Homeowners insurance policies are designed for single family homes, duplexes, condos and townhomes occupied by the owner or a renter. The most common types of policies are:
HO-3 or "Special Form" for single family homes, townhouses and duplexes if the owner lives in one of the units.
HO-4 or "Renters Insurance" for people that live in a dwelling (often multifamily) that they do not own.
HO-6 or "Condo Insurance" for people who live in a condo they own that has common property with other owners.
One of the most common questions we encounter is "how much should I insure my home for?" The simple answer is for the estimated replacement cost. This value is often confused with "market value" or what you could sell your home for. In todays real estate market this is often lower than "replacement cost". Replacement value includes debris removal and preparing the dwelling for repair or replacement if an insured event should take place. Let us help you sort this out by working with you to design coverage to meet the unique needs of your family and home. We can even enhance your coverage to include coverage for breakdown of mechanical systems in your home or give you additional coverage for jewelry, artwork, collectibles, and other special items. Call us today so we can explain how this all works.