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When you hear the term “property insurance”, what is your first idea of what the definition of that term is? This can be a confusing one to figure out if you are not familiar with how insurance works. One might think it to be insurance on land or it might also be insurance on a building and the land it sits on. Let’s get some clarification on these two terms before moving on. Homeowners insurance applies specifically to the home and the possessions in the home. Although, it may not apply to every possession. If you have a garage, shed, or any other structure, homeowners insurance will cover that as well. The kicker here is that it does not apply to the land your home sits on. Obviously, the grass and dirt don’t need to be insured, so this is why it is this way. What you really need to know in case of an emergency, is how much it would cost you if you lost everything. How much will it cost to replace your home if it was destroyed? This is a very important number to know. You also need to do an inventory of everything in your home so you know an estimate of what it would cost to replace the items. If you need help figuring the cost of your home, you can find a home real estate agent to help you. You want to figure how much it would cost to reconstruct the home. Obviously, however much you paid for the house is useless information in this case. Homeowners insurance can be a tricky thing. In fact, any insurance can be. What is covered and what is not covered is something that many homeowners know nothing about. If anything, talk to your agent about your current policy and find out if you have enough coverage for your home. So what are some easy ways to take a good inventory in your home when trying to figure out amounts? Take pictures and videos so you have recorded every item for future reference. It may seem like a mundane task to do, but it will save you time in the future. Who really wants to do some shopping for homeowners insurance? I don’t know anyone that does, but everyone has to at some point or another. No, property insurance is not different from homeowners insurance, but you will find companies that try to promote it that way to get bigger buyers. Shop around and take your time when making a big decision with insurance.