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Auto Insurance Policy

Auto Insurance

American drivers are required by law to have auto insurance. The purpose is to make sure anyone involved in an accident will receive the financial help they need. But while it is a common legal requirement, each state has different requirements with which residents must comply. Some drivers also purchase more than the minimum amount of coverage required. If you are in the market for auto insurance, make sure to at least get liability coverage. Anything more than that is optional.

Options

When purchasing auto insurance, your main choices include liability, collision and comprehensive coverage. Liability is the most common because it is required by all states. As long as you have liability, then you can legally drive on public roads. Drivers are financially liable for any damage they cause to others. This can be expensive as it includes property damage, vehicle damage, and personal injury. Liability pays others for the damage you cause, but only up to policy limits. Anything beyond that will be your responsibility, so you might want to increase your amount of liability coverage.

Collision and comprehensive coverage is for your benefits as the driver and vehicle owner. When a collision occurs, collision coverage pays to repair or replace your auto. Comprehensive includes collision as well as coverage for fire, theft, water damage, and more. There may also be options for personal injury, rental car reimbursement, and more.

The benefit of auto insurance is it helps you financially following accidents. The costs associated with an accident can be overwhelming, so it helps to have help.

Boat Insurance Policy

Boat Insurance

When a boat is damaged, boat insurance helps pay for repairs. It also provides financial assistance following events such as theft or liability claims. You simple have to decide which type of coverage you want, the deductible you can afford, and the total coverage you need.


It works similar to other insurance in that you file a claim once an event occurs. You then receive compensation according to the specifics of your policy.

Coverage

You have the option of getting a policy that covers you and your boat, a policy that covers additional people, and other options to customize your policy.

You will probably want property coverage. This is for repairing your boat when it is damaged either in a boating accident or other event. This might also include coverage for wreckage removal costs. Medical coverage helps when passengers are injured while on your boat. There is also special coverage for equipment such as gear, fishing reels, fishing accessories, and tackle bags.

Liability coverage is important. It is for when you damage another person’s boat. It can also help when you cause injury or death to another person while driving your boat.

Benefits of Boat Insurance

Boat insurance is a good way to protect your investment in your boat. The insurance company will help with many expenses you might not be able to handle on your own.

Business Insurance Policy

Business Insurance

Business insurance is a necessity for any business owner. This coverage can help your business survive all kinds of calamities – including those caused by a natural disaster or other people. Without coverage you risk losing everything that you worked for. Natural disasters, employee theft, lawsuits, and accidents are always possible when running your business. Coverage can mean the difference between you surviving or having to close your business.

Considerations

Insurance is recommended but it must be insurance relevant to your business. Work with your agent so they understand what type of coverage your business needs. Many commercial insurance policies exist on the market, so you can purchase liability insurance, commercial auto coverage, and property coverage to name a few.


Think of what you need in detail before settling for a particular policy. This means you must evaluate the insurance needs of your company. If a particular type of coverage does not meet your needs, then do not let anyone convince you it is necessary. You can also save by opting for a higher deductible.

Insurance Packages

Some agencies provide package policies customized for your business. This means you get exactly what you need without any unnecessary coverage. Ask about a Business Owner’s Policy, as that might suit you most. This type of policy incorporates different coverage together instead of you having to buy several policies. You might also belong to an industry association that provides insurance bargains to members.

No matter your business, having business insurance is a smart idea. Without the proper coverage, certain situations could destroy your business. Review your coverage periodically t see if your needs have changed, and then adjust your coverage accordingly.

Commercial auto Insurance Policy

Commercial Auto Insurance

Do you own a business that uses vehicles in the operation of that business? If so, then you need commercial auto insurance. It is auto insurance except it is specifically for business vehicles. This coverage is required for businesses that use one or more vehicles as part of their operations. Cars, trucks, vans or other motorized vehicles used in the company can be covered.

Commercial insurance is not the same as auto insurance for individuals. Insurance for personal cars is insufficient for autos used in a business situation. Commercial coverage protects against specific situations common for business owners.

Considerations

There are several reasons why you need commercial auto insurance for your business. First, you can use a higher liability amount. Vehicles driven daily for business have a higher risk of getting into an accident. And you also run a higher risk of being sued following an accident. Liability helps with that. There is more wear and tear on a vehicle that transports equipment or passengers. And since your vehicle is necessary for business, you want to make sure it can quickly be repaired or replaced should the need arise.

The basic types of coverage usually include coverage for bodily injury and property damage. There is collision to pay to repair or replace the vehicle following a mishap. Comprehensive pays for damage that is not caused by another vehicle. Medical payment is for individuals involved in an accident who need medical treatment. And uninsured motorist coverage pays claims involving a person without insurance.

Condo Insurance Policy

Condo Insurance

Condo insurance is for anyone who lives in a condo apartment. The purpose is to provide coverage for personal property and liability in case of lawsuits. The coverage is not for the building or the grounds. It is specifically for the space that you own, and excludes anything outside of your door.

The condo association for your building should have coverage for the entire building, grounds, and all public areas. Check with your association concerning what is covered. They might have coverage for certain things inside your unit like appliances that came with the apartment. In any case, check with them so you can know what coverage you need to purchase on your own.

It is possible that the association has a policy that covers the structure of your condo unit which includes wall and floors. Some policies may protect your structure’s original construction and fixtures, while some might only cover the walls, floors, and ceilings. It can get confusing when you are trying to determine what type of coverage to purchase. But a knowledgeable person within the association should be able to provide the information you need.

As previously mentioned, condo insurance is coverage for your belongings. That includes all of your personal property that is stored inside your living space. But liability is included as well. This is needed just in case someone sues you or requests you to pay their medical bills after they are injured inside your condo.

As for the type of reimbursement you receive, there is usually only actual cash value or replacement cost. Actual cash value provides the current price of your items. But replacement cost does not necessarily consider the current price. It might provide the original purchase price of an item. Whatever the case, make sure to get enough coverage for all of your personal items.

Think of what you need in detail before settling for a particular policy. This means you must evaluate the insurance needs of your company. If a particular type of coverage does not meet your needs, then do not let anyone convince you it is necessary. You can also save by opting for a higher deductible.

Insurance Packages

Some agencies provide package policies customized for your business. This means you get exactly what you need without any unnecessary coverage. Ask about a Business Owner’s Policy, as that might suit you most. This type of policy incorporates different coverage together instead of you having to buy several policies. You might also belong to an industry association that provides insurance bargains to members.

No matter your business, having business insurance is a smart idea. Without the proper coverage, certain situations could destroy your business. Review your coverage periodically t see if your needs have changed, and then adjust your coverage accordingly.

Flood Insurance Policy- Customer-friendly style

Flood Insurance

Flood insurance is recommended for people who live within flood zones. This coverage is not included with homeowner’s insurance, and it must be purchased separately. The Federal Emergency Management Agency (FEMA) has the National Flood Insurance Program (NFIP). This program provides flood insurance in flood prone areas. Insurance companies offer coverage as well, but as stated it must be purchased separately from a traditional policy.

Floods are Natural Disasters

A large amount of natural disasters revolve around flooding. And 80 percent of flood-related insurance claims originate in high flood-risk-areas. FEMA usually offers support in these instances, usually when presidential declaration has termed the flood a national disaster. This is why it helps to have coverage for instance not declared a national disaster.

Insurance Policy Coverage

A policy provided by the government is available to communities that participate in the NFIP program. You can also buy the policy from a company to insure yourself against these flood-related losses. Just make sure the agency is legitimate and services the NFIP insurance policies. Insure your property on a cash value basis as well as the home’s structure on a replacement basis.

The NFIP policy normally starts at $112 per-year. FEMA can increase the amount up to a maximum of $250,000. But it depends on the amount of coverage needed and the level of flood risk in your area. The assets of your home can get an amount of up to $100,000 per year.

There is a 30-day grace period before your policy goes into effect. This is why you should get the policy as soon as possible.

Homeowners Insurance Policy

Homeowners Insurance

Homeowners insurance gives people who own homes the ability to decrease their risk for financial loss and property damage. When a mishap occurs the homeowner files a claim to receive assistance to fix the situation. This policy benefits homeowners by insuring against liability risks, property damage, and loss of personal property.

This coverage is not required by law, but a mortgage lender usually requires home insurance. But even if you own your home, you should still have insurance for it. A policy sometimes covers the full replacement cost to rebuild a destroyed home. This amount is likely less than the actual total value of the property. The concern here is the home, not necessarily the land on which the house sits. The policy may also pay for the personal belongings inside the home.

Liability is included in homeowners insurance as well. If someone hurts themselves on your property and you are at fault, then they could possibly sue. Liability helps with that. It also applies if you have a pet that bites someone. You could be liable for medical expenses, lost wages and more for the injured person. The home insurance policy may pay for these costs as well as legal fees.

There really is no reason to not have homeowners insurance if you care about your home. There could be a natural disaster, fire, flood – several things could cause damage to your home. Insurance coverage gives you a safety net that helps you recover.

Landlord Insurance Policy

Landlord Insurance

If you own rental property, then you need landlord insurance. This is for people who rent to tenants living in condos, homes, or apartment buildings. To qualify, you must continuously rent space to tenants. This coverage will cover you in the event of certain financial risks.

Landlord insurance provides coverage for the property. If damage occurs to the main building or additional structures on the property, then insurance will help with repairs. Damages due to fire, storms, theft, vandalism, or tenants are covered. Associated items are covered as well, and include items related to the upkeep of the property. Legal liability provides assistance when a tenant or visitor is injured on the property. They could sue you, and the insurance would help with the legalities. Loss of income coverage is helpful as well, should the rental property become uninhabitable.

The insurance for landlords does not cover tenant’s property. Their personal property is not your responsibility. Your personal property inside the building is not covered either, but it is possible to purchase add-on insurance that will. You might want to inform tenants about renter’s insurance, which is what they would need.

Your homeowner’s policy might be sufficient if you are renting one home, perhaps short-term. But if you are renting to tenants on a long-term basis, landlord insurance is definitely worth having.

Life Insurance

Life insurance is good to have. It helps you protect your family financially when you die. The death of a loved one is hard emotionally and financially. Most people don’t realize the cost of burial or cremation costs thousands of dollars. You family has to pay that once you are gone. If you have a good life insurance policy, then things will be easier for them.

Life insurance pays out when you pass on. You choose a policy that accommodates your needs, and then you must pay annual or monthly premiums. Failing to pay on time could result in penalties or the cancellation of your plan. When you die the insurance company pays the beneficiaries the specified amount stated in the policy.

There are three types of life insurance you should know about. Term life insurance pays if you pass away within the terms of the policy. It expires when you reach a certain age, and then you cannot renew it. The only way to benefit from this plan is if you die before you reach the age when the plan expires. Because of this, this plan has low premiums.

Whole life combines insurance and investments. It also offers coverage until you die. There is no cutoff age limit. Premium rates are fixed, but part of the premiums can be invested into an interest bearing account. The accumulated cash value may be borrowed or withdrawn and used by you before you pass away.

Universal insurance offers lifetime coverage. The premium rates are higher than on other forms of life insurance. But the policy is flexible and allows you to raise or lower the rates.

Keep in mind that in some cases your health will affect your ability to purchase life insurance. The younger and healthier you are, the easier it is to qualify for coverage.

Motorcycle Insurance Policy

Motorcycle Insurance

Motorcycle insurance is good to have if you regularly drive a motorcycle on public roads. Driving a motorcycle requires insurance the same as when you drive a car. It provides you with financial assistance should anything happen to your bike or if you cause an accident. There are no cons associated with having this insurance. It is a smart move if you have a motorcycle.

What to Expect from Coverage

Bodily injury liability is for when you cause injury to another person in the operation of your bike. When you have this coverage, the insurance policy will provide you with a legal defense. It will help pay for the other person’s medical expenses, and help should you be sued.

Accessories coverage is for your bike accessories. This protects things such as backrests, seats, CB radios, and saddlebags. Collision coverage is specifically to protect your motorcycle when it is damaged by another vehicle on the road.

Comprehensive physical damage is for most other forms of damage to the bike. Losses caused by fire, theft, and vandalism are covered here. Uninsured motorist coverage covers your medical bills and other costs should you be in an accident with someone who is uninsured or underinsured.

Motorcyclists are at high risk for accidents. In many cases, vehicle drivers fail to see motorcyclists and this leads to accidents. Also, a motorcyclist is more likely to suffer serious damage during an accident. It is in your best interest to have motorcycle insurance for your bike.

Recreational Insurance Policy

Recreational Vehicle Insurance

You might be in a hurry to get on the road in your recreational vehicle (RV). But before you take a trip, take time to purchase recreational vehicle insurance. You need coverage so you will be financially protected should a mishap occur. Mishaps can include everything from vandalism to theft.

Basic RV Insurance

Collision and liability should be your main concern. This coverage will help if you injure someone else in an accident. It will help pay for their costs and provide you with coverage if another party files a lawsuit against you. This is important because these expenses can run into the thousands. A basic policy might also include coverage for mechanical equipment attached to the vehicle.

Additional Coverage

If you get nothing else, make sure liability coverage is at the top of your list. But if you want more extensive coverage, consider upgrading the policy. Depending on how often you travel and what you store inside your RV, you might want to extend the policy to include personal possessions. The policy can also include emergency services if your RV breaks down on a trip.

Determining Policy Size

Every RV is different. What you need for your RV might not be the same as the next person. When you are purchasing recreational vehicle insurance, make sure to consider the value of your RV, your personal possessions, where you store the vehicle, and how often you travel.

Renters Insurance Policy

Renters Insurance

People who rent their homes do not need to buy homeowner’s insurance. That should be taken care of by the person who owns the property. Renters do not need to insure the building or the land, but they do need renters insurance for their personal belongings. Any insurance held by the property owner does not cover personal property belonging to the tenants.

Basically, this insurance offers coverage to people who rent rather than own their home. That means if a tenant’s possessions are damaged from fire, vandalism or theft, then insurance will help repair or replace it. This insurance also offers liability coverage in case someone visiting is hurt on the property.

Rent insurance is generally affordable and available for less than $300 per year. You will need to pay a premium and a deductible should something happen, but it is worth it to get help from the insurance company. The amount the insurance company pays depends on the policy.

The insurance company should cover your personal property if they are damaged or stolen. They might even cover living expense so you can live elsewhere while your rented home is being repaired. Liability helps with legal fees and expenses should you be sued by someone injured while in your home. Guest medical coverage pays medical bills for guests who were injured in your home. There are several options available, and you should speak with an agent for more information.

Umbrella Insurance Policy

Umbrella Insurance

Umbrella insurance protects your assets in the event of a lawsuit against you. You could be sued for whatever reason, and that would put your assets such as your house, car, and retirement accounts at risk. This coverage provides extra liability that would kick in when other liability insurance has done its part.

When a lawsuit exceeds the limits on your primary liability policy, you are responsible for the remaining expense. Also, you might need coverage for something not in your existing policies. This can include someone suing you for libel, slander, false arrest, or a personal injury that occurs on your property. Umbrella insurance can be beneficial in all these scenarios.

Umbrella Coverage

Bodily injury covers medical bills and liability claims associated with damage to another person.
Property damage covers the cost of damage to someone else’s property. Rental property deals with incidents related to your rental property. And lawsuits cover legal fees if you’re sued for things such as libel, slander or face malicious prosecution or false imprisonment.

Who Needs Umbrella Coverage?

Umbrella insurance is not a type of insurance that most people think about. For most people, the liability allowance provided by traditional insurance is enough. But if you have assets for which you would like extra protection, then umbrella insurance should be considered.

Workplace benefits

The majority of American works consider workplace benefits as a deciding factor in whether or not they accept a job. Benefits make life easier for employees and their families. This is why most employers pay careful attention to the benefits they provide. Better benefits attract better works.

Types of Workplace Benefits

Not all jobs offer the same types of benefits. Some of the most common include long term care insurance, which helps the insured pay for long term care. Long term care is needed when a person can no longer perform certain daily activities, such as feeding or bathing themselves.

Disability insurance provides income for employees who are unable to work because they are sick or injured. Short-term disability is the easiest to get, and it replaces a portion of the employee’s salary for a short time. Long-term disability is available after short-term disability expires. As the name suggests, it provides coverage for a longer period of time than short term coverage.

Accident insurance provides coverage for injuries resulting from accidents. These accidents are sometimes only covered if they occur on the job. But some policies may include more types of incidents. This money can help pay for deductibles, co-pays, therapies, and x-rays.

Critical illness/cancer insurance is for people who think they may be stricken with a critical illness or cancer. Keep in mind you must be well when you apply for this coverage. If you are already sick, then you will be denied coverage. And universal life insurance is a popular form of life insurance. The policy does not expire as long as you pay the premiums. And there is the ability to invest a portion of the premium payments so they gain interest.

Universal Insurance

Universal Life Insurance

Universal life insurance is permanent coverage that does not expire as long as you pay the premiums. It also allows you to save money because the premiums are invested and build up interest. While the coverage does not have a specific end date, the terms may change at any time.

Interest and Premiums

Some people like this coverage because it provides a source of cash in times of need. The premiums are divided between the death benefits and the savings component. You can borrow money from this account, which is called the cash value.

The cash value of this policy is an investment that accrues interest, and continues to grow the value of the policy. You have the option of directing the interest towards premium payments. You can also lower the death benefit if you want to reduce premium payments.

Is this Policy for You?

There are several types life insurance. You should speak with an insurance agent to determine which is best for you. Universal life insurance is a great option for anyone who wants to build wealth by using the investment option. This is the only policy that offers the protection of a death benefit plus the ability to build value.

Before speaking to an insurance agent, think about your goals for the future. Do you want to make sure your family will receive a death benefit? Are you interested in them having access to the interest? These are things to consider before making a life insurance purchase.

Critical Illness Insurance

Critical Illness

Critical illness insurance provides financial assistance when you are stricken with a specific illness. You receive a sum of money after you are officially diagnosed by a doctor. Just like with other insurance, you must pay a premium to keep this insurance active. If you stop paying, your insurance will lapse even if you are still sick.

Different illnesses are covered by this type of insurance. The most commonly covered maladies include stroke, heart attack, and cancer. However, some insurance companies might cover hearing loss, organ transplant surgery, traumatic head injury, and bacterial meningitis.

Many people benefit from this coverage. It helps to have financial help when you are dealing with a serious illness. That is a stressful time, and money issues will only make things worse. It is a good idea to do what you can to lessen the stress.

Coverage Options

Critical illness insurance gives you options. The simplified issue individual protection plan is available in amounts that do not exceed $50,000. This type of plan is generally inexpensive.
But a fully underwritten individual plan is available in amounts up to $500,000. And you must have a good medical history in order to qualify.

If you are at high risk for certain diseases, you might want to consider critical illness insurance.

Disability Insurance

Disability Insurance

Disability insurance can be a lifesaver when you are unable to work. It pays a portion of your income until you are able to return to work. There is also long term disability for when you need more time off of work. This insurance is specifically for when you are unable to work due to an illness or an accident.


This coverage is for anyone who works for a living. It does not matter if you have a family or only have yourself to take care of – disability can come in handy. Most policies are purchased by business executives and professional workers. Employers also include this coverage as a benefit for their employees.

How it Works

This coverage provides a portion of your income until you are able to return to work. It will not pay all of your income, but it will provide enough for you to pay some bills and buy food. There are two types of disability coverage – long term and short term. The waiting period for short-term is about two weeks. But the waiting period for long-term is longer, and can take anywhere from a few months or longer to be approved.

If disability insurance is not a workplace benefit, then speak with an insurance agent for help. Also, if you are self-employed you also might want to learn more about this coverage.

Long Term Insurance

Long Term Care Insurance

Long term care insurance is insurance that pays for a range of long term care activities. It is for people who are unable to take care of themselves due to disability or age. If a person is unable to perform simple tasks such as bathing, feeding themselves, or brushing their teeth, then they are qualified for long-term care.

Qualifying for Coverage

Age is not a determining factor with this insurance. A person of any age can qualify, but this policy is primarily used by older individuals. It is often obtained through the workplace to help employees upon retirement. This type of policy can pay for some expenses not covered by other insurance.

Importance of Long Term Care

Relying on family and friends to provide long term care often puts a heavy burden on them. Also, since they often are not trained you might not receive the best care. And even worse, you might end up relying on government assistance if they can’t afford the cost of care. Long term insurance helps prevent these situations by helping you pay for your own care.

Long term care is expensive. It is not cheap to hire nursing care or to live in a nursing home. Most people underestimate how much money they will need following retirement. Social security is often not enough to provide for things such as long term care. This is why insurance can help.