Things You Need to Know About Property Insurance

Submitted by Pike Mutual on Mon, 07/29/2019 - 9:00am
Property insurance coverage

Though motorists are required by law to carry liability insurance for their vehicles, the same regulations aren’t in place regarding property insurance. While it’s true that many mortgage companies require homeowners to purchase property insurance, people who fully own their property don’t face such requirements. However, this doesn’t make property insurance an optional purchase.

Who Needs Property Insurance?

In reality, if you own property, you should get it insured. Without insurance, if your home caught on fire, you would not receive any financial assistance for rebuilding your house or recovering lost property. For many, this would mean losses resulting in hundreds of thousands — or even millions — of dollars. Property insurance typically covers the structure and much of your personal property, which can give you the financial resources you need to deal with the aftermath of a serious incident.

Many policies also include some level of liability insurance, which can protect you from lawsuits if someone gets injured while on your property. However, certain threats (like flood damage) often require a separate policy.

What Should You Get Covered?

If you own a property — whether it be a single-family home, a mobile home, a rental property, or even farmland — you should get insurance coverage. Pike Mutual offers customizable programs for homeowners, mobile homeowners, and farm owners that address property replacement costs, liability issues, and more. 

Parting Thoughts

By investing in quality property insurance, you can have peace of mind knowing that your finances will be secure, no matter what unexpected incidents might come your way. Keep your finances and property safe by working with an agent to find the right policy today.

Did You Know?

The replacement cost of your home is not the same as the market value. Replacement cost will include the complete rebuilding of your home, including labor. Market value refers to the selling price of your home and land.