“Life isn’t about ‘playing it safe’ but is about how much risk you are willing to take to get the taste of rewards.”
Truth to be told, purchasing a property is a headache. First of all, you have to spend days or weeks searching for a suitable place that fulfills your every requirement. And when you find one place, you need to deal with numerous legal formalities before actually signing the lease. Woah! That’s tiring!
But is it over yet? No!
After the lease is signed, you need to shift and arrange the whole place to be livable/workable. If you plan to get a property. To be more specific, a suitable estate requires at least 2-3 months to complete the whole process.
It still doesn’t end here! After going through so much, do you want to bear the financial loss due to some unforeseen circumstances? No, right? That’s the reason why you need to get your property insured.
Well, some lease agreements already have the insurance clause in them. However, it can vary from agreement to agreement, thus not necessary that policy or any property liability is included in it. Having said that, it also becomes the reason that you should read the lease agreement carefully before signing.
But that point is up for a discussion in another article. As for this particular article, we’ll talk about the type of policy that you should get according to the estate you have brought. You might have read it before that “you need property insurance.” But “what type of policy” is the question that we’ll answer here.
So, let’s dive right into it!
Residential property There are different kinds of residential real estate that you can use for dwelling. Similarly, there are different types of policies that you can choose from as per your requirement.
It is the most common type of policy that almost every homeowner takes. It generally covers the repair and maintenance cost, loss due to theft, and any other damage. These plans are flexible and can be modified according to the requirements. Thus, you have the freedom to select the coverage that you want to include (it might cost you extra money.) Nonetheless, in a situation of damage, this policy can reduce your financial burden to a great extent.
if you live on rent, you must understand that your liabilities are not covered in the landlord’s policy. That means you won’t get reimbursement in case of damage to the premises or your belongings. Thus, to protect yourself, you should get a renters policy. It covers the damage of your assets along with additional living expenses. It is perfect for the students and professionals who live in the rental place.
Mobile home insurance:
Mobile homes is quite a fascinating concept for millennials. Perhaps that’s why it is high in demand. For the protection of these types of homes, the policy will cover the cost of vandalism, collapse, explosion, fire, water damage, earthquake, damage on moving house, and similar others.
Home-based business: If you have started a business in your house, and think that your homeowner policy will cover your business loss, then our dear reader, we are sorry for breaking it to you, but you are wrong. Why? The reason being is that your home-based business needs third-party liability protection, which is not provided in the homeowner policy. Thus, you need to get a different coverage named “In-home business insurance policy.”
Needless to say, it’ll also protect you from mixing your personal and business liabilities.
Commercial propertyFinding a place that can take your business to the next level is indeed challenging. As there are a lot more factors and requirements that need to be considered before making the final decision. But! The degree of risk involved in the business is also a lot more than that of a house.
That’s why you need to be extra careful while selecting a policy for your commercial property.
Condo master policyIf you selected a condominium for operating your corporate activities, you need to get a policy covering all the premises’ areas. Especially the common areas and building exteriors. You can also build a custom condo master policy to remove all the potential risks affecting your property.
It is a kind of personal insurance that you get for the premises. Perhaps you are getting confused? Well, you can “learn more about personal insurance from LoPriore Insurance Agency” and clear your cloud of confusion. All in all, you still have to get a separate policy for covering the damage to your unit condo.
Commercial property building insurance
You might agree that the commercial place where you are operating your business needs to be protected at all costs. It doesn’t only include you but also affects the lives of several other people who are working for you. Therefore, to make sure that your assets and people (employees and customers) stay protected, this policy will fit into your requirements.
It includes protection against property damage but is not limited to it. You can also include the computer and software damage, documents, inventories, damage to the building, and several others. In simple terms, you can decide the coverage that you want for utmost protection.
Property development and developers
Last but not least, if you are a developer and are working on a project that might take months or even years to get completed, you need to get this policy. We understand that it is a challenging process, you need to deal with several risks, and most of them are different from regular land ownership. And that’s exactly the reason why general commercial and personal liability coverage can not cover all the risks.
As a matter of fact, when your premises are under construction, the contractors have to take liability coverage to safeguard the asset damage. If not, then you might have to face financial damage on your own.
To sum it all up!
Whether you are purchasing a property or renting it, whether you need commercial real estate or residential one, whether you are a consumer or a developer, you do need property insurance. But as you have read this entire article, we are sure that now you might be clear about the type of policy you need.
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