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Home Owner's Insurance

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Homeowners insurance is basically designed to bring your home and possessions back to the same condition they were in before a loss occurred. There are several different types of homeowners policies offered by a wide variety of insurance companies and not all coverages are the same or are available in all states. You should speak directly with an independent agent or Travelers representative about your specific coverage needs.
While reading through the information below, you should keep in mind a couple definitions: (a) Exclusions are situations where your policy does not provide coverage; and (b) Liability is something for which you are legally responsible.

Dwelling (referred to as Coverage A in the policy)
Imagine your house on moving day...empty, waiting to be filled. This is the part referred to as Coverage A: your physical home (rooms, fireplaces, tile floors, carpeting, etc.) and the structures attached to it, such as an attached garage.
The amount of coverage assigned to your dwelling should reflect the amount it would cost to completely repair or rebuild your home should it suffer a covered loss. Often this is determined by your home's purchase price plus inflation. However, if it's been a while since you last updated your policy coverage or if you are not sure that your dwelling is adequately covered, you can either check with your agent or Travelers representative.

Other structures (Coverage B)
Not all structures that exist on your property are actually attached to your house. Therefore, Coverage B offers insurance protection for other structures such as a detached garage, gazebo, or storage shed.

Personal property (Coverage C)
Your personal possessions such as furniture, clothing and appliances are covered. Certain types of possessions are excluded or have limited coverage. Please see personal property exclusions and limits of coverage for more specific information.

Loss of use (Coverage D)
The coverage is also called Additional Living Expense. Essentially, this pays for your housing and other living expenses (like meals and laundry) if a major loss makes your house uninhabitable and you have to move out temporarily while it's being repaired.

Covered perils
A homeowners insurance policy provides protection from the following perils:

Some policies also provide coverage for:

Exclusions
A homeowners policy does not provide coverage for the following perils:

Limits of liability
For basic homeowners policies, a specific minimum amount of coverage is required for each of the major property coverages, based on the primary amount of insurance selected.

For example, if your home is insured for $100,000 under Coverage A:

Deductibles
With a homeowners policy, a deductible applies to the property portion of the policy. A deductible is the amount you would have to pay out of your own pocket before the insurance coverage kicks in. Typical deductibles are $100, $250, $500 or higher and some policies have several deductibles. The higher the deductible you select, the lower your premium payment is.

Optional coverages
There are a number of optional coverages (also called endorsements) which enhance your basic homeowners policy either by adding or removing certain coverages. Some of the more common add-on coverages include:

Personal property exclusions and limits of coverage
Certain classes of property are specifically excluded from coverage because of the nature of what they are or because they are generally covered by other types of policies:

Certain classes of property have specialized limits of coverage:

There are several endorsements or separate policies that cover personal property items for higher limits of coverage. For example, Traveler's Home Business Protection provides expanded protection for home office equipment and additional protection for home-based businesses (in some states). A Valuable Items policy may be needed to protect your jewelry, furs or other treasured possessions.

Personal liability (Coverage E)
Provides coverage for bodily injury or property damage for which you are legally responsible. For example, let's say your dog bites someone, a guest falls down your front stairs, or your son throws a ball through your neighbor's window. You are legally responsible for these actions. Personal Liability helps to cover the associated costs of these related damages.
Most homeowner policies provide a minimum of $100,000 of liability protection. However, you can opt to increase this amount. Also Excess Liability Insurance 101 can help you determine whether the liability limits available on your homeowners policy are sufficient for your needs. Of course, an independent agent or Travelers representative is your greatest resource for this evaluation.

Medical payments (Coverage F)
Pays all reasonable and necessary medical expenses for a period of three years from the date of an accident to a person or persons injured while on your property. This coverage does not apply to the insured or regular residents of the insured's household.

Bodily injury
Accidents do happen...and sometimes they happen to other people while at your home, or by a member of your household. This coverage helps to pay for the expenses created in the event that a physical injury to others is caused by you, residents of your household, or your pets.

Property damage
If someone's property is accidentally damaged by you, members of your household, or your pets, your homeowners policy will help to repair or replace it.

Liability coverage exclusions
A homeowners policy does not provide coverage for:

Additional exclusions to Coverage E only:




Condo Insurance

Condominium Owners Insurance 101
Condominium coverage is available to condominium and co-op owners, and bridges the gap between your condo association's master policy (which insures property owned by all unit owners) and your property and personal liability protection.
The master policy includes coverage for the actual building in which you reside, as well as common property like a pool or gazebo.
Your condominium owners policy offers you the following important protection:

Personal property coverage
A condominium owners policy provides coverage for your furniture and personal possessions against such covered hazards as fire, lightning, windstorm, hail, explosion, collapse, smoke or vandalism. This is also called Contents Coverage and it ensures that your damaged or destroyed property is protected...up to the amount of insurance protection you purchase.
Theft protection: the condominium owners policy also protects your property against practically every type of theft loss in your condo or anywhere in the world. Also included is coverage for thefts from your unattended car or boat, even if there is no evidence of forced entry.
Special coverage for important possessions: Most condo policies offer special amounts of coverage for certain types of property. For example:

You can choose to increase these amounts if you like.

Optional property coverages
Every home is different. You may require special coverages for your individual needs. The following coverages can be purchased separately:

Personal liability protection
Liability coverage is important protection in the event that you are sued for accidentally hurting other people or damaging their property. Personal liability helps to cover the associated legal costs and related damages. Most condo owners policies provide $100,000 (minimum) of financial protection against liability claims and lawsuits brought by others for accidental bodily injury or damage to their property:

Medical payments: Most policies will pay up to $1,000 per person in medical bills -- regardless of your legal responsibility -- when an accident involves bodily injury to others. Higher coverage amounts are available.
Damage to property of others: Should you accidentally damage someone else's personal property while that property is in your care, your condo owners policy will pay up to $500 for each occurrence.

Additional living expenses
If your unit is damaged and you have to move out while it's being repaired, you're covered! The policy pays for all necessary living expenses (hotel, meals, laundry, etc.)...up to 40% of the contents coverage amount you selected.

Additions and Alterations
Once we move into a new home, we often make improvements. According to your condominium declaration and/or bylaws, you may be responsible for interior parts of your unit such as glass, walls and doors.
Additions, alterations and other improvements made to your unit are also covered. For example, if you or a previous owner installed built-in appliances, wall-to-wall carpeting, upgraded kitchen cabinets, etc., they are insured up to $2,500 (however, you can choose to increase this amount).

Loss assessment coverage
Condominium coverage provides up to $1,000 of protection against financial loss if damage to commonly owned property exceeds the amount of coverage in the Master Policy. If your condo association is forced to assess all unit owners for the additional loss (or for personal liability claims against the association), you're covered!

Deductibles
A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, the lower the cost of your policy premium. The deductible applies to property losses only. Liability protection does not require a deductible.