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Property Insurance is a type of insurance that
protects your property against loss. The cost of
property insurance varies depending upon the
replacement cost of the property.
A homeowner's insurance policy, also referred to
as HOI, protects the dwellings' physical
structure, its' contents, personal possessions
and additional living expenses. In order to
secure full replacement cost of your property,
it is suggested to insure the property for at
least 80% of the full replacement cost.
Basic homeowner insurance policies cover
property damage resulting from lightning, hail,
rain, fire and wind. Other damages due to
vandalism, theft, and explosions are also
covered in a standard homeowners' policy. Policy
rates will vary depending upon the location of
the property and its' proximity to a fire house,
fire hydrant, as well as taking into
consideration whether the property is outfitted
with sprinklers and smoke detectors.
Standard homeowner's insurance policies do not
protect your property against flood, earthquakes
or various "acts of God." Additional rider
policies may be purchased to cover these types
of casualties. Earthquake and flood insurance
riders are available and highly recommended if
your property is located in an earthquake or
flood zone.
Liability insurance on a property protects the
property owner when a claim of injury or
property damage is made. The mortgage holder on
the property requires the homeowner to have an
insurance policy in place as a stipulation of
the loan.
Renters Insurance
Coverage
Whether you rent an apartment, single family
home, multi-family dwelling or condo, your
landlords' insurance coverage does not protect
loss of your personal property. If the property
that you are renting suffers damage due to fire
or smoke, wind or lightening, theft, mischief of
vandalism, and accidental water discharge
damage, renter's insurance coverage will protect
your personal possessions. Most renter's
insurance policies also include liability
coverage which protect you in the event of an
accidental injury to another person while on
your property. Medical expenses are often
included in this coverage type for those injured
on your property.
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