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Property and Casualty Insurance

About Homeowner’s Insurance

Property and casualty insurance are insurance products that protects against property losses to businesses, homes or vehicles. This includes, legal liability from injury or damage to the property of others.

Auto Insurance

An auto insurance policy covers you and others involved in an accident against personal injury, medical bills and damages to vehicle and property. There are different types of protection available. A comprehensive package would include covering damages to the other party and property as well as your own vehicle. This package is usually required if your take out a loan to purchase the automobile. 

There is a less expensive package available where the insured is covered against damages to a third party but not for their own vehicle. This is a form of liability coverage only as opposed to full or comprehensive coverage.

Most policies let you choose a deductible of the amount that you will pay out of pocket when you file a claim for damages. The deductible amount serves a double function. Auto insurers are able to keep insurance claims to a minimum as paying a deductible is a barrier to filing trivial claims. And the higher you set your deductible, the lower your premiums.

If you do file a claim and you were at fault for the accident, you can expect your insurance premium to go up the next year. You will also lose your perfect record of driving for x number of years. Auto insurers look at your record when you apply for auto insurance and price the policy according to your perceived risk profile.

Your auto insurance premium depends on factors such as your driving record, the value of your vehicle, where you drive, how many miles or kilometers you drive, your marital status, your desired coverage, your age and sex. Read your insurance policy carefully to understand what and how much your are covered for. Insurance companies coverages will vary.

Homeowners Insurance

Homeowners insurance covers your home, personal property in the home and personal liability. There are different types of homeowners insurance, from rental apartments, condominiums and town houses and privately owned homes. Some companies offer basic coverage while others offer a more comprehensive package that includes protection against vandalism,hail and windstorm, aircraft, vehicles, explosion, smoke, fire, riot, theft, falling objects and trees, freezing of plumbing and flood damage. Read your homeowners insurance policy fine print carefully to know exactly what your are covered for.

Provisions that may invalidate your insurance claim includes non compliance with local building codes, water damage from water backing up in sewers or water seeping through the basement foundation and if the property’s maintenance has been neglected. Your claim may also be rejected if there has been landslides caused by shifting earth. Be sure that there is a earth quake clause in your homeowner’s policy if you live in an earthquake zone.

Damages caused by war, a nuclear attack and radioactive or hazardous contaminants are typically not covered.

If it has been found that you damaged your property intentionally, the claim will not be considered.

You should insure your properly for an amount based on the replacement costs to repair or rebuild your property, replacement offurniture, other contents and liability coverage for yourself should the damage spread to third parties.

Homeowner’s Insurances Categories

Flood Insurance

If you live in an area with extreme weather and your may suffer losses as a result of floods, then you should buy a separate type of homeowner’s insurance. For many homeowners, their regular homeowners insurance policy do not cover them for flood damage. 

Windstorm Insurance

Windstorm insurance is a special type of coverage that protects your home or business against wind damage. Wind damage includes items flying and damaging your property as a result of a hurricane, hail, snow, sand or dust. If you live in a southern state, frequented by hurricane force winds and storms, then this insurance should be an integral part of your homeowner’spolicy.

Umbrella Liability Policies

Umbrella insurance protect your assets if you are sued and your auto insurance and homeowner’s policies have reached their maximum liability limit. Buying an umbrella policy means you have extra insurance when your other insurance policies have reached their limits. You can count on an umbrella policy to protect your assets against liability lawsuits.

There are exclusions that may apply to claims that arise from operating an owned or leased aircraft or watercraft and committing acts with the intention of personal injury or property damage.

Umbrella policies are written on top of your auto and personal property coverage that you already have. Thus the benefit are not payable until you and have used up the benefits from both the auto and property policy.

Make an inventory list of all of your possessions

Because there may always be a threat of property loss from fire, theft or bad weather, you should keep an accurate inventory of your possessions, receipts, photos and video of the items insured. Keep your records online so that if the device is destroyed with the home or auto, you will still have access.


Introduction to Insurance
Property and Casualty Insurance
Health Insurance
Disability Insurance
Long-Term Care Insurance
Life Insurance
Term Life Insurance

5 Things to know about Auto Insurance

Auto Insurance 101