When people shop for home insurance, they are actually seeking not just one type of coverage but possibly several different varieties. Homeowners insurance, renters insurance, and condo insurance are all typically included within the category of home insurance. Whether you own the property that you live on or whether you are renting it short term, you need to have insurance coverage to guard against disasters and losses.
Homeowners, condo and renters policy types
A homeowners policy is for people who own their own home. This may be either a house or a condominium: Essentially, if you are making payments on the home with ownership as the end goal you will need homeowners insurance. This type of policy will cover both the outside of the home and all the contents of your home. It will cover the majority of natural disasters (certain disasters like earthquakes may be excluded but you may add extra coverage for that specific purpose) and will allow you to replace or rebuild damaged property. If your home is broken into by a thief and items are stolen your insurance will help replace stolen items and pay for any damage in terms of vandalism that the thief did.
With a renter's policy, the coverage includes the inner contents of the home, apartment, or room that you are renting. This is coverage for the break-ins, the natural disasters, fires, and other circumstances that are beyond your control. Even though your landlord will have a homeowners policy on the place you are living, it does not cover your own personal items as a renter, which is why renters insurance is essential.
You may be very surprised to see the range of prices you'll get in home insurance quotes. You can sometimes save hundreds of dollars, or even more, simply by choosing one company over another. However, it is important that you get quotes only from reliable top carriers. Your local independent agent is the best resource for this since they can accumulate multiple quotes from the top carriers for you online.
Home Coverage Highlights
Extended Replacement Cost
With extended replacement cost coverage, after a covered loss high net worth carriers will pay to have your home repaired or rebuilt to its original beauty-even if the cost exceeds your policy limit. They will even pay for necessary upgrades due to modern building codes.
In the event of a covered total loss, if you decide not to rebuild or to rebuild at another location, high net worth carriers offers a cash settlement, up to your policy limit. The choice is yours.
HNW carriers offer complimentary home appraisals for many homes to carefully note the home's features, estimate the home's replacement cost and help you determine the amount of coverage you really need. Appraisers also assist with security and fire prevention advice.
Additional Living Expenses
If your home cannot be lived in due to a covered loss and you need a temporary residence while your house is rebuilt, HNW coverage will cover the reasonable increase in your normal living expenses. This allows you to maintain your fine standard of living while you must be away from home. Typical policies limit coverage to a percentage of your home's insured value.
Replacement Cost Coverage
In the event that the things inside your home are damaged, HNW coverage insures most belongings for the amount it costs to replace them today, without deduction for depreciation, up to the limit you chose on your policy. Also, you may choose a cash settlement instead.