Home owners insurance
Home owners insurance provides coverage against disasters. There’s different types of policies. The basic coverage usually covers the home itself, and your belongings inside. However, there’s limits to what is covered. Usually, the basic coverage will not cover flooding or acts of god like a lightning strike for example.
Usually in condominiums there is a master insurance policy that provides similar coverage. The coverage of the master insurance policy is usually limited to the structure itself, and you should read carefully what it covers so when you shop for your home insurance policy you try to buy one that least intersects with the master insurance coverage.
Home owners insurance also has limits on the liability coverage it provides. Usually insurance companies will provide more than one level and you’ll be free to select the one that best suits you.
Home owners insurance does not come by default, and usually is not required by lenders. Other types of insurance like flood insurance might be required in some areas.
Things like a wedding ring got flushed, theft, vandalism, a piece of ice slid from your roof and broke your neighbors windshield are all examples of losses that might be covered under a home owners insurance policy.
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