- Home/Property Insurance

Home/Property Insurance Introduction

Homeowners’ insurance policies provide coverage for your home and contents, as well as liability (if someone is injured on your property) and loss of use coverage. Mortgage lenders require you to have homeowners’ insurance to protect their loan in the event that your home is destroyed.

Tenants’ insurance policies provide liability protection if someone injures themselves while in your unit. If the person sues you, you are covered up to your policy’s limit for your legal expenses and the amount they are awarded by a court. Tenants’ insurance covers most personal possessions such as furniture and clothing as well as loss or damage of items due to theft, vandalism and fire.

Find out more information on specialized insurance coverage such as earthquake and flood. An earthquake endorsement added to your policy provides coverage for damage resulting from any kind of earth movement. If you live in an area prone to flooding then you need to take out flood insurance, a special insurance policy sponsored by the federal government through the National Flood Insurance Program (NFIP).

Compare the coverage offered by different insurance companies as the rates, amount of coverage for different types of structures and possessions, exclusions and limitations will vary.

A qualified insurance broker can help you find the best insurance products for your home as well as make changes to your policy and negotiate with an insurance company during an insurance claim. Check with the American Insurance Association (AIA) for an insurance broker near you.