If you have tangible assets, you need the protection of a homeowners insurance policy. These policies cover you in a home or an apartment, whether you are an owner or a renter.
IF YOUR HOME WERE DAMAGED OR DESTROYED, INSURANCE CAN HELP YOU REPAIR OR REBUILD YOUR HOME AND REPLACE DAMAGED POSSESSIONS.
The main purpose of property insurance is to protect you against losses you cannot afford. Few people have the financial resources to rebuild their homes. Property insurance covers more than just the property itself as the proper coverage of property insurance can effectively help you replace valuable items that you aren’t able to readily afford to replace otherwise.
In addition to protecting your home and possessions, property insurance also provides liability coverage to protect you from financial ruin if someone is injured on your property and sues for damages.
The common types of property insurance are — Homeowners, Condo, Renters and Mobile / Manufactured Home.
Types of Property Insurance
There are mainly four types of property insurance that covers losses and damages to an individual’s house/condo itself and to assets in the home:
Homeowners insurance policies cover your house itself, the personal possessions in it, your garage, carport, fence, pool, and any other structures on your property. Homeowners insurance policies not only consist of coverage for your dwelling and your personal property, but also include medical payments and liability insurance which protect you from lawsuits and pay for injuries to other individuals or damages to their property accidentally caused by you, your family or your pets.
Condominium unit owners insurance policies cover most things from the interior of your unit, such as walls, ceilings, fixtures, and floors, to your appliances, furniture, cabinets and personal belongings along with the liability insurance that protects you and your family member from lawsuits for property damage or bodily injury just like homeowners policy.
Even if you may not own your living area and live in a rented house or an apartment as a renter, you certainly own your belongings. In case your house or apartment is broken into, destroyed by a fire or vandalism, or perhaps a person gets injured at your home, renters insurance provides financial protection for you and your family. It pays for the repair and replacement of lost items as well as any liability issues you may be responsible for.
Mobile / Manufactured Home Insurance
Mobile home or manufactured home insurance policies not only cover your mobile home and personal possessions, but also detached structures on your property, such as a carport or garage, living expenses if your home is crucially damaged by a covered loss, and bodily injuries that occur on your property.
Additional Insurance for Property
Earthquake insurance policies provide the financial assistance you need in order to recover from the loss of your residence in the event of earthquake damage. More specifically, earthquake insurance covers damages to your house, personal belongings inside your home, and loss of use (or additional living expense), which is the coverage that provides compensation to you as a policyholder to live somewhere else while your home is being repaired or your residential area is evacuated.
Similar to flood insurance, earthquake insurance usually must be purchased separately or added to your primary homeowners insurance as an endorsement since it is generally not included in standard homeowners, condominium unitowners or renters insurance policies.
Flood insurance policies reimburse you for the work that you and your family members did to sandbag your homes, move furniture and remove debris. The Federal Emergency Management Agency’s (FEMA) maps are important when it comes to flood insurance because if they show that your home sits in a 100-year flood plain, you must buy federal flood insurance in order to get a mortgage. If you live outside a high-risk zone, or if you no longer have a mortgage, flood insurance is optional.
VALUABLE ITEMS INSURANCE
Your possessions may be more valuable than you realize. Most homeowners policies offer limited coverage for personal articles such as jewelry, cameras, golf equipment, fine art and collectibles, and computer equipment. We can provide the additional protection you need with a comprehensive valuable items insurance policy.
A variety of property may be covered by valuable items coverage.