Whether you own a single-family house, a condo, or you are renting an apartment, it is important to protect your property, (as well as your bank account) with homeowners insurance.
Homeowners insurance not only covers your home’s structure and other buildings, it covers your personal property as well. And because Kansas is right in the middle of tornado alley, having adequate coverage for our property is a good idea. Insure your home and possessions against disaster with homeowners insurance, condo insurance or renters’ insurance.
Homeowners insurance also provides liability coverage. Having liability insurance is critical should you be found at fault for causing bodily harm to another through your neglect or even in the case of a total accident. Examples of liability claims include a simple slip and fall, a dog bite, or having one of your trees blow down on the roof of your neighbors car.
Regardless of the type of property you call home, there is homeowners insurance designed especially for you.
Homeowners Insurance gives you the peace of mind to know that you could repair or rebuild your home in the event that it is damaged in a storm. It also lets you rest easy knowing that you’d be compensated for the loss of your electronic equipment and other pricey items in the case of a burglary. A homeowners insurance policy typically includes coverage for the following:
- Your house itself
- Other structures such as detached garages, fences, and swimming pools.
- Personal property including your furniture, clothes, and electronics
- Additional living expenses if you are forced out of your house due to a covered loss
- Liability coverage if you are sued
- Medical costs for emergency room visits, and other minor injuries
Owning a condo is a bit different than owning a house, for that reason there is a special policy just for condo-owners. As you may have just read, a homeowners’ insurance policy covers many things that don’t apply to a condo owner. Primarily, this would include the structure itself. This is because most condo associations have coverage on the buildings themselves, as well as any other structures and common places shared by everyone. This leaves you responsible for the interior walls and all of your possessions. As with Homeowners insurance, a condo policy will also provide liability coverage as well. When shopping for condo insurance, it is best to start by meeting with your condo association to find out about any minimum limits they require, and what the condo association’s policy will cover.
Many renters do not think they need renters insurance because they don’t have enough personal property to worry about. However, when they fully understand what renters insurance covers and how inexpensive it can be, they often change their mind. The bottom line is that if you rent an apartment, single-family home or other dwelling, you should have renters’ insurance.
Renters insurance is much like condo owners insurance as it provides much of the coverage included in a homeowners policy, except coverage on the building itself.
Personal Property Coverage
Renters insurance includes coverage for personal property including your clothes, computers, flat-screen TV, DVR, smartphone, and any other personal property you might own. It covers you in case they are lost, damaged, or stolen. Did you know that your cable boxes alone cost up to $500 to replace? Did you even know that you are responsible for them?
Renters insurance includes liability coverage should you be found at fault for someone getting hurt while at your apartment. You could claim that this would be the responsibility of the landlord, but don’t count on it. To resolve an issue such as this, there will likely be lawyers involved as well, this is another expense that your renters policy can help you with.
Home Insurance Options
With all of the different forms of home insurance mentioned, there are options available. One of the first decisions you’ll have to make is what deductible you would like on your policy. When choosing a deductible, ask yourself how much you could afford should you have a loss. The higher the deductible you choose, the less expensive your policy will cost.
Replacement Cost Coverage
Another option is whether you want your policy to reimburse you for losses based on the “replacement value” of the property, or for the “actual cash value.” While it is nice to have a replacement cost coverage, it does cost slightly more than an ACV policy.
Another thing to consider is that your personal property coverage needs could be greater if you have a lot of valuable items, in a collection perhaps. The reason for this is that there are maximum limits for certain types of items, such as jewelry, collectibles, and guns. If you have an extensive collection of any of these items, you may need to schedule them, or purchase additional policies to be covered properly.
Finally, we highly recommend your opt for a Personal Umbrella policy. An umbrella policy is a policy that works together with the other policies you have such as your homeowners, auto, cycle, etc. Depending on the company providing the coverage, an umbrella policy can fill in the gaps where there is no coverage, and extend the amount of coverage you have should your underlying policies limits be exhausted. Umbrella policies are relatively inexpensive and can extend your coverage from 1-million to 5-million dollars.
Bundle and Save
You’ve no-doubt heard this before: “bundle and save.” As an independent agency, we offer a variety of policies from multiple insurance companies. Most every company we represent offers discounts when your homeowners’ insurance is bundled with other policies, such as auto insurance, a watercraft policy, a motorcycle policy, or another form personal insurance. You could receive a substantial discount of up to 25% or more!
Contact Integrity for a Homeowners’ Insurance Quote
At Integrity Insurance Agency, we can provide you with a free homeowners’ insurance quote, as well as advice on coverage options available appropriate to you situation. We’ll help you identify an insurance policy to protect your home, condo or rental unit, at a fair price. Contact us today to receive your no obligation insurance quote.