The Ins and Outs of Home Insurance

All types of residents require some type of insurance to protect the actual home structure, the belongings inside, and the additional structures around it. Homeowners, condo owners, renters, and mobile homeowners require some type of insurance to protect them and their belongings.

Types of Home Insurance

In case of loss or damage, a home can be rebuilt and belongings can be replaced if insurance is available. There is even insurance that can be purchased for earthquakes and floods, but it can be very costly.
In some cases, inspections are included in the policy to be conducted on a yearly basis or every other year. This can be included in the policy for an extra cost depending on the insurance company. An inspection is necessary to evaluate current conditions in the home and what may need repairs. This is also done prior to moving into a property and upon selling a property.
The types of home insurance are:
Homeowners’ Insurance: Covers the home and other structures on the individual’s property, like the shed and garage.
Condo Insurance: Covers accidental damage due to repairs not covered by the condo association.
Personal Property Insurance: Covers the contents of the home and personal belongings.
Mobile Home Insurance: Very similar to the homeowners’ insurance. However, it doesn’t include coverage for the land it is set on. Unless it was included in the purchase of the mobile home.

Why Insurance is Needed

If an individual doesn’t have insurance, they are held responsible for the property and all possessions. This includes liability if someone gets hurt on their property.
It can cost hundreds or thousands of dollars to repair damages made to a home, which would all have to come out of pocket if there is no insurance. Therefore, homeowners’ insurance is needed in order to protect the owner’s property, the things inside of the home, and the property surrounding the home.

Basic Coverage Offered

With homeowners’ insurance, basic coverage covers the home, personal possessions, liability, medical payments, and additional living expenses.
Condo and apartment coverage includes similar coverage. It covers belongings inside the property, liability, medical payments, and additional living expenses.


Inspections can help a homeowner to keep their home up to date as far as regulations are concerned. Plus, a good inspection adds value to the home.
Many insurance companies are affiliated with inspection companies that they use to assist them with home inspections. Additionally, you can ask the insurance agent for their policy and references for a reputable inspector to monitor your home.


Purchasing insurance for your home — whether it is an apartment, condo or mobile home — is wise. In fact, it helps to protect you and your belongings in case of a disaster, major damages or if someone gets hurt on your property.
All-in-all, home insurance will save you a lot of money in the long run.