It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
Very affordable, it is designed for individuals who live in a unit structure owned and insured by a condo association, townhouse association cooperative, home owner’s association. The insurance the association provides only covers the outside dwelling, not the contents of your unit, so it’s important because it protects you against personal property losses and liability.
Could you afford to replace all your belongings if there were a fire, theft, or other major loss tomorrow? It provides most of the benefits of homeowners’ insurance except for the dwelling part of it. The owner of the building is responsible for insuring it, but bears no responsibility for the tenant’s belongings.
It is the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands, floodplains and floodways that are susceptible to flooding.
Extra liability coverage that goes beyond the limits. It provides an additional layer of security to those who are at risk for being sued for damages to other people’s property or injuries caused to others.
