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Beavercreek Insurance Quotes

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Millennials and Home Insurance

More millennials are buying homes these days, as opposed to renting. By the end of 2018, this generation represented 45% of all new home mortgages, as stated in a Housing Wire article. One thing is certain, whether renting or purchasing a condo or a house, millennials need home insurance to protect them against damage to or loss of their property and against liability.

Renters Insurance

Your living space should be insured, whether you rent or own. Renters insurance covers loss or damage to your personal items in your rented space, due to a covered peril. How much coverage you need will depend on how many personal possessions you have and how valuable they are. Your deductible is also a factor – the higher the deductible, the lower your premiums are likely to be. 

It is a good idea to create a personal property inventory, which may include photos, as a record of what you own. High-value items, such as an engagement ring, camera equipment, or a drone, need to go on a separate list, as they may be excluded from your general policy. You may need to purchase a personal property rider for such items. 

Condo Insurance

Standard condo insurance is known as HO-6 insurance. It provides protection against covered perils for your condo unit. In addition, it provides personal liability protection and living expenses coverage, in case a covered event, such as a fire, makes your condo uninhabitable. This type of home insurance is also known as “walls-in” coverage because it protects individual units. The condominium association’s master policy covers the common areas of the building. 

Before purchasing a condo insurance policy, it is a good idea to find out what is covered by the homeowners association or condo association’s master policy. This typically includes all common areas, including the exterior and roof of the building, the hallways, and the elevators. However, some types of master condo insurance policies are more comprehensive than others.

Condo insurance typically covers:

  • The condo unit itself, including the walls and fixtures
  • Personal property contained in the condo, such as electronics, furniture, and any moveable goods
  • Loss of use: Costs of lodging and transportation if your unit has been made uninhabitable
  • Personal liability: This covers legal costs and provides protection in case of lawsuits or claims made against you
  • Loss assessment: Coverage for your individual share of condo association losses

Homeowners Insurance

If you are purchasing a home, you probably already know that homeowners insurance is not just a good thing to have but also required by lenders. In fact, your mortgage payments will likely have an amount tacked on that goes into escrow for your homeowners insurance premiums. 

Homeowners insurance provides protection for your dwelling, your personal belongings, and other structures on your property. It also protects you from liability for injuries or damage to someone else’s property. 

Whether you need renters insurance, condo insurance, or a homeowners insurance policy, our agent can help you find the coverage you need at the best available rates.