Property insurance is a necessity for every homeowner. In the event of unexpected loss or damage to your property you should consider having it. You never know when tragedy may strike and having insurance will protect your possessions from financial ruin. If you are uncertain as to whether or not you need this type of coverage, you should speak with a qualified insurance agent to answer your questions. They will be able to help you determine if you are a candidate for property insurance and explain all of the benefits to having this type of protection.
Property insurance helps to cover the cost or damage of your property, such as buildings or homes, and things such as furniture, equipment, inventory and supplies. It can also assist in the payment of legal expenses, such as fees and costs associated with an auto accident, and help to replace the lost personal effects of a person who dies as the result of a mishap at your home. In addition, property insurance can help protect you against lawsuits that arise from injuries you have sustained while at home. Litigation insurance is available through most major insurance carriers and is almost always a requirement for homeowners and renters.
Commercial property insurance coverage usually covers the property itself, along with the building itself. This usually includes the property itself as well as any outbuildings such as garages and sheds. It covers both permanent fixtures and fixtures that you may add to the property over time, such as a pool or hot tub. It also covers the contents of your commercial premises, which usually means that it covers the physical structure of the business itself as well as anything else on the property. Typical coverage includes property rent, workers’ compensation, equipment and supplies, property taxes and insurance against theft, vandalism and damage due to storm, fire and other tragedies.
The liability portion of insurance protects you if someone is injured on your property or suffers damage as a result of something you have done. It varies greatly based on your specific policy. Some policies offer total coverage that includes both property damage and personal injury liability, while others limit the coverage to property damage. You can opt for additional coverage for such things as advertising rights, as well as worker’s compensation and legal costs.
Buildings insurance offers protection in the event of fires, explosions or water disasters. It also covers medical expenses, loss of income, property rental value loss and replacement costs in the event of a disaster. Bodily injury liability insures you against bodily injury or property damage due to a covered cause, such as an auto collision, slip and fall or related incidents. Property damage coverage, on the other hand, insures you against damages to your property caused by subsidence, storm damage, explosion or fire. Bodily injury liability will typically not cover death or dismemberment, but it will typically provide you with protection from pain and suffering.
If you have outstanding renters, tenants or subletters, you may be required to carry comprehensive insurance coverage. It protects you from liability resulting from acts of tenants or subletters. Unpaid property damage claims, theft, explosions, riots or malicious mischief usually result in insurance claims. Theft coverage and liability coverage are often required by law.