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If you are purchasing anything of significant value, you need some sort of property insurance. Since there are about 5,965 insurance companies in the United States according to a 2018 survey, it can be overwhelming to choose. This is why you should know a little bit about the 2 most important kinds of insurance.


The 2 major forms of property insurance are automobile insurance and homeowners insurance. Most people have at least one of these types of insurance and it is important to know what types of property are covered by which policy.


Automobile Insurance


Automobile insurance has limited property coverage, as it only covers the personal property of your car. Car insurance is more of a way to recover from an accident by taking care of car repair or replacement costs. While it provides coverage for paying the medical bills of an uninsured motorist to the damage caused by a hit-and-run accident, it does not provide coverage for the personal possessions inside the vehicle. If your teenager keeps their personal possessions in their car and the snow plow crushes, then whatever they stored inside is not covered. The crushed car is a claim on your automobile insurance, while the personal property inside is a claim on the other main type of insurance, your homeowner’s policy.


Homeowners Insurance


Your homeowner’s insurance has more expansive property coverage. It covers what is known as real property, or property that includes land, as well as personal property. Your homeowner’s policy covers so much more than just your home. It covers additional buildings on your property such as your garage, or shed. It covers your furnace if it fails, a busted washing machine, and floods if you are in a flood zone. Your homeowner’s insurance also covers smaller personal property such as your laptop, groceries, and jewelry. If you lose power for days in a heavy blizzard, your pipes burst, and your food spoils, put that claim on your homeowner’s policy. Your homeowner’s policy also covers personal property that was in your vehicle. If your car is broken into and your laptop is stolen, then the automobile insurance covers the car while your homeowner’s policy covers the stolen laptop.


Now you know the 2 major types of insurance you should be looking for, contact Cole Harrison, your local independent insurance agent, to help you find the right policies to meet your needs.

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