Why do I need Homeowners, Renters or Condominium Insurance?
Insurance can help you with your peace of mind, knowing that in the event of a covered loss, your damaged home will be rebuilt and your destroyed belongings will be replaced.
- Dwellings and other structures – For most of us, our home is the single largest investment we will make. Homeowners insurance provides coverage for damage to your home and other structures on your property such as a shed or detached garage.
- Dwelling Improvements, Alterations and Additions– Condominium owners are covered for accidental damage to improvements you make in your unit for which your association's policy does not provide coverage, subject to your condo insurance policy limits.
- Loss assessment – Condominium owners will also receive coverage for assessments arising from covered damage. This can be used to pay for your share of property damage or injury awards for which your association's policy does not provide coverage.
- Personal Property – Homeowners, Renters and Condominium insurance also provides coverage for your household contents and personal belongings. You may think your couch, coffee table, sweaters, shoes, coats, TV, VCR and CD player aren't worth a lot, but those items all add up when you have to replace them.
- Personal Liability – In the event someone is injured on your property or you damage property that belongs to others, you could be held legally liable for the injury or damage. Homeowner, renters or condominium policy provides liability coverage and personal property insurance should this ever occur.
*Only up to the limits of the insurance coverages purchased.
Homeowners Coverage
Property – Your Home
- Coverage for many types of damage and for many causes of loss or damage (subject to exclusions) to your home and separate structures, such as a detached garage.
- Coverage for separate structures at a minimum of 10 percent of the limit of insurance you choose for your home (can be increased by endorsement).
- Extended Replacement Cost coverage (can be increased up to 150 percent meaning that you may receive 50% above your dwelling limit in the event of a covered loss) is available in some states.
Property – Your Possessions
- Coverage is based on a percentage of the limit of insurance you choose for your home.
Property is covered anywhere in the world.
- Coverage is comprehensive, applying to many types of damage and many causes of loss or damage (subject to exclusions).
- Contents Replacement Cost pays for the cost of repair or replacement without deduction for depreciation.
Liability
- Pays when you're legally liable for someone else's bodily injury or property damage resulting from an accident, negligent acts by you or qualified household members (on or off premises) and the acts of your pets.
- Includes costs to resolve claims or defend lawsuits brought against you.
Medical Payments
- Pays medical costs for people injured at your residence (other than residents of your household), regardless of liability.
Additional Living Expenses
- Covers additional living expenses if a covered loss makes your home unfit to live in.
- Coverage is based on a percentage of the limit of insurance you choose for your home.
Condominium Coverage
Property – Your Condo
- Dwelling Improvements, Alterations, and Additions - you are covered for accidental damage to improvements you make in your unit for which your association's policy does not provide coverage, subject to your condo insurance policy limits.
Property – Your Possessions
- You choose the amount of coverage based on the property you own.
- Personal property is covered anywhere in the world.
Liability
- Pays when you're legally liable for someone else's bodily injury or property damage resulting from an accident, negligent acts by you or qualified household members (on or off premises) and the acts of your pets.
- Includes costs to resolve claims or defend lawsuits brought against you.
- Association loss assessment.
Medical Payments
- Pays medical costs for people injured at your residence (other than residents of your household), regardless of liability.
Additional Living Expenses
- Covers additional living expenses if a covered loss makes your living quarters uninhabitable.
- Coverage is based on a percentage of the amount of insurance you choose for your personal property.
Renters Coverage
Your Possessions
- You choose the amount of coverage based on the property you own.
- Personal property is covered anywhere in the world.
Liability
- Pays when you're legally liable for someone else's bodily injury or property damage resulting from an accident, negligent acts by you or qualified household members (on or off premises) and the acts of your pets.
- Includes costs to resolve claims or defend lawsuits brought against you.
Medical Payments
- Pays medical costs for people injured at your residence (other than residents of your household), regardless of liability.
Additional Living Expenses
- Covers additional living expenses if a covered loss makes your living quarters uninhabitable.
- Coverage is based on a percentage of the amount of insurance you choose for your personal property.
What if I don't have Homeowners, Renters or Condominium insurance?
Without insurance, you'll be responsible for protecting your property, possessions and liability exposure.
For instance, if your house burns down or is destroyed by a tornado, you'll need to rebuild your home and replace all your damaged possessions with only the funds you have or can obtain. Do you usually have $500,000 readily available in case something like this happens? If so, could you be putting that money to better use instead of having it sit there just in case something happens?
Something else to consider: if someone is injured on your property, they may sue you for injuries and damages they sustain which may be well beyond $1,000,000. Without insurance, you may have to liquidate your assets and even lose a portion of your wages if you need to pay for a judgment.
Why should I insure my home, rental property or condominium with Petruzelo?
With Petruzelo, you get a local professional agent, who can offer you insurance coverage to meet your home needs, simplifying your life and enabling you to save with multi-line discounts. Your Petruzelo agent can talk to you about which discounts you may be eligible for.
Discounts
You may be eligible for a variety of homeowner insurance discounts. To find out what's available to Connecticut residents, contact a Petruzelo agent.
- Multi-Policy
- New Home
- Nonsmoker
- Protective Devices
- Fire Safeguards
- Age 50+
- And more!
* Discounts apply to selected coverages, perils and policy types. Eligibility and actual percentage of discounts may vary. See the Insurance Terms for full descriptions.
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