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The Types Of Home Insurance

Types of Home InsuranceIf you own or rent, insurance is an advisable investment.  No matter what your residence is, home, apartment or condo, AMC offers several types of home insurance and we specialize in finding you the best policy at the best rate.  The typical house insurance policy includes coverage for the building, contents, liability and living expenses.  But we all know that we are not all living in the typical situation.  Lets look at some of the types of home insurance.

House Insurance

Home insurance provides you and your family financial protection in the case something happens to your home.  A standard policy insures the home itself, the contents and your personal liability.
Some policies will even cover your living expenses if you need to live away from your home. Look at this breakdown for a clearer picture.

Your Home – Coverage for your home and the detached structures on your property such as your garage, storage shed, and pool house.
Your Contents – Coverage for the contents inside your home, such as furniture, electronics, clothing and other personal property.
Your Liability – Helps to protect you financially from bodily injuries or property damage to others while they’re on your property.
Living Expenses – Helps cover costs such hotel rooms, restaurant meals, storage costs, and other living expenses for time away from your home due to an insured loss.

Condo Insurance

Condo owners pay a monthly strata fee, part of which pays for the insurance for the Condo Corporation.  This is separate from the insurance you would need to protect yourself.  The Condo Corporation insurance covers the exterior of the building and the common areas.  To cover your property and liability you need your own condo insurance coverage.  Here is what a condo insurance policy can cover.

Your Contents – Coverage for the contents inside your home, such as furniture, electronics, clothing and other personal property.
Living Expenses – 
Helps cover costs such hotel rooms, restaurant meals, storage costs, and other living expenses for time away from your home due to an insured loss.
Loss Of Your Unit
 – Provides you with additional living expenses that you may incur while you unit is unlivable.  This may include your monthly maintenance fees, fair rental value if you own the condo but rent it out and due to the issue is deemed to be unlivable.
Your Improvements – Covers you for any
Your Liability – Helps to protect you financially from bodily injuries or property damage to others while they’re on your property.
Living Expenses – Helps cover costs such hotel rooms, restaurant meals, storage costs, and other living expenses for time away from your home due to an insured loss.

Tenant Insurance

If you rent, no matter if it is a house, condo or apartment, there are not many things that is more important than having tenant insurance.  While still an expense that none of us want to pay, just think of it as having a great backup plan.

Your Contents – Coverage for the contents inside your home, such as furniture, electronics, clothing and other personal property.
Your Liability – Helps to protect you financially from bodily injuries or property damage to others while they’re on your property.
Living Expenses – Helps cover costs such hotel rooms, restaurant meals, storage costs, and other living expenses for time away from your home due to an insured loss.

While on the topic, check out this article on the Benefits of Renting

Vacation Property Insurance

It can be more of a challenge to insure a vacation property than a primary residence but at AMC Insurance we will work with you to get it done.  Vacation properties are different because you do not reside there year round and it offers other factors that have to be taken into account.

  • Waterfront exposure? If you live on the water – you may have some other items that may need to be insured specifically.  This includes boats or jet skis.
  • Recent property valuation? Have you had your vacation property valued recently.  Many just renew their insurance and over the years the amount may not be enough to cover you fully anymore.
  • Contents insurance: If your cottage is mainly furnished with second-hand items and garage sale gems, you could save money here if you are comfortable with minimal or no contents coverage.
  • Fireplace or wood stove? If you have a wood burning stove or fireplace you may need to have it inspected for your property to be insured.
  • Do you rent it to others? This makes Third Party Liability insurance even more important.
  • Outbuildings: If you have a boathouse or shed or other detached buildings on your property, be sure to find out if they are included or need separate coverage.

Landlord Insurance

If you rent out a property it is recommended that you have it properly protected before you let a tenant inside.

  • Structure coverage – This is the liability protection for the actual structure you are renting out. You should check to see if your policy covers additional structures like sheds and garages.
  • Fair rental income protection – If your property becomes uninhabitable for any reason and your tenants are forced to vacate, then you can still get paid your rental income up to a predetermined level.

Available as a stand-alone policy, whichever insurer already provides you with your basic landlord insurance.

  • Theft coverage – If you rent out structures that include furniture and appliances, then you should get theft coverage to protect your property.
  • Unpaid rent – Unpaid rent, either because of a tenant’s death, property that cannot be occupied, or defaulting tenants
  • Vandalism protection – You want to trust your tenants, but protect yourself for every contingency. Vandalism protection will  protect you in the event that you get a tenant who does not respect your property.

 

AMC Insurance is your one stop for all your insurance needs. To find out more, visit us on facebook or our website or call us today.

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