Property Insurance As Defined

Updated by April ,09, 2022

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Property Insurance as defined by www.insureon.com is a form of insurance that protects the property owned by your business – your building, equipment, store fixtures, and more.

It pays to replace or restore stolen items and items damaged or destroyed by fires, windstorms, and other events.
If a covered event damages or destroys them, your policy will pay to repair or replace the affected items.

Typically, property insurance covers damage that results from a fire, theft, wind-related events and Acts of vandalism.
However, it does not pay for damage caused by Flood or earthquake damage, Employees or business partner theft, damaged or stolen company vehicles, losses affecting movable property (inventory, tools, or other equipment in transit) environmental damage relating to chemical pollution, oil spills, etc. Equipment breakdowns from power surges, operator mistakes, or wear and tear, product defects resulting from faulty design or manufacturing

Property insurance is often combined with general liability insurance and sold in a package called a business owner’s policy (BOP or a .business interruption insurance.
Property insurance is widely available in the insurance marketplace. However, insurers won’t provide coverage to every small business.

First, a business must prove to the insurer that it is a professional and financially responsible firm. A business can do this by fulfilling the insurer’s underwriting requirements, which are a combination of facts about the business and information about the company’s prior history of filing property damage insurance claims.

Companies that are viewed as inherently risky or that have a track record of suffering frequent property losses may not be able to qualify for coverage, or they may have to pay extra for it.

Who needs property insurance?

Like general liability insurance, property insurance is one of the most important forms of insurance protection. Nearly every business should have this coverage, even those whose business property is primarily electronic in nature.

Companies in the following segments will likely have a strong need for this type of protection: Building design, Construction, Consulting, Food and Beverage amongst others.

There are different insurances for Property Owners such as Homeowner’s policy, Renters policy and Landlord policy.
Landlord Insurance: This insurance has more coverage to the landlord than the home insurance. If your home insurance only applies to owner-occupied homes, you need to take landlord insurance that allows coverage even when you rent your property out.

Renters Insurance: This insurance protects the personal belongings of the person who took out the insurance in case of an unfortunate situation. Personal belongings of tenants are usually not included in the landlord or homeowner insurance policy.
Homeowners Insurance: This insurance is taken by the owner of the property. It protects the property and the assets in the home against damages and losses.

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How do you get insurance as a homeowner?

in Ghana today there are a number of insurance companies that help property owners through the process. Alternatively, if you have an account with any bank, they can assist you with acquiring an insurance policy for your property.

The rates however vary according to financial institutions and property value.
Experts advice that before you sign off on any insurance policy, make sure you have thoroughly read and understood and fully accepted the terms and conditions being offered. If you can, consult with a lawyer.