When we buy a new property with a mortgage, we often get the insurance offer from the agency/mortgage issuers. We can choose the insurance by ourselves or go with the one included in the mortgage agreement. Either way, the terms educate us to foresee the risks of owning a building. However, getting all the documents done does not mean that your concerns can cease to exist. Wildfire, liability lawsuits, structural damages, and burglary can cause significant loss to your end. And in those cases, owning property insurance can provide substantial help. Here are three essential things to know about the coverage. Damage Insurance Two types of damage can get insured: accidental and disaster-related. The first coverage includes the risks caused by a house fire, collapsing structures, and other accidents that can be proven to be caused by external factors. Disaster-related coverage has the same concept of the accidental insurance, but with a more considerable sum of compensation money. For instance, if you live in California, your house is vulnerable to wildfire. According to the Candysse Miller, the executive director of the Insurance Information Network of California, 13.5 million homes in the state's densely populated areas are under the threat of wildfire. And the worst thing about a crowded city is that fire can spread quickly from one building to another. If you live in the state of California, you should consider insuring your house now. Reach California FAIR Plan insurance for a consultation. The agency is specialized in wildfire coverage and has extensive networks in the property business. If you choose to use their service, they will guarantee that all the mortgage lenders in the state will not reject your proposal. House Contents Insurance Natural disasters will not only wipe away your house but also all of its contents. In that case, contents insurance is the type of financial protection you need. It may not get your valuable items back, but it will replace them. Contents insurance is also the right type of security for people who live in a shared property like a condo or apartment. The freeholder of such building usually has coverage on their own. If you rent or own your unit, you must only be concerned with the valuables you possess. General Liability Insurance The third type of property insurance covers liability issues that may come up in the future. There are many scenarios where an estate owner can face lawsuits. For instance, the house you buy is a resale unit that has had some renovation or improvement. Some state laws regulate and limit how a building should be improved, and you may not notice any violations by the time you pay for the house. However, later on, when you get reported or audited, penalty charges can surprise you. Additional Tip If you are not sure with what insurance products you should choose for your property, you can find an insurance consultant first. Professional consultants know the best about all the variables that must be accounted for in selecting an insurance product. You do not want to buy something that is exorbitant and useless, do you?