Property Insurance

Property insurance refers to a series of policies that provide coverage for structures, property, and liability.

What Is Property Insurance?

Property insurance includes renters, homeowners, flood, and earthquake insurance, which all provide different kinds of coverage.

Renters insurance, for instance, is financial coverage for 1) damages or losses to your stuff 2) legal fees if you’re sued 3) other’s medical bills if you’re at fault and 4) temp living expenses if your place becomes uninhabitable. Homeowners insurance will cover everything a renters policy does, but also includes coverage for the home itself and any of the structures on the property. Flood and earthquake insurance can be added to a policy or purchased separately.

How does property insurance work?

You can’t actually get a ‘property insurance policy.’ Instead, you’ll need a policy that reflects whether you own or rent your home. A renters or homeowners policy will protect you from sudden, unexpected events (like these named perils), but they won’t cover cases that are considered normal.

For instance, flooding is so common and apt to cause serious damage that most home insurers can’t provide coverage for it. It’s a risk they can’t take. But you can avoid this risk (and sometimes have to) by purchasing a separate flood insurance policy.

Earthquake coverage is also usually not included in a home insurance policy, but in many cases can be added as an addition to your homeowners or renters policy.

Is property insurance the same as homeowners insurance?

Nope. Homeowners insurance is just one kind of property insurance. Like we mentioned above, renters, flood, and earthquake insurance are also considered to be different kinds of property insurance.

How much is property insurance?

The cost of property insurance will depend on several factors, including the property itself, its location, the policyholder’s deductible, and of course, the kind of policy. 

Please Note: These definitions don’t alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade. They are intended for educational purposes only - they’re not meant to be used in lieu of professional legal or financial advice. We’ll do our best to keep them updated, but they may not always reflect current industry developments. Feel free to use the terms with attribution (friends don’t let friends plagiarize!)
Property and casualty insurance provided by Lemonade Insurance Company, 5 Crosby St., 3rd floor, New York, NY 10013. Life Insurance provided by North American Company for Life and Health Insurance®, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193.
Lemonade Insurance Agency, LLC (LIA) is acting as the agent of Lemonade Insurance Company and Lemonade Life Insurance Agency, LLC (LLIA) is acting as the agent of North American Company for Life and Health Insurance®. Both LIA and LLIA receive compensation based on the premiums for the insurance policies each sells. Further information is available upon request.
LLIA is a sub-producer of Bestow Agency, LLC. Life insurance quotes are provided by Bestow Agency, LLC dba Bestow Insurance Services in CA, who is the licensed agent. Term Life insurance policies are issued on North American Company for Life and Health Insurance® policy form LS181 and LS182, or state version including all applicable endorsements and riders. Products or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply. Not available in New York. Our application asks about your lifestyle and health; your answers allow us to save you time and avoid offline medical exams.