Property insurance is a broad category that includes various types of insurance plans that cover personal or business property. Plans such as homeowner's insurance, renter's insurance, and business insurance can provide you with insurance protection for the things that you own.
You need to know what you want to be covered, what type of housing you have, and if the item is a business or personal item in order to determine what type of property insurance policy you need.
Property Insurance Type #1: Renter's Insurance
If you are renting a condo, apartment, or home, you are going to need a renter's insurance policy. This is true if you are renting the entire property or just a room in someone else's home. Renter's insurance is designed to protect your personal belongings.
It doesn't cover the physical structure where you live. Instead, renter's protection will cover all your items, up to the coverage limit. You can choose to pay for either replacement value coverage or actual value coverage. With personal belongings, where the value of the items often depreciates over time, you may want to go with replacement value coverage.
With most renter's insurance policies, your items are covered regardless of what happens. Your items are covered if they are damaged inside of the home you rent, or if they are taken from your car.
Property Insurance Type #2: Homeowner's Insurance Coverage
Homeowner's insurance coverage provides lots of different types of coverage. One of the many types of coverage provided under a homeowner's insurance policy is protection for your personal belongings. You can choose the max level of coverage for our personal belongings. It is best to add up the value of your items and set the limit a little above what you think your items are valued at.
With a homeowner's insurance policy, it is a good idea to keep a running inventory of all the items in your home. That way, if your home is damaged or broken into, you have a list of what is missing or damaged.
If you have any high-value items, like a piece of artwork or an antique or some really expensive electronic equipment, you may want to get a special add-on to your policy for that item.
Property Insurance Type #3: Business Insurance
Any item you use for business, be it a computer or tools or other supplies, should be covered under a business property insurance policy, regardless of if you run a home-based business or if you work from a rented or owned business property. You need a separate business insurance policy for all your business belongings.
To protect your personal belongings, you need either renters or homeowner's insurance, based on if you are renting the place where you live, or if you are the owner of the home.
If you have business property, regardless of if you keep that property at your home or at a separate business address, you are going to need a business insurance policy to cover those items. Talk to your insurance agent about the best type of coverage for your belongings.
To learn more about property insurance, reach out to an insurance provider in your area.