What Are the Kinds of House Insurance Policies You Can Choose From?
There are several types of house insurance policies available, each designed to meet different needs and levels of protection. RMH Insurance Group provides house insurance in Milford, IN, Elkhart, Warsaw, IN, Middlebury, Winona Lake, IN, Syracuse, IN and surrounding areas.
The most common categories include:
Homeowners Insurance (HO-3 Policy)
This is the most widely purchased policy in many countries. It provides coverage for your home’s structure, personal belongings, liability, and additional living expenses (if your home becomes uninhabitable). It typically covers all perils except those specifically excluded, like floods and earthquakes.
Contents Insurance
This policy covers the cost of replacing or repairing your personal belongings inside the home, such as furniture, electronics, and clothing. It’s ideal for renters or homeowners looking for added protection for valuables.
Buildings Insurance
This covers damage to the physical structure of your home, including the roof, walls, floors, and permanent fixtures (e.g., kitchen and bathroom fittings). It’s essential if you own your home or are required to have it by a mortgage lender.
Renters (or Tenants) Insurance
This provides contents coverage for people who rent their homes, as well as liability protection and sometimes additional living expenses coverage.
Landlord Insurance
Designed for property owners who rent out their homes, this policy can cover the building, liability, and sometimes loss of rental income if the property becomes uninhabitable.
Condo or Strata Insurance
For condominium owners, this covers personal property, interior walls, and liability. The building itself is usually insured by a master policy from the condo association.
Flood and Earthquake Insurance
These are separate add-ons or standalone policies, as standard home insurance typically excludes such natural disasters.
Choosing the right policy depends on whether you own or rent, the value of your property and possessions, and the risks in your geographic area.
Should you have any questions, feel free to give us a call.