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1/21/2018
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Homeowners Insurance Advice

Why do I need homeowners insurance?
Homeowners insurance is designed to return your home and possessions to the same condition they were in before a loss occurred. Many different types of policies are available, and not all coverages are the same or are available in all states. Consider the following when deciding what coverage is right for you:

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  • The structure of your home. This includes the cost of rebuilding or repairing if it is damaged or destroyed by covered perils. Most policies have specific exclusions. Make sure you understand what causes of loss aren't covered.

  • Your personal property. Know the value of your home's contents.

  • Liability coverages. Think about the assets you need to protect in the event of a lawsuit against you.

Why Do I Need Renter's insurance?
To make this simple, if you rent your home, condo or an apartment, your landlord or property owner probably has insured the building. But that's their building, not yours, and so their policy only protects them. You need a policy that covers you and your stuff in case of things like a fire, water damage, a break in, or even if your stuff is stolen from your car. Your car insurance may cover your car but not your stuff inside, like a CD case for example, jewelry, sporting goods or other items you may be carrying in your trunk perhaps, even your friend's stuff which you are liable for while in your care.

But the most important reason to buy renters insurance by far, is because it gives you liability protection (subject to policy conditions; policies vary) both at home and away from your home for bodily injury or even property damage you or family members living with you may cause. This is the best reason to buy renters insurance and you can conveniently shop for, and buy, renters insurance here online. You will quickly see how affordable and downright cheap this valuable insurance is. We highly recommend renters insurance and buying it online has never been easier.

Do I need homeowners insurance for my condo?
If you own a condominium, your condo association probably has a master policy that insures all of the property and common areas that are collectively owned by the unit owners. These policies usually cover the physical structure of your home and therefore you do not need to purchase separate coverage. At the same time, the association's policy does not cover your personal property or your legal responsibility, and may not cover improvements or custom work to your unit.

Should I make an inventory of everything in my home?
A homeowner's insurance policy protects you from damage that may affect the value of your home. A standard homeowner's policy also includes personal liability and theft coverage. An inventory of your possessions not only helps you determine how much homeowner's insurance you should carry, but can also help get your things replaced (or returned) if they should be stolen. Detailed records, including pictures and video tape of antiques, jewelry, silver, sporting goods, major appliances, and collector's items are very important, as these items are difficult to value once they're lost.

What is the difference between an "all risks" policy and a "named perils" policy?
A named perils policy covers losses that are caused by specific perils listed in the policy. The perils typically covered include fire, windstorm, hail, and other direct physical losses. An all risks policy covers losses that are caused by any peril except those specifically excluded in the policy. It is important to note that an all risk policy provides broader protection than do named perils policies.

Does my homeowner's policy cover damage caused by flood?
Homeowners policies do not cover flood damage. However, The National Flood Insurance Program (NFIP) offers flood coverage in many areas. If a mortgage lender determines a home is in a special flood hazard area, the borrower might be required to purchase flood insurance.

Can I deduct homeowners insurance?
Homeowners insurance is typically a personal expense, and as such is usually not itemized as a deduction on a personal tax return. However, like most things there are exceptions to this rule as well.

For example, if your home or a portion thereof is used for business, a portion of the insurance cost relative to that space in the home used for business could be deductible as a business expense (depending on your individual situation of course). A typical situation might include where part of the home is rented, used as a day care facility, perhaps a room is used as a qualifying home office, or other activities that have a business component. Check with your tax advisor to be certain.

  • For more information go to irs.com and look up tax topic 509 "Business Use of Home."

Can I buy homeowners insurance online?
Your home is likely the single largest purchase you’ll ever make. So insuring your home should be the first thing you do. And doing it online can substantially help speed up the process for you.

We’ve made it fast and easy to do this by providing safe and affordable insurance online for homeowners, condo owners, and renters. Within minutes you can enter your information safely here online and obtain the most affordable homeowners insurance rates in your state.

You can also learn more about homeowners insurance in our FAQs section which will help you make a more informed decision. Be sure to read through this first and be ahead of the game.

And for your convenience we’ve also provided you with links for car, health, life, and even earthquake insurance. There’s no need to fill out multiple forms on several different sites. We do the shopping for you to help find you the lowest prices. We also help you compare policies online because the cheapest insurance is not always the best insurance.

Do both owners need homeowners insurance?

The short answer is yes. Both owners of a house need homeowners insurance.

That does not mean that you need two policies. On the contrary, there should only be one homeowners policy on a home because one cannot collect twice for the same loss. That would be illegal, not to mention unconscionable.

So a better way to answer the question would be: Both owners of a house should be listed on the homeowners policy.

Both owners of a house have an insurable interest they share (eg the house) and so, for many reasons, both deeded owners' names need to be reflected on that homeowners insurance policy, not the least of which is in case one dies; otherwise the surviving, unnamed owner would have trouble collecting.

The named insured also has certain rights and duties under the policy (read your policy for more details about this). And lastly, for liability insurance coverage you want both owners to be named on the policy because it gives you legal protection, both on the property as a property owner should someone get hurt on-site, and it gives you some protection away from the premises should you hurt someone off-site. There are many more reasons but these are some of the primary reasons to keep in mind.

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