Property

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Property insurance helps to protect the owner or user of property for its loss, or the loss of its income-producing ability, when the loss or damage is caused by a covered peril. This coverage often has a deductible or self-insured retention.
There are three basic types of policy forms – Basic, Broad and Special. These terms mean like they sound – the basic form has the most basic of coverage and is limited in its coverage. The Broad Form has more options but is still limited. The Special Form is the most often used for Commercial Business. This form provides more coverage for businesses.

Property is a form of insurance which protects a building and its contents. There are a number of types of business insurance policies available on the market, and when purchasing this insurance product, Business Owners should contact Quest Insurance to confirm that they buy a product which is suitable for their needs. Property Insurance has three basic types of forms:

Basic Form- Eleven (11) basic perils are covered, fire, lightning, explosion, windstorm or hail, smoke, aircraft and vehicle damage, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action.

Broad Form – Four specified perils, falling objects, weight of ice, snow or sleet, water damage, and collapse in addition to the 11 specific perils in the Basic Form.

Special Form – the special Form covers any peril that is not specifically excluded in the policy. Some of the exclusions include but are not limited to wear and tear, rust, decay, deterioration, smog, release of contaminants or pollutants, settling, cracking, nesting, infestation or discharge/release of waste products or secretions by insects, birds, rodents or other animals, breakdown, temperature changes, marring or scratching, prolonged leakage or seepage of water, dishonesty of the insured or their employees, voluntary parting with property trick or device, loss to property in the open from rain, snow, ice or sleet, acts or decisions of a governmental body, errors in planning, zoning, development, surveying, sitting, design, workmanship, materials or maintenance.

There are three basic types of Property Insurance” In an open peril property insurance policy, any form of damage which is not specifically excluded in the policy is covered. Named peril policies spell out a list of potential causes of damage which are covered. Commercial insurance can be specialized, as in the case of earthquake, flood, fire, boiler, and theft insurance products. The property insurance policy will usually contain very clear language about exclusions, and exclusions can vary depending on where someone lives and what type of policy it is. Business owners commonly purchase property insurance which will allow them to replace a structure in the event that they experience a fire, earthquake, flood, or similar catastrophe. This type of property insurance may specifically exclude the contents of the building, or it may exclude certain types of contents. For example, fixtures may be covered, but movable property may not be. Separate policies are available for residential, commercial, and industrial properties.

FAQ'S

What is property Insurance?

Property insurance is a policy that provides financial reimbursement to the owner, tenant or lessee in the event of a property loss covered by a covered peril.

How can I obtain property insurance?

In order to implement a property policy, a completed application is required as well as underwriting approval from the carrier. Some carriers may require additional information.

What is the cost for this type of policy?

The cost varies based on the amount of coverage, the type of property and the location.

What are the nuances and benefits of a Property policy?

This type of policy can also include additional coverages, such as Loss of Rents, Debris, Extra Expense, Employee Dishonesty, Ordinance or Law and Mechanical Breakdown.

How much coverage do I need?

This will depend on replacement cost, as well as other determining factors.

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Statements on this web site as to policies and coverages provide general information only. This information is not an offer to sell insurance. Insurance coverage cannot be bound or changed via submission of any online form/application provided on this site or otherwise, e-mail, voice mail, or facsimile. No binder, insurance policy, change, addition, and/or deletion to Insurance coverage go into effect unless and until confirmed directly by a licensed agent. Any proposal of insurance we may present to you will be based upon the information you provide to us via this online form/application and/or in other communications with us. Please contact our office at 703-961-8886 to discuss specific coverage details and your insurance needs.All coverages are available in the state provided on the proposal. No other state will be covered unless shown. Information provided on this site does not constitute professional advice; if you have legal, tax or financial planning questions, you should contact an appropriate professional. Any hypertext links to other sites are provided as a convenience only; we have no control over those sites and do not endorse or guarantee any information provided by those sites.

Property

PROPERTY