Auto Insurance Policy
American drivers are required by law to have auto insurance. The purpose is to make sure anyone involved in an accident will receive the financial help they need. But while it is a common legal requirement, each state has different requirements with which residents must comply. Some drivers also purchase more than the minimum amount of coverage required. If you are in the market for auto insurance, make sure to at least get liability coverage. Anything more than that is optional.
When purchasing auto insurance, your main choices include liability, collision and comprehensive coverage. Liability is the most common because it is required by all states. As long as you have liability, then you can legally drive on public roads. Drivers are financially liable for any damage they cause to others. This can be expensive as it includes property damage, vehicle damage, and personal injury. Liability pays others for the damage you cause, but only up to policy limits. Anything beyond that will be your responsibility, so you might want to increase your amount of liability coverage.
Collision and comprehensive coverage is for your benefits as the driver and vehicle owner. When a collision occurs, collision coverage pays to repair or replace your auto. Comprehensive includes collision as well as coverage for fire, theft, water damage, and more. There may also be options for personal injury, rental car reimbursement, and more.
The benefit of auto insurance is it helps you financially following accidents. The costs associated with an accident can be overwhelming, so it helps to have help.
Protect your home and your family from unexpected loses. We have great plans and many discounts for you.
For most people, their home is the biggest investment they will ever make. Making sure you have adequate protection on yours is vital. There are several important things to consider when preparing to purchase a homeowners insurance policy:
Make sure to talk through every possible coverage with your agent. Each insurance policy is different and covers different things.
Ask how your belongings are covered, especially in regards to theft.
If you have large collections of high-priced collectibles such as jewelry or firearms, keep an inventory and find out about specific coverages for those collections.
There are different coverages and policies for homes which are leased to relatives or others. Make sure to let your agent know if you are not the primary resident of the home.
Life insurance is good to have. It helps you protect your family financially when you die. The death of a loved one is hard emotionally and financially. Most people don’t realize the cost of burial or cremation costs thousands of dollars. You family has to pay that once you are gone. If you have a good life insurance policy, then things will be easier for them.
Life insurance pays out when you pass on. You choose a policy that accommodates your needs, and then you must pay annual or monthly premiums. Failing to pay on time could result in penalties or the cancellation of your plan. When you die the insurance company pays the beneficiaries the specified amount stated in the policy.
There are three types of life insurance you should know about. Term life insurance pays if you pass away within the terms of the policy. It expires when you reach a certain age, and then you cannot renew it. The only way to benefit from this plan is if you die before you reach the age when the plan expires. Because of this, this plan has low premiums.
Whole life combines insurance and investments. It also offers coverage until you die. There is no cutoff age limit. Premium rates are fixed, but part of the premiums can be invested into an interest bearing account. The accumulated cash value may be borrowed or withdrawn and used by you before you pass away.
Universal insurance offers lifetime coverage. The premium rates are higher than on other forms of life insurance. But the policy is flexible and allows you to raise or lower the rates.
Keep in mind that in some cases your health will affect your ability to purchase life insurance. The younger and healthier you are, the easier it is to qualify for coverage.
Renters Insurance Policy
People who rent their homes do not need to buy homeowner’s insurance. That should be taken care of by the person who owns the property. Renters do not need to insure the building or the land, but they do need renters insurance for their personal belongings. Any insurance held by the property owner does not cover personal property belonging to the tenants.
Basically, this insurance offers coverage to people who rent rather than own their home. That means if a tenant’s possessions are damaged from fire, vandalism or theft, then insurance will help repair or replace it. This insurance also offers liability coverage in case someone visiting is hurt on the property.
Rent insurance is generally affordable and available for less than $300 per year. You will need to pay a premium and a deductible should something happen, but it is worth it to get help from the insurance company. The amount the insurance company pays depends on the policy.
The insurance company should cover your personal property if they are damaged or stolen. They might even cover living expense so you can live elsewhere while your rented home is being repaired. Liability helps with legal fees and expenses should you be sued by someone injured while in your home. Guest medical coverage pays medical bills for guests who were injured in your home. There are several options available, and you should speak with an agent for more information.
Commercial auto Insurance Policy
Commercial Auto Insurance
Do you own a business that uses vehicles in the operation of that business? If so, then you need commercial auto insurance. It is auto insurance except it is specifically for business vehicles. This coverage is required for businesses that use one or more vehicles as part of their operations. Cars, trucks, vans or other motorized vehicles used in the company can be covered.
Commercial insurance is not the same as auto insurance for individuals. Insurance for personal cars is insufficient for autos used in a business situation. Commercial coverage protects against specific situations common for business owners.
There are several reasons why you need commercial auto insurance for your business. First, you can use a higher liability amount. Vehicles driven daily for business have a higher risk of getting into an accident. And you also run a higher risk of being sued following an accident. Liability helps with that. There is more wear and tear on a vehicle that transports equipment or passengers. And since your vehicle is necessary for business, you want to make sure it can quickly be repaired or replaced should the need arise.
The basic types of coverage usually include coverage for bodily injury and property damage. There is collision to pay to repair or replace the vehicle following a mishap. Comprehensive pays for damage that is not caused by another vehicle. Medical payment is for individuals involved in an accident who need medical treatment. And uninsured motorist coverage pays claims involving a person without insurance.
Boat Insurance Policy
When a boat is damaged, boat insurance helps pay for repairs. It also provides financial assistance following events such as theft or liability claims. You simple have to decide which type of coverage you want, the deductible you can afford, and the total coverage you need.
It works similar to other insurance in that you file a claim once an event occurs. You then receive compensation according to the specifics of your policy.
You have the option of getting a policy that covers you and your boat, a policy that covers additional people, and other options to customize your policy.
You will probably want property coverage. This is for repairing your boat when it is damaged either in a boating accident or other event. This might also include coverage for wreckage removal costs. Medical coverage helps when passengers are injured while on your boat. There is also special coverage for equipment such as gear, fishing reels, fishing accessories, and tackle bags.
Liability coverage is important. It is for when you damage another person’s boat. It can also help when you cause injury or death to another person while driving your boat.
Benefits of Boat Insurance
Boat insurance is a good way to protect your investment in your boat. The insurance company will help with many expenses you might not be able to handle on your own.
Motorcycle Insurance Policy
Motorcycle insurance is good to have if you regularly drive a motorcycle on public roads. Driving a motorcycle requires insurance the same as when you drive a car. It provides you with financial assistance should anything happen to your bike or if you cause an accident. There are no cons associated with having this insurance. It is a smart move if you have a motorcycle.
What to Expect from Coverage
Bodily injury liability is for when you cause injury to another person in the operation of your bike. When you have this coverage, the insurance policy will provide you with a legal defense. It will help pay for the other person’s medical expenses, and help should you be sued.
Accessories coverage is for your bike accessories. This protects things such as backrests, seats, CB radios, and saddlebags. Collision coverage is specifically to protect your motorcycle when it is damaged by another vehicle on the road.
Comprehensive physical damage is for most other forms of damage to the bike. Losses caused by fire, theft, and vandalism are covered here. Uninsured motorist coverage covers your medical bills and other costs should you be in an accident with someone who is uninsured or underinsured.
Motorcyclists are at high risk for accidents. In many cases, vehicle drivers fail to see motorcyclists and this leads to accidents. Also, a motorcyclist is more likely to suffer serious damage during an accident. It is in your best interest to have motorcycle insurance for your bike.
Condo Insurance Policy
Condo insurance is for anyone who lives in a condo apartment. The purpose is to provide coverage for personal property and liability in case of lawsuits. The coverage is not for the building or the grounds. It is specifically for the space that you own, and excludes anything outside of your door.
The condo association for your building should have coverage for the entire building, grounds, and all public areas. Check with your association concerning what is covered. They might have coverage for certain things inside your unit like appliances that came with the apartment. In any case, check with them so you can know what coverage you need to purchase on your own.
It is possible that the association has a policy that covers the structure of your condo unit which includes wall and floors. Some policies may protect your structure’s original construction and fixtures, while some might only cover the walls, floors, and ceilings. It can get confusing when you are trying to determine what type of coverage to purchase. But a knowledgeable person within the association should be able to provide the information you need.
As previously mentioned, condo insurance is coverage for your belongings. That includes all of your personal property that is stored inside your living space. But liability is included as well. This is needed just in case someone sues you or requests you to pay their medical bills after they are injured inside your condo.
As for the type of reimbursement you receive, there is usually only actual cash value or replacement cost. Actual cash value provides the current price of your items. But replacement cost does not necessarily consider the current price. It might provide the original purchase price of an item. Whatever the case, make sure to get enough coverage for all of your personal items.
Think of what you need in detail before settling for a particular policy. This means you must evaluate the insurance needs of your company. If a particular type of coverage does not meet your needs, then do not let anyone convince you it is necessary. You can also save by opting for a higher deductible.
Some agencies provide package policies customized for your business. This means you get exactly what you need without any unnecessary coverage. Ask about a Business Owner’s Policy, as that might suit you most. This type of policy incorporates different coverage together instead of you having to buy several policies. You might also belong to an industry association that provides insurance bargains to members.
No matter your business, having business insurance is a smart idea. Without the proper coverage, certain situations could destroy your business. Review your coverage periodically t see if your needs have changed, and then adjust your coverage accordingly.
Flood Insurance Policy- Customer-friendly style
Flood insurance is recommended for people who live within flood zones. This coverage is not included with homeowner’s insurance, and it must be purchased separately. The Federal Emergency Management Agency (FEMA) has the National Flood Insurance Program (NFIP). This program provides flood insurance in flood prone areas. Insurance companies offer coverage as well, but as stated it must be purchased separately from a traditional policy.
Floods are Natural Disasters
A large amount of natural disasters revolve around flooding. And 80 percent of flood-related insurance claims originate in high flood-risk-areas. FEMA usually offers support in these instances, usually when presidential declaration has termed the flood a national disaster. This is why it helps to have coverage for instance not declared a national disaster.
Insurance Policy Coverage
A policy provided by the government is available to communities that participate in the NFIP program. You can also buy the policy from a company to insure yourself against these flood-related losses. Just make sure the agency is legitimate and services the NFIP insurance policies. Insure your property on a cash value basis as well as the home’s structure on a replacement basis.
The NFIP policy normally starts at $112 per-year. FEMA can increase the amount up to a maximum of $250,000. But it depends on the amount of coverage needed and the level of flood risk in your area. The assets of your home can get an amount of up to $100,000 per year.
There is a 30-day grace period before your policy goes into effect. This is why you should get the policy as soon as possible.
Landlord Insurance Policy
If you own rental property, then you need landlord insurance. This is for people who rent to tenants living in condos, homes, or apartment buildings. To qualify, you must continuously rent space to tenants. This coverage will cover you in the event of certain financial risks.
Landlord insurance provides coverage for the property. If damage occurs to the main building or additional structures on the property, then insurance will help with repairs. Damages due to fire, storms, theft, vandalism, or tenants are covered. Associated items are covered as well, and include items related to the upkeep of the property. Legal liability provides assistance when a tenant or visitor is injured on the property. They could sue you, and the insurance would help with the legalities. Loss of income coverage is helpful as well, should the rental property become uninhabitable.
The insurance for landlords does not cover tenant’s property. Their personal property is not your responsibility. Your personal property inside the building is not covered either, but it is possible to purchase add-on insurance that will. You might want to inform tenants about renter’s insurance, which is what they would need.
Your homeowner’s policy might be sufficient if you are renting one home, perhaps short-term. But if you are renting to tenants on a long-term basis, landlord insurance is definitely worth having.
Recreational Insurance Policy
Recreational Vehicle Insurance
You might be in a hurry to get on the road in your recreational vehicle (RV). But before you take a trip, take time to purchase recreational vehicle insurance. You need coverage so you will be financially protected should a mishap occur. Mishaps can include everything from vandalism to theft.
Basic RV Insurance
Collision and liability should be your main concern. This coverage will help if you injure someone else in an accident. It will help pay for their costs and provide you with coverage if another party files a lawsuit against you. This is important because these expenses can run into the thousands. A basic policy might also include coverage for mechanical equipment attached to the vehicle.
If you get nothing else, make sure liability coverage is at the top of your list. But if you want more extensive coverage, consider upgrading the policy. Depending on how often you travel and what you store inside your RV, you might want to extend the policy to include personal possessions. The policy can also include emergency services if your RV breaks down on a trip.
Determining Policy Size
Every RV is different. What you need for your RV might not be the same as the next person. When you are purchasing recreational vehicle insurance, make sure to consider the value of your RV, your personal possessions, where you store the vehicle, and how often you travel.
The majority of American works consider workplace benefits as a deciding factor in whether or not they accept a job. Benefits make life easier for employees and their families. This is why most employers pay careful attention to the benefits they provide. Better benefits attract better works.
Types of Workplace Benefits
Not all jobs offer the same types of benefits. Some of the most common include long term care insurance, which helps the insured pay for long term care. Long term care is needed when a person can no longer perform certain daily activities, such as feeding or bathing themselves.
Disability insurance provides income for employees who are unable to work because they are sick or injured. Short-term disability is the easiest to get, and it replaces a portion of the employee’s salary for a short time. Long-term disability is available after short-term disability expires. As the name suggests, it provides coverage for a longer period of time than short term coverage.
Accident insurance provides coverage for injuries resulting from accidents. These accidents are sometimes only covered if they occur on the job. But some policies may include more types of incidents. This money can help pay for deductibles, co-pays, therapies, and x-rays.
Critical illness/cancer insurance is for people who think they may be stricken with a critical illness or cancer. Keep in mind you must be well when you apply for this coverage. If you are already sick, then you will be denied coverage. And universal life insurance is a popular form of life insurance. The policy does not expire as long as you pay the premiums. And there is the ability to invest a portion of the premium payments so they gain interest.