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Personal Property and Casualty Insurance – Part 1 of 2

Protecting What You Own – Property and casualty (P&C) is the term commonly used to describe insurance designed to protect an individual from loss or damage to their physical assets he or she owns. For example, a fire may seriously damage or completely destroy a home. Without adequate homeowner’s insurance to provide the funds to repair or rebuild, such a loss could be a financial disaster. Homeowner’s policies can also provide protection for the home’s contents, such as furniture, appliances and other personal belongings.

Types of policies – There is a wide variety of property and casualty policies. A number of additional coverages (endorsements) can be added to a basic policy to provide protection against risks found only in certain geographical areas, to protect specific types of property, or to cover a temporary situation. Some of the most common types of policies and endorsements include:

• Automobile insurance: Auto policies typically cover repair of physical damage, payments for medical expenses and liability protection. A separate policy is often used to cover recreational vehicles such as motor homes, golf carts, snowmobiles, trailers, ATVs or campers.
• Homeowner’s insurance: A homeowner’s policy can provide protection for both the home and its contents against a wide range of perils, as well as provide very broad personal liability coverage.
• Condo unit owner’s insurance: Similar to the homeowner’s policy, the condo unit owner’s policy differs primarily in that coverage is provided primarily for the contents.
• Renter’s insurance: Renter’s policies provide coverage for the personal property of an individual renting a home, condo or apartment. A renter’s policy can also include personal liability coverage similar to that found in a homeowner’s or condo unit owner’s policy.
• Earthquake insurance: Earthquake insurance is normally offered as an endorsement to a homeowner’s, condo unit owner’s policy or renter’s policy to provide protection against loss caused by an earthquake. It can also be a stand-alone policy.
• Flood insurance: Flood insurance is provided through a special policy. The federal government stands as the ultimate guarantor for flood policies.
• Watercraft insurance: Watercraft policies cover loss and liability for the personal use of small watercraft such as boats or jet skis or for larger craft such as ocean-going yachts.
• Umbrella policy: Acts as excess or catastrophic protection to the basic liability protection offered with most other P&C policies. The liability coverage offered by an “umbrella” policy begins where the coverage in a basic policy ends and, in some instances, offers broader protection.

Julie Ngo is a State Farm Insurance Agent located at 28410 Old Town Front Street in Temecula. She can be reached at (951) 695-2625.

Written by Julie Ngo

Julie Ngo is a State Farm Insurance Agent located at 28410 Old Town Front Street in Temecula. She can be reached at (951) 695-2625.

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