Property insurance will provide financial protection for your home and household contents against unforeseen disasters such as fires, vandalism, burglary and natural disasters. The insurance also cover your personal properties away from home such as an expensive camera, purse, jewelry, skis, snowboard, etc.
A property insurance policy will also provides you with liability coverage if someone is injured in or around your property and sues you; or if you accidentally cause damage to another person’s property.
Tenant Policy – as the name imply, is for someone renting an apartment, a condominium or a house. The Tenant’s Package provides protection for any loss to your personal property (such as clothing, camera, stereo, and jewelry), household’s contents (such as beds, chesterfields, dining table) and also covers you for personal liability. To determine the proper amount of protection coverage required, take an inventory of all your properties and determine the replacement cost.
The premium on your insurance policy is calculated primarily based on the value of all of your personal properties identified and whether or not the building structure is constructed from fire resistant materials. The policy does not insure the actual dwelling you live in because this is your landlord’s responsibility.
Condominium Package Policy – is the policy for all condominium owners. It insures your condominium’s contents, provides Personal Liability coverage, and also provides contingent building insurance for your unit should the condominium corporation fail to purchase adequate building insurance (the condominium corporation is responsible for insuring the actual building complex). To determine the proper amount of protection coverage required, take an inventory of all your properties and determine the replacement cost. Do not forget to include the cost of any upgrade or improvement you have made such as new kitchen cabinets, new floor or carpet, bathroom and so on.
Home Owner Policy – is applicable to all home owners. It does not matter whether your home is a detached, semi-detached, linked, row house, townhouse or a mobile home. Aside from providing protection for your personal property (such as clothing, camera, stereo, and jewelry), household’s contents (such as beds, chesterfields, dining table) and personal liability, this policy also cover the replacement of the actual building structure should it get destroyed. You can get a good estimated replacement value from your real estate agent. If this is not available, most insurance companies can arrived at a reasonable estimated replacement cost if you provide them with enough information.
If needed, qualified agent referral services can be provided.