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Home Ownership & Property Coverage
Homeownership & Property Coverage
It doesn't matter if you live in a single family home, bachelor apartment or high rise condo. Having the right insurance for your needs will let you sleep at night knowing you have good protection. Whether you are at home when an event occurs, at work or on vacation, rest assured that Brown & Ward is there to protect you.
Homeowners Insurance
It isn't just the home but everything in it and what's on the property. Being protected by things like fire, water damage and other unexpected events are critical.
If something unforeseen happens, you do have the option of staying in a hotel and use a temporary replacement vehicle if that is needed.
And, it isn't just damage to property. As a homeowner, you may be held liable for injuries suffered by guests or property line infringements by nature or man.
Tenant & Rental Insurance
Most renters don't think much about damage that may be done to their property because they may not think there is much value... until you have to replace it.
Aside from protecting replacement costs, tenants are liable if they cause damage to a building even if by accident. There is insurance that will cover you. It isn't always just property to think about, but other tenants in the building that may have water damage that you caused because you left the tub running or have a water leak.
Condo Insurance
As with tenant insurance, condominium insurance will cover similar damages but with different purposes. Individual owners will know that their insurance will protect them from liable issues and the building and won't affect condo fees. If there is no insurance to cover damages, it is inevitable that condo fees will rise because the cost will now affect everyone.
There are two policies you will need to protect yourself:
Your Individual insurance policy.
The policy will protect your property, building improvements, fire, theft, etc. You are protected with liability coverage for yourself and others who might live in your unit. A loss assessment will be done to assess damages and details will be shared so you see how and where you are protected.
A Master policy covers the common building areas that are shared by you and others and is provided by the condominium corporation. Common areas include the parking lot and inner rooms shared in the building.
It is wise to review the condo board's policy document before deciding what coverage you would like to have included in your personal policy. Knowing what coverage is currently in the policy will help you plan yours better and you won't be caught with missed services.
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