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Home Insurance Home Insurance, Condominium Insurance, Renters Insurance, Landlord Insurance, Fire Insurance, Liability Insurance, Flood Insurance For a FREE no-obligation quote click here
Different Types of Homeowners Insurance Jack S. Waverly Jack S. Waverly is a New York-based freelance writer who writes articles relating to business, personal finance, gardening, sustainable living and business management. Waverly is published on Pluck, Happy News and many other websites.
Homeowners insurance is the policy you depend on when there is an accident or incident which would cause large financial losses or costs to recover from. While there are such policies as umbrella coverage, normal homeowners policies are broken down into separate units or groups. 1. Identificationo Homeowners insurance is a policy which covers loss or damage to structure, personal property, use of property and the liability of the insured to others within property limits. These four basic types cover every variation of homeowners insurance. Structureso This type covers the home and other structures on your property. Coverage can include, but are not limited to; fire, lightning, theft, vandalism, severe weather, falling objects and explosions or collapses. Propertyo This type covers personal possessions the same way that structural coverage covers the buildings. To be covered the property must be categorized and accurately listed in an inventory including serial numbers, brands and pictures. Liabilityo This type of coverage is used to pay for legal and medical costs if the homeowner is found liable for damage or injury of others while on the property. Structural failure and Slip and Fall cases usually are included in this category. Loss of Useo This type is used for temporary living expenses such as meals, hotel rooms, storage and often pet kennel costs for a set period of time while your home is repaired. While last on the list, it often pays up to one-fifth of the total insured allowance for your home. Condo Insurance BasicsLuke Arthur Luke Arthur has been writing professionally since 2004 on a number of different subjects. In addition to writing informative articles, he published a book, "Modern Day Parables," in 2008. Arthur holds a Bachelor of Science in business from Missouri State University. If you buy a condo, condominium insurance will play a vital role in protecting your financial matters. While condo insurance is similar to homeowners insurance, there are some key differences that make it a different type of insurance product. The insurance covers your individual unit as well as the contents within it. 1. Functiono The purpose of condo insurance is to provide protection for your unit and your belongings. The condominium association should have some type of insurance for the common areas and the building itself which is paid for with your dues. The condo insurance policy that you buy will specifically cover damage to your unit, as well as any damage to the property inside your unit. Types of Coverageo Your condo insurance policy could cover against a number of different perils. For example, it should cover against the damages caused from a fire or water damage. The policy will also cover against damages from wind or hail from the outside. The policy should also cover damage from smoke, vandalism and theft. Damage from electrical current can also be covered by your condo insurance. This coverage will provide money to fix your unit and to repair or replace your items in the condo. Valueo When purchasing condo insurance, it is important to determine how the value of your claims will be determined. Some condo insurance policies pay for the actual cash value of the property while others pay replacement cost value. If your policy pays actual cash value, the adjuster will determine your payment by calculating the value of the property and then subtracting something for depreciation. With replacement costs, you get the value of the property in the market without any depreciation. Limitso When you buy condo insurance, it is also important to understand the coverage limits that you have. While the damage to your property may not have any coverage limits associated with it, the personal property loss component may have a specific limit. For example, if you have jewelry or other valuable property in your condo, you may have to choose a coverage limit when you buy your policy. Liabilityo One of the most important components of the condo insurance policy is the liability coverage. This type of coverage provides protection against any liability that you could incur from injury to another person. For example, if you have a guest come over to your condo and he is injured by something, the insurance company will pay for any damages that may be incurred. This helps to protect you financially in case of an accident. How to Obtain Renters InsuranceeHow Personal Finance EditorThis article was created by a professional writer and edited by experienced copy editors, both qualified members of the Demand Media Studios community. All articles go through an editorial process that includes subject matter guidelines, plagiarism review, fact-checking, and other steps in an effort to provide reliable information. Just because your landlord owns the building doesn't mean he or she is responsible for covering your belongings in the event of a fire, theft or other nasty event. Even if you think all your worldly possessions don't amount to much, don't overlook this critical form of protection. How to Buy Landlord InsuranceHow to buy and understand insurance for landlords. Liability and property protection. Instructions
How to Get Renters Fire Insurance
eHow Personal Finance Editor This article was created by a professional writer and edited by experienced copy editors, both qualified members of the Demand Media Studios community. All articles go through an editorial process that includes subject matter guidelines, plagiarism review, fact-checking, and other steps in an effort to provide reliable information. an eHow Contributor
Fire insurance is a standard part of your renters insurance policy. It covers loss or damage to your belongings from fire or smoke damage. For the most part, insurance companies do not just write fire insurance for renters. Instead, they usually include it as part of a basic policy that covers loss or damage from multiple causes. InstructionsThings You'll Need
1. Reduce Your Fire Risko 1 Learn the keys to reducing your fire risk and, at the same time, reduce your renters insurance premium. o 2 Choose your rental property in an area that is within 10 miles of a fire station, has a good water supply, has a fire-safety perimeter around the building and is constructed with fire-retardant materials, such as brick, cement block and fire-retardant insulation. o 3 Have fire-safety devices in your dwelling. Fire-safety devices include smoke detectors, fire alarms, fire extinguishers and internal-sprinkler systems. o 4 Determine and practice what you will do in case of a fire. Allow contingencies for pets, small children and special items, like family photographs, that are not replaceable. 2. Get Fire Insurance for Renterso 1 Estimate the value of your belongings from an itemized list, and determine whether you want renters insurance based on the actual value (the cost of your belongings minus depreciation) or the cost to replace the item. Actual value policies have lower premiums, but they do not completely replace items lost in a fire. o 2 Contact a licensed, reputable insurance agent, and get a renters insurance quote. o 3 Ask whether you are eligible for a policy discount based on your age or vocation. You may even be eligible for a discount based on the number of years that you have been with your company. o 4 Compare quotes and terms at NetQuote.com (see Resources below). o 5 Determine which policy best fits your budget and needs. Contact a representative to get your renters insurance policy. 3. Make a Fire-Safe Fileo 1 Take your itemized list of belongings and document each item with a photograph, video and sales receipt. o 2 Send your documented, itemized list to a friend, store it in a fire-retardant file cabinet, or archive it with an organization that can ensure its safety. o 3 Include a backup of family videos, photographs and memorabilia that cannot be replaced. o 4 Update your fire-safe file annually, ensuring that you have a complete list of the things you own and memories you cherish. How to Determine if You Should Have Flood Insurance, eHow User
Flood insurance is necessary for people who live in flood zones around the U.S. Unfortunately, even though over 20,000 communities are considered flood zones, only about 17% of Americans have flood insurance. People who live in designated flood zones are required to have flood insurance if they carry a mortgage on their homes. However, many people who own their homes or rent don't have flood insurance, and those are the people who suffer the most in the event of a flood. Here is how you can determine if you should have flood insurance.
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