{"id":26543,"date":"2022-10-19T09:10:56","date_gmt":"2022-10-19T13:10:56","guid":{"rendered":"https:\/\/www.plymouthrock.com\/?p=26543"},"modified":"2024-07-22T13:12:38","modified_gmt":"2024-07-22T17:12:38","slug":"property-insurance-vs-home-insurance","status":"publish","type":"resources","link":"https:\/\/www.plymouthrock.com\/resources\/property-insurance-vs-home-insurance","title":{"rendered":"Property insurance vs. home insurance"},"content":{"rendered":"\n

Property insurance vs. home insurance. While it\u2019s something many first-time homeowners debate, it\u2019s actually not an either or question. That\u2019s because property insurance is part of your homeowners insurance policy<\/a>.<\/p>\n\n\n\n

What is property insurance?<\/h2>\n\n\n\n

Property insurance is a broad term within the insurance industry. It is used to describe all those protections that cover a homeowner\u2019s possessions\u2014things like your home, car, motorcycle or personal items. Whether you live in a house, apartment or condo, you need property insurance.<\/p>\n\n\n\n

Casualty insurance<\/strong><\/h3>\n\n\n\n

To better understand property insurance, it\u2019s important to understand another broad industry term: casualty insurance. It\u2019s quite different from property insurance in that it provides you with liability coverage. It helps protect you if you’re found legally responsible for an accident that causes injuries to others or if you damage another person’s property.<\/p>\n\n\n\n

Businesses also need to have casualty insurance. For example, if someone comes into your shop and they slip and fall, your business would be covered by a commercial general liability policy.<\/p>\n\n\n\n

Together, these two broad areas of insurance are commonly referred to as P&C, which is short for property and casualty. You may have heard that term before.<\/p>\n\n\n\n

Mortgage insurance<\/strong><\/h3>\n\n\n\n

While we\u2019re discussing what property insurance isn\u2019t, let\u2019s take a quick look at mortgage insurance. A mortgage insurance policy protects your mortgage lender if you\u2019re unable to repay your loan. The cost of mortgage insurance is usually included in your mortgage payment.<\/p>\n\n\n\n

It\u2019s important to remember that mortgage insurance is completely separate from property insurance. Mortgage insurance doesn\u2019t cover you, your home or your possessions in any way\u2014just your bank.<\/p>\n\n\n\n

What is home insurance?<\/h2>\n\n\n\n

Homeowners insurance is a more specific term than property and casualty insurance. It provides you with financial protection in case your home or personal possessions are damaged by a destructive event, such as a fire, wind or theft. Here is a list of the coverages that make up a standard homeowners insurance policy:<\/p>\n\n\n\n