Homeowners insurance, or home insurance, compensates you for losses to your home and your possessions inside it, so purchasing a homeowners policy provides added security for your investment. Home insurance also protects you if you’re legally liable for someone’s injuries on your property, as well as from financial losses caused by storms, fire, theft and other events outlined in your policy.
The typical homeowners insurance policy covers the house, the garage and other structures on the property, as well as personal possessions inside the house such as furniture, appliances and clothing, against a wide variety of perils including windstorms, fire and theft. The extent of the perils covered depends on the type of policy. An all-risk policy offers the broadest coverage. This covers all perils except those specifically excluded in the policy. Homeowners insurance also covers additional living expenses. Known as Loss of Use, this provision in the policy reimburses the policyholder for the extra cost of living elsewhere while the house is being restored after a disaster. The liability portion of the policy covers the homeowner for accidental injuries caused to third parties and/or their property, such as a guest slipping and falling down improperly maintained stairs. Coverage for flood damage is excluded and must be purchased separately.
Other coverages and policies John Philip Insurance offers in conjunction with our homeowners insurance:
- Flood Insurance - Coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance agents. Flood coverage is excluded under homeowners policies and many commercial property policies. However, flood damage is covered under the comprehensive portion of an auto insurance policy (see more below).
- Earthquake Insurance - Covers a building and its contents, but includes a large percentage deductible on each. A special policy or endorsement exists because earthquakes are not covered by standard homeowners or most business policies.
- Personal Umbrella Liability Insurance - Coverage for liability losses above the limit of an underlying policy or policies such as homeowners and auto insurance. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies.
- Identity Theft Insurance - Coverage for expenses incurred as the result of an identity theft. Can include costs for notarizing fraud affidavits and certified mail, lost income from time taken off from work to meet with law-enforcement personnel or credit agencies, fees for reapplying for loans and attorney’s fees to defend against lawsuits and remove criminal or civil judgments.
- Inland Marine Insurance - Attached to a homeowners policy, an inland marine floater insures movable property, covering losses wherever they may occur. Among the items often insured with a floater are expensive jewelry, musical instruments and furs. It provides broader coverage than a regular homeowners policy for these items.
- Replacement Cost Coverage - Insurance that pays the dollar amount needed to replace damaged personal property or dwelling property without deducting for depreciation but limited by the maximum dollar amount shown on the declarations page of the policy.
Whether you live in a single family home or you own a condominium, your personal property needs to be protected. Protect what’s yours with a condo insurance policy from John Philip Insurance.
Why do you need condominium insurance coverage?
While your condo association likely covers a small area of your condo complex, it will not cover an accident or theft inside your condo, therefore, you’ll need extra protection. John Philip Insurance offers condominium homeowners insurance that can be tailored to fit your unique needs, including:
- Fire and lightning
- Windstorm and hail
- Weight of ice or snow
- Smoke damage
- Falling objects
- Freezing damage
- Accidental overflow from plumbing
- Accidental electrical damage to appliances
- Damage by vehicles
Protect yourself, your family and others
- Personal liability for you, your spouse, relatives living with you and persons under 21 in your care
- Protection against claims you’re legally obligated to pay
- Payment of the cost of defending claims against you
- Medical expenses
Condo Insurance Coverage
Condominium insurance policies typically provide basic protection. But they may not provide all of the protection you want or need. Consider these additional condo insurance coverage options to tailor a policy that’s right for you.
- Scheduled personal property - Provides additional condominium insurance coverage for high value items such as jewelry, watches, antiques and fine art.
- Extended replacement cost on contents – Pays to replace or repair personal property without depreciation being taken from the value of the property.
- Water backup of sewer - Broadens the coverage for loss due to water backup through sewers
Many homeowners are unaware that their home insurance doesn’t cover flood damage. Flood insurance is the single best way you can protect yourself from flood losses. Here are a few facts about floods and flood insurance:
- Floods happen everywhere – Any place can flood under certain conditions.
- Federally backed – All flood insurance is administered by the National Flood Insurance Program.
- Better than a loan – You don’t have to repay flood insurance settlements.
- Faster recovery – Under the National Flood Insurance Program, your agent can process claims quickly – so you can make repairs and recover faster.
- Cleanup help – Flood insurance covers cleanup expenses, damages to your heating and cooling systems, and repair or replacement of flooring.
Dwelling: A standard Maryland homeowners insurance policy should include enough dwelling coverage to pay for the replacement or repair of your home when and if it is damaged in a covered peril
Other Structures: Other structures such as detached garages or sheds would also be covered under a standard Maryland home insurance policy
Contents/Personal Property: A Maryland home insurance policy will also typically provide coverage for the contents of your home including furniture, electronics, clothing and other personal belongings.
Loss of Use: If your Maryland home is damaged in a covered peril, ‘Loss of Use’ coverage pays for alternative accommodations and living expenses while you are unable to live in your home.
Personal Liability Protection: In Maryland, your standard homeowners insurance policy will typically provide financial protection in the event of a lawsuit where you have caused damage or bodily harm to another person or their personal property.
Medical Payments: Medical Payments coverage, or Maryland MedPay, offers reimbursement for medical bills if someone other than you or a family member is injured on your property and a lawsuit is not involved.