4 Types of Home Insurance for the Responsible Property Owner
There are almost 1.4 million houses across the country, making it clear that owning your own home is still very much a part of the American dream.
While it is a dream in many ways, being a homeowner also comes with a lot of responsibility. No one else is there to handle the problems that will arise or pay for the expenses that come up. That’s why it’s crucial to have good insurance on your side.
We’ve compiled a list of the top four types of home insurance you should look into when you become a property owner.
- Homeowners Insurance
When you ask the question of what type of home insurance I need, the first answer will likely be homeowner’s insurance. This insurance policy covers the home itself, and most lending offices will require you to have some form of it before you can close on the mortgage.
You’ll have to meet various levels and requirements, but a plan can be customized to fit your exact situation.
- Property Insurance
After securing that homeowner’s policy, it’s helpful to find some kind of property insurance to cover everything inside the home.
This is one of the types of homeowners insurance that can be forgotten until later on or until it’s too late. These policies require more work as you must document the valuables and do a bit more paperwork. But in the case of a tragedy or emergency, it’s so comforting knowing you’ll be able to replace your property.
- Emergency Insurance
Sometimes there are emergencies that aren’t covered by your regular homeowner’s insurance policy. Or they are covered but don’t have enough coverage. You should look into more insurance for specific emergencies during these times.
A common type is flood insurance which covers most damage caused by any flooding incident to both the home and property. There are several different specific emergencies you can have covered like this.
- Other Building Insurance
Many times, a homeowner has more than one building on their property. That could include a shed, detached garage, workshop, or mother-in-law suite. Whatever the case may be, it’s important to make sure those structures are covered under an insurance policy as well.
Going through a place like insurancehub.com can help you nail down the exact coverage that you need for all of your investments.
Types of Home Insurance
Becoming a homeowner is an overwhelming process, even if it isn’t for the first time. There’s so much to do and take care of, it’s really hard to remember it all.
Researching the various types of home insurance is one of the most important steps and shouldn’t be forgotten. Making sure your home, property, and belongings are covered will be a load off of your shoulders and help you enjoy the home much more. A few simple steps will get you set up and ready to go in case of an emergency!
If you’re interested in learning more about property ownership, check out our other articles today!