Insurance of property is a broad concept, including multiple types of insurance policies. Property insurance policies are incredibly important to owners of rental properties, as they can provide financial help in case of damage to the property or personal injury.
Here are some of the important facts about property insurance:
What is property insurance?
The term property insurance is generally used for policies which offer either property protection or property loss protection to owners. Property insurance is available as part of homeowners insurance, renters insurance, flood insurance and earthquake coverage.
How property insurance works
Property insurance provides coverage for owners or renters of a property or structure in case of theft or damage. It also includes liability coverage for people other than the renter or owner if they are injured on the property.
What should I search for in a property insurance policy?
When shopping for a home insurance plan, make sure the policies offer all the necessary protection at a reasonable cost. It's ideal to find an insurance company with excellent ratings and reliable service in your local area.
Property insurance consists of three types of coverage: actual cash value, replacement cost and extended replacement cost. Each of these have different coverage limits, so it's crucial to understand the details of your individual policy.
Work with your insurance company to find the best value for your homeowners insurance or renters insurance coverage. Comparing quotes from different providers also gives you an edge for protecting your property.
About the Author
Gabrielle Di Bianco
Gabrielle began her career in Real Estate in 2002. Prior to becoming a real estate agent, Gabrielle worked in the marketing/communications and manufacturing business in NYC for 18 years, having worked with both US and International clients. She is fluent in both Italian and French and is a Certified International Property Specialist.
