Whether you’re a home or condo owner, landlord, or renter, you want protection for your assets, yourself, and your guests. The replacement value of your home, its age and safety features, and the value of your belongings should all be considered when determining your homeowners coverage needs.
Your Coverage Options
Homeowner’s insurance protects you in case of damage to your dwelling or property, injury to your guests, or events for which you may be held liable for injuring another person or damaging their property. A typical homeowner’s policy contains these standard coverages and may provide you with options to purchase additional coverages. You may also request an increase in limits if you’ve renovated your property, or have special possessions like art, jewelry or other collectibles for which you’d like extra protection. Choose the policy that’s right for you, with Prosper Insurance Group’s help.
Work with one of our licensed agents. They help you identify the best combination of home insurance coverage, value, and price. And they work with you to keep your insurance coverage current with your changing needs. You should communicate with your agent often, and alert him or her if you think you need additional insurance to cover recent improvements you’ve made to your dwelling, or recent large personal property purchases.
Determine Home Insurance Needs
Homeowners Insurance Is There to Protect You
Consider these scenarios:
- If your home was destroyed by fire or damaged by a natural disaster, you’d need money to repair or replace it.
- If you are a victim of theft and vandalism, insurance can reimburse you for your loss or pay for repairs.
- If you are still paying for your home, your lender will require insurance.
The amount you pay for your homeowners insurance depends on many factors. Think of your personal housing situation, and the assets you want to protect.
- Are you a home or condo owner, a renter, or a landlord? As a home or condo owner, you want to make sure you’re protecting your home, your possessions, and yourself, family and guests in the event of damage or injury. Renters will want to protect their possessions, which will not be covered by a landlord’s insurance. And landlords want to protect their properties, while protecting themselves from liability.
- Do you have collections of art or other valuables? Your homeowners insurance generally covers the contents of your house. However, there are often limits on items like jewelry, paintings, or other collectibles. Adding a scheduled personal property endorsement can provide coverage for your special belongings, with no deductible. Creating an inventory [PDF] of your home or property’s contents is a good idea.
- Are you concerned about out-of-pocket expenses if your home or property becomes unlivable? You may find yourself with extra, unforeseen expenses, for repairs, replacements, or living costs. Your policy can help cover those.
Your policy is comprised of the options you select, so how much you'll pay for your policy depends on:
- What you buy. Coverages are priced individually, so how much you'll pay for your policy depends on how many coverages you buy. You can also consider an umbrella insurance policy that extends your coverage.
- How much each will cover. Deductibles lower the premium price by shifting part of the loss payment to you. For example, if you had a $500 deductible, you would need to pay the first $500 of the covered loss. Higher deductibles generally lower your premium, but increase the amount you must pay if a loss occurs.
- Limits. You may choose to set higher limits than the recommended amount if appropriate to your situation and needs.
The amount you pay for your homeowners insurance depends on many factors. Following the suggestions listed below may help you lower your costs.
- Insure multiple policies with Prosper. Insuring both your auto and home with Prosper Insurance Group can often qualify you for a discount on both insurance policies.
- Proximity to fire stations or installation of burglar alarms can reduce your insurance costs.
Homeowners will want the following types of coverage for their homes:
- Protection for Your Home - Property or Dwelling Coverage. This typically pays to repair or rebuild your home if it’s damaged or destroyed by an insured event like a kitchen fire or windstorm.
- Protection for You and Other People - Personal Liability Coverage. This applies if someone is injured or their property is damaged and you are to blame. The coverage applies anywhere in the world. When choosing your liability coverage limits, consider things like how much money you make and the assets you own. Your personal liability coverage should be high enough to protect your assets if you are sued.
- Medical Coverage This covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover health care costs for you or other members of your household.
- Additional Living Expenses If you can’t live in your home because of a covered loss, the policy will typically pay additional living expenses—typically for up to 24 months—while damage is assessed and your home is repaired or rebuilt.
- Protection for your belongings - Personal Property Insurance. Your home is filled with furniture, clothes, sports equipment and other items that mean a lot to you. This helps replace these items if they are lost, stolen or destroyed as a result of a covered loss.
- Scheduled Personal Property Coverage If you have special possessions such as jewelry, art, antiques or collectibles you may want to talk to your agent about this additional coverage. It provides broader coverage for specific items.
- Equipment Breakdown Coverage It provides protection in the event of an unexpected mechanical or electrical breakdown not caused by normal wear and tear or corrosion.
- If You’re a Landlord We help landlords relax. You can’t be with your rental 24 hours a day, but your landlord protection insurance can. We understand the special challenges of protecting both your property and your own liability. Prosper Insurance Group offers optional liability coverage for the risks posed by tenant-occupied dwellings. Some of our companies’ landlord protection liability options protect you and your spouse or domestic partner against personal injury, wrongful eviction or wrongful entry as well as other non-bodily injury claims such as libel and slander. Providing only the level of coverage you need lowers your cost. Extended dwelling coverage will automatically cover up to 25% above the amount for which your dwelling is insured in the event a major or total loss exceeds your coverage. It’s important to know that Landlord Protection insurance is meant to cover accidental loss, not routine maintenance.