If you own or are buying your home, you need a homeowner’s insurance policy to protect the value of your real estate and possessions. You should have replacement cost coverage which will pay to rebuild your home, as it is, at the market costs prevailing at the time of your loss.
You should also consider additional policy coverages, or riders, to protect more valuable items on your property or to protect in case of damages not covered by standard insurance.
If you rent your home or apartment, you don’t need homeowner’s insurance because the owner of the property should cover risks to the house or apartment. However, you may want to have a renter’s insurance policy that will help you replace your personal property in case of fire, flood, theft, or other loss.
Similarly, if your property is part of a condo community, your condominium association will carry insurance on the property itself, and part of your expense of living there will include a share of the premiums for that insurance. However, you should carry insurance for your own personal property and liability.
Your Schultheis Insurance Agent will be able to identify your needs and match you with providers who will best meet your needs at the most effective cost.