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Today is Groundhog Day, the day where we place faith in one fat little rodent's ability or inability to see his shadow.  On the one hand, it means a cold winter will end soon. On the other side, six more weeks of dreary weather.  While we all know the feasibility of this myth is practically ZERO (sorry to offend anyone who makes their travel plans on the Groundhog's prediction!), it's fun to play with the idea that maybe...just maybe, we can count on the little guy!

When it comes to your insurance program, either for your home, auto or business, it's best not to take such chances.  You should know what you're buying, what you're getting, and more importantly, what you actually need.

While shopping for insurance, whether for your home or business, you may have heard the term “property and casualty insurance” used by your agent or insurance representative. When looking at your quote or reviewing your issued policy, you will see lists of coverages such as “personal property” or “general liability.” These coverages fall under either Casualty or Property and make up the essential parts of your policy. Without these, there would be no coverage and no protection for your assets.

But, “what is property and casualty insurance and do I need it?”

Property Coverage

You may find Property coverage more straightforward than its counterpart, Casualty. If you carry any insurance for your building, equipment, furnishings, or your home, car, or personal belongings, then you already have property coverage built into your policy. This coverage protects you against direct damages to your property by covering causes like fire, lightning, and wind.

Property coverage can also apply to loss of income-generating ability, as you would find in Business Income coverage. This applies specifically to your ability to generate income in the event of a covered accident or damage that prevents your business from operating. A few days or several weeks could cripple your business and result in closing without this type of property coverage.

Casualty Coverage

Casualty can be difficult to define, but it typically refers to the liability coverage found in business and personal policies. The term casualty is not applied to Life, Health or Property policies where liability is not a factor. You will probably hear most often that casualty is insurance covering injury or property damage to others “for which you are legally liable”.  In simpler terms, it is coverage for damages caused by you due to your negligence.

Accidents happen both at home and on the job all the time which can result in injuries.  A friend visiting your house could be seriously hurt because the deck you built collapsed.  Or, a customer at your salon might slip-and-fall because of an unsecured mat and suffer severe fractures. These types of accidents are not anticipated but because of our potentially negligent acts, could result in thousands of dollars in medical bills and legal fees.


Why Do I Need It?

If you own anything of value that you could not replace out-of-pocket in the unfortunate event of a disaster, then chances are that you need Property and Casualty insurance.

If you have ever been careless while driving, at home, or at your place of business, you need Property and Casualty insurance.

For all the savings you may have, or for all the planning you’ve done, nothing can prepare you for an unexpected event like a fire. The cost to repair and replace your belongings and clean up the damage in the aftermath could total in the thousands. The best and most efficient plan for protecting yourself and your family from a financial crisis is insurance.

If you have a question about your coverage and whether it's right for your lifestyle or your business, we're happy to help.  Schedule a complimentary review of your policy with a  DDM advisor today.
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