Home Owners Insurance

Homeowners insurance provides protection for someone who owns a home. Should a fire, lightning, or other covered loss occur, the insurance will reimburse you to rebuild your home and put you back to where you were prior to the loss. Homeowners insurance also includes three additional primary coverages: contents, medical, liability, and tenants (renters).

Contents Coverage

Contents coverage affords coverage for those items in your home. It has a limit placed on it, usually fifty percent of the base home value. The limit can be raised if necessary. Most people overlook the value of this coverage. When you consider what you have in your house, clothes, furniture, personal affects, and so on, they really add up quickly.

Medical Coverage

Medical coverage or medical expense as the policy often states, is a no fault coverage which helps when someone is injured while visiting your home. Homeowners try and fix every mole hole in their yard, but sometimes they just miss one. Inevitably, the one missed is the one someone will trip on. When the person who trips seeks medical care, the medical coverage portion of the policy responds by providing some coverage. Limits on this coverage are usually in an amount between $1,000 and $5,000.

Liability Coverage

Liability insurance provides personal protection in the event that someone decides to sue you. There are limitations on what the coverage will respond to and how much it will pay. Usual limits range from $100,000 to $500,000.

Tenants (Renters)

So often you rent a house, apartment, or condo and move all your belongings in, never giving a second thought to what happens if the building burns down or some other disaster strikes. This is where tenants or renters insurance comes in to play. This coverage works very similarly to homeowners insurance. It covers your property while you are living in a dwelling that is not your own.
When you start looking around where you're living, it is amazing how quickly the value of the "stuff" adds up. Most people have more than $25,000 in "stuff". This policy also has the liability attachment that helps save you should you ever be sued for a covered peril, along with adding the Medical Payments to cover injuries that occur on your premises to your guests.