Properties to Insure
Wednesday, March 10th, 2010
There are different types and levels of property insurance coverage available in the market. Knowing how to properly protect your property from theft, fire and other perils will go a long way in securing your prized possessions. Property insurance can be specific to your needs as a business enterprise.
You need to determine what properties you need to insure for the protection and continued operation of your business. Common types of assets included in property insurance are:
Leased or owned structures
Equipments, supplies and furnishings
Leased machineries and equipments
Inventory (products and materials)
Money and securities
Accounting records
Improvements made on property
Machinery
Boilers
Computers and other electronic devices including appliances
Valuable documents including books
Mobile property
Satellite dishes
Properties not attached to the structure
Intangibles such as patents, trademarks, goodwill and the likes
For everyone’s awareness, let me emphasize that there is no law that requires homeowners to apply for an insurance policy program. In contrast to this, if a homeowner borrows money from a banking or loan company to buy a house, the lending company will need to take a particular deed of trust or mortgage to be able to protect its interests that will stretch up to the day where the loan has been fully repaid. This certain mortgage will require homeowners to have an adequate amount of insurance to cover the reconstruction or repair of the house that was bought.
In claiming an insurance, when your house was involved in a fire or whatever circumstances that your valuables were lost, your insurance company most certainly will require you to submit a list of all the lost or destroyed items. Your up-to-date personal property home inventory should come in handy at this point in time. Personal properties include furniture, appliances, electronic gadgets, jewelries, clothing, among others that you consider your own. If you have a list of these valuables, you will have an idea on how much you should get as coverage amount or if there is a need for an increased replacement cost coverage.




