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Property Insurance

Insurance for Property 

One of the major coverages under the personal insurance category, property insurance can take on many forms, based upon your needs.

Homeowner Insurance.  Designed for the owner of the home who lives at the residence full time.  This policy includes varies types of property coverage, additional living expenses, and liability insurance.

Renters insurance.  Designed for the person who rents a home or an apartment.   This policy includes coverage for the renter’s belongings (everything that was moved into the home), along with liability insurance and coverage for additional living expenses.

Condo insurance.  Designed for the owner of a condo who lives at the residence full time.  In addition to property and liability coverages, this policy includes coverage for the special needs of condo owners, such as improvements & betterments and property assessment, as required by the condo by-laws.

Dwelling/fire insurance.  Designed for the owner of a home who does not live at the residence.  The property is most likely a residential investment property.  Because of that, it provides insurance only for the structure(s) on the property and for liability.  There is no coverage for the belongings of the renter.  (See Renters insurance to fill that gap.)

Secondary home insurance.  Designed for the owner of the home, with the understanding that the owner doesn’t live at the residence the whole year long.  This could be an investment property that is rented out or it could be a vacation home only for the owner’s family.  Coverage mirrors that of a homeowners insurance policy.

Valuable articles (floater).  This is the coverage with a strange name.  Often called a floater because coverage for the insured items “float” with you wherever you may be.  Think of the wedding ring that you wear while on vacation in the Smoky Mountains or the guns you take with you on a hunting trip in Canada.  For an extra premium, these items are covered for absolutely anything that could happen to them and no deductible is charged at claim time.

High-value home.  Homes with a rebuilding cost of $1 million or more need coverages that match the unique nature of the home.  A standard policy lacks many internal coverages needed in a home of this value.  Certain carriers specialize in high-value homes and have built policies around the unique needs of this homeowner.

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