Types of Home Insurance: Understanding Home, Condo, and Tenant Options
If you own or rent, insurance is a smart investment. No matter where you live—home, apartment, or condo—AMC offers a variety of home insurance options. We specialize in finding you the best policy at the best rate.
A typical house insurance policy includes coverage for the building, contents, liability, and living expenses. However, not everyone lives in a “typical” situation. Let’s explore some types of home insurance.
House Insurance
Home insurance protects you and your family financially if something happens to your home. A standard policy covers your home, its contents, and your personal liability.
Some policies even cover living expenses if you need to stay away from your home temporarily. Here’s a quick breakdown:
Your Home – Covers your home and any detached structures like a garage, storage shed, or pool house.
Your Contents – Covers furniture, electronics, clothing, and other personal property inside your home.
Your Liability – Helps protect you financially from injuries or property damage to others on your property.
Living Expenses – Covers costs like hotel stays, meals, and storage during time away from home due to an insured loss.
Condo Insurance
Condo owners pay monthly strata fees, part of which goes toward insuring the building’s exterior and common areas. However, you still need your own insurance to protect your property and liability.
A condo insurance policy typically includes:
Your Contents – Covers items like furniture, electronics, and clothing.
Living Expenses – Covers costs like hotel stays, meals, and storage if your condo becomes unlivable.
Loss of Your Unit – Covers additional living expenses or loss of rental income if your condo is uninhabitable.
Your Improvements – Provides coverage for any upgrades or renovations you’ve made to your unit.
Your Liability – Protects you financially from injuries or property damage to others while they’re in your condo.
Tenant Insurance
If you rent, tenant insurance is a must-have. It’s an affordable way to protect yourself and your belongings.
Here’s what tenant insurance covers:
Your Contents – Covers personal property like furniture, electronics, and clothing.
Your Liability – Protects you financially from injuries or property damage to others while they’re in your rental.
Living Expenses – Covers costs like hotel stays, meals, and storage if your rental becomes unlivable.
Check out this article on the Benefits of Renting for more insights.
Vacation Property Insurance
Insuring a vacation property can be more challenging than insuring a primary residence. At AMC Insurance, we’ll work with you to make it happen.
Vacation properties differ because they’re not occupied year-round. Here are some factors to consider:
- Waterfront exposure: Boats or jet skis may need separate coverage.
- Property valuation: Ensure your property is insured for its current value.
- Contents insurance: If your property is furnished with second-hand items, you could opt for minimal or no contents coverage.
- Wood stove or fireplace: Some insurers require an inspection before providing coverage.
- Rental use: If you rent out your property, Third Party Liability insurance is essential.
- Outbuildings: Check if detached structures like sheds or boathouses are covered or need separate insurance.
Landlord Insurance
If you rent out a property, landlord insurance is crucial to protect your investment.
Key coverages include:
- Structure Coverage – Protects the rental property and additional structures like sheds or garages.
- Fair Rental Income Protection – Pays rental income if the property becomes uninhabitable.
- Theft Coverage – Covers theft of furniture or appliances included in the rental.
- Unpaid Rent – Covers unpaid rent due to tenant default, death, or a property being uninhabitable.
- Vandalism Protection – Protects against tenant-caused damage to your property.
AMC Insurance is your go-to provider for all your insurance needs. Visit us on Facebook, check out our website, or give us a call today!
