ERA Real Estate
Joyce Torelli - Broker, Real Estate Consultant, ERA Real Estate Phone: (508) 380-5229
Email: [email protected]

Understanding property insurance

by Joyce Torelli - Broker, Real Estate Consultant 10/07/2024

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

Joyce Torelli - Broker, Real Estate Consultant

Joyce Torelli, Broker - Realtor Consultant 508-380-5229 [email protected] 

CRB, ASR(Accredited Seller Representative), CBR, SRES www.JoyceTorelli.com Please see a few of the Google reviews that recent and past clients have been thoughtful to leave, as well as some written testimonials attached. Top 3% of 375 Professionals – 15 ERA Key Realty Offices.

“I am currently a longtime resident of over 30 years in Marlborough, MA, but mainly grew up in Hudson MA. Later, I had the opportunity to live in various towns in and around the Middlesex County area (Acton, Bolton, Framingham, Hopkinton,) as well as in the Netherlands, Europe. Bringing understanding, insight, and strategy on the home sale marketing and sale process is critical. With over 30 years of experience, I have helped hundreds of homeowners get their home sold for the very best price and terms with the least inconvenience, with skill, caring, and a marketing plan tailored to their needs and their home! My buyer clients benefit from the same 30 years plus of experience of positioning their offers to meet with success in getting accepted, which has resulted in many happy home buyers.