Homeowner's, Renter's and Condo Insurance
Your home is where life happens. Whether you rent, own a home or condominium, we have the right coverage options for you.
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Homowner's Insurance
A standard homeowner's insurance policy includes four essential types of coverage. They include:
1. Coverage for the structure of your home
This pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disaster listed in your policy. This part of your policy will not pay for damage caused by a flood, earthquake or routine wear and tear.
2. Coverage for your personal belongings
Your furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disaster. Expensive items like jewelry, furs and silverware are covered, but there are usually dollar limits if they are stolen. Generally, you are covered for between $1,000 to $2,000 for all of your jewelry and furs. You may want to consider adding an endorsement to your policy to protect more expensive items.
3. Liability protection
Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. The liability portion of your policy pays for both the cost of defending you in court and any court awards. It covers up to the limit of your policy. You are also covered not just in your home, but anywhere.
4. Additional living expenses
This pays the additional costs of living away from home if you can't live there due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.
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Condo Coverage
To cover your new condo from damage, theft, fire and vandalism, you should consider condominium insurance. Your policy also provides personal liability coverage, to protect you from a lawsuit in the event someone is hurt in your unit. Some condo owners believe they are insured under the Condo association's insurance, but these policies only offer coverage for the building's structure and complex grounds.
Your condominium policy offers:
- Full replacement coverage if your unit is destroyed beyond repair
- Protection from damages including plumbing, vandalism, malicious mischief, sewer and drain backup and other causes
- Coverage for liability exposures and medical expenses if someone is injured on your property
- Coverage for expenses incurred if you are unable to live in your home due to a covered claim
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Renter's Insurance
Renter's insurance covers your personal possessions if you rent a house or apartment. Also known as apartment insurance, renter's insurance includes coverage of your personal property and also includes liability coverage, should someone or something suffer injury or damage due to your fault. Without insurance of your own, you could be left without anything in the event of a fire or burglary.
Renter's insurance costs less than you may think, with coverage typically costing less than $150 depending on your circumstances. Get a renter's insurance quote today from your Ambrose & Grant Insurance Group agent. You'll be glad you did.
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