You can get homeowners’ insurance for any place you live in. This means regardless of whether you reside in a sprawling mansion or a single-room studio apartment, you can take out a policy to have it covered. Moreover, you don’t even need to be the owner of the property to have it insured. Renters, sub-letters, etc, can get home insurance for the place they are living in. Though they cannot receive the entire cost of the home through a claim, they can get adequate coverage for damages and the belongings and items they have kept inside the home.
What this means is that standard home insurance policies cover virtually all types of properties, provided they are being used for residential purposes. This means that any property where you are operating a business, such as a home office, cannot be covered by a homeowners’ insurance policy. You have to explicitly state and show that you are living in the property you are getting insurance for else you won’t be able to purchase the policy.
As far as the insurance coverage is concerned, it will cover the home in the state it is in at the time of you purchasing the policy. For instance, if you decide to build a guest home in your yard or add an entire floor on the top of your home and don’t notify the insurance company, that part of the property will not be covered. In fact, your policy will get cancelled in most cases you fail to inform the insurance company about the development.
Also, you are not covered for damage caused to cars and any other vehicles, including airplanes, on your property. You need to get auto insurance policy to have that covered. Apart from these few exceptions, home insurance policies provide you solid coverage.
by Morgan Moran