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Homeowners Insurance in Oakwood Hills, IL

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Different Types of Insurance for Homes in Oakwood Hills, IL

Residential properties make up the backbone of communities across the country. They provide families and individuals with safe and secure homes and landlords and rental companies with business opportunities. However, accidents and unexpected incidents may be inevitable regardless of what a residential property may be used for or how well it may be taken care of.

Whether you live in a home you own, rent from a landlord or offer space to tenants, taking care of residential properties requires ample risk management and loss control measures. Fortunately, many types of insurance can be tailored to suit your property or circumstances and potentially minimize out-of-pocket losses. white and red wooden house miniature on brown table

What Types of Insurance Are Available for Homes?

When determining what types of insurance policy may be suitable for you, consider the following options:

  • Standard homeowners insurance—Homeowners commonly purchase these policies and may offer coverage for structures, contents, personal liabilities and additional living expenses due to the home being temporarily uninhabitable (e.g., hotel stays and storage unit fees).
  • Renters insurance—These policies, also known as HO-4 insurance, are tailored toward those who rent their homes. Renters insurance may often include coverage for a policyholder’s belongings, liabilities, and additional living expenses.
  • Condo insurance—Also known as HO-6 insurance, this option may resemble renters insurance in that the exterior of a home and common areas are not included. However, if a condo owner has made upgrades or renovations to the interior of their home, such as an updated kitchen or bathroom, they may be covered.
  • Manufactured home insurance—This type of insurance often includes components similar to standard homeowners insurance while being tailored toward homes built off-site and then transported to their permanent location. As such, the home itself and its contents, liabilities and additional living expenses may be covered.
  • Landlord insurance—These policies are essential for landlords who rent their residential properties out to tenants. While renters may need insurance for their belongings and liabilities, it’s typically up to landlords to insure common areas and the exterior structure of the property. Additionally, coverage may include landlord liabilities, such as if a guest is injured due to poor maintenance on the property, and lost income should a unit be incapable of collecting rent.
  • Home-sharing insurance—If you rent out a home on a short-term basis, such as via services like Airbnb and Vrbo, these policies may be appropriate. Coverage can financially protect you from liabilities involving tenants, damage guests and other parties may inflict on the property and lost income should you be unable to rent out the property due to a covered incident.
  • Vacant home insurance—When not using a home as a primary residence, you may require alternative coverage due to potentially greater risk levels, such as for burglaries and vandalism. Fortunately, vacant home insurance can provide coverage from perils similar to standard homeowners policies, including fire, crime, hail, wind, and some types of water damage.
  • Dwelling fire insurance—These policies may function similarly to vacant home insurance, potentially providing financial protection for residences you do not use as your primary residence, such as vacation homes and seasonal homes.

How to Find the Right Insurance Near You

At Smith & Associates Inc, we are committed to helping you acquire and maintain appropriate coverage for your residential properties. Contact us today to learn more about your options or to compare personalized quotes.

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