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Home & Renters Coverage

If you are shopping for property insurance for your home, rental unit, or other property, the following will provide you with the basic coverages found on the different types of property insurance policies.  Check with your insurance company or agent for the specifics of the policy you are considering or have purchased.

Homeowners Coverages

Your homeowner’s policy will typically combine the following standard coverages:

  • Dwelling – protects the structure of your home from standard losses, such as fire, wind, hail, burglary, and vandalism.
  • Other Structures – pays for structures on your property detached from your home, such as sheds, fencing, gazebo, etc. from standard losses, such as fire, wind, hail, and vandalism.
  • Contents – protects your personal belongings, such as furniture, clothing, electronics, dishes, etc.
  • Additional Living Expenses – pays for extra expenses you have for food, lodging, and often other items if a loss that is covered forces you from your home.  This type of coverage may be called, “Loss of Use” on some policies.
  • Liability – protects you when you or one of your family members unintentionally injures someone or damages their property.
  • Medical Payment – pays the medical bills for others injured while on your property.

Renters Coverages

Your renter’s insurance policy provides coverage for damages to your household contents and personal belongings.  Renter’s insurance typically covers similar types of losses as on a homeowner’s policy, such as fire, smoke, theft, etc.  Renter’s insurance does not provide coverage to the home or apartment structure of which you are renting.

Your renter’s insurance policy also typically provides Liability Coverage that protects you when you or one of your family members unintentionally injures someone or damages their property.

A renter’s insurance policy will often provide coverage for certain additional expenses you incur for temporarily living elsewhere due to a covered loss.  This type of coverage is typically called Additional Living Expenses or Loss of Use.

Condominium Coverages

Your condominium insurance policy provides coverage for damages to your household contents and personal belongings.  Most likely, your condominium insurance policy will provide coverage for a portion of the building structure, such as flooring, cabinets, attached fixtures, drywall, etc.  Where that line is drawn will depend on the language of your homeowner’s association contract, the language of the insurance policy providing coverage for the homeowner’s association, and/or your Condominium policy language.

You will want to work with both your homeowner’s association and your insurance company or agent to be sure you are properly covered on your insurance policy.

Your condominium insurance policy will typically also provide Liability Coverage, Additional Living Expenses (may be called “Loss of Use” on some policies), and Medical Payments.

Landlord Property Coverages

If you own property that you rent to others, you may want to obtain insurance coverage for your landlord property.  This type of policy typically provides the following coverages:

  • Dwelling – protects the structure of your property from standard losses, such as fire, smoke, wind, and hail.
  • Other Structures – pays for covered damages, such as fire, smoke, wind, and hail to structures on your property detached from the main residence, such as sheds, fencing, etc.
  • Fair Rental Value – pays if your tenants are forced out of your property due to a covered loss and you are unable to collect rent for a short period while repairs to your property are completed.  This may not be a standard coverage on your policy or you may have to pay extra premium for this coverage.  Check with your insurance company or agent for availability and cost of this coverage on your policy.
  • Liability – protects you when you unintentionally injure a tenant or damage their personal property while on your premises.
  • Personal Property – some landlord insurance policies provide coverage for personal property you have in the dwelling, such as appliances, furniture, etc.  However, check with your insurance company or agent to be sure you understand the coverages available on your policy.

Have more questions?

Contact the Consumer Affairs team:

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