HOW AUTO AND HOME INSURANCES PROTECT

2008-04-30T17:50:00.000-07:00

AUTO INSURANCE CAR INSURANCE AUTO INSURANCE
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Every one has experience of buying auto insurance, but how many people have taken time to read the auto insurance policy. Many people wait until accident happened,by then their broker will tell them, according to the auto insurance purchased this is what you protect wnd what you not protect. what your actual deductible is ??

Auto Insurance: An Auto insurance policy is a safe guard for consumers that shields private passenger carrying automotive vehicle owners from monetary losses if a vehicle they own is involved in any type of accident. An agreement, contract, or policy formed when a consumer and an insurance company establish specific protections involving vehicle ownership. Consumers agree to allocate funds call premiums and the insurance company agrees to provide benefits that cover setbacks from an accident involving a vehicle. Damages can include property, physical injury, medical treatments, or death as established in the auto insurance policy.

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Bodily Injury Liability Coverage: Clauses that help protect insurance policy holders that injure or maim a person in an auto accident. The stipends are usually capped at pre determined fixed amounts when the insurance policy is written.

Collision Coverage: Language that defines how much money will be provided to the policyholder to help cover the cost of repairs or replacements that result in a vehicular accident.

Comprehensive Coverage: This language provides payment for vehicle repair following a vandalism, fire, or theft. Caps are usually set to cover car repair or vehicle replacement when consumers purchase an auto insurance policy.

Effective Date: The actual date that your insurance policy and coverage terms take effect.

Endorsements: Endorsements are revisions to the original insurance policy agreement. Also known as riders, endorsement revisions often times are used to change deductible amounts or possibly to bring an additional vehicle into an existing auto insurance coverage program.

Full Coverage: An insurance policy that lists all coverage factors, as legally required in a designated state. This term does not guarantee full coverage to a policyholder.

Insurance Claim Report: These reports list details of an insurance claim that have been issued with most insurance companies. These reports are usually compilations from consumer reporting agencies or underwriting exchange organizations that gather insurance claim data from a host of insurance companies.

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Insurance Score: Calculations designed to help determine the level of future insurance claims based on a consumer's personal credit rating and history.

Liability: An obligation reflecting legal indebtedness or possible financial exposures.

Liability Coverage: Protects consumers from financial obligations to cover physical injury or property damages that occur in an accident. Most insurance quotes include bodily injury and property damage clauses.

Medical Payments Coverage: This insurance coverage covers hospital or medical treatment bills and sometimes funeral expenses if a primary operator or passengers are critically injured or killed in an insured passenger vehicle.

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No-Fault Insurance: Type of auto insurance coverage establishing how an insurance company will settle a claim covered by their policy. Many times responsibility does not need to be assigned prior to an insurance claim being settled.

No-Fault States: States that require insurance companies to cover a policyholder's financial losses, regardless of who has been determined legally responsible for an accident. Many no-fault states also prohibit the right to legally pursue damage claims. In states that do not recognize no-fault obligations, insurance companies are obligated to cover financial losses that occur as a result of an accident involving a policyholder.

Policy Expiration Date: The calendar date that an insurance policy ends if it is not renewed. This validation end date is usually listed on the declarations page of an insurance policy, and is referred to often on insurance renewal notice documents.

Policy Term: Specific length of time an insurance policy is valid.

The Above are basic of Auto insurances that every auto insurance policy holder must understand. For more information contact your insurance broker for more details.

HOME INSURANCE HOUSE INSURANCE HOME INSURANCE

HOMEOWNERS BASICS
homeowners insurance

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 are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.
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Standard homeowners insurance policy

A. The structure of your houseThis part of your policy pays to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or other disaster listed in your policy. It will not pay for damage caused by a flood, earthquake or routine wear and tear. When purchasing coverage for the structure of your home, it is important to buy enough to rebuild your home.Most standard policies also cover structures that are detached from your home such as a garage, tool shed or gazebo. Generally, these structures are covered for about 10% of the amount of insurance you have on the structure of your home. If you need more coverage, talk to your insurance agent about purchasing more insurance.
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B. Your personal belongingsYour furniture, clothes, sports equipment and other personal items are covered if they are stolen or destroyed by fire, hurricane or other insured disaster. Most companies provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home. So if you have $100,000 worth of insurance on the structure of your home, you would have between $50,000 to $70,000 worth of coverage for your belongings. The best way to determine if this is enough coverage is to conduct a home inventory.This part of your policy includes off-premises coverage. This means that your belongings are covered anywhere in the world, unless you have decided against off-premises coverage. Some companies limit the amount to 10% of the amount of insurance you have for your possessions. You have up to $500 of coverage for unauthorized use of your credit cards.Expensive items like jewelry, furs and silverware are covered, but there are usually dollar limits if they are stolen. Generally, you are covered for between $1,000 to $2,000 for all of your jewelry and furs. To insure these items to their full value, purchase a special personal property endorsement or floater and insure the item for it's appraised value. Coverage includes “accidental disappearance,” meaning coverage if you simply lose that item. And there is no deductible. Trees, plants and shrubs are also covered under standard homeowners insurance. Generally you are covered for 5% of the insurance on the house—up to about $500 per item. Perils covered are theft, fire, lightning, explosion, vandalism, riot and even falling aircraft. They are not covered for damage by wind or disease.
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C.Liability protection Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It also pays for damage caused by your pets. So, if your son, daughter or dog accidentally ruins your neighbor’s expensive rug, you are covered. However, if they destroy your rug, you are not covered.The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit of your policy. You are also covered not just in your home, but anywhere in the world.Liability limits generally start at about $100,000. However, experts recommend that you purchase at least $300,000 worth of protection. Some people feel more comfortable with even more coverage. You can purchase an umbrella or excess liability policy which provides broader coverage, including claims against you for libel and slander, as well as higher liability limits. Generally, umbrella policies cost between $200 to $350 for $1 million of additional liability protection.Your policy also provides no-fault medical coverage. In the event a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses are paid without a liability claim being filed against you. You can generally get $1,000 to $5,000 worth of this coverage. It does not, however, pay the medical bills for your family or your pet.
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D.Additional living expenses This pays the additional costs of living away from home if you can't live there due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20% of the insurance on your house. You can increase this coverage, however, for an additional premium. Some companies sell a policy that provides an unlimited amount of loss-of-use coverage, but for a limited amount of time.If you rent out part of your house, this coverage also reimburses you for the rent that you would have collected from your tenant if your home had not been destroyed.

Insurance for a co-op or condo

You will need two separate policies to protect your investment:
Your own insurance policy.This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also get liability protection.

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A "master policy" provided by the condo/co-op board.This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.To adequately insure your apartment, it is important to know which structural parts of your home are covered by the condo/co-op association and which are not. You can do this by reading your association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, insurance professional or family attorney. Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures. The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but those made by previous owners.In other situations, the condo/co-op association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc

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Own a home without homeowners insurance

Unlike driving a car, you can legally own a home without homeowners insurance. But, if you have bought your home and financed the purchase with a mortgage, your lender will most likely require you to get homeowners insurance coverage. That’s because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster. If you live in an area that is likely to flood, the bank will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to earthquakes. If you buy a co-op or condominium, your board will probably require you to buy homeowners insurance.After your mortgage is paid off, no one will force you to buy homeowners insurance. But it is not advisable to cancel your policy and risk losing what you’ve invested in your home.

For more information, please consult your home insurance broker for more details.

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