Homeowners insurance is designed to protect you from the things that can damage your home, belongings, or hurt you financially. It covers wind/hail damage, fires, lightning, theft, and more. Plus it covers injuries that occur on your property and lawsuits against you, such as someone suing you because they were hurt at your home.
When you should consider homeowners insurance
Homeowners insurance is for you if you own a home, vacation home, or are purchasing a home. If you own a condo, townhouse, or row home you need condo insurance—or renters insurance if you rent from someone else. Not sure? Get a homeowners insurance quote, and we'll make sure you get the right policy.
If you have a mortgage, your lender will likely require you to get insurance for your home. We'll help take care of the details with your lender. Plus, in most situations, you'll be able to combine your insurance payments with your mortgage bill (called escrow).
Repair/rebuild your home and other structures
Home insurance pays to repair or completely rebuild your house, materials inside like your kitchen countertops, attached, and unattached structures (garage, deck, porch, swimming pool, shed, fence, etc.). You're covered against fire, wind, hail, tornados, falling trees/limbs, ice dams, the weight of snow, sleet, or ice on your roof, and more.
Example: It snows a ton, and your roof caves in. The snow then falls into your house damaging your walls, kitchen cabinets, countertops, and more. Homeowners covers all of these damages.
Temporary living expenses
If you can't stay at home during repairs, your homeowners insurance covers hotel stays and even meals (above what you'd normally pay).
Example: A tree crashes through your roof, and you have to spend $2,500 to stay two weeks at a hotel. You're covered for that bill, plus your meal expenses beyond your usual costs.
Injuries and lawsuits against you
This coverage is called personal liability and covers property damage and injury lawsuits. That means if you/your family members are responsible for someone else's injuries or damages to their property. You can add coverages for libel, slander, or other lawsuits.
Example: A delivery person falls on your steps, breaks their arm, damages their merchandise, and then their company sues you. Your homeowners insurance will pay for their medical bills, lost wages while they're injured, and the damaged merchandise.
Your personal possessions
Furniture, clothes, electronics, appliances, tools, power equipment, etc. are covered (even if they're not in your house). To get extra protection, you may have to add a separate coverage for jewelry, art, or other expensive items. If so, give us a call at the end of your online homeowners insurance quote.
Example: Someone breaks into your car and steals your cellphone and thousands of dollars worth of tools/equipment. You just have to pay your deductible, and the rest is covered.
Landlord insurance is a policy for someone who rents out a home they own. This type of insurance typically includes two different types of coverage: property and liability protection. Both coverages are intended to help protect you, the landlord, from financial losses.
When you should consider rental home insurance
Landlord insurance offers property owners protection from financial losses related to damages or injuries. Whether you own multiple rental properties or need to sublet your home for a year while you travel for business, a landlord insurance policy (also referred to as dwelling fire insurance) will allow you to rent your property with confidence.
If you have a mortgage, your lender will likely require you to get insurance for your home. We'll help take care of the details with your lender. Plus, in most situations, you'll be able to combine your insurance payments with your mortgage bill (called escrow).
Physical Structures
If your rental property or other structures on the property, like a garage or tool shed, is damaged or deemed to be a total loss, we'll arrange for it to be repaired or replaced.
Fair Rental Value Coverage
If your property is deemed unlivable due to a covered loss, we'll reimburse you for the income you'll lose because your tenants will no longer be paying you rent.
Premises Liability Coverage
If a claim is made against you for accidental damage in relation to your investment property, Liberty Mutual will defend and pay those claims for which you are legally responsible, up to your policy limits.
Personal Property
Property you own on the premises (such as microwaves, washers, and dryers) being used by your tenants - even tools you keep handy for repairs are protected.
Condo associations have master policies that cover the property, common areas, and outside/physical structure of your condo. But, you can't simply rely on your association's master policy. Your association's policy only covers the things they're responsible for, and not what you're responsible for.
Condo insurance (or condominium insurance) covers your belongings, upgrades to your unit (new granite countertops, etc.), injuries at your place, certain lawsuits against you, etc. Without condo insurance, you'd have no coverage for these things.
When you should consider condo insurance
Condo insurance is for you if you own a condominium, townhome, row home, or other unit that has an association. It's similar to homeowners, but often more affordable because it excludes coverages your association is responsible for. If you rent a condo, you'd instead need renters insurance—or homeowners insurance if you own a home. Not sure? Just get a condo insurance quote. We'll ask the right questions.
If you have a mortgage, your lender will likely require condo insurance. We'll help coordinate the details with your lender. Plus, you'll usually be able to combine your insurance payments in your monthly mortgage bill (called escrow).
Upgrades and customizations
We'll cover most upgrades you've made, such as hardwood floors, granite countertops, new kitchen cabinets, etc. Some association's policies may cover the original furnishings, but very few will cover your upgrades.
Example: A pipe bursts and water damages your custom kitchen cabinets and appliances. Your association may pay to repair the pipe, but they won't pay for any damage to your upgrades. If you still had the original countertops that were damaged, your association may cover those.
Temporary living expenses
If your condo is damaged, and you can't stay there during repairs, your insurance kicks in. Condo insurance covers hotel stays and meals (above what you'd normally pay).
Example: A fire damages your condo, and you have to spend $2,000 to stay two weeks at a hotel. That bill would be covered, plus your meal expenses above your usual food costs. Make sure you keep your receipts.
Injuries and lawsuits against you
This coverage is called personal liability. It covers lawsuits against you or your family members if you're responsible for someone else's injuries or damages to their property. You can add extra coverages for libel, slander, or other lawsuits.
Example: A delivery person falls on your steps, breaks their leg, damages their merchandise, and then their company sues you. This will pay for their medical bills, lost wages if they can't work from an injury, and the damaged merchandise.
Your personal possessions
Furniture, clothes, electronics, appliances, tools, power equipment, etc. are covered (even if they're not in your house). To get extra protection, you may have to add a separate coverage for jewelry, art, or other expensive items. If so, give us a call at the end of your online homeowners insurance quote.
Example: Your roof leaks and water damages thousands of dollars worth of clothes, furniture, etc. Typically, your association would be responsible for the damages to your stuff. But if they won't pay up, your condominium insurance would kick in to cover these.
Renters covers your belongings, living expenses if your place is damaged, and even certain lawsuits against you. Just get a renters insurance quote, and experts are available to help explain all your coverages.
When you should consider renters insurance
Renters insurance is for anyone renting an apartment, condo, dorm room, house, or anything else. If you're a landlord renting out a home, you'd need a specialized policy instead. Call 1-214-206-3128 for help.
If your landlord/complex requires insurance, just get a renters insurance quote online with us. We'll send proof of insurance to your landlord/complex and help you make sure your policy meets their needs.
Temporary living expenses
If your place is damaged and you need somewhere to stay, your renters insurance kicks in. Renters pays for your hotel/living expenses and even pays you back for meals (above what you'd normally pay).
Example: Your place's roof is damaged and you have to stay in a hotel for a week. You'll be reimbursed for hotel and dining out expenses.
Injuries and lawsuits against you
Your renters insurance policy covers others' medical bills if they're hurt at your place. Plus, it covers you if someone else sues you over their injuries or property damage. This coverage is technically called "personal liability."
Example: You host a party and one of your guests accidentally damages furniture in your apartment's party center. Your landlord then sues you for $2,000. Your renters insurance kicks in to pay for the damages and any court/legal fees.
Your personal possessions
Clothes, electronics, furniture, tools, and the appliances you purchased are covered (even if they're not in your place). They're covered against fire, theft/vandalism, tornadoes, water damage, and more. Keep in mind, you'll likely have to add extra coverage for jewelry or other expensive items. You can add these during your renters insurance quote or give us a call.
Example: A pipe bursts in your place and damages all your furniture and electronics. You'd then file a claim, and you'd just have to pay your deductible. The rest is covered.
---- Page source & information retrieved from Progressive