Home Insurance

Homeowners insurance provides financial protection against life's unforeseen perils. A standard policy insures your home and the things you have acquired for 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. This includes damage caused by household pets.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.

Condo Insurance

If you have purchased a condo, the bank will require insurance to protect its investment of your home. You may, however, need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building like the lobby.

You will need two separate policies to protect your investment:

Your own insurance policy.
This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also get liability protection.

A "master policy" provided by the condo/co-op board.
This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.

To adequately insure your condo, it is important to know which structural parts of your home are covered by the condo 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 company or family attorney.

Manufactured Home Insurance

Manufactured home insurance provides two basic kinds of coverage: physical damage and personal liability coverage. Choosing the right insurance policy is much like choosing the right manufactured home. You will want it to fit your needs and lifestyle, but you will also want it to be within your budget.

These coverage options are available for rental or commercial manufactured homes, manufactured homes that are used seasonally, or manufactured homes located in a park or on private property. If you already have auto or homeowners insurance, you can try contacting your current insurance company to see if you would be eligible for a discount.

Physical Damage

Physical damage coverage pays for accidental damage to your manufactured home, belongings, or other structures (such as attached patios or decks, garages or storage sheds) resulting from fire, hail, wind, theft and vandalism, or falling objects. The amount and degree of coverage varies from one policy to another, so make sure to compare policies carefully.

Some policies only cover specific causes of loss. This is basic coverage and while the low premiums may seem like a bargain, it could cost you hundreds of dollars in the event of a claim.

Generally, coverage under a regular policy doesn’t apply while the mobile home is in transit. Also, like regular homeowners insurance, flooding is not generally covered, so be sure to find out whether you are in a flood zone and take the appropriate steps in acquiring flood insurance.

Personal Liability Coverage

Damage to your property isn't the only hazard of everyday life. Liability insurance coverage applies when there is a claim or a lawsuit against you after someone is injured or their property is damaged because of your activities. That amount may be more than what comes standard with a mobile home insurance policy, so it may be wise to consider purchasing additional liability insurance. Claims might include medical expenses, lost wages, pain and suffering, and even property damage. However, liability coverage does not pay claims for injuries to you or the members of your household.

Not all insurance companies offer manufactured home insurance in all states. Check with your agent or insurance company to determine the availability of coverage in your state.

Renters Insurance

Renters insurance provides financial protection against loss or damages to your possessions when you rent a house or apartment. While your landlord may be sympathetic to a burglary you have experienced or a fire caused by your iron, damages or losses of your possessions is not usually covered by your landlord’s insurance. Because in most cases, renters insurance covers only the value of your belongings, not the physical building, the premium for renters insurance is relatively inexpensive.

By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including 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.

There are two types of renter’s insurance policies you may purchase:

Actual Cash Value – pays to replace your possessions minus a deduction for depreciation up to the limit of your policy

Replacement Cost – pays the actual cost of replacing your possessions (no deduction for depreciation) up to the limit of your policy