Types of Property Insurance

The Different Types of Property Insurance

Olson Insurance provides expert guidance for purchasing comprehensive property insurance policies to meet your every need, now and in the future.  We understand that whether you are a business owner, homeowner or renter, everyone needs some type of property insurance.

A property insurance policy should be seen as an essential part of every person’s portfolio. Natural disasters, fire, theft, and other hazards can have devastating effects so it is essential that your policy properly covers your property.  For example, regardless of where you reside or conduct your business, you may benefit from flood, earthquake or fire insurance to protect your property and contents.

If You Own or Rent…

Homeowner’s and renter’s property insurance protect your home and personal property against damage or loss. It can also give you insurance in cases where someone gets hurt while on your property. Remember, if you have a mortgage, your lender is most likely going to require that you have homeowner’s insurance.

There are several other benefits of home insurance policies. Most provide property coverage for the cost to replace your house and its contents in the event of a disaster.

In addition, if the damage is severe, and you cannot stay in your home after a fire, storm, or other covered risks, your homeowner’s property insurance coverage may help pay for temporary living costs, such as hotel bills.

Our specialized team of professionals will take the time to carefully review your needs and assure that you purchase enough coverage to replace your dwelling and/or belongings in case of a catastrophe.

If You Rent…

Renters insurance, or tenant insurance, offers coverage similar to homeowner’s insurance. However, if you are a renter, you should not, and cannot, assume your landlord carries insurance on your personal belongings.

Your premises can be broken into at any time and the contents can be stolen. Renters insurance offers financial assistance to replace those items that damaged as a result of fire, water, wind or hail damage. Contact Olson Insurance Company to evaluate your individual situation before your experience a traumatic event on your property is essential.

It also covers personal liability if someone should be hurt while visiting your home or apartment and for things like a dog bite.

If You Are a Business…

Business property insurance is necessary for every company, whether you own your own or lease the building, and whether your business is large or just starting out.

Small business property insurance is one of the most vital investments an organization can make since it can ensure the future of the company. It can provide peace of mind and allow the establishment to continue to operate with as little disruption as possible if unexpected damages take place.

This type of commercial property insurance is designed to protect the company’s physical assets including everything from computers, inventory and even landscaping. In case of a fire, explosion, burst pipes, storms, theft, vandalism and other incidents, you want to assure your business can survive.

Liability insurance is also important for corporations to consider. It covers injuries to third parties. If someone sues you for personal injuries or property damage, the cost of defending and resolving the suit would be covered by your liability insurance policy. A general liability policy will typically cover you for common risks, including customer injuries on the premises. Talk with us to evaluate the best choices for your specific needs.

Specialized Policies

If you have property insurance, you may or may not be covered for natural disaster insurance. Olson Insurance will take the necessary time to review the details with you on what your policy entails.

Hail, lightning, dust storms and many other types of inclement weather can have a serious effect on your property and it is important that you are properly prepared for anything that nature may have in store. Investing in property insurance is a smart way to protect your finances from disasters that may be unpreventable.

It is critical to be aware that the damage caused by a flood or earthquake is not covered by a standard business or homeowners’ policy.

In fact, flood insurance can only be purchased through a qualified insurance agent and typically, there’s a 30-day waiting period from the date of purchase before your policy goes into effect.

Floods may not be common in every part of the country, but if your home or business is located near a body of water, like a lake, a river, or a stream, you should talk to one of our capable consultants and consider adding flood insurance to your property insurance.

Even if you already have a property insurance policy, Olson Insurance advisers will be more than happy to answer any questions that you may have about your existing coverage for your home or business.

Benefits of Property Insurance

The goal behind buying any type of property insurance is to make you financially whole following a loss.

Too often, people do not understand the importance of purchasing and maintaining ample property insurance. The truth is these types of coverage is the best way to protect yourself, your family, and your business from financial liability in the event that a misfortune beyond your control takes place.

Having property insurance policy won’t prevent damage to your home or business, but it will provide a financial safety net should the unexpected occur. If you have a good policy in place, you will be better equipped to survive after a storm or crisis, knowing that your policy will help cover the cost of damages and get you on your feet again.

Olson Insurance is proudly an independent company and we work with a variety of partners. We will assure you receive the best possible pricing for your policy. At Olson Insurance we are specialists and understand your time is valuable. We prepare a comparison of all insurance quotes and options available. We are committed to making the decision of property insurance a simple, fast and easy process.

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