There’s no place like home, but what happens when something goes wrong? That’s where property insurance comes into play. Property purchases are one of the most important milestones of life. It is a great sense of achievement.

Property insurance is provided by an insurance company with a small premium amount. It provides you with the coverage on your property against damage that incurs from natural calamities, theft, fire, vandalism, and accidental damage by vehicles, etc.

What does property insurance cover?

1. Natural calamities and man-made destruction such as cyclones, floods, and fire due to lightning. It also covers the man-made damages acquired through vandalism, fire, and theft. Compensation is provided in both cases.
2. Loss of assets. In addition to the protection of the property structure, it covers the loss of assets, like electronic devices, jewelry, furniture, and other valuable items.
3. Liability protection. The liability to accidental damage to a third-party member caused by you in your property premise is also covered by the insurance provider.
4. Temporary living expense compensation. If you have to live in a rental when your damaged home is getting repaired, then you will be compensated for the temporary accommodations.

To meet the needs of every home buyer, an abundance of insurance companies offers a wide range of home insurance policies.

1. Insurance of structure. The insurance policy can only be purchased by the owner of the property and not the tenant. It covers structural damage of the property and if any sheds, garages, etc. is attached to the property.
2. Insurance of property contents. As mentioned before, this insurance covers the loss of personal assets and belongings. This insurance can be purchased by a tenant.

A small amount of premium covers a large amount of a loss that happened through any uncommon event. 

Merits of property insurance

1. Your property contents and structure are covered comprehensively.
2. It comes with a much lower premium compared to other types of insurance policies
3. It is like a one-stop-shop as a fail-safe mechanism.
4. A well-researched insurance policy bought will help you to restore your property and normalize your life pretty fast.

There are damages which are not covered in property insurance. This can vary from company to company. Here’s a few of them, terrorism acts, military attacks, property wear and tear, not occupied for a long period, and willful destruction.

You may find only too late that what you thought was adequate coverage was the bare legal minimum in the area you live. When looking at what the benefits of property insurance are, insist on quality coverage. But, remember, that cheap insurance can be very expensive. If you have questions, please email Vickie at This email address is being protected from spambots. You need JavaScript enabled to view it. or call at 717-790-2171.