Insurance for Property Owners
Property owners insurance is a policy that is intended to cover the financial cost of either damage to or theft of property. There are different forms of property owners insurance that provide specific coverage types, for example: habitational insurance, commercial building insurance, vacant structure insurance, lessors risk insurance.
What Property Owners Insurance Covers
Your property insurance policy can be customized to fit your needs, meaning that what is covered and under what circumstances it is covered, as well as the amount your policy will cover can vary.
Physical property, such as buildings, personal property, or business property, can be covered by property owners insurance. Riders can be added to cover things like specific valuable items, or liability for injuries to the property owner, renter, or a guest of either.
Perils, or what causes the damage to property, that are typically included are fire and smoke, wind, hail, snow and ice, lightning, theft, and some others. Additional riders can be added to cover some of the perils that are not usually covered. Perils that are not included in most property insurance policies include flooding, sewer and drain backups, earthquakes or acts of war.
To determine which perils will be covered by your policy, you will need to discuss all risk coverage and named-peril coverage with your broker. All risk coverage is meant to cover the cost of the insured property, up to the limits of your policy, from all perils except for those specifically listed in your policy. A named-peril policy will only cover the insured property against the specific perils that are named in your policy.
Considerations for Property Owners Insurance Coverage
The idea behind property owners insurance coverage is to prevent the policyholder from facing financial ruin in the case of a loss.
•If you own a condo, you’re likely responsible for damage to the building, as well as property inside of it. Property owners insurance can help you cover these costs.
•Regardless of where you’re living, you will need property insurance to cover theft or damage to any personal property you have inside.
•Riders to your property insurance, like sewer and drain backup insurance, can protect your property when a backup in the sewer system causes your sump pump to overflow.
•Homeowners insurance is designed to help cover the cost of damage due to things related to certain weather, or water damage due to backups that occur on the premises.
•If your business is damaged due to theft, fire or vandalism, property insurance can help with repair and replacement of the building and inventory.
We have experience helping owners of the following property types:
- Apartment buildings
- Commercial buildings
- Condominium communities (homeowners associations)
- Industrial buildings
- Properties under renovation
- Strip malls
- Vacant structures
How to get started on your quote
To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!