Do Property Policies Provide Liability Insurance?
Whether property policies provide liability insurance is also dependent upon the type of a policy and its terms. Homeowners policies normally do offer personal liability coverage, while other policies are less likely to. When a property policy doesn’t offer liability, the insurance can typically be procured through a liability-specific policy.
How Can Policyholders Save on Property Policies?
Most insurance companies offer property owners several savings opportunities.
First, insurers may discount a policy if certain security equipment (e.g. deadbolts, alarms, cameras) are installed. Qualifying equipment must be approved by an insurer, so owners should check what qualifies before installing anything.
Any security-related discount is normally given as a percent off of certain coverages. Because the discount is a percentage, the discount can result in substantial savings if premiums are high.
Second, insurers frequently offer new customer, loyalty, claims-free and multi-policy discounts. Multi-policy discounts are some of the easiest to get, as they may be offered for combining a property policy with an auto or liability policy. Other discounts are specific to different insurers.
Third, comparing policy options with an independent insurance agent is one of the best ways to save. Independent agents can request quotes from multiple insurers, which makes comparing rates and coverages for a given property easy.