More millennials are buying homes nowadays, as opposed to renting. At the end of 2018, this generation accounted for 45% of all new home loans, as stated in a Housing Wire article . One thing is for sure, whether you rent or buy an apartment or a house, millennials need home insurance to protect them from damage to or loss of their property and from liability.
Your living space should be insured, regardless of whether you rent or own. Rental insurance covers loss or damage to your personal items in your rented space due to a covered hazard. How much coverage you need depends on how many personal belongings you have and how valuable they are. Your deductible is also a factor ̵
It is a good idea to create a personal real estate inventory, which may include photos, as a record of what you own. High value items, such as an engagement ring, camera equipment or a drone, must go on a separate list, as they may be excluded from your general policy. You may need to buy a personal owner for such things.
Standard condo insurance is known as HO-6 insurance. It provides protection against covered dangers for your apartment. In addition, it provides protection for personal responsibility and cost of living, if a covered event, such as a fire, makes your apartment uninhabitable. This type of home insurance is also known as "wall-in" coverage because it protects individual units. The tenant-owner association's main policy covers the building's common areas.
Before you buy an apartment insurance, it is a good idea to find out what is covered by the homeowners' association or the apartment association's main policy. This usually includes all common areas, including the exterior and roof of the building, the corridors and the elevators. However, some types of master condo insurance are more comprehensive than others.
Condo insurance usually covers:
- The apartment itself, including walls and fixtures
- Personal property in the apartment, such as electronics, furniture and all moving goods
- Loss of use: Costs for accommodation and transport about your unit has become uninhabitable
- Personal liability: This covers legal costs and provides protection in the event of lawsuits or claims against you
- Loss assessment: Coverage for your individual share of tenant-owner associations
If you buy a home you probably know already that homeowners insurance is not only good to have but also required by lenders. In fact, your mortgage payments are likely to have an amount tacked on that goes against your homeowners insurance premiums.
Homeowners' insurance provides protection for your home, your personal belongings and other structures on your property. It also protects you from liability for personal injury or damage to someone else's property.
Whether you need rental insurance, apartment insurance or home insurance, our agent can help you find the coverage you need at the best available rates.