Property & Casualty Insurance
At IMOR Financial, we are committed to providing our clients with the best possible coverage for their individual or group needs. We represent multiple insurance companies to help you get just the coverage you need.
Property and casualty insurance is an umbrella term which includes many forms of insurance. The term property and casualty insurance typically contain two primary coverage types: liability coverage and property coverage.
- Auto Insurance
- Homeowners Insurance
- Renter’s Insurance
- Business Insurance
- Worker’s Compensation
Property and casualty insurance can assist in helping pay for costs that you will be responsible for up to the policy’s limit. There are two parties involved in property and casualty insurance: (1) the insured, and (2) the insurance company.
Why is it important to have Property & Casualty Insurance?
Property insurance is easy to define. It includes many different types of insurance designed to cover property losses. We may experience financial losses because things we own will be damaged or destroyed.
There are three types of property loss:
- Loss of damage to the item: examples of this type of loss are the theft of a valuable piece of art or damage to an automobile caused by the accident.
- Loss of income from the use of the item: for example, suppose a store burns to the ground. When time to rebuild, the store loses more than $2 million in sales, etc. This loss of income from the damage to the store is a type of loss.
- The expense incurred due to the loss of an item: a large fire destroys a printing company in the city. To continue business, they rent another printing press at a lower cost. The extra expenses required to stay in business following the loss is a type of property loss.
Casualty insurance includes a variety of insurance products that are not related. One of the relevant types of casualty insurance is liability insurance. Liability losses occur as a result of the insured’s interactions with other people on their property. One of the best examples would be an automobile accident.
An example would be: the driver of an auto is backing out of his driveway and hits a parked car, resulting in $750 of damage. Because this driver is at fault, he is legally responsible for the damages, and must pay to have the parked car repaired. This type of insurance would protect the driver from having to pay for the damage out of his pocket.
You can purchase property insurance for protection from financial loss if your property damaged, and you can purchase liability insurance fir protection from financial loss if you are obligated for the injury to another person or another’s property.
Casualty insurance can also include the following types of insurance:
- Aviation
- Auto
- Worker’s Compensation
- Commercial Liability
Deductibles
While agents discuss the coverage details with the applicant, a variety of deductible amounts will be presented as well. The rule of thumb with deductibles is the higher the deductible, the lower the premium.
Insurance companies perform two objectives by requiring deductibles:
- Deductibles help to minimize frequent claims
- Deductibles help eliminate small claims
A deductible is the portion of the covered loss that is not paid by the insurance company. The insured is responsible for any deductible amount at the time the loss occurs. The insurance will pay the remaining portion of any covered loss up to the policy limits.
Who Are Insureds?
The person or the entity that is listed first on the declarations page is referred to as the first named insured. The first named insured is the primary insured and holds the highest position of all the insureds and has more rights and obligations under the insurance contract that any of the other insureds.
6 Reasons Why Property Insurance Is Important
- It protects the house and its contents
- It offers a sense of safety
- It has a low cost
- It compensates damaged or loss of building or property
- It keeps financial disturbances away
- It covers a temporary place to stay
3 Reasons Why Casualty Insurance Is Important
- It protects after an injury
- It may protect in court
- It can protect against property damage costs
What Is The First Step?
At IMOR we don’t charge a fee for our ADVICE, in fact, we welcome the opportunity to sit down with a prospective new client, at no charge, and listen to your financial goals, dreams, and concerns. From there, we can better assess if our consultative services can assist you in accomplishing your financial aspirations or addressing your financial concerns.
