Understanding Homeowners Insurance

What is Homeowners Insurance and what does it cover?

 

Whether you own or rent a home, apartment, or condominium, Homeowners Insurance can provide coverage for a variety of different things:

 

  • Dwelling -This covers the value of your home.

  • Other Structures - This covers other buildings on your property other than the home.

  • Personal Property - This covers your personal property inside your home.

  • Loss of Use - If your house was under construction after a loss, this coverage provides you with coverage to temporarily live elsewhere.

  • Liability - This protects your assets in the event of a lawsuit and you were liable.

  • Medical Payments - This provides medical payments for guests injured on your property.

 

What are the different types of insurance?

 

It's simple. The different types of insurance are based on how a property is used. If you are a landlord, tenant, the owner who occupies your own property, the different types of insurance provide the coverage for what suits your needs.

For Landlords

 

As a landlord of a condominium or single-family home, you will need a Dwelling Fire insurance policy which protects the building you own. This type of policy may also cover the personal property that cannot be removed within the building, your liability on the property, medical payments which may arise, and more.

 

For Tenants

 

As a tenant of a condominium, apartment, or single-family home, you would need a Renters Insurance policy. Since your landlord should have coverage for the building, your insurance would cover the interior contents, personal property, liability, and more. If you are moving in or already are a tenant of a property, speak with a licensed agent today to learn more about what coverage you need.

 

For Homeowners

 

As you come to move into your new home, there are so many ideas as to what you would like your dream home to be like. From the personal property you move into your home to the building itself, a Homeowners Insurance Policy may cover the coverages listed above. The liability coverage you have may cover you anywhere you are in the world. Speak with a licensed agent today to see the flexibility you have in coverage limits.

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