What are the different types of Home Insurance?

There is a range of coverage available for your home, and the amount you select will depend on factors such as property type and value of belongings. All home insurance should be written at full replacement cost, not just an estimated guess. Knowing what the different types available are will help you in your search.

You will often see different quotes with different levels of protection when you begin looking for coverage. You will need to consider your budget, property value, property condition, belongings, and other factors and then make your decision from there.

Types of Home Insurance Policies

The types of home insurance available includes:

• Renters insurance – for those renting or subletting a family home, condo, apartment, or duplex.
• Property insurance – protects your physical property from fire, theft, and other perils.
• Landlords insurance – covers that protect landlords from the risk associated with their rental property.
• Scheduled property insurance – optional insurance you can add to your policy to include high-value items.
• In-home business insurance – this will take the impact of a home business into account, including visitors to your home.
• Homeowners liability – meets costs and damages awarded to a member of the public if they suffer an injury or accident on or linked to your property.
• Mobile home insurance – provides financial protection when your mobile home is damaged.
• Condo insurance – insurance for condo owners.

You will not need every type of insurance, but you may need multiple types depending on your property and how you use it. If you also have a home business, then liability insurance and in-home business insurance may be necessary as well as your property insurance and contents insurance. Many of these additional coverages can be added to your existing homeowner’s insurance policy.