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A disaster can never be predicted. The consequences and damages of a natural or technological disaster can be very dreadful. Floods, earthquakes, accidents, fires or explosion can cause severe damage to your property. This puts you in a bad financial state. So we should always prepare to face these circumstances. Having property insurance before hand is the wisest decision to overcome these situations. Property threats like fire, flood, theft, earthquake, explosion and other weather damages can be protected by having a property insurance. There are different types of property insurances Ike flood insurance, home insurance , fire insurance, , earthquake insurance etc. A property is insured either as an open peril policy or named peril policies. Damages produced as a result of earthquakes, floods, nuclear incidents, acts of terrorism etc. is not covered under open peril policies. Reasons for damage such as lightning, fire explosion, and theft should be mentioned before hand in naming peril policies. There are different types of insurance coverage as well. For the replacement cost coverage, the premiums are based on the replacement amount and it pays the cost of replacing the property regardless of the increase or decrease in the premium. Other insurance coverage’s include actual cash value coverage and having alternate in-habitation facility in case of a disaster or accident. What we often experience is the negligence from the insurance companies when a calamity occurs. The customer service of many of these companies is pitiful. The company is supposed to make a visit to the site and assess the situation when an accident occurs. In certain cases, they are left UN attended for a long time and by the time the assessor come on the site, we might have already cleaned up the mess to live there. So they do not get a clear picture about the actual loss caused due to the accident. The assessors usually neglect certain damages and damaged properties outside the house. Many companies do not take any effort for rehabilitation. However, they pretend to be loyal when they collect the insurance premiums. Hence the choice of the insurance company should be made wisely. Certain factors should be made sure before you choose a company. The service record of the company and the services provided by them should be checked. Insurance coverage offered by that particular company should meet your needs. A company with a good track record will satisfy your needs when a disaster occurs. A good insure company should give you a helping hand and reinstate your damage property completely when an accident occurs. The money paid for property insurance is worth it considering the devastating effects of a calamity. Declan Bennett is a San Antonio based writer who is specialized about various topics related to property insurance, environmental Insurance, pollution Insurance, D&O Insurance etc. if you need casualty insurance or cargo insurance then you can visit on:ironshore.com.
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