There are many factors when choosing insurance for your living situation, each of which might be affected by whether you own and live in the home, rent your home or own rental property. Finding the right insurance for your home can seem like a daunting task when you first begin looking, especially if buying a house or renting out a property is a new experience for you. It may seem like there are endless options, and if you don’t know what you’re looking for, it can feel overwhelming. Thankfully, shopping for insurance doesn’t have to be a hassle. Learning about the different kinds of insurance, what they cover and what you need to protect your assets can make shopping for insurance a smoother process.
Knowing what type and amount of insurance coverage you need is the best way to prepare and protect your family and property. Investing the time to learn about your insurance now can pay off down the line if an event were to occur.
“Your insurance agent can help you determine the right type of insurance and amount of coverage needed to protect you, your family and property — they can help tailor a plan to cover what you need.”
If you own and live in your home …
You’ll need homeowners insurance. Homeowners insurance can provide coverage for your house, property and belongings. It also provides liability coverage in the event that houseguests suffer injuries within the home or on the property. Other structures not attached to your home, such as a detached garage, fence or pool, can also be covered by this policy.
If you’re renting your owned residence out to a tenant …
A Landlord insurance policy can help to cover costs to repair or replace damages to your rental from a covered loss, such as fire, earthquakes, landslides or hurricanes. Landlord insurance also provides premises liability protection that can cover you in the event someone gets injured on your property and you are found legally liable for the injury. Additional coverage include personal property coverage, which can protect any household furnishings and appliances you own within the rental property, and fair rental value coverage, which can make up for lost rental income while your rental property is being repaired following a covered loss.
If you live in an flood-prone area …
It’s in your best interest to look into home insurance if you live in a flood prone area. Most homeowners, condo and renters insurance policies do cover damage from a flood. However, your insurance agent can help you get the best possible premium coverage you need – for example, In some other companies you’ll have to pay out of pocket to repair any damage to — or even rebuild — your home in the aftermath of a flood. Retrofitting or modifying your home can help reduce your risk and strengthen your home, potentially mitigating the damage a flood could cause.
Talk to your insurance agent today to make sure you have the necessary type and coverage of insurance to help protect your home, family and belongings.