Getting Commercial Property Insurance For Your Business

If you’re a small business owner, you may have been introduced to the concept of guarding your assets through commercial insurance. One of the categories encompassed under the heading of commercial insurance is commercial property insurance. Why is this important to a business owner? Commercial property insurance pays to replace or repair damaged, lost, or stolen business property. It covers not only the physical location of your business but other assets such as equipment and inventory.

But do you need it?

What is Homeowners Insurance?

In the case where your home is destroyed by a natural disaster or event covered by your policy, you will be compensated through this insurance. Furthermore, this insurance will also be able to cover homeowners if property damage occurs, or if someone else has been injured by accident on the property. The main purpose of homeowners’ insurance is to cover the cost of personal belongings, repair the house or other structures within the home, and cover personal liability if you are responsible causing injury to somebody else or damage to the property.

As homeowner insurance is able to provide both liability and property coverage, it is good to consider getting home insurance. Typically, those who have a mortgage may be required by the lender to insure the home.

Homeowners Insurance Coverage

There are six types of coverage under a standard homeowner insurance policy. Here are the types of coverage under this insurance policy:

  • Dwelling: This helps to cover the damage caused to the house, or other structures in the home including a yard, porch and more. The typical amount is usually the amount required to repair the home.
  • Personal property: This helps to cover the amount needed to replace or repair personal property and belongings that may have been damaged or stolen in the covered event. The typical amount paid is up to 70 percent of the dwelling coverage.
  • Other structures: This helps to cover other structures within your home that are typically stand-alone structures, including sheds or fences. The typical amount paid is about 10 percent of dwelling coverage.
  • Liability: This helps to cover the injury caused to someone else or the property damage resulted from neglect or accidents. The typical amount covered is up to $500,000.
  • Additional living expenses: This helps to cover the temporary living expenses incurred while the house is getting repaired. The amount covered is about 20 percent of the dwelling coverage.
  • Medical payments: This helps to pay the amount needed to treat someone who has been injured on your property, no matter whose fault it is. This can also help cover the injury of someone else if a pet or a family member accidentally injures someone. The amount covered is typically $1,000 to $5,000.

What is Not Covered by Homeowners Insurance?

Homeowners insurance is not all inclusive. Usually, these policies exclude damage from certain causes, like infestations, nuclear hazards, flooding, earthquakes, government action, power failure and more. It is important to understand what is not covered through your insurance provider. Although some of these risks are not covered, other types of insurance can be purchased separately, including earthquake insurance, flood insurance and windstorm insurance to protect your home against these events.

Are you thinking about getting homeowners insurance for your home? K&N Brokerage can help. We offer superior customer support, and always strive to get back to you quickly to answer your queries that you may have about insurance.

Feel free to contact us to find out more today!