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February 6, 2012 |
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HOMEOWNERS, TENEAT OR CO-OP
INSURANCE
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Whether you are renting or own a
house, condo or cooperative unit, the type and extent
of insurance you purchase will determine the amount of
protection you have for your assets, lifestyle and
possessions.
The information below defines the types of coverages
available:
Homeowners Policy
The amount of coverage, or policy limit, provided by
your Homeowners Policy should be based on the cost of
replacing your house in the event of a loss. To avoid
being underinsured, its important to keep in mind the
unique features that add to your home's value.
Other Structures
Other structures on your property that are not
attached to your house, including garages, barns and
swimming pools, are covered under your basic
homeowner's policy. The standard coverage amount is
10% of the listed dwelling limit. It may be advisable
to purchase additional amounts of coverage for other
structures. It is important to review this coverage to
insure that your needs are met.
Additional Living Expenses
"Additional Living Expenses" are covered
under most policies. Since each policy is different,
it is important to review this coverage for
limitations of the amount or duration of this
reimbursement.
Additions or Alterations
If you own a co-op or condominium, "Additions or
Alterations" is a separate coverage designed to
reimburse you for reconstruction, improvements or
upgrades made to the original unit in the event they
are damaged or destroyed.
Contents Coverage
"Contents Coverage" is the insurance on your
household possessions such as clothing, furniture,
rugs, televisions and stereo equipment. It is
typically stated as a percentage of your home value
(e.g., 50%). Higher limits are available. Large
jewelry and art collections must be itemized and
should be insured separately.
Personal Liability
The Personal Liability portion of your policy covers
your legal liability for personal injury or property
damage due to an accident.
Medical Payments to Others
A limited amount of medical coverage is provided under
most Homeowners, Tenant or Co-op insurance policies.
They cover necessary medical expenses incurred by
anyone injured in an accident on your property.
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| "Multiple
Series Limited Liability Company" |
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