Property Insurance

Property is categorized into real property and personal property. For real property, you can get homeowner’s insurance. For personal property, there are renter’s insurance, and/or insurance for scheduled valuable personal property (VPP).

Normally, homeowner’s insurance only includes limited coverage on personal property, and does not cover renter’s property. Common homeowner’s policies also exclude flood and earthquake, among others.

Common homeowner’s insurance also includes liability and no-fault medical payment, as well as the so-called “traveler’s baggage” which covers your personal belongings worldwide.

Many apartments/landlords require tenants to carry renter’s insurance. Renter’s insurance commonly include a minimum of $50,000 liability coverage for damages to the apartment (by perils including fire, smoke, explosion, water damages, etc.), medical payment, as well as coverage on personal belongings such as computers, electronics, furniture, etc.