Basics of property insurance

Insurance for your property is by far the most important product you can have to protect your wallet in times of catastrophe, but most people fail to add the coverage, and truthfully; it’s not something that is required by the state, so you do not get offered the coverage everytime, nor do you really want to add another bill to your account.

Let me correct a common mistake that others (not agents) are telling you about Property insurance. Property insurance is confused often with Dwelling, Renters, and Homeowner insurance, and I can understand, they all seem by definition as the same, but so does stealing, theft, and burglary.

So what is Property insurance? It’s actually a coverage that is apart of an insurance contract that protects what you own within a structure. Or in laments terms, if I were to rip off your roof from your home and flip the house upside down everything that falls out of your home is Property. Since this forum is talking about Property only, I am going to explain the product in Renters insurance only, and I want you to be aware that in most cases it can apply to Homeowner and Dwelling coverage’s as-well, but differences do exist because of the underlying need of people who own homes have different requirements than people renting.

In the Renter’s insurance contract property plays a vital role in the policy, it is in essence the insurance that covers all the loose items in you living area that is not attached to the apartment or home your living in. Why it is vital? I could have easily used the word important or of great significance, but vital is the right word because when your items are on fire burning away to ash, you can see right now why Property insurance is vital. As all insurance contracts are made, the purpose of Property insurance is to bring you back to the way you were before the loss. So if a fire takes your property away from you, then the insurance company has a vested interest in giving you back you life again. Before you go and say that you wouldn’t need it because you do not have that much stuff, I ask you only one question, “remember when you bought all the items you needed for the bathroom the first time?” You have to remember that you own much more than you think, a good example is what you wear casually; so lets use jeans, the comfy shirt, the underwear, the socks, and the shoes combo. This simple outdated combo of clothing when it was bought new was probably at $70 dollars or more easy. Do