Posts Tagged ‘Insurance Company’
What is property and casualty insurance?
Property and casualty insurance is insurance that most people buy to protect their homes, cars and businesses. The two categories of property and casualty insurance are personal and commercial. Personal insurance for individuals consists mainly of automobile and personal property. Commercial insurance for businesses consists of many types but the most common are property, liability and workers compensation. Insurance is a necessity for individuals and businesses to cover unexpected losses and injury.
One of the most common types of insurance for individuals is automobile insurance. This insurance generally covers damage to the vehicle and medical costs for injury to others. Automobile insurance varies from state to state but the coverages are generally the same. Some states have some sort or no-fault insurance. No-fault insurance was designed to have each driver’s insurance company pay for damages no matter who is at fault. It is generally illegal in every state to drive a vehicle without some kind of automobile insurance in effect.
Another type of common insurance for individuals is personal property or homeowners insurance. This type of insurance covers losses to an individuals home and property. It also provides coverage for people who get hurt on an individual’s property. This type of insurance is available for dwellings, mobile homes and apartments. Personal property insurance provides coverage for losses to the dwelling, any outbuildings such as a garage as well and their contents. Insurance that individuals purchase for apartments is called renters insurance and covers the insured’s possesions that are within the apartment.
The most common type of commercial insurance is property and workers compensation. Liability which is separate from workers compensation insurance is purchased by businesses as well. Property insurance for businesses covers losses to the building or buildings on the premesis as well as the contents. Workers compensation insurance is purchased to protect the business when an employee gets hurt while working on the job. Most states have some sort of workers compensation that is required for businesses. Commercial automobile insurance is also available for businesses that require the use of a vehicle or a fleet or vehicles.
Property and casualty insurance exists to cover for losses that are sustained by individuals as well as businesses. Casualty insurance mainly protects a person or business against legal liability for losses caused by injury to other people or damage to the property of others. Insurance is a must have for any individual or business to protect themselves from any variety or unforeseen or unexpected losses that can occur.
Landlords Insurace – A Simple Guide to Landlords Cover
When the time comes to buy insurance for your rented properties, you have to think about more than just the building. Unlike normal home insurance, landlords must consider health and safety, and as if looking after the property isnt enough, there are also people to protect both yourself and your tenants. All landlords need to protect themselves against possible legal action following an accident, injury or even fatality on their property.
A good landlords insurance company will protect all the necessary people and properties with the following cover:
Contents insurance
If you let your property in a furnished state, you need to be sure that you can replace items, should they be lost, stolen or broken.
A good insurer will cover contents on a new for old basis, with cover ranging from £5000 to £50000 and including the furniture and carpets.
However, the belongings of your tenants are unlikely to be included in this cover.
Liability insurance
The Association of Residential Lettings Agents (ARLA) say that claims for personal injury have risen by 85% since last year. With compensation of over £100,000 becoming the norm, decent liability cover is a key element of landlords insurance which landlords must have.
If buildings insurance is included, good liability cover provides cover of between £2m and £5m.
Buildings insurance
Another key element to check is that your buildings insurance covers the cost of fully rebuilding your property especially since ARLA estimates that up to 40% of properties are under insured.
The level of cover you need will depend entirely on the potential costs of structural repairs on your property.
Accidental damage insurance
You can also be covered in case your tenants (or other parties) cause accidental harm to your property. After all, accidents happen.
Loss of rent insurance
Finally, its all very well being covered for your building and everything in it, but if you do need to carry out major repairs, the tenants wont be able to live there, and that means no rent. However, all is not lost! You can be covered for up to 20% of the buildings sum insured so you can rest assured that you wont lose that income.
A decent insurer will also provide different accommodation for your tenants while you make your property habitable.
Landlords Insurance is available at Simple Landlords Insurance (http://www.simplelandlordsinsurance.com)