The main types of Property Insurance


Property Insurance is one of the most common types, right after the Life, Health, Homeowner’s and car Insurances.

It doesn’t matter whether you are a home owner or you rent an apartment, there is always a risk the building and the content of it (your property) could be damaged or stolen. Property Insurance policy allows the owner of the property to receive reimbursement, the amount of which is determined by both parties and stated in the policy.

That is the general definition and the knowledge of the majority about this subject is limited by that simple notion. There are several types of  and we’ll try to explain each one with plain words.

Homeowner’s Insurance

This is the main and the most common type of Property Insurance. If you are a homeowner and you seek for financial protection of your building’s structure and property inside, a typical Homeowner’s policy provides protection from the list of perils that could damage or even destroy your house and its content. Moreover, not only this policy covers your house but also medical expenses in some cases if injuries were caused to you or to a third party as a result of house’s damage.

Homeowner’s Insurance

List of perils includes fire, lightning, damage caused by the wind and other hazards. Take a note that a standard homeowner’s Insurance doesn’t cover the damages caused by a flood (you will need to by a separate Flood Insurance Policy).

Inland Marine Insurance

This type of policy covers a broad variety of property that is placed at any premises listed in the Agreement. In short, Inland Marine Insurance is designed to cover all types of portable property and floaters, owned by individuals or business entities.

Inland Marine Insurance

For example, if you have a business related to refurbishment, you will have to store your equipment (like ladders, painting devices, and vehicles) somewhere out of your main building.

Landlord Insurance

If your property is being rented by tenants, your standard Homeowner’s Insurance is not enough to cover the premise and the content of it.

Landlord Insurance

There is a special type of Insurance for such purposes called Landlord Insurance. In a case your building or the property inside were damaged due to various reason (including the damage resulted from the tenant’s neglect), the policy helps financially to restore the Property.

Building under construction Insurance

The policy is often bought by the contractor – the builder in order to cover risks related to the building which is under construction. This type of policy is called Builder Risk Insurance.

Builder Risk Insurance.

The term of the policy starts the day the building project is launched and it expires on the day the building and all works in it are finished.

Renter’s Insurance

The policy protects all valuable property that is situated inside the rented premise. That could include appliances, furniture, equipment for home business, clothing, etc. If the tenant needs to protect something especially valuable (pieces of arts, jewelry) they will need to acquire another, specific policy).

Crime Insurance for Commercial Property

Crime Insurance

This type of policy is a more specific alternative to the traditional Commercial Property Insurance, as latter does not cover many perils, such as money and securities fraud and theft committed by Company’s own workers or ex-workers (and exactly these cases happen the most often).

The policy is purposed foremost for business owners and Corporations and it covers the risk of equipment or commercial data (through cyber crime) being stolen by an employee.

The policy includes such events as money theft, fraud with data and computer software, equipment damage (on purpose) and other risks.


Please enter your comment!
Please enter your name here