Take the first step towards securing your property!
About
Emma Smith
Emma Smith is an expert in the life insurance industry who possesses the licensing and experience needed to offer the best possible service to her customers. Her mission is to build customized insurance policies tailored to each client’s specific personal, business, or life insurance needs. As your insurance agent, Emma can advise you on a multitude of products and services regarding insurance.
Property Insurance
HOMEOWNERS INSURANCE
Homeowners insurance is probably the best-known type of property insurance. And it’s a good thing since your home is probably one of your largest investments—and it needs protecting! Homeowners insurance is financial protection for your home against loss from disasters, theft, and accidents. It also protects your belongings and provides liability coverage. Your home is more than just a house. Not only could it be your largest investment, it’s also your special place for storing things like that antique clock your mom gave you. If the clock is destroyed by a fire, homeowner’s insurance won’t ease the loss of the clock’s sentimental value, but the right policy will help you buy a new one. Standard homeowner’s insurance policies cover losses and damages to your residence’s structure along with furnishings and other assets. It also provides liability coverage for accidents that happen inside your home or on your property. Here’s how it works. When you file a claim for a covered event, you’ll be required to pay your deductible and the insurance company will pay the rest. For example, let’s say the wood flooring in your home is ruined by a broken water pipe. If the cost to replace the flooring is $10,000, you might file a claim against your homeowner’s insurance policy. If the claim is approved and your deductible is $3,000, the insurance company will cover the remaining $7,000. Phew! Keep in mind though that homeowner’s insurance can get tricky about what it does and doesn’t cover. It’s a great way to protect your property, but it won’t pay for everything. Take a close look at potential gaps by consulting a local, trusted provider.
LANDLORD INSURANCE
If you own property and rent it to tenants, you need landlord insurance. It doesn’t matter if your tenants are friends, relatives or your former spouse, you still need landlord insurance. Landlord insurance protects you legally and financially from damages or injuries related to a rental property you own. Whether your rental property is damaged in a hurricane or your tenant in apartment 4B had an accidental kitchen fire and claims they’re not at fault, landlord insurance is crucial for protecting your assets from events that are completely out of your control. Landlord insurance policies include at least three core protections: property damage, liability and lost rental income. Remember when we said we’d call out the insurance types that stray from typical coverage (structural, personal belongings, liability)? Well, this is one of them. For one thing, reimbursement for lost rental income isn’t covered by other types of policies. Another thing to remember is that landlord insurance does not cover a tenant’s personal belongings. It’s up to the tenant to buy renters insurance if they want to be reimbursed for damage to their stuff. But hold on, before we get into renters insurance, there’s more you should know about landlord insurance. Depending on the location and condition of the rental property you own, you might consider additional coverage that can cover things like construction costs, commercial property, flood insurance, earthquake insurance, water backups and vandalism. For example, if your rental property is in a high-crime neighborhood, you might consider adding vandalism protection to your policy.
RENTERS INSURANCE
Most renters think that if anything happens to their belongings or guests inside their rental property they’ll be covered financially by their landlord. Nope, not true. It’s up to the renter to buy insurance. Renters insurance provides coverage for a renter’s (or sub letter’s) belongings and liabilities. Anyone renting (or subletting) a single-family home, apartment, duplex, condo, studio, loft, or townhouse can purchase a renter’s insurance policy. Picture this. After saving for months, you finally bought a new 65-inch 4K Roku-smart television. You’ve been enjoying it for weeks when you notice a water spot on the ceiling where water has been dripping onto the top of your new TV all day while you’ve been at work. You hold your breath, turn on the TV, and . . . nothing. Time to panic? Not if you buy renters insurance. Renters’ insurance covers damage to renters’ personal belongings from fire, smoke, and water damage that occurs inside the rented property. It also provides liability coverage if someone is injured in the property you rent. So that fancy TV you bought that now displays multiple channels of warped static is covered. You’re also covered if your friend slips on that puddle that’s been collecting from the water droplets that bounced off your TV. Whew!
