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.
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 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 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.