Law does not require homeowners’ insurance, but most people want to insure the largest investment they may ever make – their home. If you own certain pets or a swimming pool, some cities and counties require liability coverage, which would pay for covered injuries to others, or damage to their property, for which you are legally responsible. We at MyMoneyMyQuotes is committed to assist the customer in making the best decision for their insurance.
Normally, a homeowners’ insurance policy provides coverage for the following:
The first four are considered as “property” coverages, Personal Liability and Medical Payments to Others are considered “liability” coverage.
For mortgaged homes, the lending institution may require insurance coverage on the home, including flood (if located in a special zone). Depending on your home and which insurer you choose, you may obtain one of several homeowners’ insurance packages to cover your home and personal property. Each package provides coverage against specified perils or events that cause damage to property, such as fire, windstorm or theft. Using MyMoneyMyQuotes we eliminate the complexity in your decision-making process to choose the right homeowners insurance.
Property coverage helps pay for damage caused by covered perils to your home, the contents of your home and other personal belongings owned by you or family members who live with you. In some cases, it helps pay for damage to other structures, such as tool sheds, detached garages, small boats, guest houses and their contents. Your insurance agent or company can point out the items covered in a given policy.
Perils may include (but not limited to):
|Fire or lightning Windstorm or hail||Windstorm or hail||Explosion|
|Riot or civil commotion||Smoke||Theft|
|Weight of ice, snow or sleet||Accidental discharge or overflow of water or steam||Vandalism or malicious mischief|
|Sudden and accidental damage from artificially generated electrical current||Sudden and accidental tearing apart, cracking, burning or bulging||Aircraft or Vehicles|
Condominium Insurance covers your personal property and certain building items not insured by the association’s policy. It also includes personal liability coverage. A condominium association may choose to cover some items in its policy. Condominium Insurance may cover (but not limited to)
|Floor, wall and ceiling coverings||Electrical fixtures||Appliances|
|Water heaters/Water filters||Built-in cabinets and countertops||Window treatments, including drapes, blinds and hardware replacement Unit|
If an item is covered by both the association’s and unit owner’s policy, the association’s policy should pay first. This can affect the amount of coverage you need for the building under your policy, so it is important to review your existing policy with your agent to make sure you are adequately covered.
Condo associations may assess individual unit-owners for damage to the commonly owned areas that are not covered by the association’s policy. Your unit-owner’s policy may provide limited coverage for such a “loss assessment.” The extent and amount of “loss assessment” coverage varies by an insurance company, Always review your coverage with your agent or insurance company. An assessment by the condo association for the association’s policy deductible is usually not covered by your unit owner’s assessment coverage.
MyMoneyMyQuotes’ smart advisor helps you identify the relevant information for free Home insurance quotes based on your specific needs. Find the coverages and premiums that fit your budget in 3 simple steps in just a few minutes using our homeowners insurance quotes online tool. Get multiple free Home insurance quotes now for the best home insurance rates!