Home and Auto Insurance |
Overview | Home and auto insurance can save you from costly repairs and liability in the case of damage to your home or your car. Both essentially cover damages to you and your property, however a large portion of auto insurance covers third party damage and injuries in the form of liability coverage. In the case of auto insurance, most states make mandatory at least minimum coverage. How much coverage you need, cost and what your level of exposure might be are among the concerns governing selection of these type of insurances. |
Auto Insurance | An auto insurance policy is actually a package of different coverages. Coverage can include liability insurance; collision coverage; comprehensive coverage; medical, PIP and no-fault; uninsured motorists and certain add on features. Most states require you to purchase a minimum amount of certain kinds of coverage. But if you're interested in protecting yourself from a lawsuit or from wicked repair bills, then it makes sense to buy more than what's required. Click here for more information on auto insurance. |
Home Insurance | Lenders require homeowners with mortgages to buy home insurance. You may think that the policy terms required by your lender are acceptable, but that might not be the case. Remember, lenders are only concerned that you cover the risks to your property they have financed. This most likely does not include your full exposure to loss were your home and personal property to be destroyed. It is important that you assess your property, determine its value, and make sure you get the full coverage you need in the case of a loss. Click here for more information on home & property insurance. |
Renter's Insurance | Renters need to protect their possesions as well. Renters insurance will repair or replace your personal property that is damaged, destroyed or stolen as the result of 17 types of peril -- fire or lightening, windstorm or hail, explosions, smoke, vandalism, theft, damage by glass, electrical surge damage, and water-related damage from home utilities, to name a few. If your home is made unlivable by one of these perils, renter's insurance will pay for the associated expenses (cost of a temporary residence, meals eaten out, etc.). However, this coverage usually has a limit of about 30 percent of the total value of the policy. Click here for more information on renter's insurance. |
Additional Coverage | Excess liability insurance coverage over and above that which is covered by basic homeowner or auto insurance policies can be had through an umbrella policy. In picking up where homeowner and automobile policies leave off, it is an extra layer of protection against lawsuits resulting from damage to someone else's property or injuries as the result of an accident. Often you can purchase your policy from the same provider with which you hold your automobile and homeowner's policy for a lower rate. |
