Despite the name, homeowner’s insurance isn’t only for people who own their own homes. You may need a policy if you rent or if you have investment properties that you lease to tenants. There are several different types of insurance, and it can be helpful to understand the basics before you start getting quotes for policies.
If you rent your home, you may want to consider getting a renter’s insurance policy. You can get the exact policy details from an insurance agency newark de, but most options provide coverage for the possessions that you have inside your apartment or rented house. For example, a renter’s insurance policy protects you by providing a monetary payout to cover your losses in cases of theft or fire.
A homeowner’s policy is probably the best option if you live in a home you own or have a mortgage on. This type of policy generally covers the structural elements of your home itself. For example, your policy may cover the cost to rebuild your home after a fire. You may also have coverage to replace your roof if it is damaged in a hailstorm. Most homeowner’s insurance policies cover all your possessions inside your home. You may also get liability coverage that can help pay for medical expenses and potential lawsuits if someone gets injured on your property.
Rental Property Insurance
If you own a home that you rent out to others, you may need to get a rental property insurance policy. There are often different laws and regulations that apply to rental property and landlords, so a standard homeowner’s policy usually doesn’t work for investment properties. A rental policy may cover the structure itself as well as liability if your tenants get injured on your property.
Having the right insurance can protect you financially if something happens to your home. An insurance agent can help you understand what type of policy is right for your circumstances.