HOME INSURANCE

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Purchasing home insurance can insure your home against the following:

Fire and lightning
Explosion
Falling objects
Oil leakage
Theft
Vehicle and aircraft impact
Some types of water damage
Electrical damage
Windstorm and hail
Collapse of building
Smoke damage
Property damaged in transportation
Vandalism and mischief
Freezer and contents
Glass breakage
Lock replacement
Riot
Ice back-up

Home insurance covers your home, tenant, or condo. It also covers you in the event you are sued because someone is injured on your property.

But it also covers your contents, whether they're in the property or temporarily outside of your property. As an example, if someone breaks into your car to steal your laptop or camera, it is your property insurance policy that covers this, not your auto insurance policy.

A common tenant myth is that they don't need to get insurance because the landlord's insurance will cover their contents. This is a myth, and believing it could cost you. Tenants need to really think about the amount of coverage they need for their contents. $40,000 may seem high to you, but when you start adding up the cost to replace your clothes, shoes, CD collection, your DVDs, and all those little things that sometimes get skipped when figuring out replacement costs, it might not seem too high anymore.

All home insurance policies are not created equally. They can vary depending on the company, but generally fall into 3 categories:

  • Standard policies - Provide protection against certain named perils such as lightning, hail, windstorm, specific types of water damage, and theft.
  • Broad form policies - Provide protection on all risks for the dwelling, but named perils on the contents. You should also double-check the definition of "all risks," because the policy may specifically exclude some types of damage. An example of this would be faulty workmanship (like if the roof was not properly installed and water leaked into your home).
  • Comprehensive policies - provide protection on an all-risk basis on both dwelling and contents.

You should speak to a licensed insurance broker about your options. If you have auto insurance, you may want to speak with your existing broker, as you may be eligible for further discounts on both your auto and home by combining policies with the same insurance company.