PROPERTY INSURANCE

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Protect Your Home and Assets With Comprehensive Property Insurance

Your personal property is valuable. Protecting it with the right property insurance coverage can help you or your business recover from property damage, loss and more without incurring additional, expensive business or living expenses.

What Is Property Insurance and Why Do You Need It?

Property insurance is a risk management strategy. It provides financial protection and peace of mind for the owner or renter of a property in the event of damage or loss. It typically covers buildings and other structures on the property as well as your personal belongings, against risks like fire, theft, vandalism, and certain natural disasters like hurricanes and earthquakes.

Why Homeowners Need Property Insurance Coverage

Unpredictable risks can cause financial hardship and incur unnecessary additional living expenses. With a homeowners insurance policy, you enjoy replacement cost coverage for your building and personal effects in case of damage or loss. Additionally, it often includes liability coverage, which helps protect you in case someone is injured on your property and decides to file a lawsuit against you.

Why Business Owners Need a Property Insurance Policy

For businesses, even a minor incident can lead to significant financial losses and disrupted operations. Companies of all sizes require commercial property insurance to protect their physical assets, including buildings, inventory and equipment, from various risks.

Property insurance helps mitigate these risks by covering repair or replacement costs, allowing your business to recover more quickly. Additionally, it can include you can purchase business interruption coverage which will replace lost income if the business is forced to shut down temporarily.

Our Homeowners and Commercial Property Insurance Options

Why Business Owners Need a Property Insurance Policy

Our Superior Homeowners Insurance policy is a comprehensive property insurance coverage option for homeowners or tenants. It covers the risks of fire, theft, hurricane and your legal liability to third parties, along with the standard perils listed below.

With our home insurance policy, you can rest well knowing your most valuable investment is protected.

With this coverage option, you receive protection for your house, contents and valuable property against:

Fire & Lightning
Hurricane, Cyclone, Tornado, or Windstorm
Flood
Earthquake & Volcanic Eruption
Riot & Strike
Malicious Damage
Explosion
Impact from Aircraft & other Aerial Devices
Impact by Road Vehicles, Horses or Cattle
Bursting or Overflowing of Water Tanks, Apparatus or Pipes
Theft
All Risks coverage for certain items like jewellery and electronic equipment
Legal liability coverage to third parties

Special Homeowner Discounts

Get in touch with a GENAC agent to learn if you qualify for any of the following special discounts:

Credit union discount: Members of credit unions are given a 10% discount.
BARP discount: Members of BARP receive a 10% discount.
Group employees discount: Staff of Musson Group receive a 10% discount.
Burglar alarms: If you have a burglar alarm, whether monitored by a security company or not, you may be eligible for a discount of up to 10%.
Hurricane shutters: If your home is fitted with hurricane shutters, you may receive a 10% discount.
Discounts may not be cumulative as there is a maximum that can be offered per policy.

Fire and Allied Perils

Fires are unforeseen events that can cause devastation. General Accident Insurance Company can help protect your business, contents, machinery and stock against fire and other perils, including:

Fire & Lightning
Hurricane, Cyclone, Tornado, or Windstorm
Flood
Earthquake & Volcanic Eruption
Riot & Strike
Malicious Damage
Explosion
Impact from Aircraft & other Aerial Devices
Impact by Road Vehicles, Horses, or Cattle
Bursting or Overflowing of Water Tanks, Apparatus or Pipes

Commercial All Risks

A Commercial All Risks policy is designed to protect your business against a wide range of risks that could result in loss or damage to its physical assets. Unlike named-perils policies, which only cover specific risks listed in the policy, a Commercial All Risks policy offers comprehensive coverage against all risks except those explicitly excluded from the contract.

In addition to the perils covered under the Fire and Allied Perils policy, our Commercial All Risks policy extends to cover your property against accidental damage and burglary.

Consequential Loss/Business Interruption

Consequential Loss/Business Interruption Insurance covers temporary loss of income that your business may suffer after a disaster and helps prevent it from being closed during the time of repairs. Our policy covers financial loss resulting from the interruption of business by an unforeseen event such as a hurricane, fire, or breakdown of machinery covered by the material damage policy, i.e. FIre and Perils or Commercial All Risks.

Property Insurance FAQ

Still have questions about property insurance? Check out these commonly asked questions:

Consequential Loss/Business Interruption

Yes. Property insurance, especially homeowners policies, typically cover personal belongings like furniture, electronics, and clothing. However, high-value items may need additional coverage. Contact GENAC for more information.

What Should I Do If My Property Value Increases?

If your property value increases due to renovations or market changes, you should inform your insurance provider to adjust your coverage accordingly and ensure you’re adequately protected.

Contact GENAC To Learn More

When you’re ready to explore your options for commercial and/or home insurance against property damage and more, contact us online, via telephone at (246) 538-2200, or by email at infobb@genac.com.