When you are trying to secure your families financial future, figuring out the type of homeowners insurance policy you need is essential.
Foundation Insurance Group has a wide variety of insurance carriers that will offer you the best coverage at a reasonable price.
Basic homeowner's policy. Covers damage to the structure of your home caused by 10 named perils
Broad homeowner’s policy. Covers house and contents against 16 perils, which are named in the policy.
Special form homeowner’s policy. Covers the structure for all perils except those specifically excluded by the policy. Contents are covered against perils named in the policy.
Renters Insurance. Covers contents for 16 named perils and includes liability coverage. It does not insure the dwelling itself.
Premier homeowners policy, generally offered to newer, high-end homes that are well-maintained. Much like the HO-3 policy but contents are covered against all perils except those specifically excluded.
Insurance for owners of Co-Ops or Condominiums. Provides personal property coverage, liability coverage as well as specific coverage of improvements to the owner’s unit. The Homeowner’s Association insurance normally covers most of the actual structure.
Policy for older homes. Covers the same perils as HO-2 but pays only for repair costs or actual cash value, since replacement cost could make the policy costly. Well-suited for older homes whose market value is considerably less than the cost to rebuild them.
Covers the structural components of your home. The face amount of the policy (for example $300,000) is the most you will receive if your house is totally destroyed.
Covers damage to other structures or buildings, such as a detached garage, shed, or fencing.
Covers damage to, or loss of personal property. Personal property includes household contents and other personal belongings used, owned or worn by you and your family.
Covers additional living expenses when incurred. This means that the policy covers the necessary living expenses up to the stated limit, incurred by the insured to continue, as nearly as possible, the normal standard of living when the house cannot be occupied due to a covered loss.
Covers personal liability. This coverage protects you against claims arising from accidents to others on property that you own or rent. With a few exceptions, such as auto or boating accidents, it is an all-purpose liability policy that follows you wherever you go.
Covers medical expenses. Coverage is limited to an amount per person and per accident for injuries occurring on your premises to persons other than an insured, or elsewhere, if caused by you, a member of your family, or your pets. An important feature of this coverage is that payment is made regardless of legal liability.
Flooding is the most common natural disaster in the United States. It's also the most expensive, costing homeowners, insurers and the government billions each year. If most of your wealth is tied up in your house, you may be risking financial ruin without adequate flood insurance coverage.
Homeowners insurance typically covers water damage from bursting pipes and overflowing toilets, sinks and tubs. It usually covers the costs if your dishwasher or water heater explodes. If you buy a special endorsement, your homeowners policy also reimburses expenses incurred from sewer or water line backups.
However, your homeowners insurance typically doesn't cover damage caused by water that has come in contact with the ground outside.
A typical renters insurance policy provides three types of coverage: personal property coverage, renters liability insurance, and additional living expenses.
Imagine losing all your furniture, clothes and other belongings in a fire or other disaster. Renter’s insurance, like homeowner’s insurance, is meant to rescue you at these times of disaster. Yet only 37 percent of renters have insurance, according to the Insurance Information Institute.
It is important to understand the two ways your belongings may be replaced in the event of a covered loss. These two ways are Actual Cash Value and Replacement Cost.
Actual Cash Value (ACV) coverage will pay only for what your property was worth at the time it was damaged or stolen. Replacement cost coverage, on the other hand, will pay what it actually costs to replace the items you lost (minus the deductible).
If you rent out property/properties that you own, Landlord’s insurance protects you against damage or loss to your property. Residential Landlords insurance covers many of the same dangers that ordinary home insurance does, like fire, theft and floods for any single property and more. Rent protection can be added to you policy if desired and once added the policy will pay you for lost rent due to a covered peril. Liability insurance is another coverage you could add to your policy to give that extra peace of mind.
If you rent out commercial property (or a mixture of commercial/Residential) you’ll need commercial Landlords insurance, Landlord insurance also protects you against damage or problems your rental property may sustain, such as: