All homeowner policies are “package” policies. You get a group of coverages packaged into your policy for one overall premium. They include coverage on your building, your contents (furniture, clothing, etc.) and liability insurance in case you are sued, under the same policy. The property coverage is shown under Section 1, while the liability coverage is described under Section 2.
There is no better way to understand your homeowner policy than to read it! We suggest you pull out your policy and find the parts to your policy that correspond to the following explanations:
A typical policy consists of three things:
- 1. The Declarations Page – that declares who, what and how much you are insuring, along with the date your coverage starts and the premium.
- 2. The Policy Booklet – printed pages that contain the details of coverages and exclusions.
- 3. Endorsements – separate pages, usually with endorsement numbers, that change (or endorse) specific parts of the policy. Sometimes you are only given the original policy once in the beginning, then on renewal, to cut down expenses, you are just sent the declaration page with the bill. It’s a good idea to save the original policies should you ever need to refer to them.
Condo Insurance covers the areas of your condo not covered by the master HOA policy. This usually includes the interior of your unit, such as interior walls, counters, cabinets, and fixtures. Additionally, it covers your personal property and liability the same as a homeowners policy. It is important that your agent understands your HOA’ s policy in order to create a policy that fits all of your needs.
Renters Insurance does not include any coverage for the structure itself, with the exception of small alterations that a tenant might make. However, it still provides liability coverage as well as coverage for the tenants personal property.