Before You Buy Property Insurance
Find Out What's Covered by Homeowners and Business Insurance
Find out what questions to ask before you buy property insurance. The property insurance policy provides coverage for your home or business and the items inside.
You buy property insurance to cover your home or place of business and the items inside. Property insurance policy coverage includes coverage for a number of covered perils, including fire, hurricane, theft, windstorm and hail. You can purchase additional coverages before you buy property insurance coverage including Vandalism and Malicious Mischief as needed, to increase your property insurance policy protection.
There are a number of property insurance exclusions. Earthquake, Backed-up Sewers, Military Action and Wear and Tear are always excluded from the Business Owners' Insurance Policy (BOP), but sometimes additional premiums will un-exclude Excluded Items.
If you purchase a Business Owners' Policy (BOP), property insurance will be included in the insurance policy. Likewise, property insurance coverage is included in the standard homeowner’s insurance policy. Research different insurance companies before you decide where to buy property insurance coverage.
Before you buy property insurance, check with your insurance agent to determine:
- How far the property insurance coverage extends;
- Verify what perils are covered by your property insurance policy and
- Determine if you need to add on any additional coverage to protect your property.
Don't be fooled- if you buy a flood policy provided by your lender, also known as a lender’s insurance policy or force-placed insurance, it most likely doesn’t coverage your personal property or the items inside your home or business.
The lender’s insurance policy is designed to cover a loss to your home or business structure only. Read more about lender's insurance policy news items on the insurance blog.
Talk back with a writer: tell Lisa Nichols about your experience buying property insurance.
