Auto Insurance

Auto Insurance

As a driver, you are required to carry auto insurance. Coverage is required by your state to legally drive on public roads. This is a legal requirement in most states in the US. But states have different requirements for coverage. You may want to purchase more than the minimum amount because of the benefits provided.

There are several types of insurance including liability, collision and comprehensive auto insurance.

Liability is popular because it is the least coverage you can have and drive legally. This coverage assists other motorists should you cause an accident. As a driver, you are financially liable for damage you cause to others in your car. This includes property damage, vehicle damage, and personal injury. Liability coverage helps pay but you are responsible for any expenses exceeding your coverage limits. Some drivers increase their liability to make sure they have adequate coverage.

Collision and Comprehensive coverage provide benefits to you. In the event of a collision, collision coverage pays for expenses to repair or replace the vehicle. Comprehensive coverage includes collision as well as coverage for loss related to fire, theft, water events and more. You can modify your coverage to include protection for personal injury, rental car reimbursement and more.

Being involved in an accident can result in significant expenses. The same is true if your car is stolen or damaged in a storm. There are many events that can affect your financial abilities. Keep this in mind when selecting an auto insurance policy.

Classic Auto Insurance

Classic auto insurance is a type of auto insurance policy that protects classic and antique cars. This type of policy protects the car up to an agreed upon value between the owner of the car and the insurance agent. Collectible cars typically increase in value rather than decrease, making the insurance policy more carefully thought out.

Who is classic auto insurance for?

Classic auto insurance is for car enthusiasts. More specifically, this type of insurance is for owners of collectible or antique cars. The policies are for individuals who desire to protect their car and ensure it maintains its pristine condition. The owners of collectible cars have a lot of importance associated with the collectible vehicles.

How does classic auto insurance work?

A classic auto insurance policy covers the collectible car’s worth at an agreed upon value between the insurance agent and the owner. This value is equal to the total worth of the car. The value is often calculated by a professional appraiser, research by the underwriter and documentation from the owner. If the collectible vehicle were to have a total loss, the insurance agency would provide compensation of the total value of the collectible vehicle.

What are the different types of classic auto insurance coverage in existence?

Classic car insurance is the first type of coverage that covers vehicles that are nineteen to twenty-four years old that are in good working condition.
Antique car insurance is another type of classic auto insurance that covers vehicles that are at least twenty-five years old that are in good working condition.
Modified car insurance covers classic vehicles that have been significantly modified from their original looks.

Other categories of coverage include those for hot rods that have been modified that were manufactured before 1949, vintage cars made between 1919 and 1930, veteran cars made before 1919 and rare vehicles, vintage military vehicles, classic motorcycles and antique tractor coverage.

What are the major benefits of classic auto insurance?

Classic auto insurance provides coverage for liability, collision, comprehensive, medical and uninsured motorists. There are also options available such as roadside assistance, traveling coverage, auto show medical reimbursement, no attendance required for when an owner is away from his or her vehicle and spare part coverage. it is also possible to negotiate the coverage an agent gives to a vehicle.

Mobile Home Insurance

Mobile home insurance protects manufactured home owners’ property against fire, weather damage, vandalism and other unforseen events. Many mobile home communities require both permanent and seasonal residents to insure.

Coverage should start from moment of purchase and not upon move-in. This timing guarantees repair or replacement for collision during transport from manufacturer site or installation mishaps at the final destination. Coverage should continue all year, even for seasonal occupation. Insurance agents help customers to base policies on the home’s status as a primary, seasonal or rental residence.

Types of Coverage

As with standard homes, you can opt for liability coverage for your mobile home. As a home owner, you are liable for injuries guests and tenants suffer on your property due to poor maintainence and unforeseen accidents.

Physical Damage
If your mobile home is to face physical damages you will want to be covered. Homeowners need insurance to pay for repairs from weather (lightning, wind, hail), fire and landslides or floods. Coverage can extend to structures on the home’s land, including garages. It may also include compensation for hotel stays if significant damage or prolonged repairs make a home uninhabitable.

Personal Property
Mobile home insurance protects the policy holders personal possessions and valuables inside the home. If any personal items or belongings were to be damaged in a sever weather event or, say, if a car was driven into their home, they would be protected.
Major benefits

Mobile home insurance is an extraordinary financial asset. Home repair and replacement costs can sink a homeowner financially. Peace of mind is priceless when owners know they have protected their families, guests and tenants in event of catastrophe.

Umbrella Insurance

What is Umbrella Insurance?

When you are sued, your assets are at risk. You could lose your house, car, and more if the court decides you must pay damages. Even if you have liability insurance it may not be enough. One way to get protection is by having umbrella insurance. This is liability insurance that provides extra coverage on top of your existing insurance policies. You would use it if the damages you have to pay exceed the limits of your primary liability policy. You could also use it to cover something that might not be included in your primary policy, such as being sued for libel.

In short, umbrella insurance protects your assets when you are facing a lawsuit. If you cause an accident and someone suffers $500,000 in injuries, then the court might require you to pay the full amount. Your policy might cover $300,000. That means you have to come up with the $200,000. Umbrella insurance can help with that otherwise you might have to sell your house or some other assets.

Umbrella insurance pretty much covers everything you need. Bodily injury is for medical bills and related injuries that you cause to someone else or that occur on your property. This includes “slip and fall” injuries in your home, dog bites, and auto accidents that you cause.
Property damage covers the cost of damage to someone else’s property. Rental property helps pay for incidents related to your rental property. This can include a tenant being injured on the property because of repair you neglected to make. Lawsuits coverage pays legal fees if you’re sued for libel, slander or face malicious prosecution or false imprisonment.

If you are concerned about your assets, then speak with an insurance agent about umbrella insurance.

Earthquake Insurance

Earthquake Insurance

Earthquake insurance is good to have if you live in an earthquake zone. States such as California experience earthquakes often, so residents there are advices to have this coverage. California has many condos, homes, and apartments, all of which can be destroyed during an earthquake. If you have a homeowner’s policy, then it does not cover earthquakes. This coverage must be added or separately purchased.

Even if you are not in California, living in any region that has earthquake activity requires coverage to be fully protected. Coverage is affected by several factors, such as whether you rent or own the property that you call home. A renter needs coverage to protect personal belongings that are inside the apartment or house, but the actual homeowner needs a policy that covers the structure.

Some insurance agencies allow you to add additional coverage known as a rider. It goes along with your regular homeowner’s insurance. But if you rent, then a separate policy is appropriate. Remember that if you have damage from a quake, you will need specific earthquake coverage to receive compensation.

You might be able to save on a policy if your house is wood-framed. This is because wood is flexible and likely to suffer less damage during an earthquake. Also, some homes are constructed with specialized features that make the structure more resistant to damage.

Speak with an insurance agent to see if earthquake insurance is right for you.

Condo Insurance

Condo Insurance

Condos seem similar to apartments, but they offer an entirely different living situation. Most notable is the fact that people who live in condos own the space. It is kind of like living in an apartment that you buy instead of rent. This means condo insurance is needed to protect your personal belongings similar to a person who has insurance for their house.

How Insurance for Condos Work

When you move into a condo, your belongings and property are not covered by any insurance. The unit owner is responsible for having condo insurance. You should check with your condo association to see what type of coverage they have for the building. And then ask what exactly is covered.

Condo Association Coverage

If your building has a condo association, then the common areas and the structure will be covered. There is likely a master policy for the entire building. These areas may include the roof, boiler room, hallways, and other areas shared by the residents.

The master policy may also cover some of your unit. For example, it might include your walls and floors in the policy. Your best option is to review the details of what your association master policy covers. From there you can decide which coverage is best for your personal condo policy.

This insurance is the only way to cover your unit for vandalism, theft, and fire. Typical condo policies cover:

1. Building Property Protection for walls and interior decorations.
2. Personal Property Coverage is for your personal valuables like electronics, appliances, clothes, and books.
3. Personal Liability Coverage is helpful if you’re sued or must pay someone’s medical costs because they were injured on your property.

Personal Property Coverage

Condo owners have to decide between actual cash value and replacement cost coverage.
Actual cash value coverage allows you to replace your personal belongings after considering depreciation. Replacement cost coverage replaces your belongings without considering depreciation.

Flood Insurance

Flood Insurance

Flood insurance is coverage to help you recover from flood damage. The Federal Emergency Management Agency runs a National Flood Insurance Program. The program provides flood insurance. There are also insurance companies that offer flood insurance. But the insurance is not part of traditional homeowner’s coverage so you have to specifically purchase flood insurance.

Natural Disasters

Many natural disasters revolve around flooding. FEMA usually offers support when a presidential declaration has labeled the flood a national disaster. But if it is not a national disaster, FEMA is not required to help. You should consider investing in a flood coverage that will protect you even when the floods are not a national disaster.

Policy coverage

A comprehensive auto insurance policy offers protection for flood-related damages to your car. But you cannot get coverage using standard homeowner’s or renter’s insurance unless it comes through the government.

The policy is available through NFIP to the communities that participate in the program. But you can also buy the policy from an insurance company. Just look for an agent or company that services NFIP insurance policies.

The NFIP policy starts at $112 per year. The amount can increase up to a maximum of $250,000. It depends on the flood risk in your area. And your assets can get covered for up to $100,000 per year. There is a 30-day grace period before the policy becomes effective.

Homeowners Insurance

Homeowners Insurance

Homeowners insurance helps homeowners minimize the risk of financial loss related to their property. The policy benefits homeowners by insuring against liability, property damage, and the loss of personal property. You might not be required to have this coverage, but it is a smart decision to have it.

Your policy will typically cover the replacement cost to repair or rebuild a damaged home. This coverage usually does not ensure the land on which you live. This is why you need to purchase separate flood insurance to guard against flood damage to the home and property. A policy may also pay to replace the contents inside the home, such as furnishings and clothes, as well as a replacement home while the current home is being repaired or rebuilt after damage.

Liability is also an issue when someone visits your home. Someone could trip on a garden hose and break a few bones. They could sue and you would be responsible for medical expenses, lost wages and more. The home insurance policy will help with these costs and legal fees if you have the proper coverage.

As a homeowner, you face the risk of considerable financial loss if you do not have homeowners insurance. If you want to protect your investment, then this insurance is one way to do achieve that goal.

Landlord Insurance

Landlord Insurance

Landlord insurance is for people who make money by renting out property. It might be an apartment, condo, business location, or some other type of property. If you rent to tenants, then you are a landlord. Landlord insurance provides various forms of financial protection.

A policy typically covers the actual property. This means you will receive financial assistance in the event of damages due to fire, storms, theft, vandalism, or damage done by the tenant. Associated items might be covered as well. These items are things used in the operation of the building, such as lawn mowers. Legal liability is important because it helps if you are sued. And the more people who enter and leave your building, the more chance you have of someone suing over something. Loss of income coverage is for when the rental building is uninhabitable.

Landlord’s insurance does not cover things belonging to tenants. You can suggest that tenants get renters insurance, which will cover their property. As a landlord, you are not responsible for their personal belongings.

If you are a landlord, then landlord insurance is something you need. The coverage it provides can keep you from going bankrupt dealing with all that can go wrong in a rental situation.

Renters Insurance

Renters Insurance

Renters insurance is similar to homeowners insurance. It provides renters with some of the same financial protections that homeowners provides to people who own homes. Most notably renters can get coverage for their personal belongings. If you are a renter, then you do not need to buy insurance to cover the building in which you live. But you do need insurance to cover your personal belongings.

Insurance for renters offers coverage to individuals who rent instead of own their home. If you are a renter, and your belongings are damaged from fire, vandalism or theft, then it will be repaired or replaced with renters insurance. This insurance also offers liability coverage in case someone visiting is hurt inside your apartment.

The price of this coverage varies based on your insurance company and the value of your belongings. You will also have to pay a deductible when you file a claim. But most of these policies are basic and offer the same protections no matter the insurance company. Your personal property is covered. And the insurance might also pay for you to live elsewhere if your rented home is being repaired.

When considering whether or not you need this insurance, consider the risk you are taking. The landlord’s insurance does not cover your personal belongings.