When you live in a home or rent an apartment or condo your own, then you should have insurance coverage to compensate for losses due to vandalism, theft, fire and some other causes. You should have liability insurance in case where get neglected or did something which causes a lot of losses. Property insurance which includes homes that covers and much broader many of the things like tools, clothing, jewellery, art and electronics against type of losses in some different places.

Business and Personal properties represent second largest source of the premiums to insurers.
Homeowners with mortgages are required to insure property against injury or loss to others. Most of the owners protect their all belongings, which are in and out of house, with additional insurance.

Property insurance is that insurance policies which is being provided for property having non-business or personal use.
Types of property policies includes:
– Seasonal dwelling insurance
– Secondary dwelling insurance
– Condominium unit owner insurance
– Mobile home insurance
– Homeowner’s insurance
– Tenant’s insurance

Importance of Property Insurance
There is a basic goal behind buying insurance is to make you financially whole following a loss. You agree to pay small token of fee to insurance company, which causes small but a certain loss to you, in an exchange for guarantee from insurance company which may bear burden of large but some uncertain loss in future.

Suppose you have a home which belongs to you, a clear and free without insurance. As long as you are paying property taxes, so you have right to enjoy use of house till the time you like, as guaranteed by law. You may live that house, leave it vacant,rent it out or even you sell it.

Who Needs Insurance?
Thankfully for those people who do negligent in their responsibility to have insurance on property, so in many of the cases by either contract or law to have insurance. While not many U.S. state laws need to carry insurance on property, they often need form of a liability insurance, especially for the cars. This insurance covers financial or repair restitution to someone besides individual at fault. For example, person at fault of liability insurance which pays to fix cars, or pays medical bills.

Coverage
According to survey done which has been published in Journal of Financial Planning, many of the homeowners vastly misguided views of homeowners insurance which actually covers. According to this survey done by National Association of Insurance Commissioners, “One third of the homeowners believe that damage caused by flood will be covered by standard policy. Over half of the policy covers event of water line break. 35% percent believe that they will get compensated for earthquake.”
In fact, typical perils which causes of property destruction are typically not covered are:
– Parts of the property in disrepair
– Flood damage
– Earthquake
– Mold
– Acts of war

Policies often are written like something to be covered, like this must be “accidental and sudden”, this means that this wasn’t slow leak which cause damages over number of months. Often it is not covered by insurance.
The typical perils which are being covered include:
– Theft
– Hail
– Wind
– Fire