Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance can provide property, liability and medical coverage: Property coverage pays for damage to or theft of your car. Liability coverage pays for your legal responsibility to others for bodily injury or property damage. Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you’re financing a car, your lender may also have requirements. Most auto policies are for six months or a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.
Why do you need Auto Insurance?
It’s really all about protecting yourself financially. If you’re in an accident or your car is stolen, it costs money, often a lot of money, to fix or replace it. If you or any passengers are injured in an accident, medical costs can be extremely expensive. If you or your car is responsible for damage or injury to others, you may be sued for much more than you’re worth. Not only is having insurance a prudent financial decision, many states require you to have at least some coverage.
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it. Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets. Damage caused by most disasters is covered but there are exceptions. The most significant exceptions are damage caused by floods, earthquakes and poor maintenance.
Why do you need Homeowners Insurance?
It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That’s important because chances are your home is likely one of your largest investments. If your home was destroyed by fire or damaged by a natural disaster, you’d need money to repair or replace it. If a guest in your home is injured, liability protection and medical coverage help pay expenses. If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs. If you are still paying for your home, your lender will require insurance. It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what’s included and what is not.
Farm owners have unique insurance needs from other businesses and homeowners. Traditional coverage may not adequately respond to those needs. We can help insure this special way of life for your farm. Whether it is a small hobby farm or full-functioning farming operation, we have a product to help protect your farm home and property. Our agents will work with you to design the appropriate coverage at the appropriate price.
Renters Insurance not only covers your possessions but also provides liability coverage if an incident occurs and a person suffers an injury at your rented house or apartment. Along with these important coverages, if an injured person filed a law suit (instead of or as well as a claim on your policy) the renters policy would cover legal expenses up to the limits you carry on the policy. If a person chooses not to carry a renter’s policy, all of these costs would be a person’s responsibility to pay completely out of their own pocket.
A common mistake renters make is assuming that their property is covered under the landlord’s policy, which is incorrect. The landlord’s policy covers the building itself but not any of the renter’s possessions that may be inside and this is where a renter’s policy comes into play. If your apartment or home being rented is destroyed in a fire this policy will help you put the pieces back together. If you suffer a break in and your expensive T.V., jewelry or computers are taken a renter’s policy can replace them. From clothing to electronics, from furniture to art, from sporting goods to coin collections, a renter’s policy can offer the coverage you need.
A personal umbrella or “excess liability” policy is an inexpensive supplement to the liability coverage you carry on your personal auto and homeowners/renters policies. The main purpose of an umbrella policy is to protect your personal assets from an unforeseen event in which you or a family member could be deemed liable for damage or injuries.
When choosing your umbrella limits, consider at least these 3 things:
-The risks you may face: The risk of causing an accident in your vehicle. Do you have a young driver in your household? Is your home or backyard a hub for neighborhood kids or friends? Consider anything that could those around you at risk.
-The value of your assets: Your assets include things such as your properties, possessions, savings accounts, retirement funds and other investments. The more assets you have to protect, the higher the umbrella limits you should consider.
-The potential loss of future income: Liability claims/lawsuits can result in loss of both current and future income so even those with few current assets to protect may want to consider an umbrella policy.
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