- Auto Insurance
- Home Insurance
- Umbrella Insurance
- Condominium Insurance
- Flood Insurance
- Earthquake Insurance
- Boat Insurance
- Motorcycle Insurance
There are two different policies in this category. The cover may insure you from claims filed because of property damage, or one based on an injury suffered by a third party. In most states, there's a set minimum when it comes to liability coverage or a posted bond before issuing a driver's license. This approach ensures that once you're found legally liable for damages, you cover promptly resolves the situation.
Liability insurance is a legal requirement for drivers in almost all states. When handling cases that involve personal injuries, the cover takes care of medical expenses on the establishment of liability on your part.
Uninsured/Underinsured Motorist Coverage
Despite insurance being a requirement in most states, a notable number of vehicles are still entirely uninsured. About a third of drivers on the road today lack sufficient cover. For this reason, considering Uninsured/Underinsured Motorist Coverage is a smart move. This cover handles all liability resulting from bodily injury or property damage if an underinsured or uninsured motorist causes an accident.
Medical Coverage pays for the medical expenses if you or a third party in your car suffers an injury.
There is a constant risk for a collision with another vehicle or a stationary object such as a guard rail, telephone pole, or lamp post. If that happens, Collision Coverage helps you cover the cost of damages to your car.
As the name suggests, this policy goes beyond an accident or collision cover. The insurance handles all costs incurred if your vehicle is broken into, or other damage due to natural phenomena such as hailstorms. Crossing those limits sees the cover go by names such as 'Fire and Theft,' or 'Other Than Collision.’ Comprehensive Coverage handles losses from events other than accidents, which includes things such as riots, floods, vandalism, fire, collisions with animals, and theft.
Getting a homeowner's insurance policy is a necessary but smart idea when getting cover for your residential home. There are different types of coverage available in your standard home insurance policy:
This cover offers protection for the building structure, inclusive of floors, walls, and interior fixtures and fittings. You are covered in case of fire, hail, vandalism, or theft, and are indemnified if such unfortunate events cause the loss of your home.
This policy covers the furniture and other items in your home as well. If a covered event occurs, you get funds that match your lost assets' valuation according to your policy.
This policy covers the physical wellbeing of the occupants in an insured home. If a guest sustains an injury in a covered house, the insurer covers it and any damage to personal property.
Umbrella insurance protects policyholders from large, potentially ruinous lawsuits. Personal umbrella liability coverage steps in when a claim that exceeds your existing insurance policy limits comes about.
You're at fault in an auto accident that injures the other driver. Your existing policy can only cover up to a maximum of $250,000 if the other driver suffers severe injuries and needs compensation for the vehicle as well. Damages amount to $1m. Personal umbrella insurance policy then provides additional coverage and saves you hefty out of pocket payments. When unused, this policy may offer extra cover if a policyholder is in an accident.
Personal umbrella insurance is available from $1m to $5m in million-dollar increments.
The HO-6 policy is for people who own co-ops or condominiums. The insurance covers personal property and offers liability coverage, along with some additions and improvements to the owner's space. Homeowners associations provide insurance that covers items outside the living space or house, such as hallways and common areas.
Condo insurance covers your belongings inside the house and handles damages if someone suffers injury inside the home. In getting this policy, you get insurance for any damage to the interior of your condo or co-op, additional installations, and any alterations. If a covered peril makes your living space uninhabitable, you’re also covered.
Note that additional insurance is necessary for your valuables, such as fine art, computer equipment, or jewelry. Depending on location, you may also need extra cover against loss that may happen due to natural disasters such as earthquakes or floods.
Standard home insurance doesn’t cover flood damage. At all. Home insurance may cover some damage from rain, but it will offer nothing if your house floods because of rising water bodies.
The National Flood Insurance Policy (NFIP) is the most common cover offered in a federally regulated program. This platform has two policies. One cover insures your home or building property for up to $250,000, and the other covers personal property up to $100,000. You may get one or both insurance covers. If you need coverage that exceeds the $250,000, you will need a private insurer.
This insurance is necessary for homeowners in a high-risk or Special Flood Hazard area. When buying a home in such a place, your lender expects you to buy the policy before granting it.
Earthquakes are often unexpected and cause devastating damage as they don't allow for safe relocation without loss of property and life. Earthquake insurance covers that damage to your house, personal property inside your home, and Additional Living Expenses (ALEs). Conventionally, occupants of the home relocate as repairs to your home commence. This insurance can come as an endorsement in an existing homeowner’s insurance policy, or you may purchase it separately.
Earthquake insurance covers all reasonable costs incurred due to the loss of your residence after an earthquake. This policy, however, has some exemptions. The cover doesn't include incidents such as fires caused by these natural disasters, which may then come under the homeowner's insurance.
There are insurance policies for boats and other personal watercraft. This policy includes towing and, or wreckage removal and fuel spill indemnification. Typical vessels covered by this insurance policy are houseboats, sailboats, pontoons, and other watercraft with the specified size and value.
Each policy offers something slightly different depending on the type of vessel insured. Various watercraft carry different risks, hence the slight disparity then purchasing insurance for each. Watercraft insurance doesn’t cover any liability for injuries suffered when operating the vessel.
Your policy may limit the areas of operation for your boat or watercraft, owing to an increased risk of damage. Insurers also consider depreciation and only pay the vessel's actual value with normal wear and tear in mind. As a policyholder, you may get an additional cover that facilitates the acquisition of a replacement boat if the vessel hasn't reached a set number of years.
There are several motorcycle insurance policies:
Bodily Injury & Property Damage Liability (BI/PD)
This policy insures you for damage to other vehicles, property, or other drivers and motorcyclists and their passengers. The cover handles your legal fees as well
Uninsured/Underinsured Motorist (UM/UIM)
This coverage protects you from damage suffered in collisions with uninsured or underinsured motorcycles or vehicles. The policy handles damage to your bike, medical expenses incurred, as well as any loss of wages.
Comprehensive & Collision
Comprehensive and Collision insurance replaces your motorcycle if it's damaged or stolen. You choose a deductible or the amount you will pay out of pocket. If you file a claim for $2,500, you can select a deductible of $500, with the insurer paying $2,000.
This policy covers the medical expenses you or your passenger(s) may incur if you're involved in an accident regardless of the party at fault. There is a range of options available in coverage limits.
Extra Coverage Available
Total Loss Coverage for a Brand-New Bike
You may purchase this cover if your bike hasn't exceeded one model year, and it's on a new policy, or two model years during a renewal of the TLC policy. If the bike is totaled, the insurer gives you the manufacturer’s full retail price, minus the deductible on your cover.
If your bike is stuck or disabled, your insurer tows it to the nearest repair shop free of charge. However, your bike should be no further than 100 feet from the road. In such a scenario, you may get trip interruption costs totaling up to $500 if you’re on a trip and away from home.