Insurance of property: Understanding your coverage as an owner or renter

by Tracy Johnson 07/31/2023

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

Tracy Johnson

With over 29 years of extensive real estate experience in the Boston and Metro West areas, I bring a proven track record of success to every transaction. My commitment to working tirelessly and strategically ensures that your needs are met, and I’m here to guide you in making confident, informed decisions—whether you’re buying or selling your home.

Over the years, I’ve been trusted by developers, builders, attorneys, financial planners, and other professionals to represent their interests in selling condominiums, townhomes, new construction, investment properties, commercial real estate, and single-family homes. Simply put: I know your neighborhood, and I know how to get results.

As a skilled problem solver and negotiator, I thrive on overcoming challenges that can otherwise halt a sale. When unique obstacles arise, I leverage my experience and a network of trusted experts to deliver solutions.

My marketing strategies are designed to get your home sold quickly and at the best possible price. From first-class promotion to actionable advice, I’ll equip you with everything you need to achieve success.

If you’re searching for a real estate professional you can trust to help find your dream home or sell your current property, let’s connect. I’m confident in the quality of my service, and if you’re not completely satisfied, you can cancel anytime. I’m always available by phone or email—feel free to reach out anytime.

I am committed to delivering the results you deserve. Let’s make your real estate goals a reality.