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Insurance of property: Understanding your coverage as an owner or renter

by Ricky Díaz 06/05/2024

Photo of condo building

Insurance of property is a broad concept, including multiple types of insurance policies. Property insurance policies are incredibly important to owners of rental properties, as they can provide financial help in case of damage to the property or personal injury.

Here are some of the important facts about property insurance:

What is property insurance?

The term property insurance is generally used for policies which offer either property protection or property loss protection to owners. Property insurance is available as part of homeowners insurance, renters insurance, flood insurance and earthquake coverage.

How property insurance works

Property insurance provides coverage for owners or renters of a property or structure in case of theft or damage. It also includes liability coverage for people other than the renter or owner if they are injured on the property.

What should I search for in a property insurance policy?

When shopping for a home insurance plan, make sure the policies offer all the necessary protection at a reasonable cost. It's ideal to find an insurance company with excellent ratings and reliable service in your local area.

Property insurance consists of three types of coverage: actual cash value, replacement cost and extended replacement cost. Each of these have different coverage limits, so it's crucial to understand the details of your individual policy.

Work with your insurance company to find the best value for your homeowners insurance or renters insurance coverage. Comparing quotes from different providers also gives you an edge for protecting your property.

About the Author
Author

Ricky Díaz

Aventura, Florida and Dorado, Puerto Rico

Hollywood Real Estate Investments LLC founded in Florida in 2004.

Commercial real estate broker in New York City for 6 years.

Financial Advisor - 15 years (1989 - 2004) Merrill Lynch and Smith Barney.

Education- BA- University of Georgia -MBA- Inter- American University of Puerto Rico-Metropolitan Campus.  

Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.

Florida Broker Lic. # 3052738 & Puerto Rico Broker Lic # C-22707 

*Fully Bilingual - Spanish/English*

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