Insurance policy will come in handy when unforeseen occurrence happens and you have been insured against it. When it comes to property insurance a wide array of insurance exist. In the following list we are going to see the most common type of property and residential insurance policy.

1. Homeowner's insurance

Homeowner's insurance is a type of insurance that covers a home owner against damages or losses to assets that are within a home.  


2. Fire insurance

Fire insurance is a type of insurance that protects property damages from losses arising from fire outbreak.


3. Condo insurance

Condo insurance is a type of residential insurance that covers condominium unit against damages. This damages may be theft, wild fire damage, water damage and more.


4. Storm damage insurance

Storm damage insurance is a type of insurance that will cover your property from storm related damages. This type of insurance is mostly included in homeowner's insurance.


5. Mobile home insurance

This is a type of insurance policy that covers manufactured or factory made home. This type of policy covers the home owner against physical damage and personal liability. 


6. Flood insurance

Flood insurance is a type of insurance cover that covers a home or property against damages caused by floods specifically. Flooding maybe caused by flood storms or flash waters due to heavy down pour elsewhere.


7. Home security insurance

Home security insurance is a type of property insurance that covers the property owner against crime related losses caused by theft or burglary. Insurance companies may offer up to 5% on paid premium if the policy owner take some measures to improve on property security. Installing a home security system or boosting home safety are some of the measures that can be taken to cut down on premium paid.


8. Water damage insurance

Water damage insurance is a type of insurance cover that covers home owners against damages caused by water accidentally. This type of insurance will not cover negligence or deliberate failure from homeowner. 


9. Insurance for property managers

Property managers insurance is a type of insurance that covers managers who own or manage property. This property may be apartments, condos, real estate or commercial buildings.


10. Insurance for investment properties

This a type of an insurance policy that will a property owner against looses and damages against property invested.


11. Coverage for loss of rental income

Also known as loss of rental income insurance is a type of policy that will protect home owners against financial losses that may arise from delayed or lack of occupancy in a rental property.


12. Loss of use insurance

Also known as additional living expenses, is a type of property insurance policy that covers the additional cost of living that arises as a result of relocation or moving to a different place temporarily while a property owned is repaired or rebuild.


13. Hazard insurance

Hazard insurance is a type of insurance that covers the cost of repair or replace home or property damaged by severe weather events. This events may be hail, blizzards or storms. 


14. Medical payments insurance

Also known as Coverage F, is a type of property insurance that covers inexpensive medical costs for visitors present on a property. In some cases some insurance will also cover visitors while off the property.


15. Earthquake insurance

Earthquake insurance is a type of insurance that covers property's cost for repair or rebuild in the event the property is affected by an earthquake. 


16. Vacant home insurance

Vacant home insurance is a type of insurance policy that covers home owner against looses acquired as a result of unoccupancy or vacancy of the property. 


17. Personal liability insurance

Personal liability insurance is a type of property insurance that covers claims arising from property use. This may range from legal fees to medical bills and more. 


18. Insurance for leased property

Also known as landlord insurance or rental property, is a type of property insurance that covers property owners against specific claims from the renters or lessor of a property.


19. Hazardous materials property insurance

Hazardous materials property insurance is a type of property insurance that covers property owners against damage caused by exposure to hazardous materials. 


20. Credit property insurance

Credit property insurance is a type of property insurance that will protect property used to secure used as collateral to take loan in the event the property is damaged or destroyed by a disaster at the time of loan servicing.


21. Umbrella insurance

Umbrella insurance is a type of property insurance that goes beyond normal existing limits of a primary insurance.


22. Renters insurance

Renters insurance is a type of property insurance that protects property in a rented space may it be apartment, condo or home against losses. This losses may be as a result of burglaries, fire or floods and more. 


23. High-value home insurance

High-value home insurance is a type of property insurance that covers high-end and luxurious homes. This typically goes beyond the standard policy coverage. In terms of monetary value, generally property priced above ~$750,000 and more.


24. Rental property insurance

 Also known as landlord insurance or Insurance for leased property, is a type of property insurance that covers property owners against specific claims from the renters or lessor of a property.


25. Natural disaster insurance

This is a type of insurance that cover a property owner against disasters that happen naturally. This events may be earthquakes, hails, hurricanes, floods and more.


26. Manufactured home insurance

This is a type of insurance that covers a home owner against damages or losses to assets that are within a home. According to American Modern Insurance Group, the average cost of manufactured home insurance will range from $750 to $1,500 annually.


27. Indemnity insurance

This is a type of property insurance that covers property buyer or owner against legal claims that may arise from legal claims as a result of omission or lack of or failure of a property. Usually a one-off payment is paid during conveyancing process to cater for any costs that may arise in the future. 


28. Second home insurance

Second home insurance is a type of insurance policy that covers a home or property that the policy-holder does not reside primarily.


29. Seasonal home insurance

This typically covers vacation residence where policy-holder owns the place and does short stay visits.


30. Home-based businesses insurance

Home-based businesses insurance is a type of insurance policy that covers home operated business against liability and claims. In most cases the policy will cover business equipment up to $25,000 when on the premises area while others will cover damages of up to $250 when the damage occurs outside the premises.


31. Guaranteed rebuild coverage insurance - GRC

Also known as 100% rebuild cost, is a type of insurance that covers a policy-holder from cost of property damage to a property, even if the cost exceeds the value of the property damaged.


Above types of insurance policies may be offered in the specified name or with another name. It will be great to read through the policy and understand or talk to insurance expert to walk you through policy to purchase.