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Homeowners insurance is there to help you ease the financial burden of repairing or rebuilding your home and replacing your belongings after commonplace disasters — a fire, lightning strike, tornado or even a break-in. It also can help cover your costs in a lawsuit over an injury — if, say, your dog bites a guest or your tree damages your neighbor’s car.
If you own a prefabricated home — mobile or manufactured — you can get special homeowners insurance that helps cover the risks unique to your home. In disasters like windstorms or fires, this type of insurance could help you protect yourself against loss if your home, your belongings or other structures on your property are damaged or destroyed.
What kind of rental property do you own? You might have several multi-unit complexes. Maybe you restored a vintage fourplex in a historic district — or rent out a single-family house you inherited from an aunt.
There’s a condo community for every taste — whether you prefer a downtown high-rise, a loft-style condo conversion or a small complex in a serene setting. Condos often feature amenities like swimming pools or security patrols. And there’s a good chance your homeowners association takes care of gardening and exterior maintenance. It all adds up to a lifestyle you enjoy.
Vacation home insurance coverage helps you protect your second home in many of the same ways your homeowners insurance policy helps you protect your primary residence, but it is purchased as a separate policy. Why? Because homes that are not occupied full-time are considered higher risk — more vulnerable to theft and small problems (like a frozen or broken pipe) causing major damage if no one is home to notice. And if you rent out your second home as a short- or long-term rental, you may want additional coverage.
Although earthquakes in the U.S. tend to happen along the West Coast (California and Alaska have the most), homes and apartments in more than 40 states are at risk for damage caused by earthquakes, according to the U.S. Geological Survey’s National Seismic Hazard Map. Standard homeowners, condo or renters insurance typically does not cover the damage, but you can add optional earthquake insurance.
As a renter, one of the most important things you should know is that your landlord’s insurance policy covers damage and losses to the building you live in — but it typically doesn’t cover your personal belongings. It also doesn’t pay legal fees or settlements if you’re sued by someone for injury or property damage. This is where renters insurance can help.
Whether you’re waiting for a home to sell, looking for the right tenant or doing renovations, owning a vacant property comes with special risks. In fact, some insurers won’t cover them at all.
Whether you live on the coast, near a river or even in a land-locked town with no body of water nearby, floods can happen just about anywhere it rains. A deluge can turn a stream, pond or city street into a flood risk. (That’s one reason why there are no areas defined as “no risk” on the federal flood insurance map.)
A standard homeowners insurance policy covers damage to your home and your property caused by various perils covered by the policy. Typical home insurance policies cover damage caused by:
In most states, standard homeowners insurance policies provide four main types of coverage.
Dwelling coverage helps you pay for repairs or rebuilding your home if it’s damaged or destroyed.
Personal property coverage helps you pay the costs of fixing or replacing your belongings if they’re damaged.
Liability coverage helps you protect your financial assets if you’re at fault for an injury or property damage.
Additional living expenses coverage helps you pay for rent, food and other increased costs if you have to live somewhere else while your home is being repaired.
Home insurance is not required by law, but if you have a mortgage, your lender can require you to have insurance until the loan is paid off.
And there are other reasons to insure your home. If your home is damaged or destroyed in a disaster (think: tornado, kitchen fire, hailstorm), insurance can help you pay to repair or replace your home and belongings. Liability coverage in a homeowners policy also helps you protect your personal assets from costly lawsuits if you are sued and found responsible for damage or injury to others.
One way to estimate how much home insurance you might need: multiply the total square footage of your home by per-square-foot building costs in your area. (A local real estate agent, contractor or builders’ association should be able to give you a ballpark amount of local building costs.)
In addition to estimating the cost to rebuild your home, consider how much it will cost to:
The average premium for an HO-3 policy, the most common homeowners policy, is around $1,115 per year for a package (including dwelling, property and liability coverage) with an insurance range of $200,000-$299,000, according to a January 2021 report from the National Association of Insurance Commissioners.
But there are many details that factor into the actual cost of a home insurance policy, including where you live, the type of home you live in and how much coverage you choose
Risk: While you’re at work, a fire in your utility room spreads to several rooms before it’s contained. Firefighters blame the blaze on lint that accumulated near your dryer’s heating element.
Coverage: Your condo property insurance coverage can help when damage to your interior — such as built—in appliances and flooring — isn’t covered by your association’s insurance policy.
Risk: You can’t live in your condominium while fire damage is repaired — the contractor says the project may take several months.
Coverage: Coverage for additional living expenses can help with the costs of temporary relocation when a covered event makes your condo uninhabitable.
Risk: You’re enjoying an al fresco dinner party when part of your balcony collapses — injuries aren’t severe, but one guest plans to sue.
Coverage: Liability coverage can help you protect your assets against lawsuits that result from accidents that take place on your property.
Risk: You didn’t get to a loose tile you’ve been meaning to fix before your visitor trips on it and breaks her arm.
Coverage: Medical payments coverage can help with expenses when a visitor is injured at your residence.
Typically, a renters insurance policy can provide coverage for:
Your liability. If someone outside your household is hurt (think: a guest trips on a rug) or their property is damaged and you are sued, liability coverage can help pay legal fees and settlements, up to the limit you choose, if you are found at fault.
Renters insurance can cost as little as $10 per month (the national average is around $15 per month or $174 a year, according to 2019 data from the Insurance Information Institute), but how much you pay for renters insurance depends on factors like where you live, how much coverage you want and the amount of the deductible you choose, along with the value of the things you own. If you own expensive electronics or high-value art or collectibles, the cost and type of coverage you may want will probably be different from what you’d want if you’re starting out in a new place with just the basics.
Also, if you want your insurance to pay to replace your things, the cost will be higher than if you choose actual cash value coverage, which pays face value. If a 5-year-old computer is stolen, for example, replacement value coverage would buy you a new one, while actual cash value coverage would pay you the depreciated price of your computer.
Discounts for multiple policies or safety features can help lower the cost.
Some landlords may require tenants to buy renters insurance with liability coverage, in case the renter damages the building or unit. Even if your landlord doesn’t require you to have renters insurance, it’s important to understand that your landlord’s insurance policy most likely doesn’t cover your personal possessions, like furniture, computers or clothing. A renters policy can help pay for damages or loss if, say, a fire breaks out or a pipe bursts and ruins your things.
Homeowners coverage for mobile homes — those built in a factory and moved to their site — is similar to coverage for site-built homes, typically providing coverage for the physical structure, personal belongings and other structures on your property. This coverage may also include liability insurance, which helps you protect your finances if you’re responsible for damage or injury to someone else or their property.
But policies for mobile or manufactured homes vary in the details. For example, although most mobile and manufactured homes stay in the same place for their lifetime, they’re designed to be movable. So some manufactured home policies can include coverage for damage incurred during a move.
Because manufactured homes may be more likely to suffer damage from incidents like fire and wind, mobile and manufactured home insurance policies are designed specifically for these types of structures. In addition, some insurers may require that a mobile or manufactured home be placed on a concrete or cinderblock foundation to be insured.
If you have a mortgage, your lender will likely require you to carry enough mobile and manufactured home insurance to cover at least the mortgage’s remaining balance. This may not be enough to cover other losses. When deciding how much coverage you want, you may want to consider other factors, including:
Characteristics of your home, hazards in your area and how much coverage you want are the main factors that will influence how much you pay for mobile or manufactured home insurance — just as with regular homeowners insurance. Among the relevant factors:
Keep in mind, insurance premiums for a mobile or manufactured home may be more expensive than regular homeowners insurance, because of their increased vulnerability to common risks, such as fire and wind.
Modular homes are similar to mobile and manufactured homes in that they’re built inside factories. But modular homes are built in pieces, transported to a building site and assembled on a permanent foundation. Their construction must follow all state and local building and safety codes, and they typically can be insured with a standard homeowners insurance policy.
Note that while the term mobile home is sometimes used interchangeably with the term RV, recreational vehicles need their own kind of insurance because they are motorized vehicles with homes attached. Mobile homes are technically factory-built homes built before June 15, 1976. After that date, new federal building and safety standards kicked in and the name shifted to manufactured homes. The standards require manufactured homes to be constructed on a permanent chassis.
Insurance companies often view vacation homes, like vacant homes, as higher risk for certain kinds of damage, because small problems like leaks can do more harm if left untended for long stretches. Vacation homes also tend to be more susceptible to burglary or vandalism when they’re not in use. That can mean a difference in insurance premiums between your home and your vacation home.
A second-home policy is designed to cover losses caused by specific perils named in the policy, such as fire or water damage. Many homeowners policies for primary residences cover damage unless the cause is specifically excluded. Higher-risk perils like vandalism may need additional coverage in a vacation home policy.
A second or vacation home insurance policy typically does not cover losses if the property is damaged by renters. Renting comes with additional risks, and a rental home needs its own coverage. Coverage varies depending on whether you’re renting your second home out for just a few days at a time or if you have a tenant for many months — say from fall to spring, when you’re not planning to be there.
Short-term rentals (rented for less than 30 days) may need extra coverage added to your second-home policy; long-term rentals (rented for 30 days or more) may need a separate landlord or business-related policy.
Second or vacation home insurance costs vary according to an array of factors, including these:
Location. Homes in areas where the weather gets extreme — think blizzards, tornadoes, hurricanes — tend to cost more to insure.
How you use your property and how often you’re there. If you plan to use your vacation home as a rental, you may need additional insurance. If you only spend a few months of the year in your second home, your burglary, vandalism and fire risks increase, which may affect the cost of your premium.
Age and condition: An older home that’s not well maintained can mean a higher premium.
Property type and amenities: A sprawling, modern home on a lake typically costs more than a rustic, cozy cabin in the woods, which affects the cost of insurance. Extras like a pool can add to insurance costs. But a property protected by a homeowners association is considered to have better security, which can lower premiums.
Risk: Your tenant calls to say there’s vinyl siding strewn across the front yard — you’re not surprised since a thunder storm kept you awake most of the night.
Coverage: Optional comprehensive property coverage can help with damage if a storm or other weather event is covered by your policy.
Risk: A pipe in an upstairs bathroom suddenly bursts, saturating the ceiling below. You arrive to help clean up the mess, but the damage is already done.
Coverage: Named-peril coverage can help with coverage for specific perils that you choose, including water from bursting pipes.
Risk: Your tenant trips over a garden hose you’re using to water the flowerbeds. He lands palms-down on the ground — and breaks his wrist.
Coverage: Optional landlord liability coverage can help with hospital bills and lost wages if you’re legally responsible for his injury.
An earthquake can shake a home right off its foundation or break a few windows and knock computers and glassware to the floor. Earthquake insurance can help you pay these related costs:
Whether you own a condo, single-family home or townhome, earthquake damage is covered only by adding earthquake coverage to your policy. The same is true for renters, even if you carry renters insurance.
The amount you pay for earthquake insurance is based mostly on the risk. Costs are lower in areas where earthquakes are rare and higher where they’re more common. The answers to these questions also have an impact on the cost of earthquake insurance:
Earthquake damage can be catastrophic, and federal disaster assistance programs may only go so far in helping you rebuild. Your regular homeowners, condo or renters insurance probably doesn’t cover damage to your home or your belongings if they are damaged by the shaking of an earthquake or its aftershocks — though it may (or may not) cover some related damage: for instance, if a fire starts because a quake rips gas lines.
A standard home insurance policy typically does not cover damage caused by earthquakes. Optional earthquake insurance can be added, though.
One possible exception in some states, including California, is fire damage related to an earthquake — say if a gas line ruptures and causes a fire. That damage may be covered by regular home insurance. Likewise, water damage from a quake-caused water line break or explosion may be covered by some existing home policies.
In California, earthquake insurance is mainly issued by the California Earthquake Authority, and you can purchase this coverage through a Farmers agent. If you live in another state — whether you own a house or condo or rent an apartment — an agent can help you understand your coverage options so you can get the coverage you want.
Damage from a flood typically is not covered by a standard homeowners insurance policy — or condo or renters insurance, either. However, a separate flood insurance policy can help you get the coverage you want.
Flood insurance coverage comes in two categories:
Building coverage helps pay for damage to the physical structure of your home — the building, the plumbing, the electrical system, heating and cooling, appliances and things that are permanently installed, such as carpeting, bookshelves and kitchen cabinets. Services like debris removal may also be included.
Contents coverage can help you replace your belongings — your furniture, smaller appliances, computers, clothing — and provide limited coverage for items such as antiques and artwork. Unless you have contents coverage, your flood-damaged belongings are not covered.
These two types of flood insurance coverage are purchased separately within your policy and will have separate deductibles.
The National Flood Insurance Program (NFIP) determines rates based on your property’s unique risk level, which is based in part on your property’s characteristics and on how close you live to a river, ocean or anything else considered likely to flood. NFIP, which is part of the Federal Emergency Management Agency (FEMA), has mapped most of the country into high-risk and moderate-to-low-risk zones.
Other details specific to your home are also factored into the cost of flood insurance, such as your home’s:
One reason to consider flood insurance: most homeowners insurance policies don’t cover flood damage, and floods can happen almost anywhere. According to federal emergency risk managers, just one inch of floodwater can cause up to $25,000 in damage.
Homes and businesses in high-risk flood areas with government-backed mortgages are required to have flood insurance
Yes. You can get a policy that covers just your home’s structure (building coverage). Or you can get separate policies that cover both your home’s structure and your belongings (contents coverage). Renters can buy a policy that covers only their belongings. Rates will also vary depending on your property’s characteristics and whether you live in a high-risk area or one that’s considered moderate-to-low risk.
Flood insurance is a separate policy in addition to your homeowners, renters or condo insurance. It’s a kind of catastrophe insurance. Typical home insurance policies cover more everyday hazards, such as theft or damage from a fire, but very few cover flooding.
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