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The Difference Between Property and Homeowners Insurance

If you are looking for insurance for your home, you may be confused at what to get. There is property insurance and homeowners insurance. Is there really any difference between the two? Is it possible that you may have to insure the land your home is on?

Let's take a look and clarify a bit exactly what this means.

Homeowners insurance applies specifically to the home and the possessions in the home. Although, it may not apply to every possession. If you have a garage, shed, or any other structure, homeowners insurance will cover that as well. The kicker here is that it does not apply to the land your home sits on. Obviously, the grass and dirt don't need to be insured, so this is why it is this way.

So, homeowners and property insurance are the same thing. There is no need to insure your dirt. With that in mind, it is important to think about what does need to be insured and take a good look at everything you own. Then, you need to do a pricing on everything so you can tell an agent how much it is all worth. You may not like doing this, but it can be well worth it in the end.

You may think that the price you paid for your home is the amount that you will want to give your agent when figuring a rebuilding price. This is simply not the case. Pricing goes up every year, and so your rebuilding rate will be more than what you paid for the house. This is why it is important to get some help and get the coverage you need.

There aren't too many people who understand homeowners insurance. In fact, for a long time, I didn't understand one bit of it. The problem with that is that I didn't have the coverage I needed. There are too many people like that in the world and it is important to learn more about your policy.

It can be time consuming and taxing to try to figure out everything you own and how much it is all worth, but it is worth it. Take a camera or video camera and record certain items. This could be a big time saver in the end if you did have the misfortune of losing everything.

So, there you have it. Property insurance really is the same as homeowners insurance. You don't need to insure the land your home is one, just the structure and your possessions. Take your time when shopping around for the best premium and coverage you can find.

Carrie Harris is a homeowners insurance companies expert and wants to help others understand insurance in a clearer way. Be sure to check out more of what she has to say about homeowners hazard insurance






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