What are different types of property insurance?


Quick Answer

Different types of property insurance include auto, home, wind, flood and umbrella liability insurance, according to Investopedia. Such insurance offers protection against property losses and legal liability against damage to the person or property of others. This type of insurance is also known as casualty insurance.

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What are different types of property insurance?
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Full Answer

Auto insurance covers the policy holder, the spouse, other family members and any other person legally authorized to drive the covered car, explains Investopedia. The policy commonly covers medical expenses resulting from bodily injury, damage to the car and liability for property damage and personal injury to others. The amount of the deductible and premiums depend on several factors, including driving record and the value of the car.

Homeowner's insurance typically offers protection for the physical structure of the house, personal property and various types of liability, adds Investopedia. Providers offer a range of different types of homeowner's insurance that are tailored according to several factors, such as the type of dwelling, the location and the amount of coverage desired. Situations such as damage caused by flood or wind are not commonly covered by homeowner's insurance and have to be purchased separately. Additionally, individuals may choose to protect their assets in case of a law suit through additional insurance known as umbrella liability policies. These policies become effective when other liability policies reach their limits and are more expensive than other types of property insurance.

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