Your Insurance Questions Answered

It safeguards your belongings against risks like theft, fire, or water damage and offers liability protection if someone is injured in your rented space.

An 'All Perils' deductible applies to all covered losses except those specifically excluded. It means you'll pay the same deductible amount for any type of covered claim.

A deductible is the amount you pay out of pocket before your insurance coverage kicks in after a claim. Higher deductibles usually mean lower premiums.

Insurance Value (Replacement Cost): The cost to rebuild your home from scratch. Market Value: The amount your home would sell for in the current real estate market, including land value.

If you have an escrow account, your mortgage lender collects funds as part of your monthly payment to cover insurance premiums and property taxes, then pays them on your behalf.

It covers some, like windstorms and hail, but typically excludes floods and earthquakes. Separate policies are needed for those specific disasters.

Inspections help insurers assess the condition of your home to identify potential risks, ensure adequate coverage, and verify information provided in your application.

While not legally required, it's highly recommended to protect your investment against potential losses and liabilities.

Yes, you should switch to a landlord insurance policy, which covers different risks associated with renting out property.

If the leak is caused by a covered peril like a storm, it may be covered. However, damage from wear and tear or neglect is typically not covered.

You should have a policy in place before closing on the home to ensure coverage from day one, as lenders usually require proof of insurance.

Shop for a new policy, align the start date with the cancellation date of your current policy, notify your mortgage lender, and ensure continuous coverage to avoid lapses.

Increase your deductible, bundle policies, improve home security, maintain a good credit score, and ask about available discounts.

Renters insurance is a policy that protects tenants by covering personal property losses and providing liability coverage within a rented property.

Costs vary but are generally affordable, averaging between $15 to $30 per month, depending on coverage and location.

It typically covers personal property, liability, medical payments to others, and additional living expenses if your rental becomes uninhabitable.

A broker is a licensed professional who can help you find and purchase insurance policies from various companies, providing personalized advice and options.

Assess the value of your belongings, determine necessary coverage limits, compare quotes, and consider endorsements for additional protection.

Comprehensive insurance covers damage to your vehicle from non-collision events such as theft, fire, vandalism, natural disasters, and hitting an animal.

Yes, many policies extend coverage to your personal property anywhere in the world, though limits may apply.

It covers certain perils like fire and windstorms but typically excludes floods and earthquakes unless additional coverage is purchased.

While not legally required, some landlords mandate it as part of the lease agreement.

No, unless they are listed on the policy. Roommates should obtain their own renters insurance.

It's a summary of your insurance policy that outlines coverages, limits, deductibles, premiums, and policy effective dates.