Ignite FB Tracking PixelUnderstanding property insurance - Byron R. Ford, Jr. Realtor®, CBR, CNHS
Byron R.   Ford, Jr. Realtor®, CBR, CNHS
Byron R. Ford, Jr. Realtor®, CBR, CNHS, Berkshire Hathaway HomeServices Robert Paul PropertiesPhone: (508) 717-5566
Email: [email protected]

Understanding property insurance

by Byron R. Ford, Jr. Realtor®, CBR, CNHS 01/25/2023

Photo of condo building

Insurance of property is a broad concept, including multiple types of insurance policies. Property insurance policies are incredibly important to owners of rental properties, as they can provide financial help in case of damage to the property or personal injury.

Here are some of the important facts about property insurance:

What is property insurance?

The term property insurance is generally used for policies which offer either property protection or property loss protection to owners. Property insurance is available as part of homeowners insurance, renters insurance, flood insurance and earthquake coverage.

How property insurance works

Property insurance provides coverage for owners or renters of a property or structure in case of theft or damage. It also includes liability coverage for people other than the renter or owner if they are injured on the property.

What should I search for in a property insurance policy?

When shopping for a home insurance plan, make sure the policies offer all the necessary protection at a reasonable cost. It's ideal to find an insurance company with excellent ratings and reliable service in your local area.

Property insurance consists of three types of coverage: actual cash value, replacement cost and extended replacement cost. Each of these have different coverage limits, so it's crucial to understand the details of your individual policy.

Work with your insurance company to find the best value for your homeowners insurance or renters insurance coverage. Comparing quotes from different providers also gives you an edge for protecting your property.

About the Author
Author

Byron R. Ford, Jr. Realtor®, CBR, CNHS

Welcome to Berkshire Hathaway HomeServices

"Top 2% of BHHS Network”
"BHHS Chairman’s Circle Platinum Award
"BHHS Chairman's Circle Gold Award
"Multi-Million Dollar Producer
"Presidents Award
"Top Producer
"Top Listing Agent
"Boston Top 20"
"Rhode Island Monthly Five Star Professional"

"#1 In Units Sold"