Business property insurance protects commercial property, such as assets or inventory against damages or losses caused by theft, accidents, fire and some weather damage. Property Insurance in Altoona PA can include specialized forms of insurance such as flood insurance, earthquake insurance, homeowners insurance or boiler insurance. The property is insured in two main ways: named and open perils. Named perils require that the actual cause of the damages or losses be indicated in the policy. Examples of named perils include explosions, lightning, fire and theft. Open perils provide coverage for all losses indicated not specifically excluded in the policy. Examples of common exclusions on open perils include losses caused by acts of terrorism, nuclear accidents, floods, war and earthquakes.
Types of Property Insurance Coverage
There are two major types of property insurance coverage: Actual cash value and replacement cost coverage. In actual cash value coverage, the insured gets an amount that is equal to the current value of the property less the depreciation. In replacement value coverage, the insured is paid the cost of replacing the property regardless of appreciation or depreciation. Premiums for this type of insurance policy are based on replacement cost values, and not on cash values. Most property brokers and agents recommend that property owners choose a replacement cost policy to protect themselves fully in the event of a loss.
Three Important Factors in a Property Insurance Quote
Some critical factors to take into account when choosing a property insurance policy:
• Company’s reputation: It is important to choose an insurance company with a good reputation. A company’s reputation is usually based on its performance in important categories, including claim handling. A poor reputation indicates a significant number of customer complaints with the state insurance commissions.
• Claim process: Rapid response after the occurrence of a risk is vital for the property owner. Experienced claims adjusters offer sufficient estimates to cover the necessary repairs to the property.
• Deductibles: High deductibles will lower the annual premium paid for property insurance. Different deductibles will influence the annual premiums significantly.
These are just some important factors to consider before choosing Property Insurance in Altoona PA. For additional details about property insurance, and how to contact a reputable and trustworthy insurance company, please Visit the Website.
