What is property insurance?

Homeowners and renters can benefit from having good insurance policies in place. Property insurance protects you against loss and damage to your home and belongings. There are two main types of property insurance. Homeowner’s coverage insures the value of the home and its contents. For those that rent, renter’s coverage insures personal belongings, like your furniture and computer. Both types of policies can also protect you from personal liability.

Why do I need property insurance?

Have you ever thought about what would happen if a natural disaster ruined your home? Or if you were the victim of a home invasion? Property insurance can help make you whole if your property is damaged or stolen.

Property insurance isn’t always optional. For instance, if you have a mortgage, your mortgage company will require you have insurance to cover at least the value of your home. And, many landlords require their renters to have renter’s insurance. Plus, both types of insurance can also protect you from personal liability if someone gets injured while visiting you.

Why should I manage my property insurance?

Having a poor property policy can leave you financially vulnerable. For example, what if a pipe bursts in your bathroom, causing flooding in your home? If you have good coverage, your insurance company will pay for repairs and costs to replace damaged items. If not, you may be stuck footing much of the bill yourself. With so much on the line, it makes sense to review your policy to make sure you have the coverage you need. 

How do I manage my property insurance?

There are a few important points in learning how to manage your property insurance. How much and what type of coverage do you need? What’s the right deductible? How much does good coverage even cost? Homeowner’s insurance can be a big expense. On the other hand, renter’s insurance can be relatively inexpensive. Whether you own or rent, it’s important to have the right kind of coverage. Understanding your property policy can be a challenge. But, there are some ways you can better manage your property insurance. Finally, it’s important to work with a knowledgeable insurance agent who can help find the right policy for you and your home. 

Discover professionals in our network

Finding a professional in your area to help you improve your personal finances is another excellent step on your journey to create wealth and achieve financial stability. A professional, such as a home and auto insurance agent, has first-hand knowledge and experience with property insurance. These professionals can answer any questions that you may have regarding your unique circumstances and help you customize a strategy that will best fit your financial needs.

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Trouble understanding your property insurance? Figuring out your property policy can be a challenge. What type of coverage do you have? What’s your deductible and coverage limits? We’ll walk you step by step so you can understand your property insurance policy and improve your coverage. Explore these personal finance insights that focus on how to…