Insuring Your Apartment, Condo, or Mobile Home

If you lose your house to fire, disaster or theft, insurance may cover the loss. How much it insures depends on your policy. Some policies only pay the cash value of your property, but others pay the cost of replacing it. On a 9-year-old television, as an example, cash value is a great deal less compared to the replacement cost. Condos, apartments and mobile homes all need different coverages from regular homeowners insurance.

Insuring Apartments

California law requires your landlord insure the apartment building you’re residing in. However, the landlord’s policy gives your furniture and possessions zero security; to pay themyou need renter’s insurance. A renter’s policy covers theft or damage of your possessions. Even if they are stolen out of your rental — from your car, for instance — they are covered. Your policy may also defend you against liability and health care bills for accidents in your apartment. Additionally, it may pay living expenses if you have to move out after a fire or other catastrophe.

Covering Your Condo

In some ways, condo coverage is similar to renter’s insurance: Your condo association covers the construction, and you’re responsible for your unit. Some associations have a”bare walls” policy that extends to your unit walls, but not inside them. Insuring the floor lamps, granite counter tops, hardwood floors and so forth is your responsibility. An”all in” policy insures fittings, though not your furniture and personal possessions. Your personal policy insures everything the association policy does not.

Trailer Policies

Mobile homes are a subset of manufactured homes — houses constructed at a factory, then sent to the website, rather than constructed on the property. If you rent a mobile home, you take out renter’s insurance. If you have, you purchase made – or – mobile-home insurance. This works just like a normal homeowner policy, except it costs . Manufactured homes are not usually as strong as a traditional built-on-site home, so insurers charge homeowners a greater premium.

Adequate Coverage

If you take out $100,000 worth of coverage, it is insufficient for $200,000 worth of losses. Even replacement value policies have limits to how much they will pay. If you have bought lots of expensive items as you took out your policy, you might not need to increase your coverage. Specialty, high-ticket things like electronics or jewelry may require extra coverage. If you require protection against flood damage, you are going to have to get flood coverage separately, as regular insurance does not cover it.

See related