coverage for expenses if you must temporarily vacate your condo, need to replace your locks, and more.
If you rent a house or apartment, your personal property isn’t covered by your landlord’s homeowners insurance, even if your loss is caused by damage to the building, such as fire, burglary, vandalism, or severe weather. Renter’s insurance can cover the cost to repair or replace your possessions as well as additional expenses such as temporary accommodations if you must vacate the property, medical expenses if someone was injured on your premises, and legal defense fees against covered lawsuits. Best of all, renters insurance is quite affordable.
A basic homeowners policy does not cover flood damage. Depending on where you live, you may need this additional coverage. The definition of a “flood” is very specific: a general and temporary condition where two or more acres of normally dry land, or two or more properties, are inundated by water or mud. Some of the typical causes of flooding are overflow from a lake or river, broken levees, excessive rainfall, and hurricanes.
A basic home policy protects your personal possessions, but with deductibles and coverage limits, you may decide to get additional coverage for certain valuable items, such as:
- Jewelry and watches
- Sporting equipment
- Camera equipment