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Why You Should Spend More Time Thinking About P&C Insurance

With the year winding down and everyone thinking about what the new year will bring, what a better time to reconsider your insurance coverages. It’s a great time to make sure that you and your assets are covered in the event that the unexpected happens. One type of insurance that often gets overlooked is Property and Casualty Insurance. Property and casualty insurance in its simplest form is designed to protect you and the stuff you own. Property insurance is straight forward, in the event of an unexpected loss it provides coverage for things you own.  Casualty insurance is basically liability insurance. It is there to protect you if you become legally liable for an injury to another person or damage to someone else’s property. The following are some examples of the many types of property and casualty insurance policies:

Auto Insurance protects your automobile and you from the risks associated with owning and operating an automobile. Auto insurance can include bodily injury liability coverage which covers injuries to others caused by the policyholder while operating an automobile, medical or personal injury protection  which covers treatment of the driver and passengers of the policyholder’s car in the event of an accident, property damage liability which covers damages caused to someone else’s property by the policyholder while operating an automobile, collision  which Insures the policyholder from loss during a collision with another vehicle or object, comprehensive which provides protection for the policyholder’s car from damage and loss resulting from incidents other than collision, and uninsured motorist coverage which covers medical treatment of the policyholder’s injuries in the event of a collision with an uninsured driver.

Homeowners Insurance protects your home and you from the risks associates with owning a home. Home insurance can include the physical structure of your home, replacement cost of the home in the event of a loss, protection for your personal possessions in the home, additional living expense in the event of covered loss or a natural disaster, and personal liability. You can also enhance your homeowner’s insurance by also purchasing coverage options such as valuable articles/floater insurance policies (i.e. Jewelry insurance), flood insurance policies, earthquake insurance policies, umbrella insurance policies (additional liability), and animal liability for liability issues due to household pets.

Renters Insurance protects you in the event that you are renting. It acts as a homeowner’s insurance policy for those who rent by protecting you and your assets in the rental. Having renter’s insurance can also help to mediate the cost of damages should anything happen to the rental property that you are living in. On the opposite side of that, Landlord’s Insurance is coverage for your rental property from damage and loss as a result of owning a rental property. It can also help to protect you legally and with personal liability. Landlord insurance typically includes protection for your rental building with options to protect other structures on your rental building’s property, such as a garage or shed, any personal property, such as furniture or appliances stored on site, or provided by you for use by your tenants, coverage for vandalism and breakage, and coverage for loss of rent.

Recreational Insurance protects your recreational vehicles and you from the risks associates with owning a recreational vehicle. There are different types of recreational insurance depending on what you are looking to protect. These include RV insurance, ATV insurance, motorcycle insurance, watercraft insurance, and more. RV insurance includes motorhome, campers, and other bus conversions. It can help provide coverage for collision and liability in addition to other coverages depending on the vehicle. ATV insurance includes all-terrain vehicles. It can provide coverage for liability and bodily injury accidents. Motorcycle insurance includes motorcycles. It can provide liability coverage and financial protection in the case of a loss.  Watercraft insurance includes boats and other watercrafts. It can provide coverage for medical payments, physical damage, and liability.

These five types of policies are just some of the many property and casualty insurance policies that are available to help protect you and your assets from risk and loss. Property insurance provides coverage for your assets in the event of an unexpected loss.  Casualty insurance provides coverage if you become legally liable for an injury to another person or damage to someone else’s property. As the new year rolls in take this time to consider protecting yourself and your assets from risk and loss. Call Gannon Associates Insurance at 844-GANNONS and ask to speak with an agent today!