The truth is many people get a life insurance policy and forget about property and casualty insurance. For some other people, the only time they think about the latter is when they have to renew or obtain the statutory 3rd party insurance policy for their vehicles. This can result in serious financial problems for property-owners due to the loss of their homes or vehicles.
Property and casualty insurance can go a long way toward protecting your home, car, and other valuables if they get damaged or stolen. So, here’s what you need to know about property and casualty coverage.
What is Property and Casualty Insurance?
Property and casualty insurance is a type of insurance that covers the cost of repairing or replacing items damaged by fire, natural disasters, theft, vandalism, or other incidents. The policy details the types of losses covered and how much the insurance company will pay out if you file a claim.
Types of Property and casualty insurance
There are different types of Property and Casualty insurance, and they are tailored to suit your needs. They include the following:
- Auto Insurance
This pays for the cost of repairs when you have an accident or get into a collision on the road. Many people are already familiar with this as noted earlier. However, you can get more out of a motor insurance than just insuring damage caused to a 3rd party vehicle. Broadly, motor insurance is classified into 2 categories which are Third-Party Insurance and Comprehensive Insurance. The cheaper of the two categories is Third-Party Insurance but as its name suggests, it will only cover car damage and bodily injury for the third party in the case of an accident or mishap. Comprehensive insurance, on the other hand, can cover you and your car as well as the third party in the case of any accident or mishap.
Did you know that your auto insurance can also cover medical expenses if you’re injured in an accident? Depending on the type of policy you purchase, you can have access to medical treatment to a limit should you be involved in an accident.
- Householders/Home-Owners Insurance
This policy covers different risks usually faced by householders. Homeowners’ insurance protects your property if it’s stolen or damaged by fire. Homeowners’ insurance covers the structure of your home and any buildings on your property. It also provides coverage for the personal belongings inside the home that are usually owned by you, your family, and guests. These include clothing, jewellery, furniture, appliances, and electronics (televisions, game consoles), among other things.
How to Get the Right Property and Casualty Insurance
Buying the right property and casualty insurance coverage can be a confusing process. There are many types of policies, and each one has different benefits and exclusions. So, how do you make sure that you are getting exactly what you need? To help answer this question, AXA Mansard has put together its top tips for buying property and casualty insurance.
- Do Your Research
The first thing you should do when researching a company is to analyse its reputation. This includes their Google reviews, how they treat customers, and the number of complaints they get from consumers.
Next, look at their financial stability over time. Thirdly, check out customer service ratings from independent sources. These companies rate companies based on factors such as responsiveness, claims process quality, and satisfaction with their services and products. These are all important factors when considering an insurance provider!
- Read the Policy document
The first thing you should do when you are ready to buy property insurance is to read the policy. The policy will tell you exactly what coverage it provides and how much it costs, so make sure that this information is clear.
- Don’t Buy More Than You Need
The most important thing to remember when it comes to insurance is that you shouldn’t buy more than you need. For example, if you don’t live in a flood prone area, purchasing flood cover for your house is not necessary.
So, in summary, Property and casualty insurance is a great way to protect your home, car, and personal belongings. It also provides more benefits, such as medical coverage if you’re injured in an accident or theft.
Please remember that AXA Mansard seeks to help protect you and yours from unforeseen contingencies making you constantly stay in the picture through all that matters.
To speak with us, call 0700AXAMANSARD or check-out our products on our website www.axamansard.com.