By: Ramona Childers- Portland Homeowners Insurance is a must. You wouldn’t walk into a shoe store and expect every pair to fit perfectly, and insurance is like that too, not one size fits all. When it comes to where you live, every situation requires a different type of coverage to ensure you and your possessions are properly covered. Here is a rundown on what you need to know when shopping for insurance coverage.
Homeowners Insurance. This insurance is needed if you are living in a home you own and should cover the following: (Specific type of coverage is noted in parenthesis).
- Repairs or replaces the physical structures including the home, outbuildings like workshops, fences, driveways, and walkways. (Dwelling)
Replaces your stuff inside that is not attached or built-in. (Personal Property) - Helps with expenses if you need to stay somewhere else while your home is being repaired. (Loss of Use)
- Helps protect your assets if you are found at fault for something such as a visitor slipping on your driveway and suing for damages. (Liability)
Landlord Insurance. This is the type of insurance needed if you are renting out your home to someone else. (even if you are not accepting money from the tenant). - Repairs or replaces the physical structures including the home, outbuildings like workshops, fences, driveways, and walkways. (Dwelling)
- Replaces your property left for the tenant to use such as appliances and furniture that is not attached. (Personal Property)
- Pays you for lost rent if the tenant has to stay somewhere else while your home is being repaired. (Loss of Rents)
- Helps protect your assets if you are found at fault for something at this home. (Premises Liability)
Renters Insurance. This is the type of insurance needed if you are renting someone else’s property.
- Replaces your stuff inside the dwelling. (Personal Property)
- Helps cover expenses if you need to stay somewhere else while your place of residence is being repaired. (Loss of Use)
- Helps protect your assets if you are found at fault for something. (Liability)
Depending on your situation, there are many different types of add-on coverages that may help protect you and your property. At EPB&B we can help find the coverage that is right for you.
