Homeowners and business-owners take utmost care of their possessions due to their emotional and financial value.
It is integral for homeowners to protect their home and possessions against fires, water leaks, faulty electric, faulty plumbing and unexpected mishaps. It is the same for business-owners who want to protect their assets, inventory and financial viability against property damage due physical damage or third-party property damage claims.
Home and Business insurance typically provides liability coverage between $1 million to $5 million. The standard for property damage is to insure for Replacement Cost.
The meaning of property damage as it applies to your policy is explained in your policy definitions, which is a section in your policy documents.
Special limits are set on specialty items like jewelry, fine arts, or rare products. If these items are worth more than the limit specified, you may want to insure them by purchasing Optional insurance.
Small disasters like fires and floods can destroy your home or ruin your business, but if you have insurance, you should be able to rebuild. Unfortunately, insurance companies do not always honour valid property damage claims.
Contact Us Today
If you have suffered from property damage loss, please contact our team at JEWELL RADIMISIS JORGE LLP for a free initial consultation.