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HOMEOWNERS

Own or rent…your home insurance protects more than four walls and a roof. It protects many parts of your life!

Home insurance protects more than just the building. It protects your possessions, valuables and the personal liability of family members in your home. And, because every home and family/individual situation is unique, you need a trusted expert who will get to know you and use that information to guide you in choosing the options that best suit your needs.

Our goal at PLATINUM RISK MANAGEMENT INSURANCE SERVICES is to simplify home insurance by learning about what you need and then doing the leg work to determine the insurance carriers that provide the proper protection. Then you can enjoy your life with confidence in your coverage.

Why do I need home, condo or renter’s insurance?

To state the obvious…it’s where you live and where most of your possessions are, and if you’re a homeowner, chances are it’s your greatest asset. But whether you own or rent, home insurance covers more than possessions and assets. Here are a number reasons you need this protection.

1. Mortgage lenders require it. If you take out a loan to buy your home or refinance, lenders require insurance to protect the dwelling. If you build a home, you may need to have special coverage during construction.

2. It can be a financial safety net in a disaster. Do you have the financial resources to repair or replace your home and its contents in the event of a fire or major damage? Even mini disasters like lightning strikes; heating, plumbing or other home system failures; theft or vandalism can create significant financial hardships.

3. Without it, you don’t have personal liability protection. If someone is injured at your home or if you are sued for causing injury or damage to someone else’s property in a situation not involving a motor vehicle, a home, condo or renter policy can provide coverage for damages and defense costs. Even if you’re not found liable, the attorney’s fees alone could be financially devastating unless you have protection.

4. If you rent, your landlord’s policy will not cover your personal property.The insurance policy that covers the building where you live does not cover your possessions inside the dwelling. A renter’s or tenant’s policy protects your personal possessions including furniture or electronic equipment, in case of fire, theft and other perils.

5. If you own a condo, the condo association’s policy does not cover your personal property and generally the interior of your condo.The condo association’s master policy generally covers the exterior walls and not any personal property. A condo policy protects your personal possessions in the case of a covered loss such as fire, theft, etc.

6. Bad things do happen.Accidents can be as financially devastating as a fire. If you’re found responsible for unintentionally damaging property or injuries caused to someone that occur on your property or elsewhere, you need liability protection to pay for medical and other related costs. If you rent, this is an extremely important standard part of a tenant policy.

7. There are special items you want to protect.If you own special jewelry, silverware, fine art, antiques, electronics or other valuables, you can protect these items by adding special extended coverage endorsements to your home insurance policy.

The bottom line on needing homeowner’s and renter’s insurance is that if you can’t financially afford to cover a loss on your own, then you can’t afford not to be insured. Insurance can be complex but our trusted associates at PLATINUM RISK MANAGEMENT will guide you and make it as simple as possible.

NOTE: Natural, weather related floods are not covered by your homeowner’s policy. To protect your property, you need a flood insurance policy.

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