Yesterday I attended a great class that was delivered at our real estate office in Parker, Colorado.
We are fortunate to have an Insurance Agent located in our office. During our class, Home Insurance 101, we talked about 5 different types of Home Insurance. I was surprised to find out there were that many types!
This is valuable information for home purchasers in Colorado. Here is the breakdown of the 5 types:
Owner Occupied Single Family Home Policies
This is the most common type of homeowners insurance and what most of us have for our homes. This includes replacement cost coverage for structures and contents. It also provides liability for accidental injury to others or property damage.
Townhouse/Condo Policies
This also includes replacement cost coverage, however this referred to as "walls in" coverage. The homeowner does not own the exterior of the building, only from the walls in. Contents and liability are also covered.
Landlord Policies
This policy covers replacement cost and contents owned by the Landlord (not the renter's possessions). It also covers liability from negligence of the Landlord. It is strongly recommended that landlords require their renters to carry Renter's Insurance.
Renter's Policies
This policy provides replacement cost coverage for the personal belongings of the renter. Coverage also includes accidental injury to others and property damage.
Vacant Dwellings
Coverage for vacant dwellings is very limited. This policy is based on market value of the home (not including land). It does NOT include personal property coverage. Liability is limited to premises only.
Thank you Doil Stories! Doil is an Independent agent with Farmers Insurance Group. His office is located in Parker, Colorado. www.farmersagent.com/dstorie
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