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CALIFORNIA
HOMEOWNERS INSURANCE FAQS
What
is in a standard homeowners insurance policy?
A standard homeowner’s insurance policy includes four essential types of
coverage. They include:
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Coverage for the structure of your home. | |
Coverage for your personal belongings. | |
Liability protection. |
Additional living expenses in the event you are temporarily unable to
live in your home because of a fire or other insured disaster.
Are
there different types of policies?
Yes. A person who owns his or her home would have a different policy
from someone who rents. Policies also differ on the amount of insurance
coverage provided.
The different types of homeowners’ policies are fairly standard
throughout the country. However, individual states and companies may
offer policies that are slightly different or go by other names such as
“standard” or “deluxe”.
What
type of insurance do I need for a co-op or condo?
If you have purchased a condo or co-op, the bank will require insurance
to protect its investment in your home. You may, however, need more
insurance to cover your personal items, liability or fees that may be
charged to you regarding shared areas of the building like the lobby.
You will need two separate policies to protect your investment:
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Your own insurance policy.
This provides coverage for your personal possessions, structural
improvements to your apartment and additional living expenses if you
are the victim of fire, theft or other disaster listed in your policy.
You also get liability protection. | |
A
"master policy" provided by the condo/co-op board.
This covers the common areas you share with others in your building
like the roof, basement, elevator, boiler and walkways for both
liability and physical damage. |
Can
I own a home without homeowners insurance?
Unlike driving a car, you can legally own a home without homeowners
insurance. But, if you have bought your home and financed the purchase
with a mortgage, your lender will most likely require you to get
homeowners insurance coverage. That’s because lenders need to protect
their investment in your home in case your house burns down or is badly
damaged by a storm, tornado or other disaster. If you live in an area
likely to flood, the bank will also require you to purchase flood
insurance. Some financial institutions may also require earthquake
coverage if you live in a region vulnerable to earthquakes. If you buy a
co-op or condominium, your board will probably require you to buy
homeowners insurance
How
do I take a home inventory and why?
Would you be able to remember all the possessions you’ve accumulated
over the years if they were destroyed by a fire? Having an up-to-date
home inventory will help you get your insurance claim settled faster,
verify losses for your income tax return and help you purchase the
correct amount of insurance.
Start by making a list of your possessions, describing each item and
noting where you bought it and its make and model. Clip to your list any
sales receipts, purchase contracts, and appraisals you have. For
clothing, count the items you own by category -- pants, coats, shoes,
for example –- making notes about those that are especially valuable.
For major appliance and electronic equipment, record their serial numbers usually found on the back or
bottom.
Our Pledge to you
"We are committed to providing you with SUPERIOR service and protection at
affordable rates. We make YOU our priority."
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Many of these
questions and answers come from the:
INSURANCE
INFORMATION INSTITUTE
http://www.iii.org
Many
more Questions and Answers are available at this fine web site.
 
California State
Insurance Department License # 0D69251
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