A lot of people are confused about what home insurance is and what it protects. That’s understandable! There are a number of policies you can buy to protect your home, but which one you actually need will depend a great deal on whether or not you own your home and if you want to cover the contents inside as well. Our home insurance team in Munster can help take the mystery out of insurance and help you make sure you have the policy that’s right for you! So which one is best for you and your home?
Types of Home Insurance
Building insurance protects the actual structure of your home: the walls, floors, roof, ceiling, etc. It also covers many of the items in your home that are considered permanent or essential to making the house inhabitable, such as the fixtures in your bathroom and kitchen. A lot of lenders will require you to have this kind of insurance for your home before they’ll finance your mortgage, to ensure that there is protection in case of a disaster. The policy usually covers things like damage from storms, acts of nature, or even damage caused by pets or vandalism.
Content insurance covers your personal belongings inside of your home. While this kind of insurance is rarely required, it’s definitely a good idea. Replacing all of the items that you own and have collected over the years could cost you tens of thousands of dollars, and many of these content insurance policies are incredibly affordable (usually just a few dollars a month). For that low price, you can rest easy knowing that your stuff will be replaced in case of a fire, flood, theft, or many other circumstances. Some policies even protect your electronics if they are damaged or lost.
Renter’s insurance is a lot like content insurance. It covers your belongings inside the rented property. Most people aren’t required to carry this insurance, though a landlord can make it a part of your rental agreement. If you rent, it’s a good idea to take out one of these inexpensive plans. That’s because it protects your personal belongings in case of damage to your landlord’s property, but many policies also protect you from liability in case someone is hurt or injured on the property.
Which is Right For You?
If you are a homeowner, our home insurance team in Munster strongly recommends that you have a home insurance policy that covers both the building and the contents of your home. This can provide you with comprehensive protection for your home, inside and out. If you are a renter, it’s a good idea to get a renter’s insurance policy to cover your belongings and protect you from liability in case of an accident. How much coverage you’ll need will depend on the size and value of your home as well as the potential cost of replacing the items you have inside. We can help you determine the right coverage amount and give you a free quote on a home insurance policy that’s right for you.
These three types of home insurance policies is by no means an exhaustive list! If you have a vacation home, like in a historic building, or have other unusual or unique factors, the Gutierrez Family Agency can help you find a specialized home insurance policy that meets your need. Just give us a call or contact us through our website to speak with one of our experience agents. We’ll find the home insurance that’s right for you and your family and helps you rest easy at night, knowing you and your home are well protected!