Office of Enrollment Management

Home Insurance

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Home Insurance

Insurance transfers risk from you to the policy provider.  Owning a home is an investment with great risk.  Homeowner’s insurance is required by most mortgage providers and covers damage or destruction to your home, both inside and out. 

Three Types of Homeowner’s Insurance

1. Actual Cash Value: covers the cost of the house and its contents after depreciation is considered

2. Replacement Cost: covers the cost of the house and its contents without consideration to depreciation

3. Guaranteed (extended) Replacement Cost: considers for inflation what replacement cost would not

Source: Investopedia

Homeowner's insurance only covers the owner of the home.  Renters are not covered under the landlord's policy.  As a renter, you can obtain renter's insurance to cover your personal property.  Companies that offer homeowner's insurance will have renter's insurance.

Flood Insurance

Flood insurance can be added in addition to or as a rider for homeowner’s insurance. Check to see if your home is in an area that floods frequently.

Check your address to understand your insurance needs.

Earthquake Insurance

Earthquake insurance can also be added as a rider. Earthquake would insure your home against damage from an earthquake. Consider the risk of earthquake using the map below. Some areas may feel that Earthquake Insurance is unnecessary, but the highest hazard can be found in Charleston, South Carolina. 

United States Flood Risk Map