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Insurable Interest is a key principle that requires policyholders to have a genuine connection to what they are insuring. This means that if the insured item is damaged, it could lead to a financial loss for them. This principle guarantees that insurance is used for managing risk, not for speculation.
For example, homeowners have an insurable interest in their property because they would face a financial loss if it were damaged by fire, theft, or natural disasters.
Insurance companies need proof of insurable interest before issuing a policy. This helps prevent fraudulent claims and ensures that the policyholder has a genuine need for coverage based on the insurable value of what they are protecting.
Understanding this concept is crucial for policyholders. It not only affects their eligibility for insurance but also influences the types and amounts of coverage available. Always talk to your insurance agent to clarify how insurable interest applies to your specific situation.
At PSIC, our main goal is to protect you and your family from any unexpected event that may affect you through our comprehensive policies.
When you complete the application form for any of our products like Homeowners, Condo, or Landlord, we will ask you to prove that you have an insurable interest in the property you are trying to get covered. It might be the title to your home, the rental contract of your apartment, or any other document that can verify your interest
We understand that protecting your property is important to you. That’s why our insurance is designed to support you and provide the security you need. With us, you can feel confident knowing that you have the right coverage in place, allowing you to focus on what truly matters in your life.
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5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807
Copyright © McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.
Privacy Notice at Collection for CA employees
Last updated: June 27, 2023
We take the privacy of our employees and applicants very seriously. Please read this notice carefully as it contains important information on the personal information that we collect, why we collect it, how long we keep it, and that it is not sold to third parties.
Other terms used but not defined will have the meaning set forth in the CCPA, as amended by the CPRA, Cal. Civ. Code §§ 1798.100—1798.199.100, and accompanying regulations set forth under Cal. Code Regs. tit. 11, § 7000 et seq.
Categories of Personal Information Collected
Purposes for Collecting and Using Your Personal Information
Managing Human Resource Functions:
Conducting business operations:
Monitoring:
Compliance with:
Investigating:
We will not retain your personal information for longer than necessary for the purposes set out in this notice. Different retention periods apply for different types of personal information.
When it is no longer necessary to retain your personal information, we will delete or anonymize it.