Your home is one of your most valuable investments. That is why it is so important to have the right homeowners insurance, which will provide broad coverage for losses that can arise. Homeowners insurance provides you with broad coverage for losses that can arise from owning or renting out your home. Homeowners insurance consists of six different types of coverage to protect you and your property from damage as a result of repair, replacement, legal and medical expenses.
- Coverage A protects the structure of your home and other structures attached to it.
- Coverage B provides protection for other structures or dwellings on your property but not attached to your residence.
- Coverage C covers damage to your personal effects owned or used by you while anywhere in the world.
- Coverage D reimburses you for expenses you may incur if your home becomes uninhabitable due to a loss covered by the insurance policy.
- Coverage E provides coverage if another person brings a claim or lawsuit against you for bodily injury and/or property damage resulting from negligence on your property.
- Coverage F provides coverage for medical payments if a third party is injured by or on your personal property.
If you rent and have belongings that you can't afford to replace if damaged, you need renters insurance. Your landlord may carry insurance, but it will not protect your belongings against fire, smoke or wind damage, and it will not cover vandalism or theft.
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