There are only about five types of insurance policies that offer protection for you as a homeowner, and only really two or three that you should care about. You need to be aware that the others exist to make sure that you don't end up with one of them. Here are the five types of policies:
1. Homeowners insurance- for owner-occupied properties only, the most coverage for your insurance money.
2. Landlord- for properties that are renter-occupied, covers same as homeowners plus lawsuits against you for wrongful eviction.
3. Condo- covers the contents of your place (your personal property) plus liability, but not the actual building. Your HOA dues pay for a policy that covers property damage to the building.
4. Special form- covers property that is either owner or renter occupied; low cost policy that offers much less coverage than the others.
It should be easy to choose the best insurance policy for your needs, but if you can't decide what's best for you, a Buyer's Agent can help you make the best decision; with the type of property that you own or rent. Depending on the area you live in there may be specific hazzard insurance policies that are offered or required based on the area you live, such as Earthquake and Flood insurance.
