Once you buy or rent a home, the next thing on your to-do list should be to set up insurance. Not only does this protect your home in an emergency, it can also make sure that your valuables can be replaced and even cover temporary lodging for you if your home is uninhabitable due to fire, flood, or another emergency. Here are common types of real estate insurance that you can consider.
5 Common Types of Real Estate Insurance
Homeowner’s Insurance
If you own your home, this insurance is a must-have. It covers the structure as well as the things inside your home. If you have a mortgage, most lenders require that you carry a minimum amount of homeowner’s insurance.
Renter’s Insurance
For renters, you don’t need to worry about the structure. But you should still have insurance to cover your belongings inside. Many landlords require that you have renter’s insurance and will need to have proof of your policy on file.
Landlord’s Insurance
If you rent out a home, you need insurance to cover damage to the structure. These policies often include liability in case someone is injured on the property as well. This is a must-have if you rent out a property.
Umbrella Policy
This coverage is meant to provide umbrella-like coverage for all of your needs. It may not be necessary but if you own a lot of real estate, it can be a good thing to look into for added protection.
Flood Insurance
Did you know that flooding is not covered by most insurance policies? Flood insurance is provided exclusively by FEMA and coverage and premiums are dictated by your flood zone as well as the structure and elevation of your home. Flood insurance can be pricey but is the only way to protect your home from flood damage, which can be devastating.
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