The 4 Main Types of Property Insurance Available for Purchase

Property Insurance

Purchasing and maintaining property insurance is a necessary step in protecting yourself, your family, and your business from liability should an event that is beyond your control occurs.

Property insurance is a specially-designed policy that provides direct coverage for property owners. These policies provide extensive coverage for various types of damages.

Examples include those that are caused by the weather, theft, flooding, fire, and numerous other risks. In this brief guide, you will be introduced to the 4 main types of property insurance that are currently available for purchase.

  1. Homeowner’s Insurance – While it is possible to own a home without insurance, it is not advised. If you must finance the purchase of a home, you will usually be required to have homeowner’s insurance by the lender. This is actually the most purchased type of property insurance and has the highest level of claims.
  2. Commercial Insurance – If you are a business owner, you must protect the business with commercial property insurance. It is a type of safety system that helps protect you in case of the worst occurring. As a business owner, the risk of being held liable or sued increases dramatically. This type of property insurance will help protect you in the event of a less-than-favorable situation.
  3. Natural Disaster – There are many types of coverages provided in natural disaster property insurance. This includes earthquakes, hail, tornadoes, hurricanes, and other types of events and inclement weather. When purchasing this type of property insurance, it is imperative that you know exactly what the policy entails. This way, if and when a natural disaster occurs, your finances are completely protected.
  4. Flood Insurance – In most instances, regular property insurance coverage does not include coverage for flood damage. If you have a home or business near a body of water, flood insurance is critical. If you have a plumbing system, flood insurance is also necessary. Even if your area is not prone to flooding, it is imperative that you take out a flood insurance policy for your home and/or business.

We Can Help

Buying a home and/or a business is a huge investment. You must protect your investment. In order to do so, you must obtain one or more of the above-listed types of property insurance.

These will help in covering your home, your business, and your belongings against various types of damage and destruction that commonly occur throughout the nation, such as fires and/or extreme weather conditions.

Without obtaining property insurance, you will have to pay for repairs, suits, and rebuilding yourself.

If you are looking for property insurance in New York, we here at Modica Associates can assist you! For over 5 decades, we have established solid working relationships with many of the most competitive of all property insurance programs available for a wide assortment of different property types.

These include businesses, residential buildings, commercial buildings, Brownstones, condos, co-ops, and even strip malls! To learn more, contact us today by calling the following number: 718-855-1836

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