FAQ
Frequently Asked Questions
Frequently Asked Questions
We understand that insurance can be complex, and you may have questions about coverage, policies, and the process of getting insured. That’s why we’ve compiled answers to some of the most common questions our clients ask.
Whether you’re looking for auto, home, or other types of insurance, our goal is to make everything as clear and straightforward as possible. If you don’t find the information you’re looking for, feel free to reach out to our team—we’re here to help!
Home Insurance
What does a standard home insurance policy cover ?
A standard homeowners insurance policy typically covers your home’s structure, personal belongings, liability protection, and additional living expenses if you need temporary housing due to a covered loss. Coverage may include damage from fire, storms, theft, and certain types of water damage, but exclusions apply, such as flood and earthquake damage.
Do I need home insurance if I’ve paid off my mortgage ?
While home insurance is not legally required once your mortgage is paid off, it is highly recommended. Your home is one of your most valuable assets, and insurance helps protect it from unexpected disasters and financial loss.
Does home insurance cover water damage ?
It depends on the cause of the damage. Most policies cover sudden and accidental water damage, such as a burst pipe. However, flooding from natural disasters or sewer backups is usually not covered unless you have additional flood or sewer backup insurance.
What is not covered by home insurance ?
Standard home insurance policies typically do not cover floods, earthquakes, normal wear and tear, pest infestations, or damage caused by neglect. If you live in a high-risk area for floods or earthquakes, you may need to purchase separate policies for those risks.
How much home insurance coverage do I need ?
Ideally, you should have enough coverage to rebuild your home at today’s construction costs, replace your personal belongings, and cover liability risks. A home insurance agent can help assess your needs based on your home’s value and assets.
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Condo Insurance
How is condo insurance different from homeowners insurance ?
Condo insurance (HO-6 policy) typically covers personal belongings, liability, and the interior of your unit (walls, floors, and fixtures). The condo association’s master policy generally covers the building’s exterior and common areas. It’s important to review your association’s policy to understand your coverage responsibilities.
Do I need condo insurance if my building has a master insurance policy ?
Yes, because the master policy usually only covers the exterior structure and common areas. Condo insurance protects your unit’s interior, personal belongings, and liability in case someone is injured inside your home.
What is “loss assessment” coverage in a condo insurance policy ?
Loss assessment coverage helps cover costs if your condo association charges unit owners for damage to shared areas that exceed the master policy’s limits. This can be useful in cases where a major loss occurs, such as fire or storm damage to common spaces.
Does condo insurance cover damage to my unit from a neighbor’s negligence ?
It depends on the situation. If a neighbor’s water pipe bursts and damages your unit, their insurance may cover it, but your condo insurance can provide coverage if they are not liable or if their policy limits are insufficient.
Does my condo insurance cover upgrades or renovations I’ve made ?
Standard condo insurance covers the interior of your unit, but if you’ve made upgrades like new flooring, countertops, or fixtures, you may need additional coverage to protect these investments.
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Renters Insurance
What does renters insurance cover ?
Renters insurance provides coverage for your personal belongings, liability protection, and additional living expenses if your rental becomes uninhabitable due to a covered loss. It does not cover the building itself—that’s the landlord’s responsibility.
Is renters insurance required ?
While it’s not legally required, many landlords require tenants to carry renters insurance as part of their lease agreement. Even if it’s not mandatory, it’s a smart way to protect yourself financially.
Does renters insurance cover my belongings outside of my apartment ?
Yes! Most policies cover personal belongings even when they are outside your home, such as in your car, at work, or while traveling. However, coverage limits and exclusions apply, so check your policy for details.
What happens if I accidentally damage my rental unit ?
Renters insurance typically includes liability coverage, which may help pay for damages you accidentally cause to your rental property, such as fire or water damage. However, normal wear and tear or intentional damage is not covered.
Does renters insurance cover my roommate’s belongings ?
No, renters insurance only covers the policyholder’s personal belongings. If your roommate wants coverage, they should get their own renters insurance policy.
How much renters insurance coverage do I need ?
The amount of coverage depends on the value of your personal belongings. Take an inventory of your items, including furniture, electronics, and clothing, to estimate how much coverage you need. Liability and additional living expenses should also be considered when choosing a policy.
