Property insurance may be purchased by private homeowners or commercial businesses. There is a premium paid by the insured to the insurer in exchange for a promise to pay covered claims in the event of a loss.
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- Imagine coming home to find you've been robbed of all your jewelry and computer equipment, or imagine your home is severely damaged by fire. Owning property insurance can offer you peace of mind in knowing that your possessions can be replaced or repaired and you can be made whole again.
- Personal property insurance generally covers a private home and its contents in the event of fire, theft or other damages covered under the policy. Most offer medical coverage for injuries occurring on the property as well.
- Commercial property insurance or business owners' insurance covers the building, bodily injury on the premises and contents.
- Flood insurance, backup of sewers and drains, mine subsidence, pollution cleanup, collapse, debris removal or earthquake coverages are available at an additional cost. They are not normally afforded on a basic policy.
- While your policy may offer medical coverage for injuries occurring at your home, accidents such as dog bites may not be covered, and may render your policy void if there is a no vicious dog clause in your policy. Often a policy may be canceled if it is discovered that you have added a trampoline or an unfenced swimming pool in your yard, as these hazards also may not be covered. Consult your agent for a complete understanding of your policy language.
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