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Before Buying Property Insurance

What's Covered by Business and Homeowners Insurance Policy Quotes

Find out what questions to ask before buying property insurance. The homeowners insurance quote provides coverage for a home or business and the items inside the home.

People buy property insurance to cover their home or place of business and the items inside. Property and home insurance policy coverage includes coverage for a number of covered perils, including fire, hurricane, theft, windstorm and hail. Prospective customers can purchase additional coverages before agreeing to a homeowners insurance quote including Vandalism and Malicious Mischief as needed to increase the property insurance policy protection.

Property and Homeowners Insurance Policy Exclusions

There are a number of property and For Sale by Owner homeowners insurance policy exclusions. Earthquake, Backed-up Sewers, Military Action and Wear and Tear are always excluded from the Business Owners' Insurance Policy (BOP), but sometimes additional premiums will un-exclude Excluded Items. If purchasing a Business Owners' Policy (BOP), property insurance will be included in the insurance policy.

Likewise, property insurance coverage is included in the standard homeowner's insurance quote. Research different insurance companies before deciding where to buy a property or home insurance policy. Coverages vary widely according to area where the home or business is located and by company coverage offerings. Before finding a property or homeowners insurance quote, check with an insurance agent to determine:

  • How far the property insurance coverage extends;
  • Verify what perils are covered by the property or homeowners insurance quote;
  • Determine if additional coverages are needed to protect the property.

Lender's Flood Insurance Policy Coverages

Don't be fooled- when buying a flood insurance policy provided by a lender, also known as a lender's insurance policy or force-placed insurance, it most likely doesn't cover personal property or the items inside of a home or business. The lender's flood insurance policy is designed to cover a loss to the home or business structure only.

This article was first published on Suite101.com.