Preparing for the Unanticipated

Companies and individuals who own properties understand the reality that damage to those properties can be caused by any number of sources. For this reason, these owners turn to property insurance to provide for financial recovery when damages occur. While there are many forms of property insurance and a number of variables to select from, its primary purpose is to provide financial reimbursement for losses due to damages or theft.

When selecting the proper property insurance coverage, the normal items covered include damage from:

• Smoke
• Fire
• Wind
• Hail
• Ice or snow damage
• Lightening
• Theft

It is important to determine that the property insurance you select covers the risks and elements you need. This includes property insurance that provides liability coverage when someone is injured on the property and elects to sue the property owner for damages. This is an important consideration, especially for apartments and condominiums.

Most property insurance also covers personal property within a structure to a certain specified limit. Special coverage can be added to the property insurance by purchasing an additional rider that specifies replacement of property at the actual value or the replacement cost.

Covering Additional Risks

There are limitations to standard property insurance coverage that require purchase of additional coverage or policies. For example, flooding from storms is often excluded from a basic policy. Other special considerations for property insurance include coverage for:

• Tsunamis
• Sewer backups
• Groundwater seepage
• Terrorism or acts of war
• Mold
• Earthquakes

Making property insurance more comprehensive can require incorporating a number of separate policies, including:

• Homeowner’s insurance
• Renter’s insurance
• Flood insurance
• Earthquake insurance

If owned properties include other occupants, such as renters in an apartment complex, the selected property insurance may require these individuals to carry separate coverage, such as renter’s insurance and the like.

Most property insurance can also be increased with an umbrella liability policy.

If you own or are responsible for managing apartments, condos or other properties, ensuring you have the correct property insurance coverage is important. Our agency can help you evaluate your current coverage and determine any gaps you may have.

For competent answers to any questions concerning your needs for property insurance, you can call us, O’Kane & Tegay, Monday through Friday, 8 am to 4 pm. One of our knowledgeable and helpful agents in our San Francisco office, at 415-242-8777, will take the time to answer all your questions. Our team has more than 150 years cumulative experience in helping customers like you with their insurance needs.

We’re a locally owned and operated agency and work with only the highest rated insurance providers, including:

• Fireman’s Fund Insurance Company
• Travelers Insurance Company
• The Hartford
• Republic Indemnity

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