Homeowners and Renters Insurance

They say your home is where your heart is and whether its an apartment, condo, townhouse or single family house it's also probably where you need the most protection.

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Home insurance policies come in many different variations.  There's the standard home owner's insurance (HO-3), renter's insurance (HO-4), condo/townhouse insurance (HO-6) and dwelling fire insurance.  Each one of these covers different things and situations:

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Home Owner's Insurance

These policies cover not only the entire house itself but also all of your belonging inside it.  In addition they also provide a level of personal liability coverage if someone is hurt on your property or through your actions.  Home owner's insurance can also include coverage for things like mold remediation, sump pump failure or lost or stolen jewelry.
 

Renter's Insurance

 In many ways these policies are very similar to a home owner's policy.  The biggest difference is that there is no coverage for the structure itself.  Unfortunately, many people assume that if their apartment burned down that the property manager's coverage will replace their lost items.  This couldn't be further from the truth.  Without a renter's insurance policy none of your property is covered.  These can be some of the least expensive policies available and should never be passed up.
 

Condo/Townhouse Insurance

 These policies lie in the middle between home and renter's insurance.  While not providing full coverage for the building itself they do provide coverage for everything inside the walls.  This includes light and bathroom fixtures, wall and floor coverings, cabinetry and all of your personal property.  Like a home owner's policy you can also add extra coverage for certain losses.
 

Dwelling Fire

The exact opposite of a renter's insurance policy, these cover the structure itself.  Almost solely the realm of landlords these are geared mostly towards replacing or repairing damage to a rental property.  They include personal liability and a small amount of property coverage for things like appliances and window treatments.

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Truthfully, each of the descriptions above may be a bit oversimplified.  The only way to know exactly what type of policy you need and what extras to add on is to talk with one of our advisers.  The worst time to find out you're missing an important coverage or have too little is after something has happened.