What is Property Insurance

As you finish college and you start to purchase property, you’ll need to start looking for insurance to protect yourself. You may want to buy a home, rent a condo, or start your own business. All of these items will need to be insured. Talk with the professional team in Coppell, TX at The Select Insurance Agency when you need to know more about property insurance.

What is Property Insurance?

Property insurance gives you coverage for property that you own or are renting. If you are buying a home, most lenders will require you to have at least the minimum amount of coverage. Property insurance usually covers damage due to fires, theft, explosions, and other unexpected damages. According to your policy, you’ll be reimbursed for expenses that you’ll need for repairs or to rebuild your property.

Types of Property Insurance

There are several different types of property insurance. Usually, property insurance is tied to liability and casualty insurance, which gives you maximum protection for your needs. Here are a few examples of property insurance.

  • Homeowners insurance
  • Auto insurance
  • Renters insurance for condos and single-family homes.
  • Landlord insurance
  • Mobile or manufactured home insurance
  • Commercial or business insurance

Limitations of Property Insurance

Property insurance can cover a variety of mishaps and perils, but not all insurance covers every disaster. Most insurance has a list of exclusions within the policy. Some can include instances of damage during wartime, earthquakes, or nuclear meltdowns. Don’t be discouraged, you can contact your authorized insurance agent in Coppell, TX at The Select Insurance Agency and find out the exact limits of your property insurance policy. You can always see if you can add these perils to your contract. These agents are available to help you with your existing policy or start a new one.