There are several different home insurance policies available. They may refer to:
· your place of residence, which you own and where you live
· a real estate you own but rent out to third parties, i.e. an investment property
· someone else’s property you are renting out
Whether you rent or own your home, our insurance policies keep your place of residence, as well as the personal belongings you keep in it and the people who live there, safe from any type of inconvenience or serious event – from theft or damaging accidents to natural disasters.
In this scenario, you live on your own property. Full coverage – including structure, the contents inside, flooring, walls, permanent fixtures, kitchen appliances, etc. – is needed.
Here, you rent out your property to tenants and do not live there. The difference between this and the homeowners’ coverage lies in whether the property was rented furnished or unfurnished. More detailed coverage for belongings in the house is necessary.
It is also very important to establish if you are renting out your residence long-term (e.g., for one year or more) or only temporarily. This has a significant impact on costs since the risk is much greater for short-term rentals.
In this case, insuring the house structure should be left to the landlord. Tenants should take out insurance only to cover civil liability and their personal belongings inside.
Once you talk to our experts who will evaluate your case, whether you own or rent a home, there are several benefits available in the policy you purchase. Learn more about some of them:
Dwelling – This covers everything that is built into or attached to your place of residence. In the case of a house, it refers to the cost for rebuilding physical structures, roofing, walls, floors, built-in furniture (including customized closets), etc. If you live in an apartment, the building will cover the structures, but built-in furniture and other items above, such as roofing and floors, are covered by the dwelling policy.
Other Structures – It refers to the coverage of structures that are not connected to the main house, like a detached garage, garden features, etc. In the case of apartments or lack of other structures, there is zero coverage.
Personal Property – All of your belongings inside the house are covered in this policy: every piece of furniture, appliances, electronics, jewelry, artwork, etc. If you own high-value items, we can look into whether it is better to include them in the home insurance or take out a separate policy.
Loss of Use – When your house or apartment needs to be repaired or rebuilt due to damages incurred from a covered hazard, the insurance can arrange temporary housing so that you and your family wait comfortably while repairs are underway.
Civil Liability – If a guest sustains an injury to which a resident is held responsible, the insurance can protect your assets, covering medical expenses or any other loss (e.g., missing work) suffered by the victim. Additional coverage against claims for pain and suffering, slander, or other lawsuits may be purchased as well.
PLEASE NOTE: Home insurance policies cover only damages from hurricanes, not the flood damage caused by such hurricanes. For flooding coverage, you need to have a separate flood insurance policy in place.
Example: Mr. Smith’s home in Kansas suffered damages caused by a hurricane, but his furniture remained intact.
Hurricanes are usually followed by flooding. This time, the water got in Mr. Smith’s house and damaged the furniture, which had ‘survived’ the first natural disaster.
Because Mr. Smith had purchased separate policies for coverage against each natural disaster, the hurricane insurance paid for the repairs in his house, whereas the flood insurance reimbursed him for the lost furniture.
