Saturday, October 24, 2020
Home Real Estate Types of Property Insurance and When You Should Get Them

Types of Property Insurance and When You Should Get Them

Insurance is a big type of financial asset that a person can opt to get in their lifetime. However, these days, with so many types of insurance around, it’s easy to get lost in all the advertisements and word-of-mouth about insurance (presumably from insurance agents wanting to get a cut) that we forget why it’s really important.

So in this article, we’re looking at one general type of insurance which is everything you need to know about property insurance. Under this kind of insurance, several specific policies are available depending on your need. So don’t be fooled by getting double policies or taking one you don’t really need by reading the information below.

For Homeowners:

Homeowners insurance is one of the most important types of insurance and probably the most essential one under the property bracket. But nowadays, there are so many kinds of homeowners insurance that it’s kind of hard to decide what to get. Here are some of the most important policies that are most likely the only ones you’d be needing.

  • Contents Insurance

This protects your belongings from possible theft and other incidents. This could cover anything from your clothes to your big furniture and appliances. Get this if you have a lot of expensive possessions that might be susceptible to robbery and other possible incidents.

  • Dwelling Insurance

This insurance is the one you’d expect to be a general type of homeowners insurance because it covers expenses pertaining to your actual home. It can save you tons of money when a covered accident damages your house structures including walls, roofs, and built-in appliances. Some accidents that may be included in your coverage could be fire, hail, vandalism, and sometimes even theft.

  • Personal Liability Insurance

While the dwelling insurance covers the damage to your property itself, the personal liability insurance covers bodily injuries that occur inside your home.

Sometimes, force majeure is not covered by any of these policies. So it’s also important to look into specific policies only if your area is prone to such issues like flooding or even earthquakes.

For Tenants: Renter’s Insurance

Tenants need some sort of insurance to cover their property while renting out a place. Usually, this is required by some state laws or even other landlords before subletting their property. If you’re renting, then this is a good idea to keep your belongings insured even while the actual area isn’t yours.

For Lessors: Landlord’s Insurance

A landlord’s insurance policy is perfect for those homeowners who want to rent out their property to other people. Let’s just say that technically, homeowners insurance may not cover incidents that happen to a rental home, so this one is a pretty specific policy.

This type of insurance is sometimes required by banks before allowing landlords to borrow money to refurbish or improve their homes before subletting to tenants. It’s actually quite important to have this insurance because once you take on the role of landlord and start renting out your property, you’re the painter and you need all the right painting tools, you’re the plumber, the landscaper, etc… In short, you wear all the hats.

Of course, you can hire professionals to do the work for you but if you have the skills for maintenance issues on your property, you save money by doing them yourself.

But that’s not all, having landlords insurance will also help you in attracting renters to your property. This insurance assures that you have everything covered with regard to the building and that you know your stuff pretty well.

For Realtors: Real Estate Agent Insurance

If you’re someone who is playing the game of the property industry, it’s best that you have a separate insurance policy that protects yourself and your business. This is where good real estate agent insurance comes in. Not only does it cover general liability, but it also protects you against professional liabilities including possible lawsuits due to alleged negligence and harm.

This is perfect for those who have enough experience in dealing with properties and want to move towards a more professional setup or even for veteran real estate agents who want a little more security in their trade.

No matter what your business is with the property sector or you’re just a simple homeowner who wants to ensure the safety of your belongings, there’s always good insurance that will get you covered. However, before signing any policy, remember to ask yourself if you need it, if you can pay for it, and if it’s a good investment for your future.

 

Logan A
Logan Ahttp://kefimind.com
I have always enjoyed writing and journaling and I am very pleased to be part of Urban Splatter's team!

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