Home and Property insurance covers a policy holder’s physical residence as well as its contents against damage or loss from fire, theft, vandalism as well as weather related floods, hurricane, hail and lighting. Liability coverage also takes care of the individual’s responsibility for any injuries people might suffer while on the property covered by the policy.
Condominiums and Co-Ops have two different kinds of insurance to protect your property. There is a personal insurance policy that will cover your condo as well as your personal possessions and a “master policy” provided by the condo or co-op board. This coverage will cover the common areas that you share with others in the building such as the lobby, hallways and elevator.
Renters can also insure possessions and have protection against liability. Like home owners insurance, it covers possessions in the event of a disaster and provides liability coverage in the event of injury or damage caused to other people.
Manufactured Home Insurance comes in two types, property and liability. If you are renting the property that the manufactured home is located on, use the home seasonally, or if it is a commercial property, Manufactured Home Insurance will differ from typical Home Owners Insurance.