Property Owner Insurance | Public Liability & Business Cover
The reason why we buy insurance is that we want to keep ourselves financially secured in case of a loss. A small fee paid today to the insurance company will look like a certain loss for the moment, indeed. But in the events of a catastrophe that may have left normal people broke, you would feel as if that ‘little’ accident never even happened.
For example, let’s say that you already have your own home. Clear, free, and with no insurance. You pay your taxes, and the law dictates that you have the right to enjoy using it for as long as you like. You could live in it, rent it or sell it – it’s up to you. However, if your house was suddenly struck by lightning or a giant tree fell on it, it would also be up to you to pay for the damage repairs. This wouldn’t have been the case if you had used property owner insurance. The policy would have covered the repairs for you.
Who Needs Property Owner Insurance?
Technically, everyone needs property owner insurance. However, there are two types of people in this world: those who purchase an insurance policy and those who leave everything in the hands of fate. However, some people are bound by the law to get an insurance policy. Regardless if it’s part of the mortgage contract for a house or a car, they may ask for some extra forms for liability insurance.
And it’s impossible not to see the advantages of property owner insurance. For example, if you have an accident, the insurance will pay for fixing your car as well as your own medical bills. Thus, it’s exactly the saying “a small step for the present, a great step for the future.”
What Does Such an Insurance Cover?
Apparently, not many people know what property owner insurance really covers. Many believe that the standard policy includes everything that is “sudden and accidental,” while others believe that insurance covers even the more significant things. Here are some classic perils which are usually not covered:
- Flood damage (this classifies as a separate policy)
- Earthquake damage (this also ranks as a separate policy)
- War acts
- Poor maintenance (worn-out plumbing, bad electrical wiring, etc.)
Such insurances also offer liability coverage. For example, if you are not the only owner suffering from the accident (for example, you burned your neighbour’s house down by mistake too, or you crashed another person’s car), the insurance company can also offer you support with that.
If you need help with your insurance policy, contact Digital Insurance Brokers Ni. We can help you protect your property so that you do not have to suffer in the case of an unfortunate event. A good insurance policy may make the difference between continuing to live like you used to and moving back in with your parents.