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Personal Insurance FAQs

What is auto insurance?

Auto insurance policies protect your personal vehicle and a variety of risks associated with operating it. Auto policies typically offer four types of coverage: Liability, Medical Payments, Uninsured Motorists and Physical Damage. This coverage is then broken down into liability protection for the driver, personal injury for the driver and passengers, coverage to protect from uninsured or underinsured drivers, comprehensive for damage that occurs other than collision and collision coverage.

Depending on the specific insurance company and policy, there may be additional types of coverage available for customization, roadside assistance, towing, loss of use and even gap coverage for new vehicle purchases. Limits can range from 15,000 to as much as 1,000,000. Minimum liability requirements vary from state to state and are usually much lower than the average person’s exposure.

What is home or renters insurance?

Homeowner’s insurance policies provide coverage for your home in six main areas: Dwelling, Separate Structures, Contents, Loss of Use, Personal Liability and Medical Payments.

Depending on the specific insurance company and policy, there are many endorsements that can be added to add coverage for additional items such as collectibles, jewelry or even a home based business.

Renters insurance is coverage for your contents and personal liability when you rent a house, apartment or condo from a company or individual.

What is life insurance?

The two most common types of life insurance readily available are term and permanent. Term insurance is designed to go for a certain number of years at a fixed price each month or year. Permanent insurance is designed to cover you for your entire life and can vary depending on the way the premiums are invested by the company and how the policy is set up.

There are many different options available to enhance life insurance policies such as waiver of premium, accelerated death benefit coverage, critical illness or even long term care coverage. It is important that the policy and coverage you select matches your individual needs and will allow for you to make adjustments in the future as your life changes.

What is health insurance?

Health insurance has recently received a lot of attention and is a popular topic today. Health policies are available to cover medical, dental, vision, Medicare and supplemental benefits. With the onset of the new health insurance legislation you may be considering changing from a group to an individual policy, purchasing your policy privately or through the federal or state run exchange known as The Marketplace.

The Marketplace Exchange provides cost sharing solutions lowering out of pocket costs, deductibles and co-pays based upon individual income. The Marketplace offers four different plan types based on your individual coverage needs.

There are several different considerations you may have. It is important that the policy and coverage you select matches your individual needs and situation. Today most companies offer two policy types: Health Savings Accounts (HSA) and Preferred Provider Organizations (PPO).

An HSA is a tax advantaged medical savings account available to taxpayers who are enrolled in a high deductible health plan. Participants self-fund deductible amounts on a pre-tax basis. The provider covers additional expenses at 100%.

A PPO is a managed care insurance plan that provides access to a network or group of physicians contracted by an insurance company. Participants have annual deductible, co-pay expenses for office visits and prescriptions. Most plans have an out of pocket maximum.

What is umbrella insurance?

Personal Umbrella insurance policies provide additional liability protection above the limits of liability that is offered on your homeowners, auto, motorcycle, boat and RV or rental property policy. In order to be eligible for a personal umbrella most companies have minimum liability coverage limit levels that are required. Personal umbrellas coverage typically begins at $1,000,000 and may range to as much as $5,000,000 or $10,000,000.

Many insurance companies prefer for you to have both your auto and homeowners policies with them before they will offer umbrella coverage. Personal Umbrella policies have a self-insured retention or (deductible) of $250 or more. Coverage is also available for exposures such as personal injury for libel, slander and defamation of character, defense coverage or vacation rental liability.

What is boat insurance?

Boat and watercraft insurance policies provide boaters with coverage that is specific to your boat or personal watercraft. Most companies offer coverage for bodily injury and property damage liability, uninsured boaters, medical payments, comprehensive and collision.

Other coverage considerations such as personal effects replacement, on-water towing, roadside assistance, pollution or fuel spill liability, wreckage removal or water sports can be important additions to your boat or personal watercraft policy.

What is RV insurance?

Recreational Vehicle (RV) insurance policies protect your trailer, fifth wheel or motorhome for a number of risks. There are a variety of options based upon whether this is a travel trailer or motorized vehicle. Most policies offer bodily injury and property damage liability, comprehensive and collision, uninsured and underinsured motorist and medical payments. Some companies offer coverage for your personal effects, vacation liability and total replacement cost.

What is motorcycle insurance?

Motorcycle insurance policies protect your bike and a variety of risks associated with operating it. Most policies offer bodily injury and property damage liability, comprehensive and collision, uninsured and underinsured motorist and medical payments. Some companies offer coverage for custom parts and equipment and roadside assistance in case of a breakdown.