Types of Home Insurance Policies
One of the first tasks any new homeowner must do is purchase homeowners insurance. No matter what season it is, what type of building you have or where your house is located, you’re always at risk for storm damage, theft, fire and other hazards. You can’t predict when these things are about to happen, but you can be proactive and get a reliable insurance policy in place. Get prepared now with a homeowners insurance policy from Muller Insurance.
Types of Homeowners Insurance Policies
The purpose of homeowners insurance is to protect your building and your personal belongings, such as furniture and fixtures. If something gets damaged in a fire or stolen by a vandal, insurance will help cover repair and replacement costs. Homeowners insurance also provides liability coverage in the event that someone gets injured on your property.
However, not all policies are created equal. Some offer more extensive coverage than others. For example, Muller Insurance offers water and sewer backup insurance to homeowners, which is something that most other companies don’t. In addition, some types of coverage only apply to certain kinds of homes, like an apartment building versus a single-family home. Learn more about the different policy types below.
- Standard single-family homes. These policies offer protection from basic hazards for homes occupied by individual family units.
- Condos. In general, there are separate policies for the condo association and for the owners of each individual condo.
- Co-ops. Co-op owners own a share in the building their residence is located in, giving them a share of personal risk as well. You can also choose a joint policy with other shareholders in the building.
- Apartment buildings. Apartment buildings require coverage for a variety of areas, except for the interior of each unit and the tenants’ personal belongings.
- Multi-family dwellings. These policies are designed for buildings that can accommodate up to four separate families, including your own if you live there.
- Tenant-occupied homes. When the home isn’t your own primary residence, you need special insurance coverage that provides additional protection.
Keep in mind that most homeowners insurance policies do not cover everything. For example, if your house is located in a flood zone or earthquake-prone area, you’ll need to purchase separate policies.
A Century of Homeowners Insurance
After helping homeowners since 1906, Muller Insurance is highly knowledgeable about the intricacies of home insurance. No matter what your living situation is or what kind of residential property you own, contact Muller Insurance for more resources and policy details. Don’t own your home? Muller Insurance also offers renters insurance to protect your possessions.