A life without insurance is a life full of fears. The primary goal of acquiring an insurance cover is to protect yourself from financial loss in case of eventualities. That’s said, property insurance is a policy that protects you against loss or damage of expensive personal valuables. The common forms of property insurance include homeowner insurance, flood insurance, renters insurance, landlord insurance, and umbrella insurance.
Perhaps buying a home is the most significant investment that you will ever make in your lifetime. Therefore, it is prudent to protect it with insurance. At GEC insurance, we offer state of the art insurance policies at affordable prices. Our property insurance policy is flexible, and we will design a cover that matches your needs. We offer all property insurance forms from flood insurance, homeowner insurance, renters’ insurance, umbrella insurance, and landlord insurance. In case you are still confused, don’t worry. We are here to make you understand each form of property insurance. Let’s have a look at them.
Homeowner insurance financially protects you if something bad happens to your home. It also covers your personal belongings, the cost of hotel stays if your home is too damaged to reside in, and legal expenses if you’re sued because of an accident.
Although not required by law like auto insurance is, most mortgage lenders will require that you keep the home insured throughout the duration of your mortgage term.
Umbrella insurance offers protection beyond the coverages of other policies. This type of insurance can protect you against property damage, injuries, personal liability, and certain lawsuits. Umbrella insurance provides protection when other policies are exhausted or for claims that are not covered by liability policies. For example, if you are at fault in an accident, the bodily injury liability will cover the victim’s medical expenses.
We offer lower rates for umbrella insurance than you think.
In a real sense, you are not responsible for damage to the physical structure of your rented home. Thus, renters insurance is a bit different from homeowner insurance. Renters insurance protects you from personal liability, loss of personal property, and use or loss coverage to cover your finances in the event of liability event or significant damage.
If a person is injured in your rented property, they could potentially sue. The renters’ insurance will come in handy to pay your legal bills in case of a lawsuit and pay the victim’s medical expenses.
Additionally, if your rental property is broken into and your personal items get stolen, we will compensate for stolen or lost items.
As the name suggests, flood insurance compensates for losses sustained due to water damage caused by heavy rains, levee dam failure, coastal storm surges, melting snow, and blocked storm drainage systems. Both residential and commercial property owners can acquire flood insurance. We calculate the premiums of flood insurance depending on flood zones.
People in high-risk flood areas are likely to pay relatively higher premiums than people in moderate flood risk areas. It is imperative to know that you are still prone to danger or loss from floods, even if you don’t live in a high-risk area. In fact, about 20% of annual flood claims are from low and moderate flood risk areas.
Landlord insurance is a policy acquired by people who rent out a residential home. This type of property insurance seeks to protect you as the landlord from financial losses in case of eventualities in your rented property. Landlord insurances cover all the repairs costs of your rented home in case of structural damages caused by fire, wind, hail, and lightning, to mention a few. Additionally, the insurance protects you from personal liability in case someone is injured in your rental property.