Knowing the Type of Insurance Right for You

Tips for Home InsuranceThere a many types of insurance out on the market that’s suited for your needs. As smart property owners, it’s up to you to pick the right type of coverage suitable for you and your property. Listed are below are the different types of insurance as found on Sources & Types of Homeowners Insurance: Know the Basics.

  • Owning a Home – There are two policy forms that are available to you: homeowners and dwelling forms. Homeowners form combines property coverage with liability coverage. Dwelling forms only cover property losses.
  • Owning a Manufactured Home – There are policy forms specifically designed to cover property for manufactured homes. This type of policy covers both dwelling as well as contents.
  • Owning a Condominium – Policies designed for condominium owners primarily cover contents. However, there is a small provision included to cover the portions of the dwelling that are your insurance responsibility as defined by the governing rules of the condominium.
  • Renting a Residence – If you are renting a residence, coverage for your contents is available through renter’s insurance.
  • Owning a Home on a Farm – A farm owners policy may be the most appropriate form to cover losses to your home as a result of tornadoes or hail. Additionally, a farm owners form provides coverage for both the personal and commercial exposure of farms, and contains both property and liability coverage.

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