Property Insurance

Property insurance is a broad term that refers to insurance that protects your property. That can be physical property or even your identity in some cases. Property insurance comes in residential as well as commercial variations.

The most common types of property insurance are:

• Homeowners Insurance
• Renters Insurance
• Condo Insurance
• Mobile Home Insurance
• RV Insurance

Other types of property insurance are:

Identity Theft Coverage - You may be a victim of identity theft if someone is using your identity or credit cards without your permission. With identity theft insurance coverage, your insurance company will put a freeze on all your cards and make all necessary phone calls or contacts with your bank or credit card companies to stop the abuse before it gets any worse. Provisions on this insurance usually include an emergency cash advance feature and a recovery provision where you can be paid up to your policy limit for losses incurred while your identity was stolen. Some companies also provide credit monitoring as a benefit of the policy, while others are willing to add credit monitoring for an additional fee.

Flood Insurance - Flood insurance is only available through the National Flood Insurance Program (NFIP), even though your flood insurance may have your insurance company's name on the top of the policy. Flood insurance is only available to people who live in flood plain areas, and if the property is not in an area recognized by the NFIP as at-risk for flooding, you cannot purchase the policy.

Personal Umbrella Liability Insurance - Considered a form of property insurance because it protects your property, personal umbrella insurance coverage will pay the difference in a settlement that is more than your home or auto coverage limits. This means that you don't have to make up the difference between how much your homeowner's or auto insurance will pay out and how much the settlement was for.

Commercial Real Estate Insurance - If you're renting out apartments or own a condominium building, your tenants will only be insuring what they are responsible for. Your responsibility is to insure the building itself as well as any outlying buildings that are part of the commercial property. Commercial real estate policies come in two types: named peril or open peril. Open peril means everything is covered that is not specifically excluded in the policy coverages. Named peril will usually name fire, windstorm, vandalism, theft, and other typical perils. If you have a named peril policy and something happens to your building that is not specifically listed in your policy as a covered peril, you will not be covered by your property insurance policy for the loss.