Property insurance isn't one-size-fits-all. Whether you own a home, rent an apartment, lease out a property, or run a business, the right policy depends on your specific situation and needs. Learn more about the most common types of property insurance and the coverage they provide.
Homeowners Insurance
Your home is your refuge, and also a crucial financial investment. Homeowners insurance helps protect that investment from common risks, such as burglary or vandalism. A homeowner's insurance policy can include protection for:
- Your house and attached structures
- Other structures, such as detached garages and tool sheds
- Personal property, such as the contents of your home
- Additional living expenses in case your home becomes uninhabitable due to a covered loss
Depending on where you live and what kind of risks you face, you may want to add specialized coverage to address risks that aren't typically covered by a traditional homeowners insurance policy. This can include:
- Earthquake insurance, which is designed to help with losses associated with earthquake damage
- Flood insurance can help cover your home and belongings if they sustain water damage
Landlord Insurance
This form of property insurance is designed to help protect you from losses or damages associated with a residential home, condo, or apartment that you rent out. Like homeowner's insurance, it can include coverage for the dwelling itself and other structures on the property. Unlike homeowner's insurance, it likely will not cover the tenant's personal property.
Landlord insurance may also provide coverage for:
- Property you leave on-site for maintenance, like a lawnmower or snowblower
- Liability in the event a tenant or one of their guests is injured on the property
Renters Insurance
If you rent your home, the insurance your landlord holds likely does not cover your personal property. Renter's insurance, sometimes called tenant's insurance, helps protect your belongings. Much like other forms of property insurance, the disasters covered may vary from policy to policy. These can include fire, smoke, vandalism, and theft.
Renters insurance may include coverage for:
- Your personal possessions
- Personal liability, in case someone is injured in your rental
- Property damage caused by you or your family
- Additional living expenses, which can help if a covered disaster damages your rental property and you need to live elsewhere while your home is repaired
Commercial Property
Whether you own or lease your building, commercial property insurance can help businesses of all types. Commercial property insurance is designed to offer protection in case your property is stolen, damaged, or destroyed by a covered peril.
Your commercial property insurance may be sold on its own or included as part of a bundle, such as a Business Owners Policy.
A commercial property policy can help cover:
- Your business's building. This can include permanently installed fixtures, machinery, and equipment
- Business personal property, like furniture and inventory
Depending on your industry and the equipment you need, you may want to supplement your commercial property insurance with more specialized coverage, such as:
- Tools and equipment insurance, also called inland marine insurance. This coverage can help protect property in transit or mobile equipment.
- Boiler and machinery coverage, which can cover losses related to the malfunction of boilers and machinery.
Whether you're looking to protect your home, a rental property, or your business, the right property insurance can make all the difference if the unexpected happens. To learn more about property insurance and how to protect your belongings, reach out to a trusted insurance professional.