When you visit Com-Co Insurance Agency Inc. serving Mount Prospect, IL for home insurance, you may experience a little surprise to find out how many types of home insurance exist. The policy you purchase depends on the type of home you own.
Home insurance describes a category of insurance that includes homeowners, condo, renters, mobile homes, historical homes, and dwelling insurance.
Let’s take the obvious first. If you purchased a condo, you’d need a condo insurance policy. That type of home insurance covers "from the walls in" of your condo, meaning that it covers the interior of your condo and its balcony or patio. Condo insurance covers physical, structural damage, liability, and personal property damage.
Mobile home insurance covers only your mobile home with physical, structural damage, liability, and personal property damage. If you operate a home-based business, you’ll need to add a home business endorsement to any home policy.
A homeowners’ insurance policy covers a home you own for the same types of coverage as mobile home coverage. It does so for an increased amount, though. You can determine the number of perils you want this policy type to cover. Typically, these range from 10 to 16 or all perils coverage.
Historical home coverage falls within the category of homeowners’ insurance. Only the homeowner can purchase it. It covers the home for fewer perils but increases home replacement value.
Dwelling insurance, too, qualifies as homeowners’ insurance, but landlords can purchase it. It doesn’t cover personal property since the renters’ insurance policy does that. It only covers liability in the home’s public areas, such as the yard and front walkway.
Only an individual renting a residence can purchase a renters’ insurance policy. It covers none of the structure of the building but does fully cover the renter’s personal property and liability.
Contact Com-Co Insurance Agency Inc. serving Mount Prospect, IL for the home insurance policy that best serves your needs.