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Vehicle
The risk of a severe loss is important to consider when driving or owning an auto or any vehicle. A moment of inattention can cause catastrophic consequence for yourself, family and innocent victims. Automobile insurance can prevent financial ruin by defending you and paying for negligence losses. The limit of insurance necessary is a question which needs to be discussed with a qualified agent. Increased limits are usually very inexpensive and the benefits could be large.
The basic types of auto insurance coverage include:
- Bodily Injury Liability. Pays your legal defense costs and claims against you if your car injures or kills someone. Covers family members living with you and others driving with your permission.
- Property Damage Liability. Pays your legal defense costs and claims against you if your car damages another's property. Does not cover your property, including your auto.
- Medical Payments or Personal Injury Protection. Pays medical expenses resulting from an accident for you and others riding in your car. Also pays for you or your family members injured while riding in another's car or while walking, if struck by a vehicle.
- Collision. Pays for repairs of damage to your car caused by a collision with another vehicle or any other object, regardless of who was responsible. This is an optional coverage, but is usually required on financed or leased vehicles. The age, condition, and value of your vehicle are important when determining if you need this coverage.
- Comprehensive Physical Damage. Pays for damages to your car resulting from theft, fire, hail, vandalism, or a variety of other causes. Optional coverage much in the same way as collision. Coverage is usually less costly than collision, but may not be available without also purchasing collision coverage.
- Uninsured or Underinsured Motorist. Pays for costs related to injuries or property damage to you or your family members and guests in your car caused by an uninsured, underinsured, or hit-and-run driver.
In addition to good driver discounts, there may be other discounts available:
Good student, Multi-car, Home ownership, Certain professional credits, Homeowners and auto multi policy discounts, Claim free discounts. Ask which apply to your situation.
Motorcycle Insurance
With the same coverage available as an automobile policy many of the same decisions have to be made. Some coverage is more expensive, as medical, due to the nature of a motorcycle.
The damage a motorcycle can cause, in a moment of inattention, can be devastating to the operator as well as innocent by passers. In addition, a motorcycle is often difficult for a motorist to see and a rider may be victim to road conditions as well. Evaluating your needs for motorcycle insurance should be discussed with a qualified agent to be sure you are protecting yourself for the hazards of riding.
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Homeowners
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and your personal property in it.
Homeowners insurance is a package policy containg both property and liability insurance. 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 coverage extends worldwide. This includes damage caused to others by household animals.
A homeowners policy does not include coverage for earthquakes or floods. There are other exclusions, but these are the ones always excluded.
Manufactured Homes
A Manufactured home is often used as a stationary home and has the same exposure and needs of single family dwelling. The manufactured home, as well as the personal belonging in the home, need insurance coverage. The mobile homeowners insurance package includes personal liability just like the standard homeowners policy.
Condominiums
If you have purchased a condo or townhome, the bank will require insurance to protect its investment in your home. Many times this protection is provided under a master policy through the homeowners association which would also protect the common areas. You may, however, need more insurance to cover your personal items as well as personal liability for you and your family members living with you.
An additional coverage often needed is “assessment” coverage which is available to purchase in case of a large property loss to the association which did not have sufficient insurance or in the event of a large liability loss exceeding the limits available to the homeowners association.
Renters
When you move into an apartment, you are solely responsible to provide the insurance necessary to protect your own personal property and your individual liability. A low cost way to protect your assets and liability is by purchasing a “renters policy”. The premiums are low and are based on the amount of personal property insurance you need.
Dwelling Fire
If you have a property of up to four family units, and rent this property to others, you have need for a fire policy to cover the structure itself. Your bank will normally require you to provide this coverage. Your liability may either be extended from your homeowners insurance or a separate lessors liability can be added to the dwelling fire.
Earthquake
Coverage for earthquake insurance can either be purchased from the California Earthquake Authority or from private insurers. Costs and coverage are often varied depending on the policy you choose. Coverage can also be extended to your personal property and also to provide living expenses while your home is repaired. Earthquake coverage usually has a large deductible and is normally a percentage of the total amount of coverage you purchase, (usually 10% or 15%).
Flood
Insurance against the loss by flood is only available through the National Flood Insurance Program,(NFIP), and the amount of insurance available depends on if your city is part of the program. Limits are controlled by the NFIP and may not be adequate in a major flood. Excess flood insurance is available if needed in specialty markets and can be expensive.
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Personal Umbrella
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Recreational Vehicles
All Terrain Vehicles (ATV)
Enjoying the fun of owning an ATV means also understanding the insurance needs of owing one. An ATV is a vehicle, the same as any other four wheeled vehicle. As such, just because it is not used on the roads, no coverage extends from the personal liability policy section of a homeowners policy to protect your liability. The coverage available under a personal auto policy are also available to an ATV. Many times an ATV may be added to a personal automobile policy, but due to the nature of letting unlicensed, or underage drivers, use of an ATV it is advisable to discuss your insurance needs with a qualified agent. The best solution may be a separate policy tailored to your specific needs, uses, and drivers.
Motorhomes
Combining the coverage necessary for an automobile with the personal property needs of a homeowners policy is available under a motorhome policy. The needs of the policy need to include what coverage is available under your home insurance, if any. All the coverage available in the automobile policy are also available in the motorhome policy. Additional coverage for personal property can be provided as well as provision for renting your motorhome to others. Often the motorhome can be added to the personal automobile policy, but be sure your individual use of the vehicle is considered as well as the necessity of insuring the personal property in the vehicle. The discussion of your needs with a qualified insurance agent is highly recommended.
Travel Trailers
When being pulled by your towing vehicle, the liability insurance extends to your travel trailer. While the trailer is parked the liability may be provided by your homeowners insurance or it may be added to your automobile policy. To determine what is extended from your exiting coverage to the travel trailer be sure to seek the advise of a qualified insurance agent.
Watercraft Insurance
Boats come in many sizes and types. From a small fishing boat towed behind the family vehicle, to inboards and large yachts or even to a personal jet ski. Each type of boat has special insurance needs depending the use, value and location of the vessel.
Not all watercraft, jet ski or yacht policies are the same. Items like homes and cars are insured on standardized insurance forms; so for the most part, everyone gets the same basic coverage regardless of the carrier. But with boats and other personal watercraft, there are no standard insurance forms. Each insurance carrier develops their own policy, which results in some insurance policies being very comprehensive, other insurance policies being very basic and most being somewhere in between.
To determine which company and policy type best fits your needs you need have a qualified insurance agent aid you in the search.
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Boat
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Life
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Medical/Hospitalization
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