May 01 2025 21:03
Property Insurance: What is it and Why do I need it?
Property Insurance Explained
Property insurance matters because it protects one of your biggest financial investments —your home, building, or business space—from sudden, expensive losses. Fires, storms, theft, vandalism, and other disasters can wipe out years of savings in a single day, and insurance helps you repair or replace what’s damaged without derailing your life or livelihood. Beyond the structure itself, coverage for personal belongings and temporary living or business interruption costs can keep you stable while you recover. In short, property insurance turns unpredictable, high-cost risks into manageable ones, giving you real peace of mind and a clearer path back to normal when something goes wrong.
What is Property Insurance?
Property Insurance protects against potential financial loss from damage, theft, or destruction of property.
Why do I need Property Insurance?
Property insurance has your back when disaster strikes—fire, storm, break-in, you name it—so your business can bounce back fast, keep moving forward, and dodge those massive surprise bills like a pro
What is considered Property?
Property can be split into 2 categories - Real or Personal. Real property refers to permanent structures and buildings, while personal property can be furniture, appliances, clothing, tools, and other moveable items.
Why Souders Underwriting Group?
With years of underwriting expertise, we build property policies for hard-to-place risks, high-value assets, and unique industries—helping agencies tackle tough markets and secure solid coverage, whether its commercial real estate, manufacturing facilities, or specialty properties. We care about our agents and want to help place risks! Our property coverage options are very diverse, and we will work with you to find the best possible coverage! I have put some additional information below for you!
What does our Property Insurance cover?
- 100% insured to value replacement cost
- Primary, excess of loss and full value policies
- Standalone coastal Wind & Hail, Quake and Flood
- Equipment Breakdown for additional premiums
- Ordinance or Law, for risks-built post 2000
- Markets available for high-risk properties (35K MP)
- TIVs of $500M or less
- Risk limits up to $50M
What can we write?
- Condominiums*
- Apartments*
- Hotel/Motels*
- Strip Malls & Shopping Centers (need tenant list, occupancy rate, confirmation any cooking and protections etc)
- Warehouse & Distribution
- LRO’s (will need tenant list, description of occupancy and specific protections)
- Nursing Homes & Assisted Living
- Office Building
- Vacant Risks*
- Restaurants*
- Schools
- Health & Country Clubs
- Gyms
- Convenience Stores (will exclude wind & hail on pumps, canopies and signs in 1st tier counties)
- Churches
- Auto Repair / Sales
