Home Insurance

Property Insurance is a form of coverage that helps protect the property you own.

 

Homeowners Insurance (HO3)

 

Your home is a valuable asset to you and your family. In fact, it’s one of the biggest financial investments you’ll ever make in your entire life. Hence, it takes such an enormous amount of times, emotions, and finances to make the right decision. Therefore, protecting such an investment and everything in it against the unpredictable is critical.

 

Homeowners is a type of property insurance that covers private residences. It is a package plan that bundles damage done to your property, your liability for injuries, and property damage caused by you or members of your family to other people.

 

Homeowner’s insurance is a necessity. Thus, understanding the type and level of coverages is critical. You want to make sure you and your family are protected if anything ever happens to your investment. Making sure you get the right policy and the needed peace of mind, so your home and personal property are completely covered is our priority. Request A Quote

 

Condominium Insurance (HO6)

 

Condo insurance is similar to homeowners’ insurance in the sense that both provide protection coverage for the inside of the property including personal possessions and any related personal liability. Their main difference
resides in the insurance of the structure of the home.

 

Homeowners own the building and the land that the home is built in, and personal properties inside of it. Therefore, homeowners’ insurance policy covers both the outside and inside structure of the dwelling. Condominium owners, however, only own anything inside the walls of their units. Thus, their insurance usually only covers the inside of the individual unit. Anything outside the unit including common areas and building surroundings fall under their condo associations.

 

A condo association, known as master policy or Homeowners Associations-HOA Insurance, could be either a bare walls-in or an all-in policy. If it’s a bare walls-in typically covers the structure of the condo, common areas, or anything behind the walls, like wiring and plumbing. An all-in covers everything covered under bare walls-in in addition to the condo fixtures, such as carpets and built-in appliances and even loss of use of the unit. 

 

Request A Quote, it’s our job to understand the level of protection you need for your condo and specific
master policy you can afford. We want to make sure you don’t purchase insurance you don’t need, nor are you under-insuring your place.

 

Renters Insurance (HO4)

 

Most people don’t get renter’s insurance unless it is required by their landlords. But renter’s insurance is as important as having homeowners’ insurance. Renters’ insurance offers protection for your belongings in case of power surges, water damage, fire, vandalism, theft, and other events out of your control. It also covers property damage caused by you or your family members, as well as no-fault medical coverage in case a visitor is injured in your home.

 

However, most renters’ insurance coverages don’t cover negligence expected or intended bodily injury or damages caused by flood, earthquake, or mudslides. Contrary to homeowner’s policy, renters’ policy does not cover your building structure. In case of a bodily injury or property damage, you could be found liable and required to pay for repairs, medical bills related to the damage, as well as defense costs if the plaintiff brings a suit against you.

 

In case of a claim is filed, the insurance company has the option to pay the actual cash value or replacement cost value based on your policy provisions. Actual cash value option is the current value of your items, more precisely the today value. Replacement cost value, however, means that your insurer will cover the cost of repairing or replacing your belonging at its current price.

 

As undervalued as renters’ insurance may be, living in an apartment without it could be costly and the one mistake you cannot afford to make. At Phanald IT, we want to make sure you’re aware as a renter of potential risk involved for not getting the proper insurance coverage.

 

Flood Insurance

 

Flood is as unpredictable and destructive as any other natural disasters. All it takes is one heavy rainstorm to cause substantial damage. Without proper coverage, it could cost thousands of dollars for repairs since flood is not
covered under standard homeowner’s insurance or renters’ policies. Therefore, it’s crucial to add specific flood coverage to your insurance package in order to be prepared and protected.

 

Flood insurance is a specific insurance designed to help cover physical damage to your home, its contents, and its structures. It covers the building for replacement cost, but for personal property coverage is available on an actual
cash value basis only.

 

Most flood insurance is administered through the federal government. You can purchase your flood policy
from an insurer under contract with Federal Emergency Manage Agency (FEMA). Most coverages are offered by the National Flood Insurance Program (NFIP) throughout U.S. Private insurance companies. You can also get it directly from a private insurance carrier. Private flood insurers are not required to insure you. If
your property is deemed too risky, they may opt to drop your coverage, whereas an NFIP insurer cannot.

 

The need for flood coverage depends on whether your home is in a high risk of flooding or not. You may be required to purchase flood insurance coverage by your mortgage lender. Request A Quote

 

Umbrella Insurance

 

Protecting oneself against any types of personal liability has been the main idea behind getting insurance coverage. But sometimes, not having enough coverage to respond to financial claims against you or your asset can be an issue.

 

If you’re involved in an accident or injure your neighbor for instance, you may be sued; your assets could be seized; and even your future earnings could be forfeited. Even if you don’t have the money to cover the massive settlement right away, you could be stuck paying off the debt for years. An umbrella insurance coverage is the response to your answer.

 

Known as excess liability or personal liability insurance, umbrella insurance is one of the most valuable and supplemental insurance coverage that you can own. It’s often unknown to most clients largely because it’s not required but critical to your risk management plan since it will provide an additional level of protection
when in need.

 

Umbrella insurance policy doesn’t stand-alone, it supplements other liability policies most people already have in place, such as auto, homeowners, or renters’ insurance. It takes effect when other forms of underlying insurance limit (homeowners or auto insurance policy) have been exhausted. It protects you above and beyond the
limits on your personal insurance policies.

 

 

Dwelling Fire Insurance

 

If you own a property and choose not to make it your primary residence or even live in it, getting a dwelling fire coverage is a smart decision. Dwelling Fire insurance is an alternative to homeowners’ policy that may help pay for the rebuilding or the repair of the physical structure of your home if it’s damaged by covered perils like fire, smoke, lighting, wind, hail, falling objects, vandalism, and theft. It also protects attached structures like decks, porches, and attached garages. However, it doesn’t provide liability coverage or protection for possessions inside the home.

 

Your home is your most important investment, renting it out requires additional insurance coverage.
Not only will this provide peace of mind, but if something happens while you have a tenant, you could be financially responsible for repairs or legal fees.

 

Typically damage as a result of a flood will not be covered by dwelling insurance and requires a
separate flood policy insurance. It also does not cover damage as a result of earthquakes or sewer back-ups. 

 

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