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Step 1
First you will need to know how much insurance you need. What is the property value of the property to be insured. Is it a single home, mobile home, apartment? Depending on your state, the number of units may determine the type of policy. You may have to get a business policy if you have a large apartment building or commercial building.
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Step 2
Determine the amount of liability coverage you need. Your agent will help you with this our you may want to consult with your attorney or a real estate attorney. Some state have a cap on liability amounts that can be charged in a court. See your attorney to be sure.
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Step 3
Speak to your current insurance agent or shop around. Most large insurance companies have a policy that will fit your needs.
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Step 4
Work with your insurance agent to nail down the details. You may be able to have coverage for the dwelling, separate building, personal property, loss of use and loss of income from a covered claim. Your coverage may be limited to a percentage of the face amount of the policy.
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Step 5
Know and get the details of what is not covered. This is where problems will come up in the future if you don't know the details. Is water damage, mold, rust, animal damage, government actions covered? What if the property is vacant. Work out all the details with your agent before you sign.
