Insurance Update

Property insurance is coverage for your property. The two types of property insurance are commercial property coverage and personal residential property coverage. There are other types of insurance that also fall under the heading of property insurance, including flood insurance and commercial real estate insurance.

Personal Residential Property Insurance

Personal residential property insurance provides coverage for your house and its contents, as well as other covered structures, such as garages or workshops.

Commercial Property Coverage

Types of property insured under a commercial property policy include land, buildings, structures, outdoor fixtures and personal property, such as equipment used to operate the insured’s business.

What is Covered

Most property policies cover damages caused by these perils: fire, lightning, explosion, riot or civil commotion, and aircraft.

What is Not Covered

Excluded coverage under a property policy includes losses caused by earthquakes, floods and maintenance losses, such as rust or corrosion.

Other Property Insurance

Other property insurance policies cover flood damage and commercial real estate. Flood insurance covers damages sustained as a result of flood damage, and can be purchased from the federal government. If you are renting to tenants, you are required to have a commercial real estate policy.

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