The Ins and Outs of Home Insurance

All types of residents require some type of insurance to protect the actual home structure, the belongings inside and the additional structures around it. Homeowners, condo owners, renters, and mobile home owners require some type of insurance to protect them and their belongings.

Types of Home Insurance

In case of loss or damage a home can be rebuilt and belongings can be replaced if insurance is available. There is even insurance that can be purchased for earthquakes and floods, but this is additional and it can be very costly. In some cases inspections are included in the policy to be conducted on a yearly basis or in some cases every other year; this can be included in the policy for an extra cost depending on the insurance company. An inspection is necessary to evaluate current conditions in the home and what may need repairs this is also done prior to moving into a property and upon selling a property.

Homeowners insurance covers the home and other structures on the individual’s property, like the shed and garage. Condo insurance covers accidental damage due to repairs not covered by the condo association. Personal property insurance covers the home contents and the personal belongings. Mobile home insurance is very similar to the homeowners insurance except the land it is set on unless that is part of the purchase that was included in the home purchase.

Why Insurance is Needed

If an individual doesn’t have insurance they are held responsible for property and possessions, as well as liability if someone gets hurt on their property. It can cost hundreds and thousands of dollars to repair damages made to a home and this would all have to come out of pocket if there is no insurance. Therefore homeowners insurance is needed in order to protect the owner’s property, the things inside of the home and the property surrounding the home.

Basic Coverage Offered

With homeowners insurance basic coverage covers the home, personal possessions, liability, medical payments and additional living expenses. Condo and apartment coverage includes similar coverage it covers belongings inside the property, liability, medical and additional living expenses. Some things are covered by the condo association for condo owners but for the things that are not that is where the additional insurance comes in to handle uncovered repairs etc.

Inspections

Inspections can help an owner to keep their home up to date as far as regulations are concerned and this adds value to the home. Energy saving equipment and energy saving windows, doors etc are all excellent for keeping the property up to code and increase property value. Some insurance policies cover this and some policies require that you pay for this separately. Many insurance companies are affiliated with inspection companies that they use to assist them with home inspections. You can ask the insurance agent for their policy and references for a reputable inspector to monitor your home.

Purchasing insurance for your home whether it is an apartment, condo or mobile home is wise it helps to protect you and your belongings in case of disaster or major damages, it also helps to protect you if someone gets hurt on your property. It will save you a lot of money in the long run.