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Whether you own your own home, a condominium or rent a house or apartment, property insurance protection is key.
Homeowners Insurance provides coverage for your home and all personal possessions. The policy amount is based on the replacement cost of the dwelling not its market value. Most policies today offer replacement cost for both the dwelling and personal property coverage. Replacement cost coverage pays the cost to replace your home and your possessions at today's prices. A homeownerÕs policy also provides additional living expense coverage for living elsewhere while your home is being repaired. Additional coverage for water damage, fine arts, jewelry, watches and furs can be endorsed onto most policies.
Renters and Condominium Insurances are based only upon the personal property protection rather than the dwelling. These policies provide replacement cost coverage. Additional coverage can be endorsed onto to the policy for fine arts, jewelry, watches and furs.
All property insurance polices provide for liability coverage. This protects the insured from any liability resulting from an accident at the residence or, in some cases, away from the residence. Slipping and falling, dog bites and rocks thrown through windows are examples of cases covered under liability. The policy generally provides coverage for up to $100,000 with higher limits available. We recommend most property owners carry $300,000.
There are many other policies and coverage available through property insurance plans. Small boats, snowmobiles, personal watercraft, all terrain vehicles and personal umbrella policies are some of the more common types. Your agent should be familiar with all your different needs.
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