What are the basic coverages?
Whether you own or rent, there are different coverage packages available in the marketplace. • Each package protects against certain specified perils – a peril is an event that causes loss or damage to property. Fire, windstorm, and theft are examples of specified perils (called Named Perils in insurance-speak). • The policy usually covers: Property Damage, Additional Living Expense, Personal Liability, and Medical Payments. • Homeowner’s insurance policies apply, typically, to most owner-occupied single family homes and are modified somewhat to fit the needs of Renters and Condominium Owners.
