Here’s what you need to know about your insurance covering your house or apartment, even business property.
What damage does insurance cover?
Homeowners, condo and renter’s insurance cover damage sustained from most perils, including tornado, hurricanes, severe storms, rain, wind and fires. Homeowners insurance will pay to repair the structure of the property up to the insured amount and other detached structures like a garage or garden shed – typically around 10% of the main structure’s insured amount.
What does personal property insurance cover?
Personal property insurance covers the contents of your home, your personal possessions. Do you actually need personal property insurance? To find out, grab a camera or smart phone and begin walking through your home, room by room, opening closets and drawers, and snapping pictures of everything that is not nailed down:
- Furniture
- Clothing
- Appliances
- Stereos
- Televisions
- Computers
- Artwork
- Rugs,
- Dishes
- Wine and spirits
- Sporting goods and toys
What is Commercial Property Insurance?
Commercial Property Insurance helps protect the value of the physical assets your business owns. If an unforeseen accident or natural disaster hits your business, having property insurance can help your business recover. In exchange for the premium you pay, the insurance company will pay you for the value of the lost or damaged property when a loss occurs
Who needs Commercial Property Insurance?
Commercial Property Insurance is appropriate for companies that:
- Own a commercial office or building
- Rent a commercial office or building, as many landlords require commercial property coverage
- Have valuable property such as furniture, machinery, computers, equipment, or tools
- Keep inventory or work-in-progress
- Handle property that belongs to others
