Responsible homeowners make sure their assets are protected.

HOME OWNER’S INSURANCE

Whether you own or rent, there are different packages of home insurance offered to protect your home and belongings.

Each package protects against a specified number of perils. Perils are events that cause damage to property. Three examples are fire, windstorm and theft. In addition to coverage for named perils, each package policy usually contains four additional types of coverage: property damage, additional living expenses, personal liability and medical payments. Home insurance policies apply to most owner occupied single-family homes, and are modified slightly for apartments and condominiums.

PROPERTY DAMAGE

Property damage coverage helps pay for damage to your home and personal property. Other structures such as tool sheds, detached garages, houses and their contents are also covered. You should check with your producer or your insurance company to determine if the amount of coverage on other structures is sufficient.

Personal property is the contents of your home and other personal belongings owned by you or family members who live with you.

Home insurance policies may provide limited coverage for small boats; however, most home insurance policies do not cover motorized vehicles unless they are unlicensed and used only at your home. Your insurance producer or your insurance company can help you find appropriate coverage for your car, boat, snowmobile or other recreational equipment.

Some forms of personal property, such as, silverware, computers, guns, money, expensive antiques and jewelry, have limited coverage under your homeowner's policy and may need additional insurance. This coverage can be added to your policy as an endorsement.

ADDITIONAL LIVING EXPENSES

Most home insurance policies provide additional living expenses that will pay some expenses if your home is damaged by an insured event to the extent that you cannot live there while repairs are being made, or if you are denied access to your home by government order. These expenses could include limited motel, restaurant and warehouse storage.

PERSONAL LIABILITY

This coverage protects you against a claim or lawsuit resulting from (non-auto and non-business) bodily injury or property damage to others caused by your negligence. This coverage applies to you and all family members who live with you. You should check with your producer or insurance company to determine if the amount of personal liability coverage is sufficient.

MEDICAL PAYMENTS

Regardless of who is at fault, this coverage pays medical expenses for persons accidentally injured on your property by a member of your family or by your pets. Medical payments do not apply to your injuries or those of family members living with you or to activities involving your at-home business. You should check with your producer or insurance company to determine if the amount of medical payments coverage is sufficient.

MORTGAEGE REQUIREMENT

If you have a mortgage on your home, your lender will require you to have insurance until the loan is paid off. Lenders may legally force borrowers to carry insurance to cover the mortgage amount.