Property Insurance in Sister Bay and Algoma

Posted on: June 15th, 2017

Stoneman Schopf can help you with property insurance in Sister Bay. If you own a home, building or rent an apartment you need some form of property insurance. Property insurance can cover residential as well as commercial properties.  Commercial property insurance often falls under the banner of a business owner’s policy or BOP. A BOP covers certain business assets such and building, structures and content.  It also covers liabilities and possible business interruption. Residential property insurance covers your home, contents and liabilities.

Generally, property insurance covers daily risks such as fire, water damage, storm damage, break-ins, theft, accidents and liabilities. However, insurance does not cover everything. There are always some exclusions and limitations. One good example of an exclusion under a property policy is flood insurance. Most property insurance policies, whether commercial property or residential property, does not cover flood damage. There could be other exclusions as well and you need to be aware of what is covered and what is not. That is why need to supplement property insurance with other types of insurance to fill certain gaps.

These could include flood insurance, windstorm insurance, comprehensive cover, umbrella cover and so on. Insurance is about risk management. Property insurance is probably the most important risk management too you can invest in. It is not about winning or gaining, but rather about not losing. If you suffer flood damage and don’t have flood insurance, you could lose everything. If your business burns down and you don’t have commercial insurance, you might never recover. Even smaller events cn end up costing a substantial amount of money. Property insurance, whether in the form of home insurance, commercial building insurance, content insurance or liability cover, is about loss mitigation.

Stoneman Schopf can help you with the right property insurance that will help you with loss mitigation when things go wrong.

 

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