Caring for your investments, your family, and your belongings has never been more top of mind. One of the best things you can do to protect your family and your assets is to get property and casualty insurance. With P&C, you can cover your home, your vehicle, and all of your biggest investments.
Property and casualty is a broad category of insurance that includes homeowners insurance, renters insurance, condo insurance, business insurance, vehicle insurance, theft insurance, and liability insurance.
Your home is one of the most important facets of everyday life, and insuring your property and its contents will give you peace of mind and save you from liability if someone were to get injured or something damaged while on your property. Property insurance provides property protection and liability coverage. In the event of theft or damage from any other covered event (such as fire, vandalism, and weather phenomena) your policy will reimburse you to make repairs or replace the covered item.
Homeowners, renters insurance, flood insurance and earthquake insurance fall under property insurance. Expensive personal property is usually covered by a valuable “rider” which adds coverage to your existing policy to protect your expensive items from theft, loss, or damage. You can be reimbursed for the value of the item or the replacement cost to fix the damage.
Replacement/ Cash Value/ Extended Replacement
Property insurance will do one of three things in the event of damage from a covered event. Replacement will cover the cost of repairing or replacing the property with the same replacement cost value. Actual cash value coverage will provide the worth of the property as is, meaning replacement cost minus depreciation. Extended replacement costs will account for increased construction costs, extending the replacement value up to 25 percent of the limit insurance is willing to pay for the event. These options give you the chance to value your items and cover a ten-year-old car differently than a brand new one.
Casualty in terms of insurance means that you and your property are protected from liability in the case of damages from any covered events. Your vehicle insurance should include liability and collision coverage, which protect you, your vehicle, and your passengers after an accident as well as the other people and repairs needed to the other vehicle. Having casualty insurance protects you from having to pay out-of-pocket for repairs after damage and replacement after theft.
For businesses, casualty insurance also includes the essential workers’ compensation, which gives payment to workers injured on the job and protects the business from a negligence lawsuit. You can also get coverage for identity theft, cyber fraud, and employee theft to safeguard your assets from the technology-driven dangers businesses face today. Casualty insurance also protects businesses that manufacture products, because there is always a chance that your product could cause injury. Liability protection is reason enough to buy property and casualty insurance.
For all of your property and casualty insurance questions, speak with an agent at Redwood Agency Group.