Condominiums and townhouses have special insurance needs. They don’t need as much insurance as a house, but owners have more to insure than a renter. The insurance needs for a condo owner include personal property and liability coverages. Special policies for condominium owners, known as form HO-6, will provide the liability and personal property protection a condominium owner needs.
As a condominium owner, one needs to insure not only their personal possessions in the condo, but also any built in units such as cabinets, fixtures, appliances and shelves. In addition to covering the personal property, a condo owner also needs liability coverage. The liability portion of the policy would cover injures or damage to people or property that the condo owner would be liable for.
Below is a checklist of the top four questions to consider when choosing a condominium insurance policy:
- Do you have expensive personal items such as jewelry or furs that you may need additional personal property coverage for?
While most homeowners are insured for these risks, many renters are not. No one requires renters to buy insurance to protect their personal property, so many do not.
The first time most people think about property insurance is with their first home since it is required by the mortgage company. Although renter’s insurance is usually not required, it is just as necessary to have. Not only will it protect your personal items, but it will also help with temporary housing and liability protection, such as medical expenses for people on your property or a lawyer if you are sued by someone unintentionally injured by you.
If the ceiling in your apartment is damaged by a storm, the ceiling is covered by your landlord. But what about your brand new stereo and TV that was damaged? Also, while the ceiling is being fixed, do you have enough money to immediately find another place to stay? These are the types of things that would be covered by your renters insurance policy.
Renters insurance can help you pay for repairing or replacing personal property that is damaged, destroyed or stolen. It may also cover most lawsuits or claims against you if you are responsible for injuring others or damaging their property.
Manufactured Home Insurance
Mobile home insurance provides coverage for your mobile home, garage or shed, and your personal belongings. It may also provide financial protection in case you unintentionally injure someone or damage their property.
Having the right insurance helps you protect one of your most valuable assets – your home.
Fire. Theft. Windstorms. These are risks you face every day as a mobile home owner. You are also at risk in case someone gets hurt while at your home, or you accidentally damage someone else’s property.
Mobile home insurance offers peace of mind in knowing that your finances won’t suffer if unexpected events like these happen.
Do you have a mortgage on your mobile home? The financial institution that holds your mortgage may require you to have mobile home insurance.
Similar to conventional home insurance, mobile home insurance protects you in four basic ways:
- Covers your additional living expenses if you’re forced to leave your home because of a claim.
Before purchasing mobile home insurance, consider the following questions:
- Does your mobile home have a fire extinguisher, deadbolt locks or other money-saving safety features?