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Evaluating an Insurance Quote: Which Property Casualty Policy is Right for You?
If you are shopping around, you likely have more than one insurance quote in hand. How will you compare coverage and rates before deciding on the best property casualty policy? As with any other type of insurance, the key to minimizing risk is to find the right protection for your specific needs. In order to make an informed decision, it is important to have at least a basic understanding of what property casualty insurance involves. Here is a brief overview to help you make the right choice.
What is Property Casualty Insurance?
Property casualty insurance provides two distinct levels of coverage–property insurance and casualty insurance.
- Property insurance is “first-party” coverage that provides for losses related to your own person/property such as your home or business property, car, equipment, etc.
- Casualty/liability insurance is “third-party” coverage that provides protection against the claims of others with regard to injuries, accidents or damage to possessions you might be responsible for.
Before obtaining an insurance quote, you will need to first determine which type of property casualty insurance will best address your risk levels. Coverage is typically categorized under ‘personal lines’ which are written for individuals or families and ‘commercial lines’ which cover business operations.
Types of Personal Property Casualty Insurance
- Home insurance: This type of insurance policy protects your personal property, provides liability coverage and helps pay for damage to your home caused by fire, wind, a vehicle crashing into your home, and so on.
- Renters insurance: Designed for individuals who are renting a home, this policy may help to cover the cost of replacing your possessions if they are damaged or destroyed within the rental premises. Protection generally applies to situations such as fire and theft.
- Auto insurance: This can help protect you from financial loss in the event of an auto accident and usually includes a specified amount of property, liability and medical coverage.
Types of Commercial Property Casualty Insurance
- Property Insurance: Business property insurance provides protection for physical assets like your commercial space and its contents, equipment and inventory.
- Commercial auto insurance: This type of insurance policy typically covers collisions, damages and injuries resulting from them so that you do not have to pay from your pocket.
- Workers compensation insurance: This provides for wage replacement and medical benefits when an employee is injured at the workplace.
- Business interruption insurance: This helps covers the loss of income that your business may incur during cleanup and remediation after a disaster.
- Professional liability insurance: An important protection which covers losses or client lawsuits arising from errors or omissions by you or your employees.
Many insurance providers offer bundled property and liability coverage into what is commonly called a business owner’s policy or a package policy. You may also have the option of tailoring coverage to suit your needs. Be aware that the scope and limits of property and casualty coverage will be defined in the specific terms and conditions of your insurance policy.
Ask for a Property Casualty Insurance Quote Today
Having the right property casualty insurance coverage is key to protecting your loved ones and the assets you have worked so hard to build. At The Nowell Agency, we have a wide range of insurance products to meet diverse personal and commercial needs. You can count on our experienced and dedicated insurance brokers to shop around for the best coverage and rates for you. Our nationwide insurance brokerage services help hundreds of individuals, families and business owners enjoy peace of mind. Meet with one of our friendly, knowledgeable brokers today to discuss your property casualty coverage options and to get an insurance quote.
Request an insurance quote for property casualty coverage or schedule a risk assessment now by contacting The Nowell Agency. Give us a call at a location near you.