Specific Insurance

What Does Specific Insurance Mean?

Specific insurance is a type of property insurance that provides coverage for a single, specific property under the policy. It is an alternative to blanket coverage, which allows a policy to cover multiple properties or locations. Because blanket coverage and specific insurance can be structured in different ways, it helps to read up on how blanket insurance works before deciding between the two. A single property can be covered by both a specific insurance policy and a blanket policy simultaneously.

Insuranceopedia Explains Specific Insurance

Specific insurance is particularly relevant for individuals who own multiple properties. By purchasing specific insurance, only one property will be covered under the policy. In contrast, a blanket policy can provide coverage for all properties under a single policy. Business owners, such as those operating chain restaurants or managing multiple locations, often face the decision of choosing between specific insurance and blanket coverage for their properties. Owners who lease out commercial spaces tend to weigh this against options like commercial landlord insurance, which covers the building and liability exposure on rented-out properties. Either way, it’s worth understanding the different types of commercial property insurance before settling on a policy.