Home & Property Insurance

Insuring you for where you call home

Home & Property Insurance

When it comes to choosing a home and property insurance plan, The Resource Center will be there with you every step of the way. We partner with over a dozen insurance carriers to make sure you are getting the best coverage at the best price. Let us help you save big on your home and property insurance.

Homeowners Insurance

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It’s your home. You should protect it with the best homeowner policy for you and your family. It’s important to understand what your policy does and does not cover. Homeowner policies typically include coverage for your home, your belongings, your living expenses in an emergency, medical and liability protection. Our experts will walk you through these options and help you decide what combination is best for you.

Coverage For Your Home

This part of your policy generally pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or covered peril listed in your policy. It generally does not pay for damage caused by a flood, earthquake or just wear and tear. When purchasing coverage for the structure of your home, make sure to buy enough to rebuild your home. It’s important to review this coverage on an annual basis to make sure your coverage is sufficient.

Coverage For Your Belongings

Your furniture, clothes and other personal belongings are usually covered if they are stolen or destroyed by fire, hurricane or other covered peril. It will be important to conduct a home inventory to determine if you coverage is sufficient. This part of your policy may also include off-premises coverage, which means that your belongings are covered anywhere in the world. Every policy is different, so contact our experts if you have any questions or would like to add to your policy.

Coverage For Living Expenses

If your home is damaged because of a fire, storm or other covered peril and you can’t live in it, this coverage pays the costs of living someplace else while your home is repaired or you find another place to live. While your home is being rebuilt, hotel bills, restaurant meals and other living expenses are covered. Coverage for additional living expenses differs from company to company and varies based on your unique needs.

Medical Coverage

This gives you coverage for another person’s medical costs in the case of an accident on your property. This would include an X-ray or ER co-pay. Coverage is usually $1,000 or $5,000. This is separate from liability protection.

Liability Protection

Liability protects you against lawsuits for bodily injury or property damage that you or family members cause to someone else. Liability limits generally start at about $100,000, but many experts recommend up to $300,000 or more in coverage. Some people feel more comfortable with more coverage, we would recommend an umbrella or excess liability policy which provides broader coverage, including claims against you for libel and slander, as well as higher liability limits.

Renters Insurance

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If you rent a house or apartment, your landlord’s insurance will only cover the costs of repairing the building if there is a fire or covered peril on their policy. You need your own coverage, known as renters or tenants insurance in order to financially protect yourself and your belongings. Renters insurance typically includes coverage for personal possessions, liability protection and additional living expenses.

Coverage For Personal Possessions

It’s important to have enough insurance to replace all of your personal possessions in the event of a burglary, fire or other covered peril. The easiest way to determine the value of all your personal possessions—including furniture, clothing, electronics, appliances, kitchen utensils and even linens—is to create a home inventory. This is a detailed list of all of your personal possessions along with their estimated value. An up-to-date home inventory will also make filing an insurance claim faster and easier. Make sure to store your inventory list off-site or digitally.

Liability Protection

Renters insurance provides liability protection that covers you against lawsuits for bodily injury or property damage done by you, your family members and even your pets. This coverage pays for both the cost of defending you in court and court awards—up to the limit of your policy. Most standard renters insurance policies will generally provide at least $100,000 of liability coverage, but additional amounts are available. Our experts will help you decide whether the amount of liability coverage provided by your policy is sufficient to protect your assets.

Additional Coverages

If your home is destroyed by a peril that your policy covers and you need to live elsewhere, renters insurance provides additional living expenses (ALE). ALE pays for hotel bills, temporary rentals, restaurant meals and other expenses you incur while your home is being repaired or rebuilt. It is important to know about how much coverage you have and what the limits are. Some companies provide coverage for a set amount of time, while others have a financial cap.

Condo Insurance

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Your bank will require insurance to protect its investment in your condo or co-op. You may, however, need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building, like the lobby. You will likely need two policies–an individual one and a “master policy” provided by the condo/co-op board.

Individual Insurance Policy

This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other covered peril listed in your policy. You also get liability protection.

Master Insurance Policy

This policy will be provided by the condo/co-op board. This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.

Additional Coverages

The Resource Center can help you navigate through additional coverages that may be available to you. These additional coverages include unit assessment, water back-up, umbrella liability, flood or earthquake, and floater or endorsement coverage.

Umbrella Policies

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Umbrella policies, also known as excess liability policies, provide broader coverage than most policies. These policies allow for more liability coverage on your household. If someone gets hurt on your property or house, or if you’re in a car accident when the damages/injuries are over the coverage on your policy, umbrella policies will keep you covered. These are typically an extra $10/month.

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