Personal Insurance

Homeowner

The typical homeowners insurance policy covers the house, the garage and other structures on the property, as well as personal possessions inside the house such as furniture, appliances and clothing, against a wide variety of perils including windstorms, fire and theft. The extent of the perils covered depends on the type of policy. An all-risk policy offers the broadest coverage. This covers all perils except those specifically excluded in the policy.

Homeowners insurance also covers additional living expenses. Known as Loss of Use,  this provision in the policy reimburses the policyholder for the extra cost of living elsewhere while the house is being restored after a disaster. The liability portion of the policy covers the homeowner for accidental injuries caused to third parties and/or their property, such as a guest slipping and falling down improperly maintained stairs. Coverage for flood and earthquake damage is excluded and must be purchased separately.

Automobile

There are basically six different types of auto insurance coverages. Some may be required by law. Others are optional. They are:

Bodily injury liability, for injuries the policyholder causes to someone else.

Medical payments or Personal Injury Protection (PIP) for treatment of injuries to the driver and passengers of the policyholder’s car.

Property damage liability, auto insurance coverage for damage the policyholder causes to someone else’s property.

Collision, auto coverage for damage to the policyholder’s car from a collision.

Comprehensive, for damage to the policyholder’s car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods, and riots), and theft.

Uninsured motorists coverage, auto insurance for costs resulting from an accident involving a hit-and-run driver or a driver who does not have insurance.
Get an Auto Insurance Quote

Motorcycle

Same type of coverage as automobile except it covers motorcycle

Motorhome

Coverage for all types of recreation vehicles and their trailers

Boat (Watercraft Liability)

Coverage of all types of vessels and watercraft, for property damage to the vessel and cargo, including such risks as piracy and the jettisoning of cargo to save the property of others. Coverage for marine-related liabilities. War is excluded from basic policies, but can be bought back.

Dwelling Fire

Coverage protecting property against losses caused by a fire or lightning that is usually included in homeowners or commercial multiple peril policies. Coverage protecting property against losses caused by a fire or lightning that is usually included in homeowners or commercial multiple peril policies.

Umbrella

Coverage for losses above the limit of an underlying policy or policies such as homeowners and automobile insurance.   While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies.

Inland Marine

This broad type of coverage was developed for shipments that do not involve ocean transport. Covers articles in transit by all forms of land and air transportation as well as bridges, tunnels and other means of transportation and communication. Floaters that cover expensive personal items such as fine art and jewelry are included in this category

Farm/Ranch Insurance

Package policy that protects the policyholder against named perils and liabilities and usually covers homes and their contents, along with barns, stables, and other structures.

Flood Insurance

Coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance agents. Flood coverage is excluded under homeowners policies and many commercial property policies. However, flood damage is covered under the comprehensive portion of an auto insurance policy

Renter’s Insurance

A form of insurance that covers a policyholder’s belongings against perils such as fire, theft, windstorm, hail, explosion, vandalism, riots, and others. It also provides personal liability coverage for damage the policyholder or dependents cause to third parties. It also provides additional living expenses, known as loss-of-use coverage, if a policyholder must move while his or her dwelling is repaired. It also can include coverage for property improvements. Possessions can be covered for their replacement cost or the actual cash value that includes depreciation

Wind & Hail

A form of insurance that covers only the Wind and Hail portion of a loss.  These policies are written primarily for homes on the coast within 1500 feet of the ocean because your normal homeowner insurance would exclude this coverage.

Comments are closed.