A Homeowner’s Insurance Policy, provides comprehensive protection for your dwelling and contents against specified losses. It safeguards the structure of your home, including the exterior, mechanical systems,  finishes, and personal property.  Home insurance polices come in four main types, HO-1 Basic, HO-2 Broad, HO-3 Special and HO-5 Comprehensive.  The differences directly reflect the perils covered in the contract language and few declarations pages indicate what policy type you have.  All policies have common coverages  such as Dwelling (Coverage A), Personal Property (Coverage C) and Other Structures (Coverage B).  Coverage X is something to focus on as it provides personal liability coverage worldwide.

Key policy coverages to understand

• • Personal Property Coverages and Limitations
  • Dwelling Coverage Limits and Extended Replacement Cost
  • Covered Perils – Specified risks included in the policy
  • Deductible options
  • Policy Exclusions
  • Replacement Cost Restrictions

A Condominium / Townhome Insurance Policy, also known as an HO-6 policy, covers your unit’s interior, personal property, and liability. It typically includes coverage for improvements and personal liability protection for incidents inside your unit.  Before purchasing an HO6 policy a consumer should confirm with their homeowner’s association when applicable if an HO6 or HO3 policy is required.  Their master policy that they purchased for the building will dictate what type of policy you need to purchase for your unit.

Key policy coverages to understand

• • Insurance Breakdown, understand amounts for structure and personal property
  • Medical expenses (Med Pay) limits
  • Covered Perils - Specified risks included in the policy
  • Additional Living Expenses
  • Loss Assessment

A Tenant or Renter’s Insurance Policy, often known as an HO-4 policy, coverage or personal belongings and provides liability protection. It also includes coverage for additional living expenses if your rental becomes uninhabitable due to a covered loss.

Key policy coverages to understand

• • Off premises coverage
  • Named insureds, make sure all tenants are listed on the policy
  • Replacement Cost vs Actual Cash Value

We offer specialty policies for Investment Properties such as Landlord and Vacant Dwellings.  These are sometimes referred to as Dwelling Fire  Policies. DP-1 (Basic Form) – Covers only named perils on an Actual Cash Value (ACV) basis and is commonly used for vacant properties. DP-2 (Broad Form) – Covers more named perils than DP-1 and typically pays out on a Replacement Cost basis. DP-3 (Special Form) – The most comprehensive of the three, providing open-perils coverage (except for exclusions) on the dwelling, with replacement cost coverage. 

Key policy coverages to understand

• • Personal Property Coverage – essential for landlords providing furnished rentals or appliances
  • Liability Protection: crucial for covering incidents on the property and potential tenant actions
  • Theft and vandalism: Protects against these specific losses during vacancy
  • Builder’s Risk: Covers tools, materials and supplies during renovations

A Mobile Home Insurance Policy also known as an HO-7 provides coverage for the unique needs of mobile and manufactured homes. It typically includes protection for the structure, personal property, liability coverage, and additional living expenses if the home becomes uninhabitable.

Key policy coverages to understand

• • Special exclusions: be sure that things like skirting and attached structures (decks and porches) are insured correctly
  • Replacement Cost vs Actual Cash Value coverage for the home

A Seasonal Dwelling Insurance Policy provides coverage for homes used occasionally, like vacation properties. These policies typically include protection for the structure, personal property, and liability. Is an important to note that if the home is rented out or used as a timeshare, additional coverage or a different policy might be necessary to address the increased risk.

Key policy coverages to understand

• • Coverage for renters or if used as a timeshare: Is an important to note that if the home is rented out or used as a timeshare, additional coverage or a different policy might be necessary to address the increased risk.
  • Named Insureds: ensure all owners are listed on the policy to guarantee comprehensive coverage and protection.