At any given moment, something could happen that causes damage to your home or business. The cost of repairs can be extremely expensive if you don’t have insurance. Even if you have insurance, you might not have the right type for your situation. It’s best to understand the different types of property Insurance, so you can get the coverage that’s right for you.
Homeowners’ Property Insurance
Homeowners’s property insurance provides coverage for your home and the content within it. This means that it covers the actual building and your personal items such as furniture, electronics, washers and dryers, and artwork. This coverage includes protection from perils such as fire, vandalism and theft. Certain perils, such as floods and earthquakes often are excluded from a standard policy.
To get coverage for these excluded items, you might need to get separate policies or add riders to your policy. For example, you need to get flood protection from the federal government’s flood insurance program. You can buy it through your current insurer, but it is underwritten by the National Flood Insurance Program.
Commercial Property Insurance
Commercial property insurance, or business property insurance, gives you financial coverage when accidents or perils happen that might prevent your business from carrying on. For example, you might get coverage if a fire destroys your building and the contents within in it. You also can get coverage for your inventory, your fence and landscaping, as well as your furniture and equipment.
Commercial property insurance is often divided into two sections. You can buy coverage that protects only your building or get coverage that protects only your content. You also can buy both.
Which Coverage Is Right For You
The types of property insurance you select depends on your situation. If you’re a small business owner who operates out of your home, you might need homeowners’ insurance with riders that protect your business. You might also need to get a flood insurance policy from the federal government. If you own a business and lease the property, you might need to get commercial property insurance, but only for your contents. If you own your business property, you might need to get commercial property insurance with protection for the building and the contents.
You don’t want to get caught with insufficient insurance. Visit our website to get instant quotes, or call us. An insurance agent with extensive knowledge in property and casualty insurance will help you select the best coverage for your situation.