eXp Realty LLC

The basics of property insurance

by Abbey Napodano 01/01/2024

Photo of condo building

Insurance of property is a broad concept, including multiple types of insurance policies. Property insurance policies are incredibly important to owners of rental properties, as they can provide financial help in case of damage to the property or personal injury.

Here are some of the important facts about property insurance:

What is property insurance?

The term property insurance is generally used for policies which offer either property protection or property loss protection to owners. Property insurance is available as part of homeowners insurance, renters insurance, flood insurance and earthquake coverage.

How property insurance works

Property insurance provides coverage for owners or renters of a property or structure in case of theft or damage. It also includes liability coverage for people other than the renter or owner if they are injured on the property.

What should I search for in a property insurance policy?

When shopping for a home insurance plan, make sure the policies offer all the necessary protection at a reasonable cost. It's ideal to find an insurance company with excellent ratings and reliable service in your local area.

Property insurance consists of three types of coverage: actual cash value, replacement cost and extended replacement cost. Each of these have different coverage limits, so it's crucial to understand the details of your individual policy.

Work with your insurance company to find the best value for your homeowners insurance or renters insurance coverage. Comparing quotes from different providers also gives you an edge for protecting your property.

About the Author
Author

Abbey Napodano

Hello, I'm Abbey, a lifelong resident of the growing Charlotte area! My joy stems from sharing this wonderful region with my young son and being an integral part of the community.

With a degree in Psychology from UNC Charlotte, I've seamlessly applied my academic knowledge to my fulfilling Real Estate career. My foundation in psychology has enabled me to understand the unique needs and preferences of my clients, fostering strong, lasting relationships in the process.

My journey in real estate has been shaped by unwavering integrity, diligent work ethic, and the meaningful connections I've forged with the incredible individuals who share the privilege of calling the Carolinas their home.

As a resident of Tega Cay, SC, my family and I delight in an active lifestyle, enjoying things like pickleball, yoga, lakeside adventures, and the Tega Cay outdoor concerts. Embracing the heart of this community, I am inspired to assist you in finding your dream home and loving where you live.

Let's embark on this exciting journey together, creating cherished memories and finding the perfect place you'll be thrilled to call home.