Home insurance, also known as homeowner’s insurance, provides financial protection to homeowners in the event of damage or loss to their home or personal property. Home insurance policies typically cover various risks, including damage caused by fire, theft, vandalism and weather-related incidents such as wind, hail and lightning strikes. For most people, a home is the largest asset they have. Without homeowners’ insurance, a major loss might jeopardize their family’s future.
Home insurance policies can vary in terms of coverage and cost, depending on the level of protection and amount of coverage you choose. Typically, a standard policy will provide coverage for your dwelling (the physical structure of your home such as a single-family house, a residential condominium or up to 4-apartments residential building occupied by owner), personal property (your belongings), liability (any legal responsibility you have for injury or damage to others), and additional living expenses (if you are unable to live in your home due to a covered loss). With respect to personal property, a homeowners insurance policy can protect against loss of specified items under the policy, including jewelry, furs, silverware, golf clubs and fine arts. It can also cover specific risks, including pets, swimming pool, trampoline and home business (for example, daycare).
It’s extremely important to understand the terms and limitations of your home insurance policy, as well as any deductibles or exclusions that may apply. Homeowners may also want to consider purchasing additional coverage, such as flood insurance or earthquake insurance (not included in the basic home insurance policy!), depending on the location and potential risks associated with their home.
When shopping for home insurance, it’s essential to compare policies and rates from multiple insurance providers, as well as review customer ratings and reviews to ensure you are getting the best coverage for your needs.
Essex Insurance Brokers can help you determine the right amount of coverage for your home. Call us at (847) 954-2222 or email us at [email protected].
Renters insurance is designed for people who rent their homes or apartments. It provides financial protection to renters against losses or damages to their personal belongings caused by various incidents, including theft, fire, vandalism and other covered perils.
In addition to covering personal property, renters insurance may also include liability coverage, which can protect renters if they are found liable for injuries or damages caused to others while they are on the rental property. This coverage can help pay for legal expenses and any damages awarded in a lawsuit.
The cost of renters insurance varies depending on several factors, such as the location of the rental property, coverage limits and deductible. It is often an affordable option for renters and can provide valuable peace of mind knowing that their personal belongings and finances are protected in case of unexpected events.
Do you rent and don’t have any insurance to cover your personal property?
Call Essex Insurance Brokers at (847) 954-2222 or email us at [email protected].
Additional Coverage Example – Sewer back up coverage:
Sewer back up insurance coverage provides protection for homeowners and renters against damage caused by a sewer backup. Sewer backup can occur when water or sewage backs up through drains, pipes or toilets due to a blockage or other problem in the sewer system.
In Chicago, sewer backup coverage is not typically included in standard homeowners’ insurance policies even though sewer back up risk and occurrences are well known. Therefore, sewer back up insurance coverage must be considered and should be procured, especially for dwellings with below grade spaces. It is typically added as to a standard homeowner’s insurance as an optional coverage. It is important to note that not all insurance companies offer this type of coverage, so you should check with your insurance provider to make sure that it is available for your home. When considering sewer backup insurance, you should also be aware that coverage limits, deductibles and exclusions may vary by policy and insurance provider. Some policies may only cover damage caused by a sewer backup, while others may also cover the cost of cleaning and repairing the damage.
It’s also important to note that sewer backup insurance typically does not cover damage caused by flooding, which is a separate type of insurance coverage. If you live in an area that is prone to flooding, you may want to consider purchasing flood insurance in addition to sewer backup insurance.
Additional Coverage Example – Flood coverage: