What Is Property Insurance?

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Key Takeaways

The Hartford offers property insurance options to help protect your home and things, regardless of your living situation.
Coverages like personal property coverage are included in standard home insurance policies, helping you pay to repair or replace damaged belongings from things like fire or theft.
Certain situations are not typically covered by home insurance policies, like flood or earthquake damage. However, you can usually purchase separate policies to get protection.

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Property Insurance: Definition and Coverage Explained

Are you looking to define your property insurance needs? The Hartford has you covered. Property insurance, meaning coverage that helps protect your home and its contents, is an essential safeguard for homeowners and renters alike.

For example, personal property coverage will be included in a standard homeowners insurance policy, which helps cover your costs to fix or replace damaged belongings from a covered loss.

No matter what type of property you live in, The Hartford can help. AARP^® Home Insurance from The Hartford¹ offers customizable options, ensuring you have the right coverage you need to keep you, your home and your guests safe.

Call 877-422-2345 or get a quote online today to learn more about the coverage options and savings available to you.

Types of Property Insurance

The Hartford offers different types of property insurance to meet your unique needs, including:

Homeowners Insurance

Homeowners insurance helps provide financial protection for your home and things. One type of homeowners insurance coverage is personal property insurance. This coverage helps pay to repair or replace your personal belongings, like furniture, clothing and appliances, if they are damaged by a covered loss. Home insurance also includes liability coverage, which helps pay for expenses if someone who doesn’t live with you gets injured, or you damage someone else’s property.

Condo Insurance

Condo insurance helps protect the parts of your condo that you’re responsible for insuring, like appliances, fixtures or any improvements you’ve made. It also helps protect your belongings, like furniture or clothing, if they are damaged. If you can’t live in your condo for a period of time after a covered loss occurs, condo insurance can even help cover your living expenses, up to your policy limits.

Renters Insurance

If you’re renting a property like a home, apartment or condo, renters insurance can help protect your personal property. It helps pay the costs to repair or replace your things if they are damaged by a covered loss like fire, theft or vandalism. These policies typically include liability coverage as well, which helps pay legal defense costs if you’re found liable for bodily injury or property damage.

Landlord Insurance

While tenants need renters insurance to help protect their personal belongings, property owners need landlord insurance to help protect their rental property and the contents inside it. Landlord insurance policies typically provide coverage in cases of property damage to the unit, lost income and liability situations.

What Does Property Insurance Cover?

To define property insurance as simply as possible, it helps protect your property, whether you own or rent your home. Specifically, personal property coverage can help if:

A fire breaks out and damages your furniture.
Lightning or hail wreak havoc on your outdoor patio furniture.
Someone breaks into your home and steals your television.

Not to mention, personal property insurance coverage from The Hartford will help to replace your things with a comparable item at today’s value, not depreciated actual cash value.

Similar to personal property coverage, property damage coverage helps cover expenses if you accidently damage or break someone else’s property. So, if you rent your apartment and accidentally break the communal coffee maker, you won’t have to pay to buy a new one.

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What Does Property Insurance Not Cover?

When unexpected events happen, you want to make sure you’re already protected. That’s why it’s important to know the situations that won’t typically be covered in standard home insurance policies, whether you own or rent. These include damages caused by everyday wear and tear, earthquakes or flood. To stay protected against flooding, you’ll want to purchase a separate flood insurance policy through the National Flood Insurance Program (NFIP).***

Get a Quote for Property Insurance From The Hartford

The Hartford is an insurance company with over 200 years of experience protecting individuals and their properties. With AARP Home Insurance from The Hartford, you can take advantage of flexible coverage options and savings opportunities just for AARP members. Call 877-422-2345 or get a quote online today to start protecting your property at a price that fits your budget.

Frequently Asked Questions About Property Insurance

Is Property Insurance Mandatory?

If you have a mortgage, your lender will typically require you to have property insurance. Even if it’s not required, it’s still a good idea to have protection. Otherwise, you’ll have to pay out of pocket for any repair or replacement costs if your things get damaged.

Is There a Difference Between Home and Property Insurance?

Property insurance coverage typically refers to your personal property, meaning the things you own. Home insurance generally is broader, covering all the different types of homes you could live in and scenarios that could happen, like being sued if someone accidentally gets hurt on your front steps.

At The Hartford, we’ve compiled a glossary of home insurance definitions, so you can quickly and easily get property insurance descriptions and more home insurance terms explained.

How Much Is Property Insurance?

Your personal price for insurance will range based on several factors, like your geographic location, what kind of home you live in and what your personal belongings are worth. The best way to know your unique price is to get a quote.