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What is Property Coverage?

Article Details
  • Written By: Malcolm Tatum
  • Edited By: Bronwyn Harris
  • Last Modified Date: 01 September 2018
  • Copyright Protected:
    2003-2018
    Conjecture Corporation
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Sometimes known as personal property coverage, property coverage is insurance protection that helps to offset losses incurred due to the theft or damage to personal property. Insurance of this type can take on several forms, including vehicle insurance, tenant’s or renter’s insurance, or even homeowner’s insurance that includes provisions for insuring furnishings and other forms of personal property. Coverage of this type may be bundled with other insurance plans or serve as stand-alone solutions for specific needs.

With property coverage, it is possible to insure items that would be somewhat expensive to replace in the event they are damaged or stolen. Insurance of this type is especially helpful for tenants, since it can cover appliances, furnishings and even clothing that is damaged in a covered natural disaster or an act of vandalism. While many landlords carry insurance that protects the apartment building itself, many do not also include any type of coverage for the personal belongings of the tenants. As a result, a tenant who does not have personal property coverage would need to replace the damaged or stolen items using his or her own financial resources.

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Property coverage can also extend to just about any type of vehicle. This includes cars, trucks, boats and any other type of vehicle that can be used on the road or for water recreation. In some cases, insurance providers will offer property coverage that is somewhat broad, with protection provided for several different types of vehicles. The terms associated with the coverage will vary, based on the type of vehicle involved, where the vehicle is housed, and other considerations that are established by the company extending the coverage.

In many instances, property coverage will work in conjunction with other policies to adequately cover losses sustained by the insured party. For example, if a landlord’s insurance plan does provide limited protection for the personal property of tenants, the personal property coverage will often cover any costs not settled by the landlord’s insurance company. This is especially important for tenants who have belongings that are somewhat valuable and are not likely to be fully protected under the landlord’s plan.

When attempting to secure any type of property coverage, it is important to compare plans and rates with several different providers. In many cases, doing so will result in saving a significant amount in terms of premium payments. Comparing provisions within each of the insurance contracts is also important, since that makes it easier to determine if the scope of coverage provided is sufficient. Take the time to investigate the reputation of each provider, especially in terms of how claims are handled and the general level of customer service that is extended once the contract is in place. With proper evaluation of all relevant factors, it is possible to secure property insurance with the best possible terms while still enjoying a competitive rate.

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