If you have tangible assets, you need the protection of a homeowners policy. These policies cover you in a home or an apartment, whether you are an owner or a renter. A well-written homeowners policy will pay to replace any of your personal property that is destroyed in a fire or other disaster. The policy will also be your first line of defense against a lawsuit from someone injured at your home.
The cost of this coverage is determined by many rating factors. The quality of the coverage, however, is determined by the quality of the insurer and whether the policy is written on a named perils or all-risk basis. A named-perils policy covers only those losses specifically cited in the contract. The all-risk policy works the opposite way — unless a peril is specifically excluded, coverage is provided. The all-risk policy is broader and the burden of proof is on the carrier, not you, in the event of a loss.
Investment/Rental Property Insurance
If you own an investment property, you should make sure that you carry adequate insurance coverage. Accidents may occur and ultimately cause damage to your investment property. If you do not have the necessary insurance, you will be responsible for the full financial cost.
Owning an investment property brings with it a large degree of liability. In addition to the building itself, you may be responsible for injuries received by others while they are on your property. You could also be held responsible for damage to their belongings.
Types of Properties Include:
- Commercial Property
- Vacant Property & Land
- Rental Home
- Commercial Investment
- Residential Investment
Flood Insurance
Did you know that your homeowners insurance does not cover flood damage? Insurance against flood must be obtained separately. A flood insurance policy also reimburses you for the work that you and other family members did to sandbag your homes, move furniture and remove debris.
The Federal Emergency Management Agency’s (FEMA) maps are important when it comes to flood insurance because if they show that your home sits in a 100-year flood plain, you must buy federal flood insurance in order to get a mortgage. If you live outside a high-risk zone, or if you no longer have a mortgage, flood insurance is optional.
Earthquake Insurance (Personal)
Most standard homeowners, mobile home owners, condominium, and renter’s insurance policies do not cover earthquake damage. Similar to flood insurance, earthquake insurance usually must be purchased separately.
Many people assume their residential insurance policy fully protects them, but if you look at a typical policy, you will see it does not cover earthquake loss. And government disaster-relief programs are extremely limited—they are designed to help you get partly back on your feet, but not to replace your home and everything you lose. So if an earthquake strikes tomorrow, will you have the financial resources to pay for earthquake damage to your home and its contents?
Condominium Insurance
Condominium insurance provides coverage for your unit where your condominium association insurance stops. Your association typically insures the building and other common areas. You are responsible for the interior of your unit. Typically you need personal property and liability coverage. In addition to coverage for your floors, walls, cabinets and fixtures that your association’s insurance probably will not cover.
Every association’s insurance policy is different regarding what each unit owner is responsible for, so it is important to review your association policy and condominium by-laws carefully.
Renters Insurance
As a renter, you need to protect your personal property against theft and damage. Our renters insurance is hard to beat for convenience and value. Plus, we’ll assure you the peace of mind you need for your valuable items and electronics.
Renters insurance can help protect you in case of a liability lawsuit against you. This could occur in a situation where you are held responsible for:
- Damage to another person’s property
Whether the incident occurred within your rented residence, or elsewhere.
Valuable Items Insurance
Your possessions may be more valuable than you realize. Most homeowners policies offer limited coverage for personal articles such as jewelry, cameras, golf equipment, fine art and collectibles, and computer equipment. We can provide the additional protection you need.
A variety of property may be covered by valuable items coverage.
- Artwork
- Baseball cards
- Books
- Coins
- Firearms
- Furs
- Jewelry
- Memorabilia
- Musical Instruments
- Oriental Rugs
- Silverware
- Stamps
(847) 809-6082
(847) 701-3167
mike@mpfinancialgroup.com 
