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December 17
Property Insurance Keeps Your Assets Protected

Property Insurance Keeps Your Assets Protected

Property Insurance is one of the most fundamental and important types of insurance out there. It is designed to protect a person’s most prized possession – their home. Everyone should have property insurance because the loss or damage of something as serious and major as the place where you live is not only going to be economically devastating, it is going to be emotionally turbulent as well. Something as simple as having the finances in order can go a long way toward keeping an already bad situation from getting much worse. There are many different types of property insurances, however, and they can vary quite a bit depending on your own unique living situation. The good news is that they are very flexible and can be tailored to fit exactly your set of circumstances. Let’s take a quick look at some of the most basic categories of property insurance and what they cover.


Homeowners insurance is one of the most major types of property insurance. In fact with the possible exception of Renter’s insurance, it is the most pervasive and well-understood by the everyday consumer. Homeowners insurance is just what the name implies, it is a type of property insurance which is designed to protect a homeowner in the event of damage to their home or belongings.

The coverage in homeowners insurance can vary a great deal from policy to policy, but generally coverage includes:

  • Damage to the home itself
  • Coverage of personal belongs lost through an insured disaster or theft
  • Liability protection which provides coverage for court costs, awards, and settlements related to bodily injury or property damage that you, your family members, or pets do to another person.
  • Living expenses such as hotel or restaurant bills that are incurred as a result of having to relocate due to the incident.

Renter’s Insurance

Renter’s insurance is the other common type of coverage that people think of when they hear the phrase property insurance. Renter’s insurance works in ways that are very similar to homeowners insurance, but of course this type of insurance is designed for people who rent an apartment or home rather than owning their own place. Renter’s insurance protects the covered individual from being liable for the property damage that is incurred where they rent. Many apartment complexes and even individual landlords require as part of their lease agreement that their tenant have renter’s insurance.

The coverage on specific Renter’s insurance policies will vary but generally includes:

  • Damage to the property itself
  • Coverage of personal belongs
  • Liability protection
  • Living expenses incurred as the result of a covered incident


Condo insurance is similar to Homeowners and Renter’s insurance but is designed specifically for people who own a condo instead. There are a few important differences to be aware of however, such as:

Dwelling Limit – Condo insurance typically only covers damage to the interior of the dwelling. The exterior of the dwelling is generally covered by a master condo policy purchased by the condo association.

Other Structures – Homeowners insurance covers additional structures such as garages, tool sheds, fences, mailboxes, etc. Condo insurance does not.

Loss Assessment – This is a feature of condo insurance which is not included in homeowners insurance.

This goes into effect if there is a claim against the condo as a whole and that size of that claim is greater than the association’s master condo policy. In that case the condo association might assess fees against the individual unit owners to cover the extra cost and the loss assessment feature in condo insurance prevents the owner from being liable for this cost.

Mobile Home

Mobile Home insurance generally covers much less than before mentioned types of insurance, but by the same token it also generally costs much less. It is specifically tailored to fit the needs of individuals who live in mobile homes. The exact coverage you are eligible for and which is recommended for you will vary depending on whether or not your mobile home is on blocks, a permanent foundation, or wheels. Either way though there are a lot of great options out there which enable you to cover your mobile home!

Categories of Property Insurance:

Since the risks and insurance needs of a property vary based on whether or not that property is occupied there are two categories of coverage:

Vacant Dwelling – As the name implies this type of property insurance for unoccupied properties
Tenant Dwelling – This is the type of coverage for occupied dwelling

Additional Types of Property Insurance:

Flood – Most standard property insurance policies do not cover flood damage that is why a separate policy may be required if this risk is a concern.

Personal Umbrella – This type of property insurance is specifically designed to fill in the gaps of your regular insurance coverage. Thus for example, if a claim exceeds your homeowners policy coverage then your umbrella policy would kick in.

Builders’ Risk – Designed to protect builders against the various types of costly risks which can occur in this delicate phase of a property’s life.

Secondary Residence – Insurance type for properties which are used as a secondary residence for the owners.

Selecting the right property insurance for your needs can often seem challenging or complicated. However, here at Beaty insurance we are committed to making the process as smooth, and easy to understand for you as possible. We are always happy to answer your questions, give advice, or provide you with rate quotes.