Property casualty insurance is a policy that protects a person’s most expensive and cherished assets. Property and casualty insurance can be attached to homes, property, cars, and businesses. Property insurance typically refers to a protection plan purchased by a person or a business with an interest in physical property. The business or individual will purchase an insurance policy to protect against a financial loss incurred from damage of the property. 

In essence, an individual or business will purchase an insurance policy to financially protect them against damages inflicted to their home or property. If their assets gets damaged or destroyed the money associated with fixing such a drastic problem is exorbitant. 

Therefore, an individual will purchase a property casualty insurance plan so that if damages or loss of property does occur, their asset will be recouped through the insurance company. Not only does the insurance policy protect the individual against damages, but it also protects their largest asset and their largest source of income in the future.

 

In contrast, a casualty insurance policy primarily protects a person or business against legal liability for damages or losses caused by injury on the individuals’ property to other people. In other words, if a person or friend gets badly injured on your property, a casualty insurance plan will protect your legal liability against any medical damages or lawsuits. 

There are two separate property and casualty insurance packages a person can purchase: personal lines and commercial lines. Within these two categories are numerous subcategories. For instance, a farm, financial institutions, employment-related practices liability, crime and fidelity, and workers compensation are all examples of business related insurance policies. While automobile, a dwelling property, and personal liability are examples of personal insurance property and casualty policies.

Typically people who invest in properties do not leave them unoccupied. That being said, there are unavoidable tomes when owners or people need to leave the property for an extended period of time. In these circumstances, the property becomes more susceptible to incurring some sort of damage. 

Whether it is from bad storms, burglaries, or some sort of attack, an unoccupied property does not have the benefit of a watchful eye or precautions. For instance, if a hurricane is projected to hit a certain area, the residents of the targeted area will take part in a cautionary process that includes boarding windows, and placing all valuables in a secure location. When the property is unoccupied, there is no opportunity to take such precautions, leaving the house more vulnerable to destruction. 

 

An individual who purchases property can protect him or herself from this unfortunate situation form occurring through the purchase of unoccupied property insurance. Unoccupied property insurance takes the damage associated with the aforementioned destruction scenario and pins the losses on the insurance company. 

Without the plan, the costs needed for repair would be placed on the individual land owner. Typically such renovation projects are exorbitant price, and simply too much for one person to bear. The problem, however, is that a piece of property is a considerable asset, and one that if damaged, could cripple an individual’s financial standing.

 

Unoccupied property insurance is not mandatory, however, it should be considered for all those who leave their homes or properties unoccupied for an extended period of time. For individuals who have multiple properties, or those who extensively travel, it is a shrewd financial move to purchase an unoccupied property insurance policy.