What is Property Insurance?

Property insurance protects your home or rental property and personal belongings against damage or theft, and provides liability coverage for accidents on your property. It helps repair or rebuild your home and replace possessions after covered events like fire, theft, or natural disasters.

Key Benefits

  • Protection for your home's structure and attached structures
  • Coverage for personal belongings and valuables
  • Additional living expenses if your home becomes uninhabitable
  • Liability protection if someone is injured on your property
  • Peace of mind knowing your largest investment is protected

Coverage Options

HO-3 (Standard Homeowners)

The most common policy type that covers your home for all perils except those specifically excluded, and your personal property for named perils. Provides liability coverage and additional living expenses.

HO-4 (Renters Insurance)

Covers your personal property and liability if you rent rather than own. Doesn't cover the building structure, which is the landlord's responsibility.

HO-6 (Condo Insurance)

Designed for condominium owners, covering personal property, liability, and improvements to the unit. The condo association's policy typically covers the building's structure.

Flood Insurance

Separate policy that covers flood damage, which is not covered by standard homeowners policies. Often required in designated flood zones.

Frequently Asked Questions

What's the difference between replacement cost and actual cash value?

Replacement cost covers the full cost to replace damaged items with new ones of similar quality. Actual cash value covers the depreciated value of your items, factoring in age and condition.

Does homeowners insurance cover all natural disasters?

No, standard policies typically exclude damage from floods and earthquakes. Separate policies or endorsements are needed for these perils.

How much home insurance do I need?

You should have enough to rebuild your home (dwelling coverage), replace your belongings (personal property coverage), and protect your assets with adequate liability coverage.

Can I insure my home for more than it's worth?

Insurance companies generally won't let you insure your home for more than its replacement value, though land value is not included in this calculation.