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Homeowners

Home insurance, also commonly called hazard insurance or homeowner’s insurance, is the type ofproperty insurance that covers private homes.

When mortgage companies purchase lender placed insurance it is in the interest of the mortgage company for them to do so. The homeowner’s interest is limitedly catered too. In addition, lender placed insurance can be up to 5x the cost of a standard homeowner policy and cover less of the interest of the homeowner. The cost associated with lender placed insurance is charged to the homeowner via escrow. In the event of a lender placed insurance costing significantly more than a standard homeowner policy the cost is carried by the homeowner in the form of increased monthly payment to the bank.It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its 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.

It requires that at least one of the named insureds occupies the home. If you have a mortgage on your home or not, consider the effect of not having a homeowner’s policy in the event of a catastrophic claim. Typically, claims due to floods or war (whose definition typically includes a nuclear explosion from any source), amongst other standard exclusions (like termites), are excluded. Special insurance can be purchased for these possibilities, including flood insurance.

Types of Risks Include:

  • Habitational Risks: Rental Properties, Townhouses, Condominiums, Cooperatives and Home Owners Associations (HOA) & Apartment Buildings
  • Commercial Risks: Office, Retail, Strip Malls, Warehousing and Light Manufacturing.

Available Umbrella Limits

  • $ 5,000,000
  • $10,000,000
  • $25,000,000
  • $50,000,000
  • $75,000,000
  • $100,000,000
  • $200,000,000