Home Insurance Designed for Your Risks
Homeowners insurance aims to restore your home and possessions to the same condition they were in before a loss occurred. Because Homeowner’s policies offer coverage that varies by state and insurance company, a Moody professional is ready to assist you in determining your coverage needs.
What’s Covered Under a Homeowners Policy?
- Property coverage pays for damage to the dwelling, other detached structures, and your personal property.
- Loss of Use coverage provides for living expenses in the event that you must temporarily relocate due to a covered loss.
- Liability coverage provides protection against bodily injury and property damage claims which may be brought against you as a homeowner, along with providing for medical payments for accidental injuries that occur on your property.
Optional Coverages Available
- Replacement Valuation coverage provides for the replacement of covered items at today’s cost, without taking depreciation into consideration.
- Extended Replacement Cost coverage ensures the repair or replacement of the structure with an equivalent structure, even in excess of the value of your dwelling as stated on your policy.
- Scheduled Personal Property coverage provides increased coverage limits for valuable items, such as silver, jewelry, furs, collectibles, and the like.
- Home Computer coverage expands the coverage on your policy to handle the special exposures of hardware and software losses.
- Backup of Sewers or Drains coverage provides payment for losses that result from sewer or drain back up.
- Business Endorsements coverage provides both property and liability coverage for small at-home businesses not covered under Homeowner’s policies.
Condominium Insurance
Although your Condo or Cooperative Association carries Master Policy insurance, it covers only the property owned jointly (the building, pool, and gazebo, for example) by all unit owners. The Master Policy does not protect your personal property and liability, so you need condominium owner’s insurance to fill in the gaps.
A condominium policy must coordinate with the condo’s Master Policy insurance, taking into account the by-laws and covenants of the association. You should review your condominium’s by-laws before you consider the coverage and limits on your Condo Policy.
Some of the coverages available on the Condo Policy:
- Personal Property Coverage
- Loss of Use Coverage
- Liability Coverage
- Valuable Items Coverage
- Loss Assessment Coverage
This description of coverage is not an insurance contract. Your policy is the contract that specifies and fully describes your coverage. Conditions and exclusions will apply. Not all coverage described is available in all states.