Home & Property Insurance Questions

No. Homeowners insurance is not required by law. However, if you finance your home through a mortgage lender, the lender usually requires homeowners insurance.

When it comes to homeowners insurance, there is no such thing as a one-size-fits-all formula. Think about your neighbors – while their home may mirror yours in age, size and features, the contents of their homes are entirely unique, so your homeowners insurance policy may differ a great deal.

Your policy will be customized to your unique needs. Our experienced insurance agents can help you identify gaps in your existing coverage or determine additional endorsements you may need in order to protect your home and property. Read more about Homeowners Insurance Coverage Options.

Always evaluate your policy each time it is up for renewal. Additionally, it is a good idea to review your policy when you make a major purchase, before you begin a home improvement project, and when you make a significant change to your lifestyle. Following are some common scenarios:

• Finish your basement
• Replace electrical wiring
• Add a security system

• Get married/divorced
• Adopt a breed of dog or type of pet that may be considered aggressive
• Welcome a new family member into your household

• Purchase a piece of fine jewelry
• Buy or sell a collectible painting
• Inherit a valuable antique

Frequently, insurance companies offer homeowners insurance discounts to homeowners who install safety features, such as indoor sprinklers, smoke detectors or a security system. The best way to find out if you are eligible for any homeowners insurance discounts is ask your insurance agent.

These terms are used in reference to your home and its contents

• Replacement cost is the amount it would cost an insurer to replace your residence with a home of similar quality.
• Actual cash value, on the other hand, is the replacement cost of your home less depreciation.

Use our property inventory (PDF)* to make a list of your belongings, such as your computer, TV, stereo, furniture, and clothing. Now, estimate the total value of these items. Would you be able to afford to replace them? Your landlord does not insure your home's contents, so having a plan in place to cover any potential loss is a good idea.

Renters insurance also covers your belongings while you are living in a dorm. (Your parents' homeowners policy may also provide some level of protection for your property while you are away at school.)

Report any theft immediately to the police. Renters policies vary, and some may cover stolen property only if there is evidence of forcible entry into a locked home or apartment.

Here are some types of stolen property that may be covered by your renters insurance:

• Credit cards: Your policy may pay up to a specific amount (e.g., $250) for any legal obligation incurred by you because of the theft or unauthorized use of your credit card. Some states have laws that limit your liability to a set dollar amount per card. Also, most policies have limited coverage on certain losses caused by theft. Credit card fraud is one of the most common forms of identity theft. Minimize your risk with Identity Theft Protection.
• Cash: Renters insurance usually covers limited amounts of cash. Some companies will increase the amount covered if you pay an additional premium.
• Contents in your garage or storage unit: Renters insurance usually covers personal property away from your primary residence.
• Business property: Some policies will provide a nominal amount of coverage for business property (like a laptop), but in most cases, it is not covered. Check with your insurer if you store any business property at your home or if you operate any type of home-based business from your residence.

In most cases, if you move within the state where you are currently insured, you can simply provide your new address and some information about the construction of the building you are moving to. However, if you move to another state, some insurance companies may not be able to continue your policy.

Your new address will generally be recognized as an "insured location" for a limited period of time, effective the day you begin your move. However, if your property is stolen or damaged in transit, the reimbursable amount may be limited to a percentage of your total coverage.