Property Insurance Covers Many Areas
When you get a mortgage for a home, the lenders are going to want to know about the property insurance policy you plan to carry. It’s a part of protecting their investment in your purchase. Plus, it’s smart for you to carry insurance that suits your needs, so if anything ever happens, you are covered. There are many different kinds of property insurance and you may not know about all of them. Here are a few to consider, depending on where you plan to live.
When you rent an apartment or even a home, you don’t own the property, so you don’t really need property insurance. However, you are still putting your possessions into that space, so having renters insurance is a good idea. There could be a fire, theft, lawsuits, or other disasters that occur. It’s expensive to replace your belongings and if you don’t have coverage, you won’t be able to. Have an insurance agent help you estimate the value of your belongings, so you get the right coverage.
Unlike a home rental, you do own a condo, but it’s still not the same as having a house. Condo associations often have insurance, but that covers the condo building and the organization’s liability. You might want to protect your own belongings in case water or fire damage occurs. Plus, it’s always wise to have liability insurance in case someone gets injured on your property.
Mobile Home Insurance
This coverage specifically goes over the manufactured home and helps protect you from loss of possessions or the home itself. If there’s a fire, things are stolen, or another disaster hits, you’re covered. Often, you may also receive living expenses from these policies if your home ever becomes unlivable during repairs or the search for new housing.
Natural Disaster Insurance
You might think that your homeowner’s insurance would cover natural disasters if they were to occur, but it usually doesn’t. If you live near a fault line and often experience tremors, earthquake insurance helps cover your valuable items and your home. If you live along a flood plain, flood insurance protects your assets from water damage. These are things you can carry in addition to your homeowners’ policy.
Dwelling Fire Insurance
If you own several rental properties, it’s necessary to have proper coverage on all of your investments. Dwelling fire insurance covers the properties, but does not pertain to the possessions inside. Your property is fully covered, but keeps renters’ personal belongings within their realm of responsibility.
Getting the Right Property Insurance
Evaluating your property type and ownership status will help decide the insurance you require. Nickerson Insurance Services, Inc has been protecting clients and their families for years, making sure they were never left alone in the wake of disaster. Our team of experienced agents will evaluate the necessary amount of affordable protection you should carry. You never know when a disaster will strike, but you can prepare appropriately.