HOMEOWNERS/RENTERS INSURANCE

Understanding Home & Renters Insurance: What You Need to Know

Whether you own your home or rent your space, having the right insurance is essential to protect your belongings, your financial future, and your peace of mind. Here’s a breakdown of what each type covers—and what to look out for when choosing a policy.
 

Homeowners Insurance

If you own your home (with or without a mortgage), this coverage helps protect:
 

1. Dwelling Coverage

Covers the structure of your home—walls, roof, floors—if it's damaged by events like fire, storms, or vandalism. Make sure your limit reflects the full cost to rebuild.
 

2. Personal Property Coverage

Protects your belongings like furniture, appliances, electronics, and clothing from theft or damage. Be sure to check limits for high-value items (jewelry, art, collectibles).
 

3. Liability Coverage

Covers legal and medical expenses if someone is hurt on your property or if you accidentally cause damage to someone else’s.
 

4. Loss of Use

Pays for hotel stays, meals, and other living expenses if your home becomes unlivable due to a covered incident.
 

5. Other Structures Coverage

Covers detached buildings like garages, sheds, or fences. This is often included but may need to be increased if you have large or valuable structures.
 

6. Flood & Earthquake Protection

Not included in standard policies—these must be purchased separately depending on your location and risk level.
 

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Renters Insurance

If you rent an apartment, condo, or house, renters insurance is an affordable way to protect:
 

1. Personal Property Coverage

Covers your belongings against theft, fire, smoke, water damage (not floods), and more—whether they’re inside your home or with you on the go.
 

2. Liability Coverage

Protects you if someone gets injured in your rental or if you accidentally damage someone else's property (like a neighbor’s unit).
 

3. Loss of Use

Covers temporary living expenses if your rental becomes uninhabitable due to a covered loss—like a fire or major water leak.
 

4. Optional Add-ons

You can add coverage for high-value items, identity theft protection, or earthquake insurance based on your needs.
 

 What to Watch For:

• Coverage Limits – Make sure they match the value of your belongings and home.

• Deductibles – Lower deductibles mean higher premiums, and vice versa.

• Exclusions – Understand what’s not covered (like floods or certain valuables).

• Discounts – Ask about savings for bundling, security systems, or being claim-free.