Homeowners policies are used to insure single-family or duplex homes that are occupied by the owner (HO3), condominium units occupied by the owner or a tenant (HO6), and tenants who rent an apartment, condo, or home (HO4). If you own a mobile home, a Comprehensive Mobile Home (CMH) policy is designed specifically for your particular needs. The homeowners policy typically includes coverage for the dwelling, other structures, contents, loss of use, and personal liability.
Your insurance agent can help you determine the amount of coverage and options applicable to your individual situation. For instance, if you have a valuable coin collection or property used for business, you may need additional coverage. Be sure to check with your Tower Hill agent for details on our "Emerald" endorsement that provides a package of enhancements.
Keep in mind that that the Dwelling coverage (Coverage A on your policy) needs to be sufficient to cover debris removal, the cost to rebuild your home, and expenses to meet current building code. This is not the real estate or tax appraised value of your home. Your Tower Hill agent has access to software that can help determine the correct Coverage A taking into consideration the current building construction materials and labor costs in your area. To be certain you have adequate coverage on your personal property, complete a home inventory using free software such as KnowYourStuff.org or by completing an itemized list such as the Home Inventory Checklist, along with current photos of your items.
Review Your Policy
We recommend reviewing your policy coverages on an annual basis with your agent. If during the year you plan to make renovations to your home, such as a kitchen remodel or a new roof, be sure to contact your agent so that your policy can be updated. Major repairs and enhancements to your home may qualify for a premium credit. If you purchase big ticket items such as jewelry, electronics, or collectibles, check with your agent to be sure these new items are properly covered.