At Owens Group we understand that your home is likely your most valuable investment, and is filled with your most important possessions. A well-written policy will pay to replace any of your personal property destroyed in a fire or other disaster. It will also be your first line of defense against a lawsuit from someone injured in your home. Policies are available to cover you whether you own or rent your home, co-op, condo or apartment and can be tailored to reflect your specific needs.
The cost of coverage is determined by many rating factors. The quality, however, is determined by the caliber of the insurer and whether the policy is written on a ‘named perils’ or ‘special form’ basis. A named-perils policy covers only those losses specifically cited in the contract. A special form policy works in the opposite way – unless a peril is specifically excluded, coverage is provided. The special form policy is broader and the burden of proof is on the carrier, not you, in the event of a loss.
A homeowners policy will pay to repair or rebuild the structure of your home in the event of a loss such as fire. We recommend insuring your home for 100% of the current replacement cost to ensure that it’s rebuilt at today’s prices and without depreciation. The policy also covers other structures such as a garage, shed or gazebo, up to a specific amount. Your personal content is covered as well additional living expenses if you need to move out while rebuilding takes place.
Your condo or co-op association carries a master insurance policy that covers the common areas of your building and property, with limited application to your unit. Beyond that, you need a co-op or condo insurance policy to protect your personal property and your liability for claims of bodily injury or property damage. Loss assessment coverage is also available for certain types of losses where the association would ask you to pay for your share of damages that is either not covered under the building master policy or exceeds the existing coverage.
A renters insurance policy covers your property housed within your dwelling—items such as window coverings, furniture, clothing, bicycles and other personal possessions. Also, if you find yourself displaced by a fire, bad storm or other catastrophe, a renters policy can help with money for temporary relocation expenses. The liability portion of the policy will help with your legal defense bills and any settlements or awards that you have to pay, according to the limits of your policy.
Circumstances that you may want to consider requiring a special addition to your policy include flood and earthquake. These perils are generally excluded on most policies, with coverage available for additional premiums.
Let Owens Group provide a complimentary assessment, taking into account your type of home, your environment and other relevant circumstances — and offer guidance in crafting the best possible policy for your needs.
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