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Terminology - House versus Apartment   General Notes Our Help Topics in Upcoming House / Apartment Insurance 101 articles Also See Part 1 - Need for home insurance (two reasons why you really need     insurance for your home); insurance included with the mortgage     payment; about property and liability coverage; what is usually     covered; catastrophe coverage (e.g. floods); other exclusions. Part 2 - Who decides property worth; amount paid for property     damage; coverage for property while on vacation, for tenant's     property and for my mother's belongings - she lives with us, what     about our vacation home. Part 3 -I work out of my home - coverage for my business property;     with catastrophic loss, where do I start; why does the insurance     company need the location of the nearest fire hydrant; what I     can do to lower my premiums; who watches the insurance     companies; steps to take when property is damaged or stolen;     what if I am found liable for personal injury Part 4 - What about when I am a renter or own my own condo - what     insurance do I need; what coverage does my landlord's policy     provide; how is renters insurance priced; what about my     roommates coverage; how is a condo ownership policy different

The biggest asset for most people is their home. Lose that, and you will likely lose a big part, if not most, of your net worth. Even if you don’t own, but rent, you can still easily lose all your belongings in a sudden fire. That’s where homeowners and renters insurance comes into play.

Terminology - House versus Apartment

Throughout the House / Apartment Insurance 101 articles, the term "homeowners insurance" is used. However, for renters and condo owners the coverage for personal property and liability is similar. The main difference, of course, is that you do not need to insure the building. Therefore, almost all the information contained in the articles should be of use to you whether you own or rent, live in an apartment, a condominium, or a home. Questions on specific concerns about condominiums and renting an apartment or dwelling are answered after the general questions.

Of course if you’re a renter, you will want insurance to cover the value of your possessions. (The landlord’s insurance only covers the structure—not your contents.) You'll also need renters insurance for liability coverage in case someone is injured in the apartment or house you rent.

General Notes

Homeowners insurance will protect your property whether it’s a ranch in the country or a condo in the city. Homeowners insurance will not only cover a home structure, it will cover the contents as well. Of course, all of this depends on how much coverage you purchase and whether you have any add-ons, known as endorsements, attached to your policy.

Homeowners insurance also covers you for liability should someone be injured on your property. It will also cover damage to some of your possessions that are not located at your home. This includes damaged luggage on a trip or property stolen from your car.

One thing homeowners insurance doesn’t cover is damage from floods. So if you have a home in a low-lying area that may be vulnerable to rising water, ask us about purchasing flood insurance.

The most important thing about homeowners insurance is to have adequate coverage. If you do not purchase enough insurance, your home may not be totally covered. For that reason, you may want to look into a policy that increases your coverage limits at the rate of inflation. 

Because it is comprehensive, your homeowners insurance policy may include coverage you are not even aware of. If your luggage is stolen from a motel room while you are a thousand miles away from home, for example, you will of course want to notify the police. You will also want to check with us about coverage for loss under your homeowners policy. And if your house burns down leaving you without a place to stay, your policy provides living expenses as well as reimbursement for damaged property.

Our Help

We, as your Trusted Choice^SM insurance agent, can explain your policy in detail. To get you started, the upcoming House / Apartment Insurance 101 articles outline the key areas of coverage as well as any exclusions or limits that might apply. More than any other line of coverage, homeowners insurance is substantially standardized throughout the U.S. The questions and answers in the articles are based on the most commonly purchased homeowners insurance policy (called HO3 in the industry) offering the widest protection.

You may be interested in knowing that claims can consume 80 cents or more of every premium dollar (the exact amount varies from year to year). The rest of that dollar goes to taxes, marketing and administrative costs, dividends and profits. It is in your best interests to be aware now of your protection so that you may select the insurance that best meets your needs.

Because everyone’s needs are not the same, it is best to consult with us to help assess your needs and find the insurance policy that is right for you.

Topics in Upcoming House / Apartment Insurance 101 articles

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