What is homeowners property insurance?

Homeowners property insurance explained

Property insurance is a standard type of homeowners insurance, and it is designed to protect the physical possessions of the homeowner, as well as the structure of home itself.

Homeowners property insurance will pay to repair or rebuild a home if it’s damaged by a disaster covered in the policy, such as hail, wind damage, or damage caused by a vehicle. It does not cover, however, damage caused normal wear and tear on the property.

Personal property coverage also protects a homeowner’s possessions and personal belongings. The insurance will pay to replace items lost or damaged as a result of a disaster like a fire or damage caused by an aircraft, or items lost because of theft.

Homeowners property insurance includes off-premises coverage, meaning that it follows the homeowners’ possessions anywhere in the world, and will pay for items lost anywhere, not just in the home insured.

Expensive items, such as fine art or furs may require additional insurance to cover their full value. If a homeowner purchases a rider to the standard insurance policy, these items will be covered, whether they are damaged, lost in a disaster, stolen, or accidentally left somewhere and not recovered.

Damages to a structure and property are not covered if they’re caused by events not included in the insurance policy. A typical homeowner’s policy doesn’t cover damages caused by earthquakes, floods, war, or nuclear accidents.