Understanding Homeowners Insurance

The typical Virginian’s largest asset is the dwelling in which they reside and/or the contents located therein.  Homeowners insurance is essential in the protection of these assets. This insurance product can be broken down into three general categories:

• Homeowners Insurance (Proper)
• Condo Insurance
• Tenant Home (Renters) Insurance

Homeowners insurance affords coverage for the dwelling that you own and reside in, your personal property located at your dwelling, and any accessory buildings/structures  (i.e., fences, sheds, swimming pools, etc.)  located on the same property.

Condo insurance can afford coverage for the part of the condominium unit that you own and are responsible for, in addition to your personal property located at the condominium.

Renters insurance affords coverage for your personal property located at the dwelling in which you reside.

Be advised that if you have a mortgage, your lender will likely require you to carry condo/homeowners insurance.  Additionally, if you are a tenant, your landlord will likely require you to carry renters insurance.  Finally, it is imperative for us to note that no homeowners, condo, or renters insurance policy affords coverage for flood damage, and coverage for earthquake damage is only available upon request.

Homeowners insurance is a complicated but crucial insurance product. Please give us a call today so that we can assist you in tailoring your insurance coverage to suit your budget and specific needs.