Finding the right insurance plan can make the difference between total catastrophe and your ability to recover financially after an unforeseen event damages your home or other types of property. People often wonder what the difference is between home and property insurance, and the answer to this question will let you know if you’ve arranged for the right types of coverage. Your insurance agent can explain the differences in greater detail regarding how they affect your policies, but this general overview can help you get started on understanding what each of these terms mean.
Consider Property Insurance to Be an Umbrella Term
Property insurance is a term you’ll often hear used to describe any type of policy that covers damage to physical items you own. This includes homeowners insurance National city but it could also cover renters insurance if you live in a rental property or have one for commercial purposes. Flood and earthquake insurance are additional types you might need to purchase depending on the risk of these events occurring where your property exists.
Find Out What Your Home Insurance Policy Covers
The majority of home insurance policies cover damage that occurs to your property from a fire, vandalism, and severe wind or hailstorms. These are types of events you can’t prevent or foresee, although you might be able to take action to minimize the risk of damage. For example, making sure your home’s roof is in good condition may prevent shingles from flying away during a storm. However, there may be times when your best preventative efforts don’t work and damage occurs anyway. Once you figure out what your homeowners insurance covers, you’ll be able to decide if you need to arrange for additional types of property insurance.
Determine if You Need Additional Riders on Your Policy
For some people, a general home insurance policy doesn’t cover all the pieces of property with value in the house. For instance, you might own valuable works of art or high-end jewelry that might be overlooked if you don’t make sure it’s covered in the policy. Many home insurance companies allow you to purchase riders that cover electronics so you also know your computer or sound system is covered if it’s stolen or otherwise damaged on your property.
Think about Using Property Insurance for Other Specific Needs
Making sure your home is covered is critical, but you might also need property insurance to cover the types of valuables you possess. For instance, you might operate a small business and have special types of equipment that need to be covered under a policy. Or you might be a renter and need to know the items you own inside the home are covered even if you can’t be compensated for damage that occurs to the building’s structure. Telling your insurance agent about any special circumstances that exist in your life lets you know which types of property insurance apply to your situation.
No matter which type and amount of coverage you choose, make sure to buy your home insurance from a trustworthy, experienced provider. For reliable, affordable home insurance, San Diego homeowners know they can trust Altra Insurance Services. We also provide renters, commercial, motorcycle, and auto insurance National city National city residents can receive a free quote by calling one of our friendly agents today at (800) 719-9972.