There are many types of property insurance available for insuring your property in the event of a break in, fire, or any other damage. These can be availed whether you are a home owner or if you are renting property.

Homeowner’s and home insurance are policies that you take out to protect yourself and your property in the event of experiencing some loss or damage on account of thefts, break in, fire, rain or storm damage or any other such accident. Given the uncertainty of the times we live in, most investment advisers recommend that whether you own property or rent one, it would be a wise investment to pay a yearly premium towards home insurance.

Property insurance can cover a range of things that have been listed below.

• Home owner’s insurance
• Renter’s insurance
• Earthquake insurance
• Flood insurance

If you possess high-value assets that you keep on your property they may also be insured by purchasing an additional rider to the property insurance.

While property insurance covers losses incurred due to damage caused by fire, wind, hail, smoke, lightning, and theft, it also provides a liability coverage in case a person who is not the owner or renter of the property is injured when on the property, in the event of a suit being filed. Always ensure that you read the fine print on your insurance policy so that you are well informed of exactly the kinds of losses that are covered and what are not as some kinds of damage may fall under an exclusion clause.

Home owner’s insurance comes under property insurance and covers any loss or damage caused to the insured’s house and possessions, the subject of course to the filing, and approval of a proper claim with all necessary supporting documents.

Renter’s insurance is another form of property insurance which primarily provides coverage for the insured’s possessions or liability for injury when on another’s property.

Property insurance premiums are calculated on the basis of the total insurable value which is a summation of all the costs of the physical structure as well as the expense of all objects housed within it.