Purchasing a home is a significant investment, so it's important that you take the necessary steps to keep it protected. Yet, many homeowners are confused by the available options. Some people have difficulty with the choice between property and home insurance. While the policy styles are similar, they serve different purposes. Below is a closer look at what you need to know about these options. 

Property Insurance

As the name suggests, the insurance type is focused on covering the property. Typically, it's related to a structure, such as a home or business. Yet, property insurance can also cover family vehicles, recreation vehicles, and boats. 

Such coverage is very focused, as it offers financial assistance with repairing or replacing damaged property. The protections extend only to the specific item for which it was purchased. While that's important, most situations require additional coverage, such as liability. For that reason, property insurance is typically sold in a package accompanying other coverage areas. 

Home Insurance

Policies designed for homeowners include multiple points of coverage, including property insurance. The property portion of the plan is reserved for the main dwelling. When damage occurs to the structure, that aspect of the policy kicks in to help cover repairs. However, the protections provided by home insurance extend far outside of property coverage.

Along with the main dwelling, homeowner's coverage can extend to non-attached structures, like sheds. Liability is also a common aspect of home policies, which offers financial assistance with property damage and injury claims. Additionally, standard plans also offer coverage for personal belongings within the structure, including electronics. This plan could also cover temporary living expenses when an incident requires you to live off-site while repairs or replacement construction takes place. 

Keep your property protected with the help of America's Favorite Insurance & Tax in Texas and Florida. Residents across Dallas, TX, and Pompano Beach, FL, turn to the local insurance agency for dependable, personalized service. From auto to business insurance, the team of agents is dedicated to quality assistance. Learn more about their property and home insurance offerings online, and request a quote today at (972) 662-8221.