Standard Types Of Property Damage

There are two types of property damage that are actually recognized by insurance companies. These are classified by what causes the damage. The two basic types are those caused by natural phenomena and those caused by other people or living things. There are also many different classifications that fall under these two headings as well. One factor that matters a lot in cases like these is the thing that has been damaged. Property comes in different forms and values, such as vehicles, land, houses, trees and other things to which a person extends ownership.

Natural Phenomena

When someone talks about a natural phenomenon, it refers to a perhaps fluky, but fundamentally unavoidable occurrence that is powered by nature. Property damage that is caused by a natural phenomenon can come from an earthquake, a fire caused by lightning, flooding and many other scenarios. These examples can actually spawn other injuries and trauma to property as well. The damage that these examples cause can be devastating and extensive. The act of nature that might have destroyed a person's real or personal property can stem from any number of things and may also be covered by most insurance policies. It is most difficult to try and claim any compensation from such acts of nature, because there is no person or entity that can be held responsible for them. Insurance policies come into play only when a person has filed for coverage for a specific act of nature that is covered by the company. Many firms and companies have included flooding and earthquake in their policies, especially in areas prone to these events. Property damage by fires can also be caused by malicious entities that are motivated to start them.

Willfulness or Negligence

In cases of willfulness or negligence, the acts are caused by a person or entity which has deliberately set about to do it or has neglected to do something to prevent it from happening. Persons or the person who have caused the destruction may be charged in a criminal case if suspected to be guilty of it. This is especially true if there is extensive damage or if a person or persons have been hurt as a result of willfulness or negligence. If the items are replaceable, the guilty party will be asked to replace or repay them according to their value. Irreplaceable items will be valued according to their sentimental value. Property damage can also be rectified according to the cost of repairs necessary, as well as the cost of losing these items until they have been repaired or replaced. Insurance policies for these events and properties are also provided by reputable firms and companies. They need to assess the entire estate, or at least the specific items that will be included in the policy.

The destruction of real or personal properties can be a big deal for many people. This is not only because of the monetary value that has been attached to these items, but also because of the sentiment that comes with some of these properties.