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homeowner's and renter's insurance

Although most financial institutions will require homeowner’s insurance for all mortgage acquisitions, minimizing your liability, providing peace of mind and security for your family, and safeguarding what you value are far more important reasons to have homeowner’s insurance. There is much to consider when it comes to minimizing liability and risk for your home. We will guide you through the process of making sure you have the right coverage to protect what is yours.

Tenant / Renters
Renter’s insurance covers the property in your rental house or apartment. It can also provide liability coverage if you accidentally injure someone or damage their property. This type of insurance is generally inexpensive and provides you with the peace of mind you need to protect yourself and your belongings.

Landlord / Dwelling & Fire
This type of insurance would be slightly more expensive than a homeowner’s policy because there is a renter, not the owner, living in the home. Some additional coverages to these policies would include: fire or lightning, aircraft, volcanic eruption, smoke, vehicles owned by others, riot or civil uprising, hail or windstorm, explosion.

If you have acquired a condo, your financial institution will require insurance to protect its investment in your home. You may likely need more insurance to cover your personal items, liability, or fees (Loss Assessment coverage) that may be charged to you regarding shared areas of the building like the lobby. You will need two separate policies to protect your investment. First, you need your own insurance policy, which would provide coverage for your personal possessions, structural improvements to your apartment, and additional living expenses if you are the victim of fire, theft, or other disasters listed in your policy. Second, you would also need to get your own liability protection. The “master” policy provided by the condo administration would likely only cover common areas you share with others in your building like the roof, basement, elevator, boiler, and walkways for both liability and physical damage.

Manufactured and Modular Homes
These types of policies provide two basic kinds of coverage: physical damage and personal liability coverage. There are coverage options for rental mobile homes, commercial mobile homes, mobile homes that are used seasonally, or mobile homes located in a park or on private property.

Although you may think you don’t need this type of insurance in this state, the motivating interest for obtaining this type of insurance would be to avoid having to depend on government relief in the event of an earthquake. Earthquakes strike suddenly, violently, and without warning. Identifying potential hazards ahead of time and planning in advance can reduce the dangers of serious injury or loss of life from an earthquake.

The federal government runs the National Flood Insurance Program (NFIP), which issues flood insurance policies. Even if you have homeowner’s, renter’s, condo, landlord, mobile home, or business insurance, you may need to purchase a separate flood insurance policy to be protected from flood damage.

Windstorm / Hurricane
Hurricane season takes place June 1–November 30 every year. Don’t wait until after you have a loss to check your insurance—review your homeowner’s or renter’s policies to make sure you have the right coverage in the event you're hit with a destructive storm.
If you live in an area at high risk for hurricanes, your hurricane deductible may be a higher percentage. Depending on your insurer and the state where you live, you may have the option of paying more money in premiums in exchange for a lower deductible.
Unlike the standard “dollar deductible” on a homeowner’s policy, a hurricane or windstorm deductible is usually expressed as a percentage, generally from 1 to 5 percent of the insured value of the structure of your home.

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