Homeowners' Policy: Coverages & Definitions You Need to Know
Home property -A structure or other structures (not attached to the houses) and personal contents that belongs to the home owner. You might need this if you have a fire, theft, vandalism and some weather damage and some types of water damage.
Replacement Cost- The cost associated with replacing property at current market prices. You might need this if you want to replace, rebuild or repair your damaged property to its original condition with materials of the same kind and quality.
Personal Articles- Jewelry, guns, fine art, stamp and coin collections, photographic equipment, sports equipment, recreational vehicles, electronic equipment, musical instruments, silverware, furs and other kinds of valuable articles above the normal amount. You might need this if you want to provide protection for your most valuable possessions in the event of a loss. Your Homeowner’s policy provides limited coverage for some valuables you own.
Condominium- Multi-family housing where units are owned individually by private owners but common areas are the shared responsibility of all tenants. You might need this if you want to replace your contents and the structural items inside the four walls you are responsible for insuring.
Farm- A farm insurance policy can provide coverage for dwellings and personal property, farm buildings, produce, livestock, machinery and equipment, and liability. You might need this if you run a small or large farm, own or rent your farm and land, or raise crops or livestock.
Rental Property (dwelling fire insurance)-This insurance covers a dwelling that is tenant occupied and only covers the structure and landlord liability. No contents are covered. You might need this if you own rental property such as a single family home, duplex, condo, studio, loft or townhome.
Earthquake- A separate insurance policy that covers damage to a structure, its contents or both as the result of an earthquake. You might need this if you live in earthquake-prone area or within the fault line area.
Flood-A separate insurance policy that compensates for physical property damage resulting from flooding. Flood is defined as surface water that rises causing a flooding of structures or personal property. You might need this if your property is located in federally designated flood areas or in low lying areas that might have a tendency to have water to rise due to excessive of rain or back water.
Tenant/Renter- A form of property insurance that provides coverage for belongings and liability for persons renting or subletting a single family home, apartment, duplex, condo, studio, loft or townhome. You might need this if you want to protect your personal property within the rented property and it protects against losses resulting from liability claims, such as injuries occurring on the premises that are not due to a structural problem with the property.
Vacation Homes (secondary home coverage)- Like standard home insurance, vacation home insurance protects your home and possessions against fire, storms, burglary, vandalism and also offers liability coverage. You might need this if you want to protect your vacation home.
Mobile Homes-This coverage protects both a mobile home structure and its contents and can include liability insurance. You might need this if you experience damage or loss of your mobile home, its contents, or injury of a person on your property.
Would you like to speak to a representative about your unique Home Insurance needs? Please call us at 731-668-8444 or visit the Contact Us page and leave a message.