Universal Property Insurance: What You Need To Know About Homeowners Policies

Universal Property Insurance: What You Need To Know About Homeowners Policies

Universal property insurance is the only way to protect your home and its contents from loss or damage. Universal Property Insurance has no deductible requirement. Homeowners insurance is a policy that protects the house and its contents against damage. It also covers liability for injuries or accidents that occur on your property, as well as living expenses if you need to live elsewhere. At the same time, repairs are done on your house. 

Universal Property Insurance (UPI) want to make sure their customers understand what’s covered by their homeowner’s policies, so we’ve put together this guide with everything you need to know about homeowners insurance. Our goal is to help people find the best coverage for them and make it easy enough they can do it all in one place: UPI Homeowners Insurance. So read on and become an expert yourself!

What Is Universal Property Insurance?

Universal property insurance is a policy that covers a homeowner’s dwelling, other structures on their property, and personal belongings against losses from any cause except those expressly excluded in the policy. It may be written for either a specified amount of coverage or an open-ended amount of coverage up to the total value of the insured’s dwelling(s) and any other structures on the insured’s premises, such as garages.

The policy also covers additional living expenses if there is a loss that makes your house temporarily unlivable. It will pay for moving household goods, appliances, and furniture to a comparable location until repairs can be made or the home is rebuilt.

Universal property insurance also offers liability protection, which covers you and your family against lawsuits resulting from injuries or damage to people or their property on your insured property (for example, if someone falls and breaks a leg on your front walk). Universal Property Insurance: What’s Covered Universal Universal Property Insurance includes coverage for losses to both the interior and exterior of the dwelling due to such causes as fire, windstorm, explosion, vandalism, smoke, water damage, or theft.

Universal Property Insurance policies usually include some form of Personal Belongings Protection that will pay either a specific amount up to $500 per item for loss for any “money” and “securities,” for example, a coin collection or a stamp collection. Universal property insurance also covers damage to structures due to fire, smoke, water damage, and the contents of these structures against such losses from any cause except those excluded explicitly by Universal Property Insurance.

Universal Property Insurance policies will also pay the cost of restoring or replacing your insured dwelling with “like-kind” property if it cannot be repaired. Universal Property Insurance Policies Universal Universal Property Insurance is usually written as an HO-3 policy, covering up to $250,000 for your home’s structure(s) and $100,000 for its contents (both of which are periodically increased).

Your insurer may offer higher amounts of coverage depending on how much you can afford to pay in premiums each month. Universal Property Insurance is a package policy that includes liability, medical payments, and other optional coverages.

Universal Property Insurance: A Policy To Suit Your Needs

Universal Property Insurance: What You Need To Know About Homeowners Policies

Universal property insurance can be written with or without replacement coverage for your dwelling(s). If you choose to make this provision “replacement cost,” it means your insurer will pay the actual cash value (ACV) of your home minus any depreciation, less the deductible amount if there is one. However, if you do not opt for “replacement cost,” the insurer will only pay what it believes is the fair market value at the time of loss, which may be less than ACV, possibly resulting in a settlement dispute.

Higher Premiums For Additional Coverage Costs like most other insurance policies, universal property insurance will cost more if you elect to increase the amount of coverage. However, remember that these added protections are only effective in paying for losses above and beyond what your home’s structure and contents are worth (less any deductible). 

If you choose replacement coverage, this will affect the premium charged because replacing your home with a new one would be necessary rather than repairing the old one. With or without replacement coverage, adding higher limits for personal belongings can also result in increased premiums because there is a greater risk for loss. However, you can usually reduce premiums by increasing your deductible.

Universal Property Insurance Overview

Universal property insurance is an all-inclusive home insurance policy that protects most personal possessions against loss or damage. Universal Property Insurance covers your possessions throughout the world, no matter where they are. If you lose an item due to theft, negligence, fire, vandalism, or natural disaster (earthquake), Universal Property Insurance will reimburse you for its value – without any additional deductible. Universal Property Insurance does not cover commercial use of your property. 

You can choose from several convenient payment options: monthly, quarterly, semi-annually, annually, and claim-free discount (after one claims-free year). It’s important to know what Universal Property Insurance includes before considering which homeowners coverage option is best for you. 

Universal Homeowners Coverage Universal Homeowners Coverage is Universal Property Insurance’s standard policy and provides broad protection for your possessions against loss or damage. Universal Homeowners Coverage includes:

  • Personal liability coverage of $100,000 
  • Medical payments up to $1,000 for injuries to others on your premise at the time they were injured 
  • 20 per cent off home insurance premiums if no claims have been paid in five years 
  • Protection of your personal belongings anywhere you travel in the world (with some exclusions) Universal Homeowners Coverage does not cover commercial use of your property.

How much does Universal Property Insurance cost?

Property Insurance is usually less expensive than package policies. Universal Property Insurance packages combine homeowners insurance and other property types such as renters insurance (called tenants package policy), condominium insurance, dwelling fire insurance, business owners policy (BOP), etc., into one convenient payment. 

Universal Property Insurance offers convenience because it can be more affordable to purchase Universal Property Insurance. Universal Property Insurance coverage levels are typically the same regardless of who provides Universal Property Insurance coverage. However, Universal Property Insurance prices often vary by provider.

Universal Homeowners Policy

Universal homeowners insurance is just one of the many different types of property insurance that insure your homes or buildings against potential risks. Universal homeowners policies are typically known as “cheap homeowners insurance” because they cover most perils, making them an affordable option for insuring your home.

Universal homeowners coverage protects against both named perils and all other risks. A named-peril is a specific type of damage or destruction to your home called explicitly in the policy. For example, if you have glass coverage included on your universal homeowner’s policy, this would be considered a named peril (precisely broken glass). All other risks include any unforeseen damage or destruction that could occur to your home and wasn’t explicitly named. Universal homeowners policies usually cover all risks, including:

  • Fire or lightning 
  • Windstorm or hail 
  • Explosion 
  • Riot or civil commotion 
  • Aircraft 
  • Vehicles Natural Disasters

All perils not explicitly excluded by the policy are automatically covered, even if they aren’t included in the “named perils” section. Universal Homeowners Insurance is a complete package that typically includes most forms of homeowners insurance needed to protect your home from loss adequately.

Deductible Amounts 

Homeowners’ insurance policies cover the structure and contents of your home, personal property, as well as liability for injuries at your home. Universal homeowners insurance is mandatory in many states and is sold by private insurers. As with any homeowner’s policy, Universal Homeowners Insurance has a deductible amount that must be paid before the insurer will issue coverage. However, universal Homeowners Insurance doesn’t have different deductible amounts; instead, all Universal homeowners insurance policies use one deductible amount for structure and contents coverage and liability coverage. The Universal Insurance Policy Deductible Amount:

Universal Property Insurance uses one total homeowner’s policy deduction for structural damage to the house itself and its contents (furniture, clothes, etc.). They together towards the final value of loss of Universal Property Insurance. Universal Homeowners Insurance is deductible for each element of failure, and the Universal Universal Homeowners Insurance deductible is applied to each component separately.

Standard Exclusions And Limits Of Liability

Universal property insurance is a type of homeowners policy that provides coverage for a broad range of perils. However, universal policies typically don’t include certain coverages, such as coverage for losses caused by floods or earthquakes. So if you live in an area where those types of catastrophic events are common risks, you’ll probably need to purchase separate insurance for those exposures. Universal policies also limit the maximum amount they’ll pay to repair or replace your home and its contents.

In many cases, for Universal Property Insurance, you can choose between Actual Cash Value (ACV) and Replacement Cost Coverage: 

  • ACV reimburses you at depreciated value after a replacement cost deductible has been applied. This means that the payout will be less than if Replacement Cost Coverage was selected.
  • Replacement Cost Coverage reimburses you for the cost to replace, rebuild or repair your property after a deductible has been applied. Universal Property Insurance is one of the most popular types of homeowners insurance due to its broad range coverage can help protect against many potential risks. Universal policies are typically issued with lower limits than other homeowners’ options. Many Universal Homeowners Insurance policies will include several different levels of protection in which consumers can choose, each providing different limits and coverage options:
  • Actual Cash Value (ACV) – Universal Property Insurance customers who purchase ACV often receive less money back when filing claims because it takes into account depreciation in an attempt to compensate for the loss.
  • Broad Actual Cash Value – This Universal Property Insurance coverage option allows for purchased items to be depreciated by age and condition.
  • Replacement Cost Coverage – Universal Homeowners Insurance with Replacement Cost Coverage reimburses you after a deductible for the cost to rebuild your home or replace lost possessions. Universal Property Insurance is generally more affordable than purchasing separate policies because losses are considered in aggregate rather than on an individual basis, which can lower costs. Universal insurance also gives you access to different levels of protection depending upon how much money you want to spend.

Minimums Required By Law (“Laws”)

Universal Property Insurance has Universal Homeowners Policies (HOP) and Universal Renters policies. Universal policies provide coverage for renters and homeowners to insure against the risks of owning a home. In addition, the versatile policy offers insurance protection for losses covered by the policy, including:

  • Dwelling – may or may not be attached to real property; if it is not connected, then no loss shall terminate its status as real property.
  • Contents – when items are in areas later designated as living units

The minimums required by law for Universal Property Insurance HOP and Universal Homeowners policies include:

  • Dwelling coverage at least equal to 80% of the home replacement value * [not less than one year of continuous premiums paid]
  • Losses caused by specific perils are covered at actual cash value (ACV) rather than replacement cost.
  • Personal property coverage is provided, but the Universal policy does not provide it “free.”

Universal Homeowners Policies do not provide a depreciation deduction. Universal Renters policies offer a minimum of 80% dwelling coverage and personal property coverage at ACV subject to a deductible in most cases. Universal Condominium policies have similar provisions to Universal Homeowners with one notable difference:

Universal offers special endorsements explicitly designed for people who own or rent condominiums, including a blessing that allows the insured to obtain coinsurance when required by the association’s CC&Rs [Covenants, Conditions, & Restrictions].

When Claims Must Be Filed (“Statute of Limitations”)

No claim can be filed under the policy after 12 months had passed from when it was in effect or within six months of when the insured became aware of the cause of loss, whichever comes first.


Universal Property Insurance is cancelled if premiums are not paid in full on an assigned date which occurs twice a year.

Universal Property Insurance is cancelled for nonpayment of premium. The insurance company will send a notice 30 days before cancellation and need proof that any returned checks were due to a stop payment order. Universal Property Insurance is terminated once it has been rescheduled or its effective date has passed.

Universal Property Insurance may be reinstated provided that all past-due premiums and charges have been paid in full. Universal Property Insurance is also terminated if a Universal Property Insurance’s certificate of insurance has not been provided annually or when requested by Universal Property Insurance.


Universal Property Insurance must be endorsed as “Noncancelable”, and the agent/producer needs to provide written consent for Universal Property Insurance to be transferred. Universal Property Insurance can be moved with Universal Property Insurance’s insurer approval. Any outstanding indebtedness, including premium finance charges, must be paid within 30 days of a transfer, or Universal Property Insurance will lapse.

Suppose Universal Property Insurance is not held for personal use. In that case, Universal property insurance may be assigned with Universal property insurance’s insurer approval up to 100% of Universal Property Insurance’s face amount, and Universal Property Insurance becomes noncancelable.

Universal Property Insurance is not transferrable with Universal property insurance’s insurer approval after Universal Property Insurance is in effect for more than 120 days or when Universal property insurance’s premium finance charge has been paid in full.


Universal Property Insurance cannot be cancelled for any reason other than nonpayment of premium. In addition, universal Property Insurance must be given ten days notice in writing before the effective date of the termination.

Universal Property Insurance is terminated when Universal property insurance’s insurer enters into a new policy covering all insured locations, cancels its policy to enter into a substantially similar program, does not renew Universal Property Insurance’s policy, Universal property insurance’s insurer terminates Universal Property Insurance immediately upon Universal property insurance being placed with another insurer or Universal Property Insurance is assigned to Universal property insurance’s insurer.

Universal Property Insurance is not automatically renewed at the expiration date, but Universal Property Insurance may be reinstated provided that all past-due premiums have been paid in full. For example, suppose Universal Property Insurance is not held for personal use. In that case, Universal Property Insurance is automatically cancelled on Universal property insurance’s policy anniversary date unless notice of intent to renew has been given at least 30 days before Universal property insurance’s effective date by completing a new application and providing proof of good health.


Universal Property Insurance cannot be converted into any other form of Universal Property Insurance. Universal Property Insurance is automatically terminated when Universal property insurance’s policy lapses. Universal property insurance ends Universal Property Insurance for any reason other than nonpayment of premium or Universal property insurance is assigned to Universal Property Insurance’s insurer.

Universal Property Insurance may be reinstated provided that all past-due premiums have been paid in full and Universal property insurance complies with Universal Property Insurance’s insurer requirements after being cancelled for more than 120 days.

Universal Property Insurance cannot be converted into any other form of Universal Property Insurance. Universal Property Insurance is automatically terminated when Universal property insurance’s policy lapses. Universal property insurance ends Universal Property Insurance for any reason other than nonpayment of premium or Universal property insurance is assigned to Universal Property Insurance’s insurer.

Condominium Owners Policy: What Is Covered Under The Policy?

Many insurance companies offer Universal Property Insurance for homeowners of condos, which consist of multiple units. Universal Property Insurance is sometimes referred to as Condo Owners Policies because the policy covers the building where the condo owner lives and any other structures on the property.

Universal Property Insurance policies are typically less expensive than a standard Homeowners Policy and cover accidental and intentional losses by fire, windstorm or hail damage. Universal Property Insurance also includes coverage for additional living expenses if your building is damaged and temporarily uninhabitable. In addition, the Universal Property Insurance policy will include:

  • Personal Belongings: Includes coverage for loss or damage to possessions such as clothing, furniture, and electronic equipment.
  • Living Expenses: Covers daily living expenses while your building is being repaired or rebuilt. Universal Property Insurance only covers the additional costs of staying in a hotel, eating out at restaurants or living with friends or family. Universal Property Insurance does not cover the cost of buying new items to replace lost possessions.

Dwelling Fire Policy: What Is Covered Under The Policy?

A dwelling fire policy provides two types of coverage.

The first type is the replacement cost coverage that will pay to rebuild or repair your home damaged or destroyed during a specified peril. It considers any changes you have made to the structure to upgrade it, such as adding another story, converting a garage into a living space, or installing an elevator.

Your Universal Property Insurance company would use a standard set of plans and specifications called architectural plans when evaluating your claim for replacement cost protection even though you may have obtained these independently from other sources.

When these plans and specifications are unavailable, Universal Property Insurance would be prepared by an agreed-upon source such as a licensed architect.

The second type of coverage is for additional living expenses or loss of use that your Universal Property Insurance company will provide in the event you need to live elsewhere. At the same time, your home is repaired and also when it cannot be lived in at all because of a covered peril.

You can choose whether or not to include Universal Property Insurance this coverage in your Universal Property Insurance policy.

Suppose the dwelling fire policy includes Universal Property Insurance loss of use protection. In that case, it will pay for your reasonable living expenses when your home is either destroyed or damaged by a covered peril and cannot be lived in during repairs or while it is being rebuilt or repaired after a partial loss has occurred.

Universal Property Insurance It would also pay for hotel bills, food costs, and other allowable travel expenses if you are forced to leave your Universal Property Insurance home and cannot stay there because it has been damaged, destroyed, or no longer safe for you to live in.

Universal Property Insurance Loss of use coverage differs from additional Universal Property Insurance living expense protection. It does not cover alternative accommodations during the time your Universal Property Insurance home is being repaired.

Universal Property Insurance Universal Property Insurance Instead, loss of use provides a relocation allowance for living expenses after the repairs have been completed so you can move back into your Universal Property Insurance home-delivered everything is finished within the policy period. The rebuilding or restoration was not caused by an excluded peril such as war, another natural disaster or an act of terrorism.

Renters Policy: What Is Covered Under The Policy?

“Renter’s insurance covers a renter’s belongings in case they are damaged or lost due to a fire, theft, vandalism, and other covered losses. Universal property insurance is typically included under a basic renters policy while homeowners policies have an unlimited amount of coverage.”

How To Obtain A Policy

Universal Property Insurance policies are written for homeowners or condominium owners by a Universal Property Insurance agent authorized to sell Universal Property insurance. Universal Agents follow the Universal Insurance Company underwriting guide and have extensive knowledge of underwriting guidelines, policy provisions, and rates.

Universal Property Insurance agents work with you to select coverage options: dwelling limit, personal property limits, replacement cost value or actual cash value, increased limitations of liability, endorsements such as rental reimbursement form, inland marine form, and jewellery endorsement.

Universal Property insurance is available in all 50 states from Universal Insurance for homes, condos, and other dwellings up to 4-units. Universal Homeowner’s policies provide all risks coverage for homeowners, including damage caused by wind & hail and fire or lightning if the dwelling is not occupied. Universal Dwelling policies also offer coverage for loss of use, one additional living expense, and other incidents such as sprinklers or fire extinguishing equipment loss or damage arising from a covered peril to the system served by the sprinkler or other company.

Universal Condo Policies cover your unit and building components, including walls, floors, roofs, structural elements, and elevators, against all risks except those expressly excluded in the policy. Universal Homeowners insurance covers you inside your home and outside on porches, steps, and attached garages, as well as any detached garages used exclusively to service your house.

Shopping For Multi-Policy Discounts And Quotes

Universal property insurance is not one type of insurance policy but an umbrella term that encompasses the different types of policies available for insuring your home and personal belongings. Universal property insurance can better be described as a combination homeowners policy if it meets specific requirements, which include combining multiple schemes into one, eliminating duplication in coverage and having specific other clauses. 

Universal property insurance provides two primary benefits to consumers; firstly, it provides discounts on various premiums which are listed separately by the insurer; secondly, consumers who purchase multiple types of protection will only need to make claims for one event, which could result in significant cost savings depending on the circumstances.

These Universal Property Insurance plans offer you greater convenience when compared with other forms of protection because they combine several options into one program. In addition, universal Plans can often be customized to suit your individual needs. You can also take advantage of different discounts which insurers offer. 

Universal Property Insurance is available for many property types, including homes, condos, apartments, mobile homes and more. Universal Property Insurance plans are generally sold through an insurer’s preferred agents; however, you should check directly with the company whether they allow non-branded sales channels or not since this could result in lower premiums or further discounts.

For example, Universal Dwelling fire insurance is designed to protect against various risks associated with owning a home, such as damage caused by windstorms & earthquakes, theft; loss of use; liability claims; damage to central heating systems, and more within a single policy. Universal Renters Insurance is a protection plan that provides similar benefits as Universal Dwelling Fire insurance, but it is instead designed for renters who do not own their property. In addition, universal Renters Insurance can be customized to include the type of personal belongings you own, such as electronics, furniture, and more. 

Universal Condominium Insurance is a protection plan specifically designed to meet the specific risks faced by condo owners, which could include damage to surrounding units if your unit becomes flooded or even a loss of use if access to your condo is denied due to safety reasons. 

Universal Personal Property insurance plans provide coverage against certain types of property you own, such as fine arts; collectables; jewellery, and other items that cannot typically be covered under home insurance plans because they are either too expensive or not considered typical household items. 

Universal Personal Liability insurance is designed to offer protection against personal liability claims that may arise when you are legally responsible for damage caused by an insured peril to another person’s property. 

Universal Contents Insurance provides coverage for certain types of home contents, including furniture, clothing, perishables and other goods typically found in a home. In addition, universal Business Owners plans offer business owners in various industries such as restaurant owners, shop keepers, contractors, etc. One Universal Business Owners plan could ensure these properties are under the same policy if you own multiple businesses.


Universal Property Insurance is one of the most comprehensive policies on the market today. It can cover your home, condo, or manufactured housing unit with various options to best suit your needs and budget. If you’re interested in learning more about how this type of policy may work for you, contact them at 800-555-5555 or visit our website to schedule an appointment with one of our licensed agents. They will be happy to answer any questions that arise during your search process.

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