If the person chooses to sue you in lawsuit then, property insurance coverage to this area will compensate for the lawsuit charges and fees. Also, the property insurance will pay for the fees of lawyer. Product liability is a major feature that is directly related with the property insurance of small business. If you do not have Home Title Property Insurance during the title examination of your property, then there are chances of legal entanglements when the rights of earlier owner are disregarded. The policy of home title property insurance offers protection to you against the loss that possibly occurs after sale closing, and someone else claims the ownership of that property. The property that meets the requirement of Michigan basic property insurance includes residential apartments or the building that fulfill the building code principles. It also facilitates those apartments or buildings that are not in use of business or any illegal activity. Whenever you apply for Michigan Basic property Insurance, an agent of Michigan Basic Property Insurance Association would come and examine the property. Commercial property insurance provides complete insurance coverage from any damage to their property and contents to the owners who have such kind properties. The business operators or the people who lease their property to other entity are included in the commercial property owner. These property owners purchase the policies of Commercial property insurance to get the monetary benefits in case of damage to their commercial building and additional structure. So before purchasing any property insurance for your home, make it sure that it has a total converge in contents and replacement cost. Types of converge for your property Home property insurance converges allow financial obligations in the result of any injuries to anyone caused in the boundaries of the property insured. The truthfulness' of her remarks come forward when Florida Corporation released a report which includes that up to now they over come with $192 billion in regards to property. In the last 4 months of year 2002 Florida Corporation have 606,215 policies. In the mean time it had a liability of $2,400,020,398.