Understanding Your Part in Property Damage Insurance

Property damage insurance provides you coverage from property damage. This insurance usually covers both your home and your automobile. They are the two most popular types of insurance involved with property damage.

A homeowner’s insurance policy protects a homeowner from property damage that can occur as the result of a theft, vandalism and certain weather related events (except floods). Car insurance pays for damages caused by a vehicle accident, whether such an accident was your fault or the fault of another driver. Car insurance will pay for the repair or replacement value of a vehicle involved in an accident.

An Insured’s Part in Property Damage Insurance

Your part in property damage insurance involves money. It requires that you pay your premiums to have this protection in place. As long as premiums are paid by the policy owner, the policy will pay the benefits promised in the insurance contract. 

A policy owner also plays another role: reducing exposure to damages that may occur. This can be done a variety ways to a home or car by investing in anti-theft systems, keeping doors and windows locked around the home and driving carefully and defensively. This method helps reduce the opportunities for damage to occur and claims to be made of the insurer.

What is the normal time frame for insurance to settle a property damage claim?

If you have a property damage claim with your homeowner's insurance, you want to get access to the money that you need as soon as possible. The amount of time that it takes to settle a claim will vary depending on how big of a claim you have and what insurance company you have. If you are dealing with a relatively small claim, the company may be able to offer you payment almost immediately. If you have a catastrophic claim that destroyed the majority of your house, it could take months to determine the total costs and get you paid. 

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