What Is Property Insurance?
The insurance policies that provide protection either property protection coverage or liability for property owners. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft—and to a person other than the owner or renter if that person is injured on the property.
The cover can be “Industrial terms, property all risk, or FLEXAS as Indonesia standard Fire insurance. Personal property is usually covered by a homeowners or renters policy. The exception is personal property that is very high value and expensive—this is usually covered by purchasing an addition to the policy called a “rider.” If there’s a claim, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to fix the problem.
Understanding Property Insurance There are three types of property insurance coverage: replacement cost, actual cash value, and extended replacement costs.
• Replacement cost covers the cost of repairing or replacing property at the same or equal value.
• Actual cash value coverage pays the cost minus depreciation.
• Extended replacement costs will pay more than the coverage limit if the costs for construction have gone up; however, this usually won’t exceed 25% of the limit
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