Homeowner’s insurance, sometimes referred to as home insurance or hazard insurance, is insurance that covers private homes.  The real estate industry often refers to this insurance by the abbreviation of HOI.  This insurance generally refers to insurance that covers two specific types of claims.  One is property, which provides coverage of the property and its contents.  The other is liability, which is coverage that protects the insured against accidents that happen in the home, and also accidents at the hands of the homeowner within the territory covered by the policy.  It is required that at least one of the persons named as insured actually occupies the home.  This form of policy is called “multi-line insurance.”  This means that both property and liability is covered by the same policy with one premium paying for all risks.

Property Coverage:

The property coverage in your homeowner’s insurance policy should cover the cost of rebuilding your home should it be totally destroyed.

There are three ways to insure your property.  One type of coverage is called “replacement cost.”  This is insurance that pays for the replacing or repairing the damaged property with no deduction for depreciation, but the compensation is limited to a maximum dollar benefit.

A second type of coverage is “extended replacement cost,” it will cover costs of repair or replacement of damaged property up to the stated percentage over the amount of insurance or face value of the policy.

A third type of coverage is called “actual cash value,” which pays the cash value of the dwelling minus depreciation costs.  Unless a policy specifies coverage that includes the statement “replacement value,” the coverage is only for actual cash value.  Factors that may affect costs include local construction costs, the square footage of the structure, the type of wall construction, the style of house, the number of rooms, and the type of roof.

Liability Coverage:

Liability coverage is insurance that insures against injury to people coming onto or about the owner’s property.  Homeowners are responsible to maintain safe conditions within their domain, and may be held liable for any injuries that occur on their properties or in their homes.

We also specialize in Renters, Condo and Landlord Insurance

Landlord Insurance:

Landlord insurance provides coverage for property owners renting out their residential property. As a landlord, you need protection from financial loss that may result from damages to a rental property due to fire, break-in, severe weather and more. You can also get insurance to help cover loss of income in the event that your rental units become uninhabitable due to circumstances beyond your control.

Your policy may contain some or all of the following components:

Property damage:  This covers damage to both the real property and personal property, which includes theft and damage by tenants among other perils. In the event of a total loss your policy would cover the entire replacement cost of your rental property.

Liability insurance: This coverage protects you against liability claims and lawsuits brought by your tenants or third parties for injuries or damage occurring on your rental premises.

Loss of income: This component will compensate you for loss of rental income for the duration of time your property becomes uninhabitable. This way you can collect rental income while the property is being repaired or rebuilt.

Condo Insurance:

Condo insurance is important because Home Associations typically only cover external features of your condo and common areas. Condo insurance is intended to fill those gaps in coverage. The Condo policy will cover internal features, your personal property and appliances. Moreover, your condo policy will protect you from liability claims from third parties or tenants for injuries that occur on your property.

Because condo policy will typically cover what your association will not, it is vital to review and understand your specific association policy prior to choosing specific coverage.

It is also important to inventory all of your personal belongings and figure out the cost to replace those items and upgrades in order to determine how much coverage you actually need.

We would be happy to assist you in devising a policy with enough coverage to protect your valuables and condo investments.

Renter’s Insurance:

A third common type of homeowner’s insurance is renters’ insurance, which is coverage that insures against theft or damage of a renter’s property within a dwelling when the damage or personal injury is caused by similar events as outlined in a standard homeowner’s insurance policy.  This is an inexpensive policy that will compensate the insured in three primary categories.  One is liability coverage for visitors.  Another is personal possessions.  Also, if damage to a rental causes the renter to incur living additional living expenses while the rental is being repaired, those costs may also be covered.