Residential Insurance

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Renters Insurance

Why Do I Need Renters Insurance?

Just like homeowners insurance, renters insurance covers liability coverage against accidents in the home or on the property. It covers the possessions within the home, but not the house itself.

What Else Should I Know About Renters Insurance?

Most landlords or property managers require proof of renters insurance prior to move-in.

Home Owners Insurance

Why Do I Need Homeowners Insurance?

This type of insurance is designed to protect your home against damages to the house itself, or to possessions in the home. Also, it provides liability coverage against accidents in the home or on the property. You can read about the seven forms of homeowners insurance here.  

What Else Do I Need to Know About Homeowners Insurance?

While homeowners insurance covers most scenarios where loss could occur, some events are typically excluded from policies, namely: earthquakes, floods or other “acts of God” and acts of war. Depending on your location, you may want to add an extra policy for flood or windstorms.

Condo Insurance

Why Do I Need Condo Insurance?

Although many condominiums have master coverage for the property, structures, and common areas outside of your home, your personal belongings within your four walls need coverage. This is also important to cover your own safety, your family and your guests.

What Else Do I Need to Know About Condo Insurance?

Condo insurance will protect you and your belongings from damage due to water, fire, theft, smoke, and vandalism. This also covers any personal injuries and temporary living expenses. The main difference between condo insurance and homeowner’s insurance is that damage to the outside of your home will not be covered under condo insurance. Also, your condo policy may not offer liability protection against injuries in the common areas of your condo complex.

Don’t miss out on this crucial peace-of-mind coverage. Contact the Pandora Team for more information on Condo Insurance!

Policy Coverage Definitions

A basic policy form that provides coverage on a home against 11 listed perils; contents are generally included in this type of coverage, but must be explicitly enumerated. The perils include fire or lightning, windstorm or hail, vandalism or malicious mischief, theft, damage from vehicles and aircraft, explosion, riot or civil commotion, glass breakage, smoke, volcanic eruption, and personal liability. Exceptions include floods, earthquakes. Most states no longer offer this type of coverage.

A more advanced form that provides coverage on a home against 17 listed perils (including all 11 on the HO1). The coverage is usually a “named perils” policy, which lists the events that would be covered.

The typical, most comprehensive form used for single-family homes. The policy provides “all risk” coverage on the home with some perils excluded, such as earthquake and flood. Contents are covered on a named peril basis. (Note: “All Risk” is poorly termed as it is essentially named exclusions (ie, if it is not specifically excluded, it is covered))

The “Tenants” form is for renters. It covers personal property against the same perils as the contents portion of the HO2 or HO3. An HO4 generally also includes liability coverage for personal injury or property damage inflicted on others.

Covers the same as HO3 plus more. On this policy the contents are covered on an open peril basis, therefore as long as the cause of loss is not specifically excluded in the policy it will be covered for that cause of loss. (can also be achieved by endorsing an HO5 to the HO3)

The form for condominium owners.

The “Modified Coverage” form is for the owner-occupied older home whose replacement cost far exceeds the property’s market value.

Interested in learning more? Contact us today!

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