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Co-operative Insurance vs. Homeowners: What You Should Know.



Everyone's dream home is different. Which means that everyone will also have different needs to protect it. For example, an apartment owner's insurance may look different from a bungalow owner's policy. We have divided the usual coverages and benefits that are included in each insurance so that you can find what is right for you. What is the difference?

Homeowners Insurance
At Frankenmuth Insurance, our most popular and widespread insurance is called Home Protector. It protects homes of all sizes and values, both inside and outside. This type of insurance covers:

  • Personal property
  • Separate buildings located on the property (such as garage or shed)
  • Personal liability
  • Loss of use (if you need to stay in hotel after damage occurs)
  • Special Limits (for Jewelry, Watches, Firearms, Boats, and More)

If you have a valuable home (usually valued at over $ 300,000) or rental properties, there are uniquely tailored options covered by these policies. [1

9659011] Co-operative insurance
Co-operative insurance has some of the same homeowners' insurance cover as personal property and personal liability. But the two guidelines differ in some ways.

Most apartments have an association. Every month, cooperative housing pays a fee to the association. In return, the association handles the apartment, external maintenance and the purchase of insurance on behalf of the residents. Parts of your apartment (such as the structure itself and any external damage that occurs) are usually covered by the apartment association's insurance.

A personal co-operative insurance covers the things that most apartment association insurances do not do. For example, it can protect:

  • Your apartment – In the event of accidental damage, theft or vandalism, these expenses can be covered.
  • Your belongings – Personal property is usually not covered by the apartment association's insurance. A personal co-op insurance would cover your appliances, electronics, furniture and clothing.
  • Your assets – If an accident occurs in your home, insurance can cover accidental bodily injury, medical bills, accidental damage to property. and lawsuits seeking damages.

The purpose of a homeowner's policy, whether it is a traditional home or an apartment, is to provide peace of mind and to protect your home. Interested in learning more about policies and discussing your specific needs? Talk to a local, independent agent today.


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