What Does Home Insurance Cover?
Good home policy offers financial protection against disasters and covers the home, itself, as well as the people and property in the home. Every policy is different, but here are the typical coverages:
- The physical structure. This covers you if your home is damaged or destroyed by a fire, for example.
- Personal property. This protects whatever is inside your home, your possessions, including furniture, appliances, clothes, etc. This helps replace items if they are stolen or damaged in a fire.
- Personal Liability. This covers you if someone is injured on your property, or if their personal possessions are damaged while on your property.
- Loss of use. This will pay for additional living arrangements if your house is damaged and needs to be repaired.
- Provide Formal Written Status Reports
Additional Coverage to Consider
Many times a regular home policy will not cover special items such as jewelry, art, etc, and you may need to obtain specific insurance for these valuables. Property coverage does not include flood and earthquake damage, which must be purchased separately. Also, an umbrella policy is often a good idea to protect you against additional liability.
Cost of Home Insurance
There are many variables involved in the cost of your homeowners policy, and it’s important to give your agent as many details as possible so they can make sure you are properly covered. For example, replacement cost vs. depreciated value will affect your rates. Having aggressive dogs may increase your liability. If you have a valuable coin collection, you’ll want to make sure that is covered. Your agent will discuss all these things with you, as every home is unique.
Landlord | Rental Property
As an investment property owner, having the right insurance in place to protect your property is a critical part of making sure your finances are protected as well. Damage to your property or a lawsuit alleging injury while on your property can result in substantial costs that can have a major impact on your bottom line and your profit margin. Landlord insurance addresses a variety of risks, including:
- Damage to the property itself – both the structural components and the infrastructure, including fixtures and fittings;
- Damage caused by the tenant;
- Loss of rent that may occur while the property is being repaired following insured damage;
- Liability claims that may result when a person is injured while on your property (including those who visit your property) or when someone else’s property is damaged as a result of your property – for instance, if a limb falls on the tenant’s car.
Many condo associations offer their owners a limited amount of insurance coverage, but this insurance coverage usually only covers the exterior four walls of the unit and shared, common areas. Everything within the condo’s walls will require additional insurance, including interior walls and structures. Condo owners should not rely upon their condo’s insurance policies for this reason, but can instead craft an insurance policy perfect for their needs with the help of Pierce Insurance Group.
Renters insurance is an extremely low cost insurance option that insures against damage or theft that occurs within a person’s rented home or apartment. Renters insurance can often be bundled with auto insurance to save money.
The types and levels of insurance coverage you need will vary based on your property and other factors. That’s why at Pierce Insurance, our agents begin by evaluating your unique risk profile, your financial exposure and other issues and concerns that can have a bearing on your coverage decisions. Then we’ll work with you to help you understand your exposures and to find the best coverage to help keep your investment safe and sound.