Types of Insurance Policies for Homeowners
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Types of Insurance Policies for Homeowners

As a homeowner, you need to protect your assets. However, when it comes to owning property, your insurance needs may vary from someone else’s. Here is what you need to know about different homeowners insurance policies.

Homeowners’ Insurance

If you own your own home and use it as your personal property, then you need coverage that will protect your home and your assets in the case of fire or other disasters that could result in financial loss. Insurance coverage can include protection for fine art, heirlooms, jewelry, and more.

Flood Insurance

Flood insurance is a separate add-on policy. Even if you do not live in a high-risk flood zone, you could still be at risk. In fact, about 30% of all homes damaged by floods were not in flood zones. Flood insurance covers direct physical damage and may also cover coverage for personal belongings.

Vacant Property Insurance

Vacant properties require specialized coverages. Most standard homeowners’ policies exclude vacant properties. Even if a property is vacant, you need to have appropriate protections in place, in case of a fire, storm or other hazards.

Condo Insurance

Condo associations have a master insurance policy but it is very limited when it comes to your own unit. Personal condo insurance will protect your belongings in case of a loss and will provide coverage if someone is injured inside of your condo.

If you own a home, you need insurance. What you do with your home will dictate what type of insurance coverage you need.

Getting the Most Out of Your Insurance Arrangement
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Getting the Most Out of Your Insurance Arrangement

Though it can seem straightforward most of the time, insuring your business is not always going to be the simple journey you assume it to be. In fact, there are plenty of angles you need to consider in order to guarantee you’re getting the coverage that protects your assets without draining your funds. One way to achieve this is by looking at alternatives to the traditional plan. Consider these facts about cell captives and see if it is a good fit for your company.

A Specific Arrangement

According to experts in the industry, cell captive insurance is a type of policy that is structured to give more control to the insured. What’s more, those who enter into captive arrangements are said to see incredible reductions in overall costs associated with insuring their businesses. Though it can seem like a great deal, there are also many fine points to focus on with this arrangement. Not all businesses are ready for this type of commitment and you should verify the requirements with an agent before making any assumptions. Areas to pay attention to include:

  • Impact of current market cycles
  • Costs associated with coverage
  • Option of reinsurance

Look Into the Details

While there are a number of reasons to consider a cell captive program for your insurance needs, you should always weigh out your options before you make a final decision. Consider your current arrangement, look into captive options, and see which fit is best for your future.