Property Insurance Companies in Frisco Texas

The Purpose of Property Insurance

Homeowners obtaining and keeping good insurance is a fact of life for most modern property owners. Property insurance companies Frisco offer plans that are designed to transfer risk from the property owner to the insurer through a set of pre-arranged terms. The property owner pays regular fees to the company for a specific period of time, and the insurer agrees to provide compensation for covered damages that occur to the property during the term of the policy.

A Brief History of Insurance

In medieval times, individual agents acted as backers or insurers for cargo ships and traveling merchants, but modern property insurance companies didn’t come about until the second half of the seventeenth century. The industry developed immediately after London’s Great Fire of 1666 and eventually spread to the American colonies and around the world. Having insurance protection for homes, businesses and other types of property became increasingly prevalent throughout the nineteenth and twentieth centuries.

Homeowner’s Insurance

A basic homeowner’s policy covers the value and most contents of a home in the event of the total loss of the structure and also provides compensation for damages caused by fire, wind and storms. Liability coverage protection against a lawsuit by an individual who is injured on the property may be part of the original policy or available as an extra coverage rider.

Special Coverage Plans

Homeowner’s insurance generally doesn’t cover damage caused by flooding and earthquakes unless the property owner purchases additional coverage for these types of events. Coverage for regular household items is usually included in a homeowner’s policy, but special coverage is often required to protect artwork, jewelry, antiques and other expensive items.

Condominium and Apartment Owner’s Policies

Condo and apartment owner’s insurance plans offer similar coverage as regular homeowner’s policies for the policyholder’s unit. These plans may be purchased by an individual unit owner or may be offered as a part of the building owner’s comprehensive master coverage policy.

Renter’s Insurance

Most property insurance companies Frisco supply policies that offer liability coverage and protection for the contents of a rental unit. These plans provide no protection for loss or damage to the structure itself.

Farm and Business Insurance

Policies to protect farm equipment and structures, livestock, animal feed and other hard agricultural assets are available from many insurance providers. This is especially true in rural and agriculturally based areas. Business property insurance policies also provide similar coverage for business-related structures, tools, vehicles and supplies and may also offer liability coverage for the business owner and employees. To find out more, click here.