Owning a home is probably one of the largest financial investments you’ll make in your life. So, you should protect that investment and yourself. Homeowner’s policies are designed to provide financial protection in the event of damage to your dwelling and personal property, personal liability and other risks that you may purchase special additional protection for as a home owner. And, because every home and family/individual situation is unique, you need a trusted expert who will get to know you and use that information to guide you in choosing the options that best suit your needs.
Our goal is to simplify home insurance by learning about what you need and then doing the leg work to determine the insurance carriers that provide the proper protection. Then you can enjoy your life with confidence in your coverage.
Home insurance protects you from a variety of standard risks often referred to as “perils” that result in damage or destruction of your home, adjacent structures on your property and personal property. It provides for repair or replacement caused by:
- Fire – including damage from smoke and water used to put out a fire
- Weather - lightning, windstorms, hailstorms, tornadoes
- Electrical surge damage
- Equipment failure – damage from bursting of heating, plumbing or hot water systems
- Glass breakage
- Falling trees and objects
- Collapse of roof or walls
- Damage by vehicles
- Theft or burglary
- Vandalism and malicious mischief
NOTE: Floods are not covered by your homeowner’s policy. To protect your property, you need a flood insurance policy.
Customize your protection
Your dwelling and personal property are commonly protected from a variety of standard “causes of loss” up to certain limits by most insurance companies. Depending on your unique needs, you may want to customize your policy with additional special coverage called “endorsements”. Available endorsements vary depending on the insurance company. We can help you understand your options. Typical special endorsements include:
- Replacement Cost. It would be nearly impossible to rebuild your home for what you paid for it even if it was just a few years ago. Also the value of furniture and other contents depreciates over time. We strongly recommend you consider this additional coverage that provides for repair or replacement of your dwelling and contents at today’s costs based on the underlying coverage limits of your policy.
- Increased Building Code Coverage. If your home is damaged and in addition to being repaired needs to be brought up to current building codes, you’ll have additional protection when you purchase “ordinance or laws” coverage.
- Earthquake. Provides coverage in the event of damage caused by an earthquake which is not covered by standard policies, but do occur in the New England area. learn more >
- Home Business. A standard homeowner’s policy provides a very limited amount of protection for personal property used for business purposes. If you run a business out of your home, a “permitted incidental occupancies” endorsement protects business equipment and also protects you from liability if you meet with clients at your home.
- Scheduled Personal Property Coverage. You can purchase increased protection for special “high valued” personal property that could exceed the limits of your policy. These may include jewelry, watches, furs, stamp and coin collections, fine arts, electronics, sports equipment, etc.
- Water Back-up and Sump Discharge or Overflow. These situations are excluded from a standard home policy, you can purchase limited coverage with this endorsement to cover situations of sewer back-up or if your sump pump fails.
Why do I need home, condo or renter’s insurance?
To state the obvious…it’s where you live and where most of your possessions are, and if you’re a homeowner, chances are it’s your greatest asset. But whether you own or rent, home insurance covers more than possessions and assets. Here are a number reasons you need this protection.
Mortgage lenders require it.
If you take out a loan to buy your home or refinance, lenders require insurance to protect the dwelling. If you build a home, you may need to have special coverage during construction.
It can be a financial safety net in a disaster.
Do you have the financial resources to repair or replace your home and its contents in the event of a fire or major damage? Even mini disasters like lightning strikes; heating, plumbing or other home system failures; theft or vandalism can create significant financial hardships.
Without it, you don't have personal liability protection.
If someone is injured at your home or if you are sued for causing injury or damage to someoneelses property in a situation not involving a motor vehicle, a home, condo or renter policy can provide coverage for damages and defense costs. Even if you're not found liable, the attorney's fees alone could be financially devastating unless you have protection.
If you rent, your landlord’s policy will not cover your personal property.
The insurance policy that covers the building where you live does not cover your possessions inside the dwelling. A renter’s or tenant’s policy protects your personal possessions including furniture or electronic equipment, in case of fire, theft and other perils.
If you own a condo, the condo association’s policy does not cover your personal property and generally the interior of your condo.
The condo association’s master policy generally covers the exterior walls and not any personal property. A condo policy protects your personal possessions in the case of a covered loss such as fire, theft, etc.
Bad things do happen.
Accidents can be as financially devastating as a fire. If you’re found responsible for unintentionally damaging property or injuries caused to someone that occur on your property or elsewhere, you need liability protection to pay for medical and other related costs. If you rent, this is an extremely important standard part of a tenant policy.
There are special items you want to protect.
If you own special jewelry, silverware, fine art, antiques, electronics or other valuables, you can protect these items by adding special extended coverage endorsements to your home insurance policy.
The bottom line on needing homeowner’s and renter’s insurance is that if you can’t financially afford to cover a loss on your own, then you can’t afford not to be insured. Insurance can be complex but our trusted associates guide you and make it as simple as possible.
NOTE: This information is only a general description of the available coverages and is not a statement of contract. All coverages are subject to all policy provisions and applicable endorsements. Some coverage may be subject to individual insureds meeting underwriting qualifications and to availability within a state. For further information contact a Simplified Insurance Agency Associate.