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Your home should be insured from the moment you take legal ownership, even if it is under construction. Your broker’s expertise is particularly useful, as you need a policy that reflects the unique qualities of your home, its contents and the people who live there. Home insurance covers the building, its contents and liability. There are usually three parts to your homeowner’s policy. For condominium owners and tenants, just the contents and liability coverages apply: 1. Building insurance covers the main dwelling, garage and any out-buildings. 2. Contents insurance covers the cost of replacing furniture, carpets and personal possessions. Valuables such as art, jewels and furs may require additional coverage. Note that most contents are insured even outside the home, for example, if stolen while you are on a trip. 3. Liability policies insure against the costs incurred if, due to negligence, you are held responsible for an act causing injury or property damage to others.
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