How To Choose the Right Home Insurance for Owners, Renters, and Landlords

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Do You Know What Type of Home Property Insurance to Buy? Homeowners, Renters, and Landlords all need home property and liability insurance, but their needs are very different.
Home insurance needs also may differ, depending upon where you live.
A condo owner will have different needs than a surburban home dweller.
Homeowners Insurance: Most people think of buying insurance for a home they own and live in.
This type of insurance will cover your building, and the property inside of that building.
It will also provide liability coverage in case somebody is injured on your property and it is deemed your fault.
Even if you are not at fault, the insurance should help pay for a lawyer to defend you if somebody brings a suit.
Renters Insurance: If you rent an apartment or house, you probably only need to insure your personal property.
The building should be covered by the landlord.
Your policy should also cover liability insurance in case somebody is injured in your dwelling, and may also have a provision to provide you with a place to live in the case the home is made unlivable by something covered under the policy.
Landlord Insurance: If you own a home that you rent to tenants, you probably just need to cover the building.
You should also have some liability coverage, but you should encourage your tenants to purchase renters insurance.
Condo Insurance Even though you own your condominium, the association in your building may take care of insuring the property.
Your insurance policy will probably be similar to a renters insurance policy, rather than a typical homeowners insurance policy.
This may seem complicated, but it is important to choose the right type of home insurance policy.
It will save you money in the long run.
You won't be paying for coverage you don't need.
You also won't want to have a loss, and then find out later that it was not covered under your policy.
The important thing is to analyze your needs, do some insurance shopping, and then talk to an experienced insurance agent if you need to.
Enjoy your home, and feel secure in knowing that you have protection if something goes wrong.
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