Homeowners Insurance

Why do I need homeowners insurance?

For most of us, our home is the single largest investment we will make. Homeowners insurance provides coverage for damage to your home and other structures on your property such as a shed or detached garage. For townhouse owners, your townhouse and separate structures are covered for almost any type of damages except for a few common exclusions, such as wear and tear, earth movement, flood, nuclear hazard and earthquakes. Condominium owners are covered for accidental damage to improvements you make in your unit for which your association’s policy does not provide coverage, subject to your condo insurance policy limits.

Insurance can help you with your peace of mind, knowing that in the event of a covered loss, your damaged home will be rebuilt and your destroyed belongings will be replaced.

Types of coverages include:

Loss assessment

Condominium owners will also receive up to $1,500 for assessments arising from covered damage. This can be used to pay for your share of property damage or injury awards for which your association’s policy does not provide coverage. Typically, up to $50,000 is available, but this may vary depending on your policy.

Personal Property

Homeowners, condominium or renters insurance also provides coverage for your household contents and personal belongings. You may think your couch, coffee table, sweaters, shoes, coats, TV, VCR and CD player are not worth a lot, but those items all add up to a large sum.

Personal Liability

Finally, in the event someone is injured on your property or you damage property that belongs to others, you could be held legally liable for the injury or damage. A homeowner, condominium or renter policy provides liability coverage and personal property insurance should this ever occur.

*Only up to the limits of the insurance coverages purchased.

What if I don’t have insurance?

Without insurance, you’ll be responsible for protecting your property, possessions and liability exposure.

For instance, if your house burns down or is destroyed by a tornado, you’ll need to rebuild your home and replace all your damaged possessions with only the funds you have or can obtain. Do you usually have $500,000 readily available in case something like this happens? If so, could you be putting that money to better use instead of having it sit there just in case something happens?

Something else to consider

If someone is injured on your property, they may sue you for injuries and damages they sustain which may be well beyond $1,000,000. Without insurance, you may have to liquidate your assets and even lose a portion of your wages if you need to pay for a judgment.

Reconstruction Costs? Deductibles? What is an umbrella policy? You should have umbrella protecting your rental property investment? We can answer that!

Available Discounts

Depending on your state, you may be eligible for a variety of home insurance discounts. Find out what discounts are available in your state. Rafail Insurance Group currently offers discounts in these categories:

  • Occupational Groups (Doctors, RNs, Dentists, Teachers, Police, Firefighters etc…)
  • College Degree Discounts
  • Multi-Line Discounts (Auto/Home, Home/Life)
  • Home Renovation
  • Interior Inspection
  • New Home
  • Nonsmoker
  • Protective Devices
  • Fire Safeguards
  • Age 50+
  • And more!

* Discounts apply to selected coverages, perils and policy types. Eligibility and actual percentage of discounts may vary. See the Insurance Terms Glossary for full descriptions.

Package your dwelling, liability and personal property with our condo and townhome policies. You will be surprised just how great this coverage is. We can help you read your association’s bylaws, and determine exactly what you need to insure. To adequately insure your condo or townhome, it is important to know which parts of your dwelling are covered by the association, and which are not. For example, sometimes the association is responsible for insuring the individual condo units, as they were originally built, including standard fixtures. You’re only then responsible for alterations to the original structure.

Rafail Insurance knows what matters to you most. That’s why we specialize in providing renter, condominium, and home insurance policies based on your specific needs. Browse our homeowners insurance section to learn more about how Farmers can help protect everything you’ve worked so hard to achieve.

Ask us for help — we will be happy to sit down and do a careful review with you to make sure you have no “gaps” between your policies!