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Property Insurance - What Is It?

May 8, 2008
What is property insurance? What is homeowners insurance? These may be some questions you have while shopping for insurance for your home. This can be a very confusing and daunting task, but it is time to clear up the confusion now so you can get on with your shopping.

Let's get some clarification on these two terms before moving on.

The reason people get insurance on their home in the first place to insure the possessions in the home and the home structure itself. This is exactly what homeowners insurance covers. Believe it or not, this insurance does not cover the land the home is sitting on. It has not need to be insured if you think about it.

What you really need to know in case of an emergency, is how much it would cost you if you lost everything. How much will it cost to replace your home if it was destroyed? This is a very important number to know. You also need to do an inventory of everything in your home so you know an estimate of what it would cost to replace the items.

You may think that the price you paid for your home is the amount that you will want to give your agent when figuring a rebuilding price. This is simply not the case. Pricing goes up every year, and so your rebuilding rate will be more than what you paid for the house. This is why it is important to get some help and get the coverage you need.

I have always struggled to understand insurance. It doesn't matter if it is homeowners, renters, car, or medical insurance. It has all been quite confusing to me. This is why it is so important to get people to help you. Finding a real estate agent who is willing to help you out in figuring the amount of a rebuild is a good way, but it is also important to do your own research.

It can be time consuming and taxing to try to figure out everything you own and how much it is all worth, but it is worth it. Take a camera or video camera and record certain items. This could be a big time saver in the end if you did have the misfortune of losing everything.

So, there you have it. Property insurance really is the same as homeowners insurance. You don't need to insure the land your home is one, just the structure and your possessions. Take your time when shopping around for the best premium and coverage you can find.
About the Author
Carrie Harris is a homeowners insurance companies expert and wants to help others understand this industry much better. Be sure to check out more of what she has to say about homeowners hazard insurance
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