RENTERS, CONDO AND HOME INSURANCE
It is usually a requirement of your mortgage banker to have homeowners insurance when purchasing a home. If you rent, coverage may not be required, but it is highly recommended to protect your belongings and personal liability. Our agents will help you identify affordable coverage that keeps you, your home and belongings protected no matter where you reside.
HOMEOWNERS INSURANCE BASICS
Insuring your home is a basic responsibility of home ownership. We can help you find the right policy for your situation at the right price for you. Typical homeowners insurance covers the building and other structures on the property against many potential perils that could strike: fire and smoke, wind, hail, theft, vandalism, falling objects and more. If one of these events should occur and you need to relocate while your home is repaired or replaced, your homeowners policy can cover those temporary expenses. The policy can also provide liability coverage if someone is hurt on your property or you or a family member cause injury elsewhere.
Homeowners policies do not include protection against floods or earthquakes, so let us help you determine whether a flood insurance policy is a wise investment based on the location of your home and other factors.
Historic homes require a special kind of insurance. In New England, there are a number of historic homes and centuries-old estates that require restorative home insurance that will replace like-kind and quality if you are looking to repair your historic home with like-kind and quality. Let us help you protect against the special risks associated with maintaining your historic home or completing a repair caused by a covered peril.
We frequently assist clients who live in condos to understand the difference between the master policy paid for by their condo association or homeowners association (HOA) and the insurance they need to protect their individual unit. Since they pay association fees, some condo owners think they are fully covered. A policy secured by the association, however, likely only covers the building, recreational facilities, walkways, roof and other common areas for events such as condo water damage. It is always worth confirming what is covered, and what is considered outside the due bounds of any coverage in place.
A condo insurance policy can protect you and your possessions, including appliances and improvements you have made to the unit. It can provide temporary housing and expenses if you need to move while repairs are made following a covered insurance claim. Condo insurance also provides liability protection for you in case a visitor is injured in your unit or if a family member causes injury elsewhere.
If you rent an apartment or house, you will want to protect your possessions with renters insurance. Unlike homeowners insurance, renters insurance is not required, but it is an important coverage you do not want to be without. Some renters believe their landlord is responsible for insuring the property, and while that is true, the landlord’s policy does not cover your belongings, which is a common misconception of renters. If disaster strikes the premises – fire, theft, vandalism, wind storm, or other perils – your landlord’s insurance will not cover the replacement of your property.
Renters insurance covers your personal property, liability if someone is hurt in your unit and also temporary living expenses if you need to relocate while your residence is repaired after a fire or other covered claim.
Renters insurance is relatively low cost. If you bundle a renters policy with your auto insurance, you can save money on both with a multi-policy discount, so the net cost can be as little as a few dollars a month. The renters insurance can even cover your personal property inside your car.
For more information read our blog, “Renter’s Insurance – Why It’s Worth It”
CONTACT BROOKS, TODD & MCNEIL FOR HOME INSURANCE QUOTES
Contact our independent agents for a free insurance review and quote on your house, condo or apartment. We have three convenient locations to serve you: Torrington, South Windsor and Enfield.