Coverage for Homes in which You Live
A comprehensive homeowner policy typically safeguards your home’s structure, plumbing and heating systems, indoor fixtures and detached structures in the event of loss due to fire, theft or vandalism. Keep in mind that homeowner insurance does not cover earthquake or flood damage. Homeowners insurance also reimburses you for the loss of personal possessions, electronics and furniture. Additionally, most homeowner policies come with standard liability protection that provides compensation you for medical bills, lost wages, legal fees, and pain and suffering if someone is injured while on your property. King Forman Insurance Agency can obtain supplementary coverage to coordinate with your existing homeowner policy.
Coverage for Homes You Rent to Others
Dwelling fire coverage is similar to homeowner insurance, but is designed for landlords who do not primarily reside in the structure. Dwelling fire coverage insures rental or investment property, but not the personal property belonging to the tenant. Levels of coverage vary, just as they do with homeowner insurance.
Coverage for Apartments and Condominiums
Insurance protection for renters and owners of condos is similar to that needed by homeowners. As a renter, you may not be responsible for your building’s structure or heating system, but what about all your personal property inside? Renters insurance protects your furniture, clothing, electronics, and valuables from fire, theft, and other causes. Condo owners are responsible for the interior of their unit as well as their own possessions. Policies for both renters and condo owners also come with standard liability protection.
Types of Coverage
Specific types of homeowners insurance may vary and are divided into various categories:
- HO-3: HO-3 is different from HO-1 and HO-2 coverage in that it covers your structure for everything except specific causes, like wear and tear, and damage caused by most animals and insects. As mentioned above, floods aren’t included (although, you can get separate flood insurance through King Forman). Your policy will state exactly what is and isn’t covered.
- HO-5: This is the most comprehensive insurance policy for homeowners. It includes extras that might be unavailable or cost an additional premium.HO-5 can also include coverage for building code upgrades and sewer backups. By bundling all the extras in one policy, it ends up more economical than buying a less expensive policy and adding on all the upgrades.
- HO-4 and HO-6: Neither policy covers the unowned building structure, only the condo interior and/or personal property/contents. These insurance policies are meant for renters and condo owners.
Contact King Forman Insurance Agency for more information about the types of coverage you may need. We work with a wide array of carriers to ensure that you are given the best options available. Agents at King Forman Insurance Agency will help you decide which policy and options are the best for your needs, today and in the future.