Find the Right Home Insurance to Cover Your Property and Assets

Before you buy a policy to coverage a home, it is important to understand the different types of policies.

Home Insurance
This covers a dwelling, usually a house, that you and your family life in. You will need to protect the building, other structures on your property, and the property you keep inside of that home. You will also need liability insurance in case a visitor claims they were injured on your property. In the case of damage, theft, or injury, you will want an insurer on your side. A good policy should protect content for the replacement value, and not just the current value. Items like a tv set or computer can cost thousands of dollars to replace, but may have depreciated to garage sale prices. A good policy should also provide some relocation help in case you need to live somewhere else for a preiod of time while the home is being repaired. You will probably need to cover your home for a higher value than you purchased it at, especially if it is an older home. Your actual purchase price will probably not be enough to rebuild your home.

Landlord Insurance
If you own a home, but rent it out to another person, you will need to protect it too. You will still need to cover the building and other structures on your property. Do not forget about property that belongs to you that you keep onsite. Examples could be tools or builtin appliances that come with the rental property. You will want some liability protection too. You should not need to cover the contents of the home that belong to the tenant though. They should have their own coverage for that.

Renters Insurance
This is usually very affordable because it only covers the property inside the home that actually belongs to the renter. The landlord should cover the building. A good policy should also provide relocation assistance if the structure is damaged so you cannot live in it. You will also have some liability insurance in case a visitor claims that your actions injured them. Many renters skip coverage because they do not think they need it, but I have seen several examples of this that cost the renter a lot of money. If your property is damaged by a storm, or if you have property stolen, you can still lose thousands of dollars. Beyond that, severe damage may mean you have to move at a time when you were not financially prepared for it.

Condo Insurance
This policy is a bit different because all home owners share a building. So even though you own your home, you probably do not need to cover the actual building or outside structures. The homeowners association in your building should carry a policy for that.

So your policy will be similar to a renters insurance policy even though you are an owner. You will want to cover your property, get help if you need to relocate, and have liability insurance in caswe a visitor is injured.