Types of Property Insurance
Homeowners - This policy protects the building you live in as your primary residence. It provides protection from liability, for your house and its outbuildings, your personal property, medical coverage and many other coverages tailored to protecting all your residence assets. Property is covered on an "all-risk" basis, except for those specifically excluded in your policy. Generally, you can save money on your homeowners premium by placing your auto insurance with the same company.
Condominium - This policy protects your personal property and internal structure of the condo or townhome you live in as your primary residence. Condo coverage includeds liability, personal property, medical expenses, assessment charges and a host of other options that protect you in your primary condo residence. Since insurance for your common areas is covered by your association's master policy, the condo policy does not provide certain extererior coverages that are normally protected within the master policy. The most important issue with this policy is to clearly understand what your master association policy does not cover, to ensure that your condo policy does. This policy too, can generally be packaged with your automobile policy to save you overall premium on both.
Renters - Tenant occupied coverage is called a renters policy. This policy protects your liability, personal property and medical payments from living in a multi-family apartment complex. It provides no coverage for the building in which you live since this is covered elsewhere by your landlord or leaseholder. This policy is extremely tailorable to your specific needs. Some companies do provide a renters discounted premium based on you placing your automobile insurance with the same company.
Mobilehome - A policy can be purchased to cover your primary residence in a mobilehome or in some cases, manufactured home. It provides protection for your liability, the structure in which you live and your personal property. Tie-downs, skirts, residing in a mobilehome park and/or other protection for your mobilehome may be required in order to secure the policy. This policy can generally be packaged with your auto policy to save additional premium.
Earthquake - In today's market, coverage for earthquake can be purchased as a separate policy. It provides coverage for your structure in the event of a defined earthquake minus your earthquake deductible. Some companies provide this coverage as an endorsement on their base policies for home or condo but for the most part, is now purchased as a separate policy unto itself.
Flood - Similar to earthquake coverage, coverage for flood is generally purchased as a separate policy for your primary residence. Flood insurance is placed by virtually any company with the policy underwritten by the federal flood program. It provides coverage for your residence from water damage caused by a defined flood event. The advice of a licensed, experience agent can help you better understand if your residence exists in a federally defined flood plain.
Other Types of Property Insurance - Scheduled property protecting specifically defined fine arts, jewelry or furs can be purchased as separate or endorsed coverage, Identity Theft and Legal Insurance can be purchased as individual protection. A licensed agent can help you clearly understand what the right coverage is for each situation. Email an agent to have one of our agents get your program started today.
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