While most people think that they are covered by a basic home insurance policy, often, these policies don’t cover other personal items that are not within the home. In addition, a business owner may require insurance for any buildings or properties that they own. Bruce Richardson is a qualified State Farm® Insurance agent who has been providing quality insurance products to the Mooresville, IN, area for over 25 years. Below he outlines the importance of maintaining a property insurance policy. 

Why Property Insurance Is Necessary

What Is a Property Insurance Policy?

While maintaining home insurance on a primary residence is necessary to safeguard your investment, many real estate investors forget to think about other properties they own. Property insurance not only covers real estate structures, such as business offices and stores, but it also covers other items including boats or other off-road vehicles. Many times, homeowners insurance policies include property insurance within them. For example, if items within a home are damaged or stolen, it is likely that the property insurance portion of the homeowner's policy will kick in. 

What Are the Benefits of This Type of Policy?

This type of policy provides coverage for those items that are not protected under your basic home insurance policy. While the structures themselves are covered, the items within those structures are not. Property insurance also covers any damage caused to your boat or off-road vehicle in the event of an accident. 

If you have questions regarding the subtle differences between home insurance and property insurance, Bruce Richardson is a knowledgeable insurance agent who is on hand to assist you. Providing insurance policies, including car insurance, he prides himself on matching his clients with the policies best suited for them. Call him today at (317) 831-3500 or visit his website for more information.