Homeowners and Renters

Homeowners, Condo Owners, Renters and Landlords

Homeowners


Homeowner insurance covers your house as well as the belongings within the home, in the event of an insured loss. Some of these insured losses include fire, burglary, theft, tornado, storm, and back up of sewer or water damage. Quite often, mortgage companies require that the homeowner carries homeowner’s insurance before giving a loan to buy a new house or refinance. Homeowners insurance policies also offer a set amount of liability coverage that will cover any bodily injury that occurs on the property, to protect the homeowner from being sued. Liability insurance serves as a limited amount of protection for the homeowner’s assets and family in the case that a civil suit arises.

Condo Owners


Condo buyers sometimes mistakenly assume that their monthly fees will cover all their insurance needs. However in most cases, condo owners need to buy coverage for their unit, in addition to the master policy which covers the entire development. That said, coverage for individual units will be lower than the insurance paid on a town home or single-family home because some insurance costs are already wrapped into the condo fee.

Renters


Even if you don’t own a home, you should still have proper coverage for the exposures that you do have in your life, as a renter. Laptops, TV's, Jewelry and other personal belongings can be protected in the event of a burglary, flood, or fire.

Landlords


If you're renting out your place to tenants, a standard homeowners or condo owners policy won't provide proper coverage. Fortunately we can help you obtain the right coverage at a competitive price!

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Homeowners, Condo Owners,
Renters and Landlords

Valuable Articles

The typical Homeowners policy is very broad, and includes coverage for your furniture, clothing, and appliances. In addition, it provides limited coverage for such items as jewelry, silverware, furs, and firearms. However, it may not cover some types of loss that may be important to you, such as the stone falling out of your diamond ring, your antique statue that is accidentally broken, or a flood that damages your personal computer. In fact, most homeowners policies set dollar limits on the amount of protection offered to cover the theft of items such as jewelry or furs (usually only up to $1,000), firearms (up to $2,000), or silverware (up to $2,500). This usually provides most homeowners with enough coverage. However, if you own extremely valuable property, this will not be enough coverage. For example, if you own a diamond ring valued over $10,000 or a collection of fine arts valued over $50,000, you need more protection and should consider adding this type of insurance.

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Earthquake

California homeowners have more to be concerned about than just fires and theft... Most of us remember exactly where we were when the big quake hit. But do we remember how our earthquake insurance is structured and if/how it will respond to our next big quake? A basic earthquake insurance policy provides protection for your home plus limited coverage for your personal property and additional living expenses, with a 15% deductible. Although optional to you, earthquake insurance provides you with “sleep at night” assurance that you can get help recovering from the devastating financial effects of the next big quake.

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Umbrella

It’s Simple Math:

1) Add up the total value of all of your assets: Homes, Cars, Bank Accounts, Stocks, Bonds, and even your 401(k) Balance
2) Add in the future salary you will receive until retirement
3) Compare this total to the liability coverage limits that you have on your homeowners policy and your car insurance policy

If the value of your assets and future earnings exceeds your liability limits, then you should consider a personal umbrella policy. Everyone hopes that they won’t be involved in a big accident, but if you are, and you are held responsible, the courts can go after all of your assets, including your future income. You get into a car accident, you’re sued, and your car policy only covers you up to a certain amount. Then what? Well, your umbrella policy kicks in and covers you for an additional amount… up to the limit you choose on your umbrella policy. It’s added protection, plain and simple. Coverage limits on an umbrella policy start at $1 million and can go as high as $100 million, and the premium is a lot less than you would think.

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