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
Rudden|Bobruska Team
Gary Rudden, Lisa Rudden, and Nick Bobruska
RUDDEN BOBRUSKA TEAM
What sets your team apart from other real estate teams?
There is no team out in the market that offers what we do. All of us are Realtors, but
we each have specialized roles, which make our team so unique!
After decades of living and selling real estate in the DMV, we have established
ourselves as one of the top real estate teams with our market expertise and
cutting-edge technology. Our savvy high-tech marketing is on every website
and social media source. We have a huge network with other top agents, which
helps to premarket homes and discover homes for buyers before they reach the
open market. Our services include professional in-house staging services, broker
expertise in negotiating and navigating contracts, and buyer representation in all
price ranges. Each client has different needs and we create a marketing plan based
on those needs.
Our most distinct feature is our in-house construction and renovation team. We
are literally a full-service, one-stop shop when selling or buying a home!
How does the in-house construction and renovation team work?
All work is managed and completed through our licensed and bonded construction
crew. No need to call outside contractors. We are like “HGTV,” but we just don’t
have a show! Whether it’s a small makeover or a major renovation, we do it all. Our
sellers love this aspect of our team because we make preparing your home for the
market so seamless. Our buyers love the advice and insight we can give for future
renovations and repairs.
Having a licensed Maryland Home Improvement contractor as part of our team
along with the knowledge, experience, commitment and services that we offer, truly
puts our team as a vanguard in the real estate industry.