Find Reliable Property Coverage with Homeowners, Condo or Renters Insurance
The space you live in is where you house your belongings, your family grows, and fond memories are made. In order to protect the space, your beloved possessions, and financial future, securing the right insurance is imperative. Take a look at the differences between homeowners, condo, and renters insurance coverage to understand which policy is right for you.
The Risk is Real
You’re at risk literally every single day you get in your car. Even though we may not think about it when we’re on our morning commute, accidents happen. It’s important to understand what your coverage options are, not just for your car, but for you and people who may be injured as a result of your negligence.
If you’re like most homeowners in Irvine, your home is your most valuable asset and should be protected as such. If your home is damaged or destroyed, you need your claim settled by an insurance company that understands the importance of the place you call home. Great Park Insurance can help you find the best homeowners insurance that will best meet your needs and provide the most valuable combination of tailored coverage, quality service, and competitive pricing.
Your home is your castle. Whether you own or rent, insuring the place you call home can help protect you financially if you suffer a loss due to fire, theft, vandalism, or other covered events. It will also cover you in the event someone is injured while on your property and wins a legal judgment against you. No two policies are created equally, just as no two homes and families are identical. If you’re not using an independent agent in Irvine like us, it can be hard to tell the difference between two homeowners insurance policies.
Homeowners insurance policies differ by which losses are covered, which coverages you choose, and what type of residence you own. You choose which policy is best for you, whether it’s a comprehensive policy that covers losses such as fire, hail, smoke, falling objects, vandalism and theft of personal property, or whether it’s a policy that covers only specified losses.
Common Homeowners Insurance Coverages
- Dwelling — This is the portion of your policy that covers the actual structure (main house). The cost to replace your home can fluctuate from time to time based on the cost of raw material and labor, and of course, supply and demand.
- Other Structures — This covers any structure on your property that is not permanently attached to your house, like fencing, driveways, sidewalks, and detached buildings like sheds and garages. Usually, this coverage is 10 percent of whatever your dwelling limit is, but can be increased if you need more coverage.
- Personal Property — This covers all of your personal belongings like clothing, furniture, electronics, and appliances.
- Loss of Use — This covers your living expenses if you need to live somewhere else temporarily because your primary home is uninhabitable due to a loss.
- Medical Expense — This covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover health care costs for you or other members of your household.
- Family/Personal Liability — Personal Liability Coverage applies if someone is injured or their property is damaged and you are to blame. The coverage generally applies anywhere in the world. When choosing your liability coverage limits, consider things like how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if you are sued. In some situations, an umbrella policy may be necessary to provide extra coverage.
- Scheduled Personal Property — There are some situations where you might want special coverage for valuables, or collectibles like jewelry, guns, collectibles, rugs, etc..
Rest Easy with a Reliable Renters Insurance Policy
Your belongings are important to you. From your clothes and furniture to your sound system, sports gear, and computer, your rented space is home to all your beloved possessions. With reliable renters insurance, you can have peace of mind that your possessions and more are protected if the unexpected occurs. Let Great Park Insurance help you find coverage options that work for you, your family, and your personal property.
Renters Insurance Coverage
Your renters policy covers your personal property against theft or damage subject to the limits and deductibles you select. The coverage applies even when you are away from home. For a small additional premium, you can choose to carry full value coverage on your personal property, which ensures that you will be paid the full replacement cost of items that are damaged or stolen without deduction for depreciation.
Protect Yourself and Your Guests
Your renters insurance policy also protects you and your family against certain bodily injury and property damage claims for which you are liable. Legal defense is also provided in the event you are sued after a covered loss, subject to the limits you have selected. In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault.
The Right Coverage at the Right Price
Whether you’re starting out, between homes, or downsizing, we’ll help you pick the best renters insurance coverage that best fits your needs. Be sure to ask about available discounts, including burglar alarm credits and savings for those who bundle insurance policies.
Keep Calm with Condo Insurance
Condo insurance, also referred to as an H0-6 policy, covers your condo unit where your condo association insurance stops. Your association typically insures the physical structure/building and other common areas but leaving your property and belongings exposed. Association by-laws vary, but condo owners are generally responsible for the interior of their unit or from the drywall in. Your association typically won’t provide any coverage for the floors, walls, cabinets, and fixtures. Obtain a copy of those by-laws to understand where your responsibilities lie in the event of a claim.
Condo insurance for Town-homes
It’s also important to understand that some townhomes are insured like condos and, therefore, require an H0-6 policy. If you live in a townhome, be sure that you have the correct type of insurance.
Great Park Insurance is here to help you understand the differences between a homeowners, condo, and renters insurance policy. What’s more, we’ll find the right policy for your space, needs, and budget. Contact us today to get started!