Property Insurance

Property Insurance

Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes some specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils.

Open perils cover all the causes of loss that are not specifically excluded in the policy, common exclusion include Earthquake Insurance, Floods, Nuclear incidents, acts of Terrorism, and War.

Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as Fire, Lightning, Explosion, Cyber-Attack, and Theft.

Types of coverage include Replacement cost coverage which pays the cost of repairing or replacing the property with like kind & quality material regardless of depreciation or appreciation. Premiums for this type of coverage are based on replacement cost values and not based on actual cash value.

Actual cash value coverage provides for replacement cost minus depreciation.

Extended replacement cost will pay over the coverage limit if the costs for construction have increased, but not to exceed 25% of the coverage limit.

Pacific Magellan Insurance Services is Licensed to sell products related to Homeowners Rental Insurance, Auto Insurance, Motorcycle Insurance, Business Insurance. Through our affiliation with First Connect Insurances we have Access to 120 + Carriers that allow Fast Access, and Management for Independent Agents. We have access to Insurtech platforms and insurance aggregation that allow us to grow our business while servicing the needs of our customers.