HOMEOWNERS: Renters; Secondary/Seasonal Home; Condo Insurance; Flood Insurance; Rental Property; Mobile Home Insurance
Regardless of whether you live in a house, a condo, mobile home or rental property, it’s important to have insurance coverage to protect you from financial loss. Although there are similarities among the coverages, there are key differences as well.
Here’s an overview of common coverages. The insurance experts at Fox Agencies can help you find the policy that’s right for you and your family.
Homeowners: Homeowners policies generally cover destruction and damage to your home’s interior and exterior and the loss or theft of possessions due to fire, hurricanes, lightning, vandalism or other covered disasters, along with personal liability for harm to others. It’s required by nearly all mortgage companies. Policies generally do not cover damage caused by floods; you’ll need a separate policy for that. You may also need separate coverage for freestanding garages, sheds and other structures on the property.
Condominium owners: The master condo policy or condo association insurance typically covers only general liability for the association and property damage coverage for common areas.
You need condo insurance to cover damage to the interior of your condo and loss of your personal possessions. Condo policies may also include liability coverage, which covers such things as the medical expenses of a guest injured in your condo or damages to another condo property
Renters: If you rent an apartment or home, your landlord’s property insurance policy covers only losses to the building itself. Your personal property and certain liabilities, however, are covered through a renter’s insurance policy that you, as a tenant, have to pay for. Without it, you risk losing all of your belongings if there is a fire or other disaster.
Vacation home owners: As with your primary residence, you need insurance to cover your vacation home. If there is a mortgage on the home, the lender will likely require it. Vacation homes are typically considered higher risk than primary homes because they aren’t occupied all of the time, making them more susceptible to break-ins and vandalism and minor occurrences, such as a leaky pipe, may go undetected until it causes damage. If you rent out the home, you may also need a landlord policy.
Flood insurance: For homeowners and vacation home owners, flood insurance protects against losses from severe heavy rain, melting snow and severe coastal storms. If you have a mortgage on the property and your home is in an area at high risk for floods, flood insurance may be required by your lender. Even if you don’t live in a high-risk area you can still suffer costly losses from flooding, so a flood policy is a worthwhile consideration.
Mobile or manufactured home owners: Both mobile homes and manufactured homes are built in factories and both rest on a movable chassis. However, factory-built home constructed before June 15, 1976, is considered a mobile home, and one built after that date is a manufactured home. For either type of home you need a policy that’s specially designed for a mobile or manufactured home.
Landlords: If you have a mortgage on the property you’re renting out, your lending company may require you to have a certain amount of insurance coverage on the property. Beyond that, landlord insurance is still a wise idea since it provides protection against liability claims – if a tenant falls due to a loose handrail on the front porch, for example – along with protection against fire, lightning, wind and hail. It can also cover lost rent if tenants are forced to evacuate the property due to a covered disaster.
We’re here to help you find the right policy for your home.