The importance of real estate insurance in
America is that it gives you insurance coverage on your property against the
dangers that may be incurred as a result of natural or human accidents such as
fire, theft, or damage resulting from climate changes and others.
Advantages of real estate insurance in America
Under the property insurance contract, you pay a monthly premium proportional to the value of the property insured and the risks that have been agreed to be covered. In the event of an accident resulting in the loss of these properties, the insurance company is obligated to pay the value of the losses or damages caused to the insured property in accordance with the terms of the policy contract.
Types of property that can be covered
The property that can be insured can be divided
into three types:
- Buildings: It means the structure of the property and everything attached to it
- Machinery and other contents: All belongings except for stock that may be inside the property or stores. ?
- Inventory: All property of the insured or in his custody.
Insurance coverage in America
Covering the thing subject to insurance, whether
it is real estate or movable, from risks, in addition to its contents.
Personal and legal liability towards death or
damage caused to third parties due to accidents of the insured property
If you are the owner of the damaged property,
the rental loss is covered, because it is not suitable for rent due to a defect
or risk covered by the insurance.
The possibility of providing an alternative housing during the period of repairing the damaged property.
Types of insurance policies in America
There are many property insurance products whose features and terms vary from contract to contract. Among the main types of property insurance are the following:
Fire and Allied Perils Insurance
This policy may cover the losses resulting from fire and the dangers that may affect the thing subject of insurance in the specified place stated in the contract.
Fire insurance for lightning strikes
This policy may cover damages resulting from fire or lightning hazards.
This policy can provide insurance cover for residential buildings and their contents for loss or damage caused by fire, lightning, explosion (domestic), and others.
Business interruption insurance
This policy covers losses resulting from business interruption or irregularity due to loss or damage covered under any of the property insurance policies.
All-risk property insurance
This document covers the majority of damages and
losses to property and its contents. Therefore, you need to determine your
needs for insurance coverage and your financial ability to pay the insurance
premium without affecting your monthly budget.