21 Dec What Type of Home and Property Insurance Do You Offer?
What Type of Home and Property Insurance Do You Offer?
Purchasing a home is by far the single most important purchase you will make in your life. And, protecting that investment needs to be a priority. Home and property insurance are an essential investment. They can protect your home and the belongings inside it from financial loss due to theft, fire, accidents, and weather-related Acts of God. In most cases, homeowner’s insurance is a requirement if you wish to purchase a home, in particular, if you need to take out a mortgage to buy that home.
The amount of insurance you need for your home and property will vary. Your local home and property insurance agent can help you get the coverage you need based on your unique home, property, and circumstances. But before we get to that, it is crucial to start by understanding the types of home and property insurance available to you in the Pawleys Island, South Carolina area.
12 Types of Home and Property Insurance Available Through Laura Hibbits Insurance
At Laura Hibbits Insurance, we offer various home and property insurance policies designed to suit our customers’ needs. In this article, we’ve listed the types of policies available and what those policies cover.
1. Home & Property Insurance
The term home and property insurance can be used to refer to the various types of homes and dwellings and insurance options available. Property insurance can include homeowner’s insurance, renter’s insurance, flood insurance, and earthquake insurance. In most cases, property insurance will cover personal articles, as well.
2. Condo Insurance
Condo insurance is for those who live in multi-unit structures that are otherwise owned and insured by an association. These associations will often provide some basic insurance to cover the external structure. As such, the condo-owner will need to obtain condo insurance to protect the interior and their valuables.
3. Landlord Insurance
Landlord insurance protects landlords from financial loss related to the rental properties that they own. These policies will cover the building and interior property, such as furniture and appliances. Additional coverages are available for protection from fire, storm, flood, water damage, earthquake, explosion, malicious damage or theft by the tenant, and liability in the event of damage or harm to a tenant’s personal property.
4. Renter’s Insurance
Renter’s insurance is similar to homeowner’s insurance. However, it does not protect the structure of the home or the overall dwelling as it is the landlord’s responsibility to insure those items. Renters insurance can go with you if you move and protects against fire, theft, vandalism, liability for personal injury or property damage, and living expenses if you need to live elsewhere while repairs are being made to your rental property.
5. Earthquake Insurance
Earthquake insurance protects your home and belongings from the damage that occurs when an earthquake strikes. Similar to flood insurance, coverage for earthquakes is excluded from the majority of comprehensive home insurance policies. Earthquake insurance comes with a pretty high deductible. Still, as South Carolina is a high-risk state for earthquakes, many homeowners like the peace of mind that comes in knowing that all damage to their home and personal property would be covered in the event of an earthquake.
6. Farm and Ranch Insurance
Farm and ranch insurance provide coverage for assets including the farm, home, and personal property as well as detached garages and structures, farm, and ranch structures, livestock, machinery and farming equipment, rented or owned, farm interruption, loss to farm products, and/or loss of income, and liability in the event of personal injury. Farm and ranch insurance also protects against unwarranted claims of animal abuse or land misuse, liability for food products you sell or process for others, commercial and farm automobiles, agritourism, and more.
7. Valuable Items (Jewelry/Fine Arts/Firearms) Insurance
Homeowners often assume that since their homeowner’s policy is designed to cover personal property, it will provide coverage for valuable items such as jewelry, firearms, and fine arts. The truth is that your homeowner’s insurance will not likely cover those expensive odds and ends. Valuable items, sometimes called personal articles insurance, is designed to protect items such as antiques, instruments, jewelry, valuable silverware, sports equipment, fine art, bicycles, coin collections, and more.
8. Dwelling Fire Insurance
Dwelling fire insurance protects a home from far more than fire damage. Dwelling fire insurance is meant for owner-occupied homes and those that are rented, seasonally-used, or vacated. Coverage includes fire and smoke-related damage, vandalism, explosions, wind and lightning damage, and breakdown of equipment.
9. Umbrella Insurance
Umbrella insurance coins its name because of its broad coverage, and thus why it is also commonly referred to as excess liability coverage. Umbrella insurance kicks in if you reach the limit on your auto or homeowner’s insurance. It can help protect assets such as college funds, retirement savings, and more.
10. Identity Theft Recovery Coverage (IDR)
It is believed that 9 million Americans experience identity theft each year. Recovering from identity theft can be an arduous effort. As such, IDR helps you through the process of identifying your stolen information, making corrections to your credit score and personal records, and paying for the costs associated with identity theft.
11. Builder’s Risk Insurance
Homebuilders take on significant risk when constructing a new home. It takes an average of seven months to build a new home, and during the process, many unfinished parts are left out in the open. This makes these parts subject to damage from the elements or theft from vandals. Builder’s risk insurance provides coverage from fire, theft, vandalism, and the outside elements, including Acts of God.
12. Vacant Property Insurance
Homes are vacated for many reasons, and when this happens, these homes become subject to vandalism, fire, theft, and more. Vacant Property Insurance provides coverage for peril, vandalism and mischief, liability, landlord flexibility, partial loss, and more.
Looking for the Best Best Pawleys Island Home and Property Insurance Plan?
If you live in Pawleys Island and are looking for the best home and property insurance, Laura Hibbits is your local home and property insurance agent and is ready to help. Call us today at (843) 979-9204 or send us a message. We look forward to hearing from you.
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