What are the basic coverages?

Whether you own or rent, there are different coverage packages available in the marketplace.

• Each package protects against certain specified perils – a peril is an event that causes loss or damage to property. Fire, windstorm, and theft are examples of specified perils (called Named Perils in insurance-speak).
• The policy usually covers: Property Damage, Additional Living Expense, Personal Liability, and Medical Payments.
• Homeowner’s insurance policies apply, typically, to most owner-occupied single family homes and are modified somewhat to fit the needs of Renters and Condominium Owners.