Home & Condo Insurance

Here you can learn about a basic Homeowner & Condominium Insurance polices.

Home owners insurance is critical and if you carry a mortgage is a requirement by the mortgage company, and rightly so. If something were to happen to your home and it was destroyed completely, someone would still need to pay for it. So, if home owners insurance were not required, you would have to pay for a home still that did not exist.

It is never too late to learn about home owners insurance. If you currently have it, it is important to educate yourself to make sure you have your home properly covered. If you are thinking about buying a home, getting off on the right foot with the correct home owners insurance policy can save you a lot of hassle. And besides having the right coverage, getting a good deal on your home owners insurance can actually make you smile!

What Kind of Home Owners Insurance Policy Do You Need? When shopping for insurance, it is important to understand how home owners insurance works so you can obtain the correct coverage. The typical home owners insurance policy is divided into 2 parts: Part I: Home Insurance Property Protection and Part II: Home Insurance Liability Protection.

When shopping for insurance, it is important to understand what you are getting when you purchase a home owner insurance policy. Some people decide to buy insurance online by using popular online insurance quote websites and some stay with a local agent. Whatever choice you make, knowing and understanding your home insurance policy coverages is important.

A Home Owners Insurance Policy is designed to protect home owners against certain perils. There is usually a deductible when filing a home insurance claim unless noted. Individual home insurance policies are determined by named perils and exclusions in a policy. Consult your agent or insurance company regarding any exceptions that may apply.

Whether you buy your home owners insurance policy online or with a local agent, the typical home owners insurance policy is divided into 2 parts:

Part 1 : Home Insurance Property Protection

Part 2 : Home Insurance Liability Insurance.

If one was to look at a home insurance declarations page, which is usually the first page in a home owners insurance policy, they would see Part I: Property Protection. This protection is usually broken down into four additional sections:

A . Dwelling :-

Dwelling typically covers your house, attached structures, fixtures in the house such as built-in appliances, plumbing, heating, permanently installed air conditioning systems, and electrical wiring.

B . Other structures :-

Other Structures typically covers detached structures such as garages, storage sheds, and fixtures attached to the land including fences, driveways, sidewalks, patios, and retaining walls. Detached structures used for business purposes are not covered under a personal home owners insurance policy.

C . Personal Property :-

Personal Property typically covers personal property including the contents of your home and other personal items owned by you or family members who live with you. This protection can be based on actual cash value or replacement cost. Home insurance policies may provide limited coverage for small boats, however, most home insurance policies do not cover motorized vehicles unless they are unlicensed and used only at your home. Some items may have coverage limits such as firearms, artwork,electronic data, jewelry, and money.

D . Loss of Use :-

Loss of Use typically covers living expenses over and above your normal living expenses if you cannot live in your home while repairs are being made or if you are denied access by government order.