If you rent your living space, consider buying renter insurance, because you won't be covered by your landlord's policy. A rental insurance policy protects your personal property, including your furniture, jewelry, money, silverware, etc.
If you own a condominium, this policy covers your personal unit and property, including:
- Wall coverings.
- Custom features.
Your condominium association’s policy covers the main portion of the building and the common areas.
You also can buy loss-assessment coverage. This helps you pay for any assessments the association charges you for losses to the common areas.
We recommend you have liability coverage, in case you accidentally damage other condos, such as accidentally causing a fire.
Mobile homeowner insurance
This policy is written for mobile homes and covers the home and its contents. It also includes theft and liability protection.
Farm or ranch policy
Coverage for a farm or ranch is similar to a homeowner policy, but it includes coverage for livestock and:
- It does provide actual-cash-value coverage, which is the cost to replace damaged or lost property with similar property, minus depreciation.
- You can buy replacement-cost coverage for your farm dwelling, but you have to ask for it.
- You must insure crops (/www.rma.usda.gov) under a separate policy.