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Personal residential property insurance provides coverage for your house and its contents, as well as other covered structures, such as garages or workshops.
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Types of property insured under a commercial property policy include land, buildings, structures, outdoor fixtures and personal property, such as equipment used to operate the insured's business.
- Most property policies cover damages caused by these perils: fire, lightning, explosion, riot or civil commotion, and aircraft.
- Excluded coverage under a property policy includes losses caused by earthquakes, floods and maintenance losses, such as rust or corrosion.
- Other property insurance policies cover flood damage and commercial real estate. Flood insurance covers damages sustained as a result of flood damage, and can be purchased from the federal government. If you are renting to tenants, you are required to have a commercial real estate policy.
