HomeOwners Insurance

A standard homeowners insurance policy insures your home's structure (house,) and your belongings in the event of a destructive event, such as a fire.

In addition, homeowners insurance policies are generally "package policies." This means that the coverage includes not only damage to your property, but also your liability—that is, legal responsibility—for any injuries and property damage to others caused by you or members of your family (including your household pets).

Insurance for condominiums and co-op-apartments generally covers your belongings, liability and certain parts of the interior structure as defined in the by-laws or proprietary lease.

Renters insurance provides similar property and liability protections to those who don't own their home.

All forms of home insurance also provide additional living expenses (ALE) coverage for the extra costs of living away from home if it is uninhabitable due to damage from an insured disaster.

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When a mortgage is requested on a home, the homeowner is required to provide proof of insurance on the property before the lending bank can issue him or her a mortgage. The property insurance can be acquired separately or by the lending bank. Homeowners who prefer to get their own insurance policy can compare multiple offers and pick the plan that works best for their needs. If the homeowner does not have their property covered from loss or damages, the bank may obtain one for them at an extra cost. Payments made toward a homeowners insurance policy are usually included in the monthly payments of the homeowner’s mortgage.

HomeOwners

Frequently asked questions

Homeowners insurance, also referred to as home insurance or property insurance, provides coverage for your private home and compensates you in the event of a loss. If your home is burglarized or is partially or totally destroyed by a cause that is covered by your policy, homeowners insurance will help you replace your belongings, repair your home, or even rebuild.

You should purchase homeowners insurance before you contact a mortgage company for a loan. Most mortgage companies will require you to have homeowners insurance in place prior to giving you a home loan; but don’t wait until the last minute to start thinking about insurance.

It’s important to shop around for the right policy for your needs. There are many factors that determine the right insurance coverage. A Trusted Choice member agent in your area can help you compare policies and quotes to find the best coverage for your needs.

When you start your search for homeowners insurance, it’s important to assess your needs to determine the right amount of coverage. It can be tempting to choose a policy based on price alone, but you probably won’t get the right amount of protection using that method. Protecting your investment doesn’t mean breaking the bank.

Some companies will give you a quote on their website, but this quote might not be an accurate reflection of your true premiums. Also, the best rates usually are not found online. Home insurance is complicated,. So we advise speaking with different agents so you can rest assured knowing your home and belongings are protected. Talking to a licensed insurance agent is the only way to be certain that you get the right amount of coverage at the best price.
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