Home Insurance

Home Insurance is required by mortgage lenders when you purchase a home.

There are three primary components of home insurance:

  1. Dwelling coverage.  On a house, replacement cost coverage is necessary.  In cases where your property is here today and gone tomorrow, the insurer will replace your property.
  2. Personal property/contents.  This coverage protects your “stuff.”  The amount of coverage is up to you, and you should determine the overall value of your things inside your home.
  3. Liability Coverage.  Liability will cover you with incidents occurring on your property and will include medical claims.

If you are purchasing a condominium or cooperative, then the requirements for dwelling coverage are reduced.  Condominiums have a master insurance policy which covers the exterior of the building and shared amenities and common grounds.  Very few condominium master insurance policies also protect the interior of your unit.  You will need a separate home insurance policy called an H06 policy which covers the interior improvements of your home.  It will also cover your personal property and liability.

Talk to your insurer to discuss amounts of coverage, premiums, and other insurance coverage they have available.

Questions? 240-479-7658 or

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