Homeowners insurance, also called hazard insurance or home insurance, is designed to protect the homeowner against certain named perils. A standard homeowner’s insurance policy covers losses occurring to one’s home as well as the contents of the home. Liability insurance for accidents that occur inside the home will also be included in a homeowner’s insurance policy.
Because in most cases the master condo association’s insurance policy stops at the exterior walls, as a condo owner, you are generally responsible for what is inside the interior walls – the interior structure and its content. Most personal condo insurance policies cover losses arising from theft, accidental release of water, vandalism, smoke, windstorm, lightening, and fire.
Most renter’s insurance policies will cover loss or damage due to covered perils, such as fire, smoke, lightening, accidental water damage, theft, and windstorm. Most renter’s insurance policies contain liability protection, which provides coverage for an injury sustained by another person while in the rented premises.
Dwelling fire insurance is designed as a less expensive alternative to Homeowner’s insurance (HO-3). It is especially suited to owners of dwelling rental properties where the primary protection needed is building and liability coverage. There are different levels of coverage under dwelling fire insurance coverage which will include different limit amounts and the details of exactly what will be covered under the policy may vary somewhat.
Perils such as vandalism, theft, and water damage can be eliminated from a standard policy when a dwelling is vacant, making vacant property insurance an important coverage for property owners to consider. Vacant property insurance will provide coverages for mono-line property or can be packaged to include liability.
The coverage for mobile and manufactured homes is similar to a homeowner’s insurance policy. There are a number of differences between mobile home insurance and traditional homeowners insurance, which is mainly due to the various structural differences of a mobile home varying slightly from a standard home. For starters, mobile homes have previously been considered to be motor vehicles rather than permanent residences and were not covered under insurance for homeowners. While this is not the case for most modern homes, some states do require the mobile home to be insured as a motor vehicle rather than a home.
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