INSURANCENET.INFO

Property/casualty insurance is insurance on homes, cars, and businesses. Technically, property insurance protects a person or business with an interest in physical property against its loss or the loss of its income-producing abilities. 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.

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Investopedia explains ‘Homeowners Insurance’ While homeowners insurance covers most scenarios where loss could occur, some events are typically excluded from policies, namely: earthquakes, floods or other “acts of God” and acts of war.

For people who live in certain parts of the country, adding an extra policy for earthquake insurance or flood insurance can be a good idea to offer further home protection and peace of mind. Some homeowners insurance is designed for renters, typically HO-4 or “renters insurance”, and only covers possessions within the home and isolated events not covered in the property insurance held by the owner.

Source: http://www.investopedia.com

Many people typically underestimate the replacement cost of their home building and contents when they arrange insurance cover.

It is up to the applicant to nominate the replacement sum insured during the insurance application process.

In an effort to help you with this part of the process, Budget Direct has made available a range of calculators from ‘Reed Construction Data’ and ‘Sum Insured’ that you can use as a guide to estimate the replacement value of your home building and contents.

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An auto insurance policy generally consists of several types of coverages.

Because all 50 states have different laws when it comes to auto insurance policies and coverages, the following descriptions are simply general information. They are not statements of contract.

To learn more about auto insurance in your state, contact your State Farm agent.

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