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We cannot minimize the importance of purchasing property insurance in Puerto Rico and what it means for a homeowner. Property insurance is essential to protect yourself against the costs of severe property damage, destruction of contents, or a liability claim.
Here's a look at the key benefits of buying property insurance:
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What Exactly is Property Insurance?
This type of insurance protects your home or property against damage from natural disasters, theft, vandalism, accidental damage from vehicles, fire and earthquakes, etc.
Examples of Property Insurance
One of the most common examples of property insurance is home or house insurance, which protects the structure of a house in the event of any damage caused by fire or a natural catastrophe. You can also protect the assets inside the house. In the event of a fire, the insurance would cover repairs and replacement of the items, minus your deductible.
Other types of homeowners insurance offer different coverage. For example, if there were a fire in the kitchen of your rental apartment, you could only file a claim for damaged personal items, but not for repairs to cabinets, walls or other items in the kitchen that you do not own.
You must read your insurance policy and understand what is covered and what is not. For example, if you intentionally set your kitchen on fire to try to get insurance money, that will not be covered by your insurer, and could result in fraud charges. Insurers have special investigation units to evaluate fire related claims.
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Benefits and Importance of Property Insurance in Puerto Rico
Property insurance has a series of benefits that support you in case of damage or loss. If you know how to choose well between insurance companies, you can avoid trouble in the future.
- Covers Temporary Living Expenses
When your insured property is damaged, you must relocate in another home while your property is repaired. The insurance covers the expenses you need for this time span.
- Covers Loss or Damage to Property
In addition to the structure of your home, insurance companies also offer coverage against loss or damage to your personal belongings or valuable assets such as jewelry, appliances, clothing, and furniture, etc.
- Makes Loan Approval Easier
Some financial institutions and banks quickly approve loans to applicants who have their property insured. It is even in the eligibility criteria of some banks. Therefore, having your property insured is helpful for a faster loan sanction.
Types of Property Insurance Coverage and Compensation
Property insurance can cover the following:
- Natural catastrophes and man-made destruction
Property insurance covers damage caused by natural disasters such as earthquakes, cyclones, floods, and fires caused by lightning. It also covers man-made damage due to vandalism, fire, theft, etc. In both cases, you are compensated.
- Loss of property
In addition to protecting the property structure, it covers loss of property such as furniture, electronic devices, jewelry, and other valuables.
- Liability protection
Liability for accidental damage to third parties caused by you on the premises of your property is also covered by the insurance provider.
- Compensation for temporary living expenses
If you have to live in rented premises while your home is repaired, the insurance will compensate you for the temporary accommodation.
These are some of the benefits that a property insurance policy offers. When purchasing one, be sure to check out the various quotes, and compare them not only on price, but also on the features and coverage they offer. If you need help with this, don't hesitate to contact us.
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The contents in this section are provided for informational and educational purposes only and do not apply to all types of situations. The contents should not be construed as any type of advice or suggestion to take (or refrain from taking) any particular action, as it does not include or take into account all factors that may be relevant to your individual needs.