Some people are under the impression that insurance is a waste of money as long as you take preventative measures around your home. A fire extinguisher can put out a fire, and furniture can be replaced. However, not all damages are easily remedied.

Property insurance is an important factor in protecting your home and your belongings. Insurance can help provide emergency funding after a major accident or replace items that were lost. A homeowner may struggle to bounce back financially without it.

Here are three kinds of property insurance to consider if you want to prepare for the worst.

HOMEOWNER'S INSURANCE

Homeowner's insurance can include a lot of different types of coverage depending on where you live and the policy you purchase.

A standard policy includes dwelling coverage, contents coverage, and personal liability.

Dwelling coverage helps pay for repairs to any damaged parts of your home. Contents coverage acts like personal property insurance, only it's limited to items kept inside your home. Personal liability covers bodily injury to a guest on your property.

Some insurance providers also offer a pricier universal property insurance package that covers any accidental damages you can think of.

TITLE INSURANCE

While homeowner's insurance protects your home from damage and lost items, it doesn't do anything against more complicated matters. That's where title insurance comes in.

For example, someone may show up on your property and claim that it's theirs. There could also be an ongoing dispute regarding your property that you didn't know about when you bought it.

Title insurance perfects your title rights and protects against back taxes, conflicting wills, and outstanding liens.

There are two main types of title insurance to consider. Lender's title insurance protects the mortgage lender. Owner's title insurance protects the owner from title forgery and other similar issues.

Ultimately, you'll want both types of insurance if you bought a house using a mortgage.

FLOOD INSURANCE

Floods are one of the most common natural disasters in Pennsylvania and many other states. Contaminated water can enter your home and damage your property. Commercial property insurance in PA often includes flood coverage as a standard.

Whether or not homeowner's insurance includes coverage depends heavily on your home's location and flood risk. However, that doesn't mean you can go without. Some mortgage companies require homeowners to get flood insurance if they're in a high-risk area.

You can usually buy it as additional coverage on top of your normal plan. Homeowners can use their state's flood risk mapping tool to see if a property is at risk and needs flood insurance.

GET THE RIGHT PROPERTY INSURANCE

Purchasing a piece of property is a huge investment for most people. Not everyone can afford to buy another one after an incident such as a natural disaster. As such, you want to protect your investment with some kind of property insurance.

Heartland Abstract offers title insurance to protect homeowners from any claims filed against the property's title. We also don't charge any hidden fees, saving you from any unnecessary costs.

Contact us today to learn more about how our insurance can help you.