The Types of Property Insurance Explained: This is What to Know

If you own a home or business, you might have looked for ways to protect your property. As a business owner, property insurance can protect your business property and equipment from losses due to fires, theft, and other events. The extent of your coverage will depend on the types of property insurance included in your policy.

Keep in mind this type of insurance is also available for homeowners and renters. If you want to choose the right policy for your home or business, it’s vital to learn as much as you can about the types of insurance available.

Don’t know where to start? We’ve got you covered. Here are the top 5 ways to start protecting your property today.

1. Homeowner’s Insurance

Believe it or not, you can protect your family and home by obtaining homeowner’s insurance. This policy may cover everything from personal liability to medical treatment.

Depending on your coverage, your insurance carrier may cover damages due to hail, fires, lightning, among other hazardous events. Keep in mind you may need additional coverage to protect your property from natural disasters.

2. Landlord and Renter’s Insurance

Are you renting your property? You may be a tenant at a commercial or residential property. Either way, you’ll need to obtain a landlord or renter’s insurance policy to protect the property.

A landlord policy will cover unexpected damages to your property. You may also need to obtain additional coverage for protection against water damage, loss of income, and other circumstances. If you are renting your home, you should consider renter’s insurance even when your state doesn’t mandate to protect your property.

3. Flood Insurance

Most home and business owners believe a property insurance policy covers any type of damage, but that’s far from the truth. Typically, these policies don’t protect your property against flood damage.

While floods may not be common in your area, you should consider obtaining special coverage for your business or home. Your insurance agent can provide insight into the benefits and potential costs of this type of insurance.

4. Commercial Property Insurance

Business owners often focus on obtaining general liability insurance. However, you should also prioritize protecting your business property. Keep in mind certain business insurance policies include this type of insurance.

Make sure to choose a realistic coverage limit that can help you get back on your feet and cover your potential losses. You may also consider obtaining unoccupied property insurance if you maintain a vacant property. Business owners can get this coverage for a short, medium or long term depending on their needs.

5. Natural Disaster Insurance

If you live or operate in an area prone to events such as tornadoes, hail, and earthquakes, you should consider obtaining natural disaster insurance. This policy will cover these damages and protect your finances.

So You Learned About the Most Important Types of Property Insurance, Now What?

Understanding the different types of property insurance will help you choose the right coverage to protect your assets. However, you should consult an insurance expert to find a policy that meets your needs. Make sure to contact an insurance agent that’s licensed in your state.

Did you find this article useful? Keep checking the rest of our site to find more tips and articles to start protecting your assets today.