Home insurance is a key part of a smart financial plan.
Your home is your greatest asset. Whether your home is a house, townhouse, mobile home, apartment, or a personal condo, you can protect your residence and the precious belongings inside with the right Bailey Insurance policy.
Coverage for landlords and renters is also available.
Standard Virginia Home Insurance Coverages
Coverage A
Dwelling: Policy should include enough dwelling coverage to pay for the replacement or repair of your home when and if it is damaged in a covered peril.
Coverage B
Other Structures: Other structures such as detached garages or sheds.
Coverage C
Contents/Personal Property: Provides coverage for the contents of your home including furniture, electronics
Coverage D
Loss of Use: Coverage pays for accommodations and living expenses while unable to live in your home.
Coverage E
Personal Liability Protection: Financial protection in the event of a lawsuit where you have caused damage or bodily harm to another person or their personal property.
Coverage F
Medical Payments: Offers reimbursement for medical bills if somone other than you or a family member is injured on your property and a lawsuit is not involved.
Condo Insurance Coverages
Your condominium association insurance covers the condominium building, commonly owned property and liability insurance for the association. The association's insurance does not cover you or your things. That's why you need your own condo insurance policy, known as an HO6 policy. Coverage protects your personal property and the interior of your unit. You will also have liability protection.
Loss assessment is normally not required but should be considered. Under the condo association's bylaws, each owner will be assessed a proportionate share to cover major property and liability losses. Loss assessment coverage would help pay for your share of these assessments.
The easiest way to determine if you need an HO6 or a Standard Policy (HO3) is to find out from the association who is responsible for the out-side of the home (roof, etc.). If the association is, then you will need an HO6.
Renters Insurance CoverageRenters policies provide several benefits. They will provide compensation for many types of loss to your personal property. You need to determine how much coverage it will take to replace your personal property.
Renters policies also include liability protection. This can be especially important because a fire, caused by your negligence, could damage a large number of other rentals units and the property contained in them.
Liability coverage will normally cover your legal obligations to compensate other parties in cases like this as well as other instances where you are legally liable for damage of loss.
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