What is property insurance?
This type of insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft.
If a claim is filed, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to remedy the damage.
Who needs property insurance?
If you own a building you need to make sure that you insure it against the possible risks that may affect it. You need to take precautionary measures against damage caused by fire, smoke, wind, hail, lighting, theft and more.
If you are renting property you need to get this type of insurance to provide you with the necessary protection. The cover should be enough for the structure of the building as well as the contents in the property.
If you run a business in a commercial property or if you own the property you need to make sure that you get this type of insurance. It is insurance that protects the physical property and equipment of a business against loss from theft, fire or any other damage.
Why do you need property insurance?
If you run a business in town for example and there is a strike that occurs that is marred by violence, your property faces the risk of damage. If your business is looted and stock is damaged or the actual structure of the business is damaged, having property insurance could help to reduce the financial burden you will be faced with.
If there is a fire on the property that you rent, you may find yourself out-of-pocket, facing mounting repair bills. If you have property insurance and this eventuality is covered by the policy you could get the right assistance.