Types of property insurance in New York

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People think that property insurance is solely for the benefit of homeowners, but that’s not always the case. When speaking of property, it’s important to remember that homes and houses aren’t the only structures that fall into this category. There are other types of property insurance in New York that you can avail to protect your dwelling, whether you own or rent it. This will make it possible for you to pay for any expenses associated with the damage of items inside your residence as well as accidents that cause injury and bodily harm.

Other Types of Property Insurance in New York

  1. Renters Policy – Not everyone has the funds or the finances to buy out an entire house. That’s why rentals are made available to the vast majority of people in New York. But just because you’re just renting your residence, doesn’t mean you should forgo protecting the valuables and other items you keep inside of it. A renter’s policy will allow you to avail of protection for possessions as well as pay for personal liability expenses when you rent an apartment, house, or other residence.
  2. Condominium Owner Policy – There are those who choose to purchase condo units instead of houses, and this type of policy will allow you to protect your internal unit – that is, the space you bought and not any other space outside your front door. This includes coverage for your flooring, fixtures, cabinets, wall coverings, appliances, custom features, and any other fixtures that you might have installed inside your unit. If in case your condominium complex sees damage or destruction that the owners want to repair, you could benefit from a Loss Assessment coverage which helps pay for the assessment of the fees you can be charged by your condominium association to help pay for repairs for common spaces.
  3. Mobile Homeowner Policy – This particular property insurance in New York is specifically designed for mobile homes. This includes coverage for damages and losses towards the mobile home itself and the items inside of it. It will also include theft and liability protection.
  4. Farm or Ranch Policy – While a farm or ranch coverage is very similar to a homeowners coverage, there are lots of different items and equipment on a ranch property that might need special coverage. This type of policy will allow a policyholder to avail of specific coverage to protect certain items on their ranch or farm.