What is the Difference Between Property Insurance and Homeowners Insurance?

You’ve probably heard of property insurance and homeowner’s insurance. And in fact, many people throw these two terms around interchangeably. This use is not quite correct, however. Though related, the truth is that property insurance and homeowners insurance are actually two different forms of coverage.

If you own any kind of property in the Coppell, TX area, it’s important to know what kind of coverage options you’re looking at. The experts at The Select Insurance Agency are here to answer all your questions and help you get the insurance policy you need. In the meantime, here’s what you need to know about the difference between property insurance and homeowners insurance:

Homeowner’s Insurance is Technically a Form of Property Insurance

Think of it like this: all homeowner’s policies are property insurance, but not all property policies are homeowner’s insurance. And in the insurance world, the two terms are used separately to refer to specific types of coverage. Homeowner’s insurance is a form of property insurance that focuses primarily on personal dwellings. Unlike property insurance, homeowner’s policies often cover other structures on the premises that may or may not be attached to the primary dwelling structure (your house). Homeowner’s insurance is also important for a lot of people because it also can cover your personal possessions in addition to the structure.

Property insurance meanwhile refers to policies that cover the physical property. This kind of coverage can be used for both dwellings and commercial property, and it safeguards against scenarios that could cause damage to the structure itself. Liability coverage may also be included in a property policy, but usually as a requested addition. Property insurance policies may also take the forms of renters, flood and even earthquake insurance (though obviously this last one is not a common risk in Texas).

Reach out to the experts at The Select Insurance Agency today to learn more about your property insurance options. We’ve been insuring property owners across the Coppell, TX area for years, and