Home and Renters Insurance

Your home needs protection, and a solid insurance policy can help. Home insurance, which is commonly referred to as homeowner’s insurance, protects a home - typically the largest purchase that a person will make during their lifetime. Every homeowner’s insurance policy is different and can be customized to meet individual needs.


Structures on the Property

You might be wondering what is typically covered by homeowner’s insurance. Most policies protect the main living structure on your property. The policy may pay for repairs if damage to the structure occurs, and it might also protect the property stored within the structure. Additional structures on the property, such as a mother-in-law unit, a detached garage, or a pool house, can be covered as well.


Types of Damage

Your policy may not cover every possible type of damage. Most policies cover damage from fire, lightning, hail, and wind. You may need an additional policy if you are concerned about other disasters, such as floods or earthquakes. The cost for such a policy will depend on your level of risk. The policy will be much costlier if you live in an area where these disasters are common.


Liability

This is perhaps one of the most important aspects of homeowner’s insurance. If someone were to become injured on your property, you could be held legally responsible. This is true even if the injury was not your fault. A good homeowners insurance policy should include liability coverage to protect you in case this unpleasant scenario ever occurs. Your Fidelity Insurance Partners agent will be able to help you determine what type of liability coverage you need. There are many options for this type of plan.


Renters Insurance: Protection for Both Landlords and Renters

If you rent a home, you may need insurance coverage as well. Many landlords require that renters have a policy in place before they move in. Even if they do not, it is still a good idea to secure renters insurance for your own protection.

Apart from providing liability coverage protecting you in case you cause damage to your landlord’s property, renters insurance comes with some other perks. Policies can include protection for your personal belongings and possibly even provide living expenses in the event that you are displaced from the rental home due to a fire or other circumstances. However, there are limits to this coverage. It is important to carefully examine any policy you might be considering to get.

Before you purchase a home or rental insurance, it is smart to have a solid idea of how much your personal property is worth. A collector with valuable art pieces or expensive jewelry is definitely going to need more protection than a minimalist who owns nothing but a couch and a few books. Taking inventory of all your valuables is a great way to determine how much personal property coverage you will need.