Property insurance is an important decision that could affect the financial stability of your personal and/or business finances should you experience some type of crisis or setback. Part of making sure you have the right coverage is finding a property insurance agent or broker that will work with you and provide you with what you need from a policy.

Property insurance agencies and brokers work within many different aspects of the insurance business to provide you with the best policy. Your broker or agent may take the following into consideration:

1. Your location – areas prone to natural disasters like earthquakes and flooding will require specific insurance to cover damages that would not occur in regions where the natural disasters happen rarely, if at all.

2. Your industry – many property insurance providers work directly with business owners in specific industries like health-care fields or industrial machining to meet insurance needs that do not apply to all types of businesses.

3. Your policy requirements – some property insurance brokerage companies work with only homeowners, while other specialize in business insurance.

Action Steps
The best contacts and resources to help you get it done

Find a property insurance agency focused on location-specific needs

Natural disasters like tornadoes, floods and earth quakes may require additional coverage in your policy. Some landlords and title companies won't rent or sell property to you unless you have coverage. Some areas like Chicago recommend terrorist coverage.

I recommend: Locate an agent specializing in flood insurance at Floodsmart.gov, the website for the U.S. National Flood Insurance Program. Some property insurance providers near major cities, like Arthur J. Gallagher & Co., offer terrorism insurance.

Decide if your business has special property insurance brokerage needs

Talk to other business owners in your industry about property insurance requirements and guidelines that may affect what type of insurance you need to have. Look for a property insurance brokerage with knowledge of your industry. You may want to solicit recommendations for a commercial property insurance broker from friends.

I recommend: Allied Insurance Brokers Inc., with offices nationwide, works specifically within the construction industry. International Amalgamated Group covers environmental spills, clean-ups and liability under one policy.

Get the best coverage from a property insurance agent familiar with your situation

A company that offers coverage for shopping malls may not be the best source for a policy covering a home business like a salon. Work with a property or homeowners insurance broker with a track record for providing policies similar to your situation.

I recommend: Progressive Casualty Insurance Company, which has a reputation for working with high-risk individuals, now offers insurance for homeowners. Wachovia Corporation works with businesses to provide a number of different commercial property insurance policies.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Home-based businesses are becoming more and more popular and require a different type of property insurance than commercial and strictly residential property. To make sure you get proper coverage, find homeowners insurance brokers and property insurance agents who work specifically with home-based businesses.