Property Insurance Definition
What does homeowners insurance cover?
December 13, 2010 | Author admin
Every homeowner should realize the importance of homeowner’s insurance policy. Homeowners insurance policy not only protects the homeowners from man-made and natural disasters, but it also protects you from several other situations.
The basic homeowners insurance policy pays you in case of any damage due to fire, severe storms, tornado’s and hurricanes. Damage to your property, possessions and home are primary elements to be covered. Coverage provided by the policy is not the most important aspect; the most important aspect is the amount they provide in case of any disaster.
Lost of possessions like furniture, electrical appliances, jewelry, clothing are also generally covered by some of homeowners insurance policies, up to a specific percentage of the policy.
Liability coverage protects you in case you are responsible for someone else’s injury or property damage. In such cases home owners insurance will soon provide you minimum 18,000 USD as coverage. Policyholder can buy an extra premium of $1.5 million. Liability coverage also covers certain injuries that happen within the premises of your home such as your dog biting someone. A sum of $700 is paid to the insurer with basic homeowners policy; this can increase up to $5,000 after paying extra.
Dwelling coverage will pay you in case of damage to your outstanding building (garage, storage, shed, fencing, boundary) and your home.
Loss of use coverage will help you in case if your home is damaged due to fire, storm or any other man made or natural calamity. Loss of use coverage will pay your expenses when your home is not suitable to live.
You must think over all the issues before purchasing a homeowners insurance. Consider the reputation of the insurance company and do not make decisions solely based on premiums of policy. Using Internet, you can find reputed home insurance company with best homeowners insurance rate. With a bit of research work you can get the best deal.
Find all you need to know about home owners insurance on the best homeowners insurance rate . Your house insurance source – http://www.house-insurance-guide.net
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Using a Homeowners Insurance Calculator
December 13, 2010 | Author admin
You want to get your home insured for a homeowners insurance. What would you do? The first option that would come to your mind would be to contact an insurance agent and get the policy form him with out knowing anything else about it. You have the policy and the agent is happy with his commissions. Well you need to know more about your homeowners insurance than that to avoid any kind of problems when it comes to making actual claims.
The best way to go about it is to do some research yourself. When you do this research you can consult the rating agencies of your state or even the internet can be a very good source of information. Find out what companies give the best deals out there and what kind of coverage they are giving, then the most important factor is to know about the service of the insurance company.
Homeowners insurance calculator help you in getting instant quotes for your policy. This is particularly useful tool if you have to compare what is available with different companies and how can you get the best rates for the kind of coverage you want. A lot of times the cheapest deal is not the best deal when it comes to coverage.
Even while using the homeowners insurance calculator you don’t get the accurate results because there are some factors which can not be taken into consideration by the calculator but they affect your costs to a great extent. Some of these factors can be the location of your home or the construction of your home. Final and accurate figures can be found out only by an inspection or a visit by an official. A calculator however can give you estimates which you can compare to choose a policy for yourself. So it is always better to do a little bit of research before going for any kind of insurance.
Importance of Property Damage Liability Coverage
December 6, 2010 | Author admin
Most motorists tend to focus more on liability coverage that covers bodily injuries; they forget that they also have to worry about possible property damage as well.
Sometimes, the amount of damage to properties even exceeds that of the treatment for personal injuries.
So aside from personal injury liability coverage, all drivers are also advised to get a substantial amount of property damage liability coverage as well.
Definition
Property damage refers to the destruction of a public or private property.
It can either be caused by a person or natural phenomena.
Property damage caused by humans is generally classified by its cause.
The first classification is caused by neglect that includes human error and carelessness. This usually covers car accidents that cause property damage.
The second classification is intentional damage. Property damage under this classification is often malicious in nature.
Property damage liability is a type of coverage that pays for the damages to the vehicle/s and other possessions of the other party if the car accident was your fault.
It is important to note though that it does not cover intentional damages.
Intentional property damage is also considered a form of violence, thus is also a criminal act.
Property damage liability only covers accidents that are caused by human errors that have no malicious intent on your part.
Once approved by the insurance company, your property damage liability coverage should pay not only for the labor and parts cost related to repairing the car of the other party, but also for the valuables damaged inside the car during the accident.
Another important note is that property liability insurance does not cover damages to your own car during an accident.
You can claim for damages to your car from the other party’s insurance company if they are the one at fault.
If the other party does not have or have insufficient coverage, then you can make a claim for uninsured or underinsured motorist coverage under your own insurance policy.
Who needs Property Damage Liability Coverage?
Everyone. Just like personal liability coverage, most states also require drivers to purchase property damage liability coverage as well.
Most states require a minimum of about $5,000 coverage, but personal injury lawyers would recommend that you get a higher amount if you can.
The reason for that is if your liability coverage is insufficient to cover the property damage, the courts may go after your own assets to cover the excess costs.
This could leave you in deep financial debt and even lead to bankruptcy.
Consulting a Lawyer
Before admitting to any fault you should first consult with a property damage attorney to review your case.
This is to decide whether it is really you who is at fault; because sometimes we may feel that it is our fault only for the investigation to show otherwise.
This will help in preventing your insurance premiums from going up as it proves that you are not a high risk driver even with the accident.
Property Damage Claim Steps To Settlement
December 6, 2010 | Author admin
Applying for a property damage claim may seem like an easy task. The truth is that is isn’t easy as it seems. A lot of people think they just have to make a claim, negotiate with an adjuster and voila! The settlement cheque is released!
How should you go about a property damage claim? This information is vital if you are taking out the cost of your property repair from insurance. Before you can get the settlement check, you have to undergo a process. Usually, this property damage claim is handled by the insurance based property repair company. But it still pays off to have knowledge of the process.
Step By Step Settlement Procedure
1. Understand the insurance policy. You can’t make demands unless you fully understand what’s in store for you in the insurance contract. If you have to pay from your own pockets in terms of the repair, always make sure to keep all receipts at hand.
2. When damage on the property occurs, inform the insurance company immediately. Urgency is important in property damage claim. You may need to call a property repair service for minor damage that can result to further damages. Just keep the bill so you could forward it to the insurance company.
3. Call the insurance company claim department immediately or visit their office. Give them the details of the damage and make an appointment for damage assessment. You should also document the damage. Take pictures and bring them with you when you visit the claim department.
4. It is advisable to get help from an insurance claim consultant. Remember that although the insurance company will pay you for the damage, it will try its best to pay you as low as it can. It is a business after all. So to protect your own interests as a policy holder, getting help from a consultant will be a wise move.
5. The adjuster will check the damage, document it and assess how much you can get on the settlement claim. In some instance, they already give you a partial cheque.
6. After the assessment, the settlement claim cheque will be released.
Some policy holders don’t want to go through this process so they get an insurance based property repair service. This way, the property repair company negotiates with the insurance company. It saves time and effort on the part of the policy holder. And more, the damage can be repaired even before the settlement claim is released.
Insuranceworks.ie is an insurance based home repairs company in Ireland. It is an all-in-1 solution to client’s insurance based property repair needs. Insuranceworks.ie does the repair, assists in insurance claims and acts on client’s behalf in negotiating with the insurance company. See Property Repairs Dublin for Insuranceworks.ie services.
Imagine Life Without Property Insurance? How Would You Sleep at Night – Finance
December 1, 2010 | Author admin
Copyright 2006 Geoff Morris
Imagine going through life with no insurance at all. Must be a bit like driving car without a seat belt in place.
For most people, insurance is a necessary aspect of life. It is the safety net that protects you from a crushing fall or an imminent disappointment during hard times.
Nothing is worse than an unforeseen natural or man-made disaster that unfortunately removes earnings capacity or assets from you or your business.
There are many types of insurance available, such as life, auto, workman’s compensation, liability. And, sometimes it would seem that we can ‘over-insure’ ourselves.
But perhaps the commonest type that is really necessary is property insurance. Whether you are a homeowner or a business operator, property insurance is the one area you should not neglect. So, what is property insurance?
Property Insurance ‘ A Definition
Property insurance is a type of insurance that provides coverage for building structure or structures and its contents. The coverage of property insurance is malleable and is oftentimes depended on the consumers’ needs. In some cases, property insurance may cover outdoor signs, crime coverage, and property of others, glass coverage, and more.
You can get property insurance through a written contract, called a policy. A property insurance policy legally binds you, the policyholder, with an insurance company. The property insurance policyholder will pay the insurance company a certain amount of money, called ‘a premium’ and in exchange, the company will agree to pay for certain types of damages or losses. These damages or losses to be covered by the property insurance are outlined specifically in the contract.
Property Insurance ‘ Importance and Benefits
Property insurance has many benefits. Monetary value is one of these benefits that a property insurance policy can offer. The property insurance company will pay for damages or losses you encounter in such cases as fire or theft. Property insurance is therefore a way for you to protect yourself and your interests.
The amount of money you get from the property insurance company will depend on how much property insurance you’ve bought at the time of the contract-signing. For instance, if you bought a $100,000 amount of property insurance, your insurer will only pay for replacement or reconstruction of damaged property up to that stated amount. Most property insurance companies pay up to 10% in total damages.
Property Insurance ‘ Types
There are many types of property insurance available. Most of these property insurance types are categorized according to the needs of the policyholders.
For instance, a landlord has different property insurance needs as a homeowner. What the landlord owns is rental property and the specifics involved in that property type is different from a home. Rental property insurance covers the damages or losses arising from negligence on the tenants’ parts.
As all property insurance, rental property insurance offers coverage for the actual building structure and its contents. Rental property insurance can pay for the cost of repairing damaged articles, such as carpets, furniture, curtains, and other house items, caused by guests or tenants.
A homeowners’ property insurance provides the same type of coverage offered by a typical property insurance policy. Most lenders require buyers to have property insurance when applying for a mortgage. The homeowners’ property insurance gives the lenders the security they need to close the sale. Homeowners’ property insurance protects the homeowner from damages caused by disasters, such as fires, floods, earthquakes, theft, vandalism, and the like.
There are several other types of property insurance available. From small business, to medium enterprise, to commercial properties ‘ there’s a different kind of property insurance coverage for each.
via Imagine Life Without Property Insurance? How Would You Sleep at Night – Finance.
Types Of Commercial Insurance
December 1, 2010 | Author admin
Generally speaking, commercial insurance covers businesses, and the two main types are property insurance and liability insurance. Property insurance, as the name suggests, provides coverage for any business property or inventory that is stolen, destroyed from a loss, or damaged; liability insurance covers any damages to someone else’s property, including bodily injuries.
Most businesses that purchase commercial insurance have a combination of property and liability insurance to cover anything that may go wrong. Oftentimes, mistakes made on the job, or simple accidents, can simultaneously affect both the business’ property as well as a third party’s health. For that reason, it’s important to consult with an insurance broker to find the best deal for you and your business.
Property Insurance
Property insurance covers losses and damages to personal property, like fire or flood damage to your office building. There are many different types of property insurance, like machinery insurance to cover equipment breakdowns, debris removal insurance to cover the cost of cleaning up after a storm, and ordinance or law insurance to cover costs related to having to rebuild a building to code that may have been only partially destroyed by nature.
Crime insurance covers things like theft and robbery, and builder’s risk insurance covers any damage that might occur to buildings under construction. Bars and nightclubs often have a lot of glass and mirrors in the building, so they might have a type of glass insurance that covers any glass breakage on the premises.
Liability Insurance
This type of commercial insurance covers injuries that you or your business might accidentally cause to happen to third parties. For instance, commercial vehicle insurance would cover any cars, trucks, or vans that you might use in your business. Errors and Omissions, or “E & O” insurance, covers any accidental mistakes that cause injury to others. An auto repair shop may have auto repair insurance to cover any mistakes that may happen in the garage that could cause damage to a customer’s vehicle.
There are several types of unique liability insurance. Bars and liquor stores should definitely purchase alcohol liability insurance if it’s not already required by the state. Administrative alcohol liability insurance involves breaking liquor laws – failing to check IDs, selling to a minor, or letting inebriated people keep drinking. Civil liabilities can involve lawsuits from the inebriated or those possibly victimized by the inebriated, and criminal liquor liabilities involve the unfortunate situations where someone receives alcohol from your bar and then injures or kills someone.
Two completely different types of commercial liability insurance include landscaping insurance and technology insurance. Landscaping and gardening companies should purchase landscaping insurance to protect against any injury from any daily hazards in the landscaping business, like tools and equipment, pesticides, and more. Technology insurance covers any of the potential liabilities that technology and IT professionals may face in a rapidly changing field.
Businesses Need To Be Insured
If you own a business, chances are you need to purchase some form of commercial insurance to protect yourself and your company. Contact an insurance professional today to find out about the business insurance options available for you.
Wedding Insurance Designed For A Very Special Event In Your Personal Life
November 8, 2010 | Author admin
It can be every girl’s wish, to enjoy a fantastic wedding ceremony and party. Having most of your relations and best friends gathered round, to see the blushing new bride and her handsome groom, enjoying the most important event of their lives.
These days, a big wedding occasion may very well cost you a large sum of money plus so much time and effort will go into the setting up of the celebration. If anything goes drastically wrong, you really need to be compensated.
Wedding insurance can provide a valuable safeguard from the unexpected
What exactly would occur, if you should change the particular date for the wedding at the very last minute, on account of unpredicted considerations, such as a terrible major accident or illness? You will most likely incur cancellation expenses for rescheduling the marriage reception location, caterers etc. Let’s suppose the big event gets rained off or possibly the wedding catering company fails to arrive? You will want to understand or know that you have a backup master plan for the most significant day of your life.
For your personal protection, it seems sensible to invest in wedding insurance or event insurance, that provides financial compensation, if your most awful nightmare transpires. Wedding insurance is designed to take care of the unpredicted, when you just simply can’t afford the unexpected to take place.
If you have a honeymoon planned and you’re intending to journey abroad, you might like to also give consideration to getting travel insurance protection.
As soon as you return from honeymoon and move in to your own property together, you would be required to choose house contents and property insurance protection. You can never be too careful, for the reason that errors and mishaps can certainly be expensive.
High value home insurance for your important wedding gifts
In the event that you are fortunate to have affluent parents or other family members, possibly you have been given a variety of high priced wedding gifts. Some may possibly include things like antiques or exceptional works of art. You may also have selected costly wedding and engagement rings for each other. You may therefore wish to look into buying a more specialised high value home insurance policy that is specially custom made to safeguard your most significant and prized possessions, in cases where they may be stolen or damaged by fire or an acciden
via Wedding Insurance Designed For A Very Special Event In Your Personal Life.
What provides safety for the future?
November 8, 2010 | Author admin
Have you ever thought of how to live a secure life in the future? No one can predict the future and now we may be having all wealth, but future cannot be predicted “Stop acting as if life is a rehearsal. Live this day as if it were your last. The past is over and gone. The future is not guaranteed”. This is one of the beautiful quotes from Wayne Dyer and always thinks for the future of you and your family members. You are going to live your life and you are the responsible person for the loss in your life. Investment is the one that provides safety for your life and investing your money in insurance provides the complete safety for your future. Are you still unaware about the benefits of insurance and its types? Don’t worry my friends we will see a detailed overview about it.
What is insurance?
Insurance is an amendment or policy that gives protection against an undesirable event or risk and it ensures that we are protected from financial loss or harm. The insurer is a person who insure and the insurance agent is a person who acts as a representative between the insurer and the insurance companies and he may be either an independent representative or a dedicated one. Independent representative means, the agent represents the insurance products of many companies and dedicated one is who represent only for a particular company.
Varieties of insurance:
Different types of insurance are available and each type provides some safety and security. Life insurance, property insurance, health insurance, auto insurance, liability insurance, credit insurance, casualty insurance, home insurance and there are other types of insurance locked fund insurance, pet insurance and more. Whatever the insurance type it may be, the theme behind the insurance is safety and security for the future. The first insurance company in USA was started in 1732 in Carolina and Benjamin Franklin was the one who helped to popularize the insurance.
Premium:
Premium is the sum of money paid, usually at regular intervals for an insurance policy. As said above, you need to invest in order to gain profit and before selecting the insurance decide your budget and select a premium that you can afford. Insurance companies in general have different premium options for the benefit of customers and you can pay the premium quarterly, half yearly, annually and monthly. Either you can pay in hand or there is an option to deduct the premium from your salary. Each and every company has different premium plans and the least amount of premium starts from hundreds and continues to the most; depending upon your budget you can decide the premium amount of your own. If you are busy and if you can’t find time to pay the premium, better you can call your agent and can pay the premium to the agent.
The companies usually remind about the premium thorough email or through letters. Find the best insurance companies through internet and there are many good health quotes companies who provide you the valuable information regarding insurance.
