Reasons To Buy Professional Liability Insurance in Tampa and Carrollwood, FL

Posted by Tim Castle on March 12th, 2025

The home is the greatest immovable asset that an individual can have. Unfortunately, it is prone to damage from external elements and man-made destruction. Trying to rebuild everything from scratch puts the homeowner under considerable financial strain. Instead, it is essential to consider the right kind of protection to prevent such an outcome. Buying property insurance in Tampa and Temple Terrace, FL, can benefit homeowners and renters alike.

It is interesting to note that property insurance is a broad term denoting either protection for the property or liability coverage for the owners/renters. It is important to remember that this particular insurance is a part of homeowners insurance. It also applies to renters, condo unit owners, and owners of manufactured homes. The insurance company pays for the damages to the structure and personal belongings when destroyed by a covered peril. The insured must understand that this insurance coverage does not include damage to vehicles and/or pets.

l Owned Appliances

l Clothes and shoes.

l kitchen appliances

l Furniture.

l Cell phones, tablets and laptops.

l Books and musical devices

l Jewelry.

l Sports equipment.

l Televisions.

The insurance buyer must remember that the insurance will only cover the damages caused by a peril named in the insurance document. While the types of covered perils in the document are similar for all insurance companies, they vary from time to time. Reviewing the insurance document carefully is advisable to determine when to file a claim following damages. The following perils are almost always included in property insurance policies:

l Fire or lightning strikes

l Thunderstorm or hail.

l Explosion.

l Riots or civil commotion.

l Damage caused by aircraft.

l Damage caused by vehicles.

l Smoke damage

l Vandalism or malicious mischief.

l Theft.

l Volcanic eruption.

l Damage by a falling object.

l Damage caused by the weight of ice, snow, or sleet.

l Accidental discharge of water or steam from household systems or appliances.

l Sudden and accidental tearing apart, cracking, burning, or bulging of household systems.

l Freezing of household systems or appliances.

l Sudden, accidental damage from artificially generated electric currents.

A few insurance companies offer open peril coverage with no specific peril being named in the document. This indicates that one can claim insurance for property and possession damage caused by any type of element.

Even when the insurance carrier mentions no specific peril, the following types of damages are excluded from the coverage:

l Neglect.

l Nuclear hazards.

l Intentional damage to  own property to collect insurance money

l Acts of war.

It is familiar enough for property owners to be confused about the difference between homeowners’ insurance and property insurance policies. Well, it suffices to know that the latter is regarded as an umbrella term encompassing various insurance policies that include coverage for all damages resulting from a natural disaster. On the other hand, the homeowner's insurance provides compensation for financial loss due to damage or loss of property/possessions and liability claims.

Individuals providing professional services are subject to many risks that may be reduced by buying the right professional liability insurance in Tampa and Carrollwood, FL.