When thinking of a car wreck, most people will first imagine one car hitting another. However, this is not always the case. Even when an accident involves two cars, additional damage is often done to other things that are nearby. Cars hit buildings, poles, signs, guard rails, and a host of other items that end up in their path. When this happens, insurance is needed to replace or repair the damage that has been done.
Property insurance covers damages to these non-vehicle items.
Without property insurance attached to the vehicle insurance, the driver and/or the owner of the vehicle would have to pay for the damage from personal funds. Since this type of damage can easily run into thousands of dollars, having property damage insurance is necessary.
Of course, like all other claims, many property damage claims attempt to get new items to replace old ones. Building owners may see this as an opportunity to remodel a building or room at the vehicle owner’s expense. With insurance, the likelihood of this happening is reduced because the insurance company can fight excessive claims.
The damage to the property can result from vehicle failure without a driver in the car.
If an emergency brake fails or a car slips out of park, it can start to roll without control. If the car is near civilization, the odds are good that it will roll into a building or over some piece of property. The owner of the car is liable for the damage. The tragedy is that the owner may not even realize that the car has caused damage to property until the police or someone in the area comes to break the news.
If you run a business, you need enough property insurance to protect your business.
Often property damage for businesses is caused by employees. This can easily happen. If a building is bumped, you can have property damage. Because commercial vehicles frequently have limited sight lines, property can be damaged while backing up. Even if the property was left in the wrong place by the owner, the vehicle owner must pay to have it repaired or replaced.
Individuals need to make sure that sufficient property damage insurance is carried.
Like businesses, individuals do not want to lose their assets to lawsuits resulting from property damage. Property insurance helps to keep this from happening. The trick is to not go cheap when purchasing this policy. The liability insurance for property damage is inexpensive compared to the general liability and collision insurance.