LOS ANGELES, March 25, 2021 /PRNewswire-PRWeb/ -- Warm spring weather tends to bring home buyers and renters out of hibernation and into the real estate market. Choosing whether to rent or buy a home is a decision many Americans grapple with and each option has its benefits depending on how long you plan to live in an area. Mercury Insurance suggests that insurance shouldn't be overlooked when deciding which is best for your particular needs.
"Knowing what type and amount of insurance coverage you need is the best way to prepare and protect your family and property," said Christopher O'Rourke, vice president of property claims at Mercury Insurance. "Investing the time to learn about your insurance now can pay off down the line if an event were to occur.
"Your insurance agent can help you determine the right type of insurance and amount of coverage needed to protect you, your family and property – they can help tailor a plan to cover what you need."
Following are three residential scenarios to help determine which type of insurance coverage is best for you.
1. You plan to own and live in your home. Homeowners insurance can provide coverage for your house, property and belongings. It also provides liability coverage if a houseguest suffers an injury within the home or on the property. Other structures not attached to your home, such as a detached garage, fence or pool, can also be covered by this policy.
2. You plan to rent an apartment or house. Renters insurance is an inexpensive purchase to protect your belongings. It can provide financial reimbursement to cover lost or damaged property resulting from covered loss, such as fire, theft or vandalism.
3. You plan to rent your owned residence to a tenant. A Landlord insurance policy can help cover the costs to repair or replace damages to your rental from a covered loss like fire, lightning, wind or hail. Landlord insurance also provides premises liability protection that can cover you in the event someone gets injured on your property and you are found legally liable for the injury.
Regardless of your type of residence, it's good practice to create a home inventory of your belongings to have an accurate record of what you own. This helps ensure you have the sufficient amount of insurance coverage, as well as know exactly what needs to be replaced in the event your property is damaged or stolen.
Visit Mercury's blog for more details about choosing the right type of insurance coverage coverage, as well as other valuable insurance tips.
About Mercury Insurance
Mercury Insurance (MCY) is a multiple-line insurance organization predominantly offering personal automobile, homeowners and commercial insurance through a network of independent agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia. Since 1962, Mercury has specialized in offering quality insurance at affordable prices. For more information visit http://www.mercuryinsurance.com or Facebook and follow the company on Twitter.
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Media Contact
Wendi Sheridan, PCG, 424-903-3644, [email protected]
SOURCE Mercury Insurance
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