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Categories of Coverage
What Types of Coverage Are Available?
Whether You Home Is a single or Multi-Family Dwelling, Condominium
or Trailer You Can Get Coverage and It Comes in Many Forms.
These Differing Policies Will Cover Some of the Followings Eventualities:
The actual Structure or Dwelling
and all of its attached or detached units is the primary concern and
are covered; but, be certain to check if the policy in question will
also cover your garden and tool sheds or an amenity such as a tennis
court or swimming pool.
- Most of Your Personal Property Will Be Covered; this should include the furniture, appliances,
and other belongings that you have in your home such as clothing, books,
audio/visual equipment, etc. These basic policies insure these items
from most damage and if stolen. However, insurance coverage and premiums
are very specific and you must go over them and list every
item that you have that may be in question. Then, when you apply
for your coverage the insurance agent can accurately tell you what will
be covered in the basic policy and what needs to be included in a rider
to that policy. Precious jewelry, art, musical instruments and antiques
all fall into this category of items that need special consideration
and may also need to be appraised before establishing the premium for
- If you own a video camera or still camera it is always a good idea
to take pictures of your home and property, inside and out, and keep
them in a safe place (safe deposit box) for future use if you do have
to make a claim. Be sure that the pictures are dated and labeled. If
this can be done so that the information is actually in the images rather
then written on them you will have an even better tool for your use
and protection in the event of an accident or fire. There are also professional
services available just for this sort of documentation. Keep these pictures up-to-date
if anything changes after the policy is written.)
- Liability Coverage Is Also of the Utmost Importance.
In this day and age of liability judgments and the ever increasing amounts
awarded by judges for claims you will need to be certain that you are
protected in the case of an accident that occurs on your property. You
should also be covered for an event such as a tree from your property
falling onto your neighbor's property and resulting in a claim for restitution
of damages or personal injury.
- Never knowing what the future holds is what insurance coverage is
all about; the possibility of something happening.
- Any Expenses That May Be Incurred If Your Home Is
Damaged and You Need yo Reside Somewhere Else While It Is Being Repaired,
Should Be Covered As Well. These types of expenses can accumulate
quickly and become a further burden to you if you are not insured for
that type of eventuality as well.
Your Coverage Can Differ In a Few Ways From That of a Homeowner, But You Will Still Need Extensive Coverage. Owing to
the fact that you do not own the actual building that your condo is a
part of you will most likely not have dwelling coverage that you pay to
your insurer. However, you will undoubtedly pay into a condo association
fund for these purposes.