Why Do I Need Homeowners, Condominium, Or Renters Insurance?

Patrick Cooke

Agent with Farmers
Insurance since 1998.

MN License# 20145448

PATRICK COOKE AGENCY

Why Do I need Homeowners,
Condominium, or Renters Insurance?

Insurance can help you with your peace of mind, knowing that in
the event of a covered loss, your damaged home will be rebuilt
and your destroyed belongings will be replaced. Types of
coverages include:*

* Dwellings and other structures

For most of us, our home is the single largest

investment we will make. Homeowners insurance

provides coverage for damage to your home and other

structures on your property such as a shed or detached

garage. For townhouse owners, your townhouse and

separate structures are covered for almost any type of

damages except for a few common exclusions, such as

wear and tear, earth movement, flood, nuclear hazard

and earthquake.

* Dwelling Improvements, Alterations, and Additions

Condominium owners are covered for accidental

damage to improvements you make in your unit for

which your association's policy does not provide

coverage, subject to your condo insurance policy limits.

* Loss assessment

Condominium owners will also receive up to $1,500

for assessments arising from covered damage. This

can be used to pay for your share of property damage or

injury awards for which your association's policy does

not provide coverage. Typically, up to $50,000 is

available, but this may vary depending on your policy.

* Personal Property

Homeowners, condominium, or renters insurance

also provides coverage for your household contents and

personal belongings. You may think your couch, coffee

table, sweaters, shoes, coats, TV, VCR and CD player

aren't worth a lot, but those items all add up when you

have to replace them.

* Personal Liability

Finally, in the event someone is injured on your

property or you damage property that belongs to others,

you could be held legally liable for the injury or damage.

A homeowner, condominium or renter policy provides

liability coverage and personal property insurance

should this ever occur.

*Only up to the limits of the insurance coverages purchased.

What if I don't have insurance?

Without insurance, you'll be responsible for protecting your
property, possessions and liability exposure.

For instance, if your house burns down or is destroyed by a
tornado, you'll need to rebuild your home and replace all your
damaged possessions with only the funds you have or can
obtain. Do you usually have $500,000 readily available in case
something like this happens? If so, could you be putting that
money to better use instead of having it sit there just in case
something happens?

Something else to consider: if someone is injured on your
property, they may sue you for injuries and damages they
sustain which may be well beyond $1,000,000. Without
insurance, you may have to liquidate your assets and even lose
a portion of your wages if you need to pay for a judgment.

Farmers® knows what matters to you most. That's why we
specialize in providing renter, condominium, and Home
insurance policies based on your specific needs. Contact us
to learn more about how Farmers can help protect everything
you've worked so hard to achieve.