Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it. Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. Damage caused by most disasters is covered but there are exceptions. The most significant disasters that are not covered are damages caused by floods, earthquakes and poor maintenance.
A standard homeowner’s insurance policy includes four essential types of coverage. They include:
• Coverage for the structure of your home.
• Coverage for your personal belongings.
• Liability protection.
• Additional living expenses in the event you are temporarily unable to live in your home because of a fire or other insured disaster.
Please note Homeowners Insurance dose not cover damage from floods and additional flood policy can be obtained to provide flood coverage. Click Here to learn more about Flood Insurance.
To adequately insure your condo, it is important to know which structural parts of your condo are covered by the condo/co-op association and which are not. You can do this by reading your association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, insurance professional or family attorney.
Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures. The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but those made by previous owners.
In other situations, the condo/co-op association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures, and any other additions to the condo unit.
Once again it is recommended that you refer to your condo/co-op association’s bylaws or proprietary lease to determine the condo owner’s responsibility.
Destruction or loss of your possessions, personal liability, and loss of use are not usually covered by your landlord’s insurance. Renters insurance provides financial protection against the loss or destruction of your possessions, personal liability, and loss of use while you are renting a house or apartment. In most cases, renters insurance covers only the value of your belongings, not the physical building, making the premium relatively inexpensive.
By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage, excluding damage caused by floods. Like homeowners insurance, renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
Renters insurance covers your additional living expenses if you are unable to live in your apartment because of a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but still may set limits as to the amount they will pay.
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