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Nicoletti Walker Law Group April 9, 2014

Selecting your car insurance policy can be a confusing process. With so many different types of coverage, consumers sometimes aren’t sure exactly what their automobile insurance policy includes. An essential form of coverage is property damage insurance. Actually, Florida law requires consumers to carry property damage insurance of at least $10,000.

Insurance agents don’t always clearly explain what property damage insurance is. Automobile property damage insurance covers the damage to property done by the party deemed at fault. In other words if you are at fault, your property damage insurance will pay the other party’s damages to their automobile and other items damaged such as tools or equipment that may have been in their car. Likewise, if you are struck by someone, their property damage insurance will pay for your property which is damaged. You may have the option of having your car damage paid for by your own “collision” coverage, but that is a topic for another day.

Property damage insurance covers liability damage coverage beyond automobile damages. Other items covered include damages to: fencing, trees, house, structures, power poles and or other tangible damages. The amount to be covered for the damages can be determined by several factors. Property damage covered includes: the replacement value cost, appraised value of the item in the condition prior to being damaged, the cost of repairs, loss of use of the item until replaced and the diminished value of damaged property.

Your property damage coverage protects you from paying these damages out of your own pocket in the event you cause an accident. You can purchase more than the required $10,000 and you should evaluate your risks and financial situation before deciding how much coverage to purchase. If you are evaluated as a high risk driver based upon prior traffic tickets or having caused accidents in the past, the premium for this coverage can be effected.

Hopefully you now have a better understanding of property damage insurance and its importance. When reviewing your automobile policy you can now assess the value to carrying additional property damage insurance coverage.

Please feel free to contact us regarding this or other civil law matters. You can contact Mike Walker Law by phone, email, or visit us online here.