If you own a business or residential property, it’s important that you protect the structure and people who enter and exit the premises. Property insurance offers coverage that prevents you from being financially or legally responsible for accidents, disasters, and unfortunate events. Use the following guide to learn more about different types of property insurance and which policy you may need for your home or business.

4 Types of Property Insurance

1. Homeowners Insurance

When you purchase a home, it does not automatically come with an insurance policy. You’ll need to purchase homeowners insurance that covers repairs, replacements, and restorations related to fire, lightning, wind, and hail damages. Additionally, homeowners policies cover medical and legal expenses associated with accidents and injuries that may happen on the property. 

2. Renters Insurance

When you rent a house or apartment, your landlord will likely have insurance to protect the structure of the home. However, that policy will not cover your personal belongings. Renters insurance offers up to a certain dollar amount on losses to personal belongings that may occur due to theft, fire, and water damages. 

3. Business 

Like homeowners policies, business insurance offers coverage in the event of theft, vandalism, and property damages. Additionally, it protects you in the event of accidents. If an employee or customer sues you following an accident that causes damage to their property or person, business insurance will provide coverage for legal expenses, medical bills, and settlement payouts. 

4. Natural Disaster 

Though most property insurance covers fire, smoke, and hail damage, it might be helpful to have a separate policy for floods and natural disasters. Since tornadoes, floods, and winter storms often result in serious structural damages, a natural disaster policy will provide compensation for significant restorations, mold abatements, and appliance reimbursements.  

If you need adequate property insurance, turn to the reliable agents at Kleppinger Insurance, LLC. They provide homeowners, renters, business, flood, and natural disaster coverage to clients throughout Bethlehem, PA. Call (484) 357-1485 to start building a bundled policy for your home or business, and visit the website to submit a free quote request.