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Whether you plan on renting a new apartment, or you’re in the beginning stages of becoming a homeowner, finding insurance to protect your property and belongings is essential.
For first time home buyers, homeowners insurance may be a requirement your lender or mortgage company has in order for them to underwrite your loan. This is to protect their investment in lending you money. Some landlords also require their tenants to purchase renters insurance as part of the lease agreement. Even if you are not required to purchase homeowners or renters insurance, the protection these policies offer is worth the premiums you’ll pay.
Homeowners insurance can help you pay for repairs to your home if it is damaged by fire, severe weather, theft, vandalism or any other covered event. Renters do not have to worry about covering the structure themselves, but just like homeowners, they have contents, or personal property, to protect from damage or theft. Both types of insurance can cover your belongings such as electronics, furniture, appliances, clothing and even things like books, art and jewelry. Home and renters insurance can also protect you from lawsuits should a guest or delivery person injure themselves while in your home or apartment. Most policies include liability coverage that can help pay for your legal fees and court costs should you be sued as a result of a third party injury or property damage.
Renters insurance is extremely affordable. Because you are only purchasing insurance to cover your personal property, premium rates are often as little as $200 a year for a comprehensive policy with higher limits. Homeowners insurance, however, can cost much more. That’s because you are paying for the protection to completely rebuild your home should it be destroyed. There are ways to save considerably on your homeowners insurance premiums, however, so be sure to ask your insurance agent about any discounts.
Whichever type of insurance policy you need, it’s a good idea to talk to one of our agents about getting the right type of coverage. We can help you find a number of policies from a variety of insurance companies featuring a number of coverage options at the most affordable rates. Contact us to help you get set up with a homeowners or renters insurance policy that meets your needs and budget.