Understanding and Choosing Your Monoline Property Insurance Policy

If you’ve recently purchased a property and gotten it insured, there’s a possibility your insurer may have excluded a key type of coverage that you still want to get. In this situation, you may have to get monoline property insurance, which will allow you to add in a single-item type of coverage. The options for monoline insurance can vary widely based on your needs.

Narrow Down Whether You Need Commercial or Personal Coverage

When it comes to monoline coverage, an insurer may offer commercial or personal options. The one you end up going with should reflect the type of property you’ve purchased – in other words, if you’ve bought a retail space, look for commercial monoline insurance.

The Reason Coverage Was Excluded May Help You Find Your Policy

If you’re looking for a monoline policy, it means some type of coverage was excluded from your insurance. Insurers can do this for a number of reasons, such as when a property is:

  • On the coast and at risk of climate events
  • Old or in poor shape
  • At risk of other catastrophes

Figuring out this exact reason can help steer you towards the right policy. For instance, if you have a home on the coast, you may want severe weather coverage.

When choosing monoline property insurance, you may want to consider any additional types of coverage that your insurer excluded from your main policy. By getting this coverage added in, you can rest assured your new property is fully protected.