Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Property insurance can include homeowners insurance, renters insurance, flood insurance and earthquake insurance. Personal property is generally covered by a homeowners or renters policy.
Understanding Property Insurance
What are Perils?
A peril is a certain risk that may damage your home or belongings. Homeowners insurance policies help cover damage caused by certain perils, which are listed in your policy.
Typical perils that are covered by property insurance include damage caused by fire, smoke, wind, hail, weight of ice and snow, lightning, theft and more. Property insurance also provides liability coverage in case someone other than the property owner or renter is injured while on the premises and decides to sue.
Property insurance policies normally do not cover water damage caused by floods, tsunamis, drain backups, sewer backups, standing water and many other water sources. A Flood Insurance Policy will cover water damage.
Most Common Homeowner Property Insurance
The HO-3 has been the standard homeowners policy for decades and is adequate for most home owners’ personal insurance needs. For older homes, it’s still a good choice. But today, there’s something better, particularly for newer, well-maintained homes. It’s known generically as the HO-5.
Call us today at 727-584-9999 to learn more about property insurance and what coverage is best for your home.