![\"Kristy](\"https:\/\/milehighinsurancebrokers.com\/images\/kristy_peters.jpg\")
<\/td>\r\n Hi Todd<\/p>\r\n
Here's the info on my neck, not very exciting. Yes, my neck problems are 100% from my accident. I got $50,000 for it. $25,000 from the guy who caused it and $25,000 from my underinsured, which was my max. It was not enough. My car was totaled. The guy hit the side of my car at 50 mph because he ran a red light while texting. I had over $40,000 in bills from the first day, the EMTs who had to pry my car open and get me out, ambulance, and the emergency room. Then had several MRI's of my neck and knee, I also hurt my leg pretty bad, a year of physical therapy, four injections of cortisone and pain killers into the vertebrae in my neck and unfortunately had to pay a lawyer also. So the settlement covered most of that except maybe a couple thousand, paid what I still owed on my car (only like $1,000) but didn't pay for everything I've had to do since, get a new car, more physical therapy, chiropractor, more injections and I refused a surgery they wanted to do to fix my neck, part because I was afraid of neck surgery part because there was no way I could pay for it. <\/p>\r\n
I spent weeks not being able to get around at all, imagine me not being able to do anything, and couldn't run or hike for a year. But the positives are I was unconscious so I have no bad memories of the accident, being unable to do anything active got me started on opening my own business and Miles was not hurt badly because he was little and still in a full car seat. Which would not have been the case if he was bigger because the door he was sitting next to in the car was hit directly and smashed in over a foot. I would have had serious problems if I didn't have the uninsured\/underinsured coverage which at first my insurance guy told me I didn't.<\/p>\r\n
Sincerely,<\/p>\r\n
Kristy Peters <\/p>\r\n <\/td>\r\n <\/tr>\r\n<\/table>\r\n","0":"
Questionnaire<\/h2>\n\n \n - Do you own a home?<\/li>\n
- Is your income comfortbably above your monthly expenses?<\/li>\n
- Do you own non-qualified assets, such as savings, property, collectibles?<\/li>\n
- If you were sued as a result of an accident, would you expect your insurance to pay the entire amount or are you willing to assume some of the risk?<\/li>\n <\/ul>\n<\/div>
\nHow Does Bodily Injury Liability Coverage Work?<\/h2>\n
Bodily Injury Liability insurance pays for injuries you cause to another driver if you are\u00a0at-faultin the accident. Bodily injury does not cover the medical costs of injuries you may get in the accident. It is considered a \"third-party\" insurance, since it only covers other drivers and passengers (you're the \"first-party\").<\/p>\n
What Can A Third Party Claim As Bodily Injury?<\/h3>\n
The types of expenses a third-party can file against your bodily injury liability policy include:<\/p>\n
\n \n \n - Bills for the other party's hospitalization, follow-up care, and related medical or health care<\/li>\n
- Lost Wages: If the harmed party was seriously injured and unable to work, your bodily injury liability coverage makes up for their lost income. This amount will be based upon the amount of time they are unable to work as a result of the injury, and subject to various limits based on where you live<\/li>\n
- Legal Fees: This is the one item where bodily injury pays for your expenses instead of the third party. Your insurer will usually provide legal defense for you if you are sued by the other party, and that's paid for under your own bodily injury coverage<\/li>\n <\/ul>\n <\/div>\n<\/div>\n
How to Understand Bodily Injury Liability Limits<\/h2>\n
Your bodily injury coverage is stated in a three number format like so \"25\/50\/25\". In the three number format, the first two numbers are the bodily injury coverage limits and the third is for\u00a0property damage, a separate type of coverage. The first number is the amount covered for\u00a0one person<\/em>\u00a0in the accident, while the second number represents the amount covered in the\u00a0entire accident.<\/em>\u00a0So for example, if you are quoted a 25\/50 limit for bodily injury, it means that the insurance policy will cover up to a maximum of $25,000 per person injured in an accident and a total of $50,000 in claims for a single accident. We'll look at two examples to explain how bodily injury liability would work.<\/p>\n\n \n \n - You were deemed at fault for an accident in which two people in the other vehicle were injured. Person A had medical expenses of $30,000 while Person B had medical expenses of $10,000. While the combined medical bills are within the $50,000 limit per accident, your auto insurance policy will only pay Person A $25,000, and Person B $10,000. That's because Person A's expenses exceeded the per person limit, leaving you on the hook for the $5,000 of the unpaid claim.<\/li>\n
- You were at fault for an accident in which two people were injured. Both made medical expense claims of $25,000 each. Because both the individual claims were within the $25,000 and the combined claim was less than or equal to $50,000 the insurance policy would cover these expenses.<\/li>\n <\/ul>\n <\/div>\n<\/div>\n
Combined Single Limit (CSL) is another\" and less common\" type of limit consumers may purchase. Compared to the split limit, CSL has one limit that applies to the whole accident, and can pay out to the total coverage amount and is not constrained the number of injured people. The flexibility of CSL limits make this type of limit more costly to insure for, and not every car insurance company provides this option.<\/p>\n"},"property_damage":["
Questionnaire<\/h2>\r\n\r\n \r\n \r\n - Do you own a home?<\/li>\r\n
- Is your income comfortbably above your monthly expenses?<\/li>\r\n
- Do you own non-qualified assets, such as savings, property, collectibles?<\/li>\r\n
- If you were sued as a result of an accident, would you expect your insurance to pay the entire amount or are you willing to assume some of the risk?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
\r\nProperty damage liability insurance is one of the major coverage types that drivers are required to have by law. This insurance covers the cost of damages caused to\u00a0others<\/strong>\u00a0-- whether you damaged their car, house or any other type of personal property.<\/p>\r\nWhat Is Property Damage Car Insurance and What Does It Cover?<\/h2>\r\n
Property damage insurance covers you for any financial liability that occurs should you get into an accident and cause damage to\u00a0someone else's<\/em>\u00a0property. Coverage for your own property falls under\u00a0comprehensive and collision coverage\u00a0which you pay for separately. Like\u00a0bodily injury coverage, property damage coverage helps to insure that any driver will be able to assume some financial responsibility for damage caused in an accident where they are deemed at fault. This type of coverage operates on a\u00a0per accident<\/em>\u00a0basis, with the insurance company willing to cover costs up to the amount of your coverage.<\/p>\r\nExamples of what is covered:<\/p>\r\n
\r\n \r\n \r\n - Repairs for damage caused to the other party's vehicle, including auto body shop labor or replacement parts<\/li>\r\n
- Fixing up damage or destruction to other businesses, houses, fences, lamp posts, mailboxes, etc.<\/li>\r\n
- Attorney, court, and other legal defense fees incurred for property damage claim (depending on your terms & conditions)<\/li>\r\n
- Lost income from a business closure that your accident was deemed to cost<\/li>\r\n
- Other recurring expenses from that damage<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>"],"medical":["
Questionnaire<\/h2>\r\n\r\n \r\n \r\n - Does each person listed on your insurance policy have health insurance?<\/li>\r\n
- If you have health insurance, do you have high deductibles?<\/li>\r\n
- If you incurred medical bills as a result of an accident, would you expect your insurance coverage that expense?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>
\r\nColorado law requires insurance companies to provide consumers with the option of carrying a minimum of $5000.00 in coverage per person involved in a collision to cover medical expenses incurred as a result of an automobile injury.<\/p>
Medical payments coverage helps pay for medical and funeral expenses associated with auto accidents. It is an option available with auto insurance policies and usually covers expenses for the policyholder, passengers, and family members driving the insured vehicle at the time of an accident. The policy can also extend to cover any injuries you sustain outside of a car, as we'll explain below. Coverage applies no matter who is at fault.<\/p>\r\n
What Does Medical Cover?<\/h2>\r\n
There are a number of expenses related to an automobile accident that can fall under your\u00a0car insurance policy's medical payments coverage. These typically relate to any costs incurred for medical care that you, or any covered member of your policy, sustain in a motor vehicle accident. They include:<\/p>\r\n
\r\n \r\n \r\n - EMT and ambulance fees<\/li>\r\n
- Hospital visits and stays, doctor visits<\/li>\r\n
- Surgery and X-Rays<\/li>\r\n
- Professional nursing services and care<\/li>\r\n
- Prostheses<\/li>\r\n
- Dental procedures needed as a result of an accident<\/li>\r\n
- Injuries sustained as a pedestrian or riding a bicycle if a vehicle hits you<\/li>\r\n
- Funerals<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
One characteristic that's noteworthy about Medical is that the coverage follows the policyholder. In other words, if you're walking, riding in a friend's vehicle, or using public transportation, your medical payments coverage remains active. This applies both in and out of the state you're insured in too.<\/p>\r\n
There are situations where medical payments coverage will not apply. For example, while medical payments insurance covers personal automobiles, it cannot be applied to trailers or other equipment attached to them.<\/p>\r\n
How Does Medical Payments Coverage Work?<\/h2>\r\n
There are two ways that Medical works: through direct reimbursement as primary coverage, or as a supplement to your existing health insurance coverage. It depends on your auto and home insurance policies, and whether you live in a no-fault state. Customer service and claims representatives at major insurers weren't able to provide a conclusive answer; it appears that GEICO would consider health insurance the primary coverage, while Progressive and State Farm representatives indicated that Medical would pay out first. Check your policy to be sure.<\/p>\r\n
Typically, if a driver has medical bills that would be covered under Medical, they would pay for them up front, and then their auto insurance company reimburses them dollar for dollar. There are no deductibles or co-pays that you have to meet. When Medical is secondary, your health insurance policy would pay for the majority of your medical bills, and you could use your Medical to pay for your deductibles or co-pays so that your health insurance can kick in.<\/p>\r\n
The limit is usually fairly low and intended to cover immediate medical and funeral expenses as a result of an accident or to supplement other insurances. Medical also will not apply to a person injured during their employment when worker's compensation should apply, and is not meant to replace health insurance.<\/p>\r\n
If I have health insurance, do I need Medical?<\/h2>\r\n
The three coverages overlap, and the answer depends on how your health insurance policy is structured, and which state you live in. You might want to consider medical payments coverage even if you have health insurance.<\/p>\r\n
Health insurance\u00a0typically pays for medical expenses related to your health. However, some healthcare policies do not cover injuries sustained in a car accident, which could leave a driver with high out-of-pocket expenses. Medical payments coverage could help offset those expenses, and would make if drivers want additional peace of mind. If your health insurance covers vehicle accidents, you'd likely have to pay a co-pay or pay up to your deductible before your insurer will pay for the rest. Medical can reimburse you for those deductibles and co-pays if you get billed. <\/p>"],"uninsured":["
Questionnaire<\/h2>\r\n\r\n \r\n \r\n - Do you have health insurance?<\/li>\r\n
- If you have health insurance, do you have high deductibles?<\/li>\r\n
- If you incurred medical expenses from a not-at-fault accident, would you expect your insurance to pay that expense?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
\r\nOne in every eight drivers is uninsured. Getting into an accident with one of those drivers can be a costly affair, especially if you are reliant on their insurance to cover your costs. Luckily there is uninsured\/underinsured motorist insurance.<\/p>\r\n
What is Uninsured Motorist Coverage?<\/h2>\r\n
Uninsured motorist coverage pays for your economic losses when you're injured in an accident caused by someone who doesn't have insurance. There are two kinds of UIM: bodily injury and property damage. The former is akin to\u00a0bodily injury coveragewhich covers injuries and their associated costs, while the latter is akin to\u00a0property damage liability, which covers damage your car or home. The main difference being the Uninsured Motorist versions are meant to cover\u00a0your<\/strong>\u00a0expenses, while regular bodily injury and property damage are meant to cover\u00a0another driver's<\/strong>\u00a0expenses. The following is covered by Uninsured\/Underinsured Motorist insurance:<\/p>\r\n\r\n \r\n \r\n - Uninsured\/Underinsured Motorist Bodily Injury (UIM BI)<\/strong>\r\n \r\n \r\n
\r\n - \r\n
Hospital bills or medical care expenses<\/p>\r\n
Lost wages because you've been unable to work due to your injury<\/p>\r\n
Replacement services, such as hiring cleaners or babysitters because your injury incapacitates you in normal household chores<\/p>\r\n <\/li>\r\n <\/ul>\r\n <\/div>\r\n <\/div>\r\n
Uninsured\/Underinsured Motorist Property Damage (UIM PD)<\/strong><\/p>\r\n \r\n \r\n \r\n - \r\n
Damage to your vehicle<\/p>\r\n
Damage to your home<\/p>\r\n <\/li>\r\n <\/ul>\r\n <\/div>\r\n <\/div>\r\n <\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
UIM limits are usually written in three numbers like $25,000\/ $50,000\/$25,000, similarly to your bodily injury and property damage car insurance. The first represents the maximum for a single person while the second is the maximum for the entire accident under your UIM BI. The third number is your UIM PD.<\/p>\r\n
Uninsured Motorist Example:<\/strong>\u00a0You get into a crash resulting in medical bills totaling $20,000. Ordinarily you could file a claim for $20,000 from the\u00a0at-fault\u00a0motorist's bodily injury liability coverage, but since the other driver is uninsured, you need to tap into your Uninsured Motorist Insurance. So long as your limits are above $20,000, you should be able to recoup all losses.<\/p>\r\nIs Uninsured Motorist Insurance Worth It?<\/h2>\r\n
In most cases UIM\u00a0is<\/strong>\u00a0worth it. For one, the average hospital bill for a car accident is around $60,000. At $25,000 limits, a car accident with a uninsured driver pays for less than half of the costs, leaving you on the hook for the rest. Second, a rule in insurance is that you should have enough to cover your net worth, or your value after you subtract your liabilities from your assets. Thus if you are worth $50,000, you should have UIM limits that reach $50,000. Luckily, the price difference between the higher limits of coverage is not large. We discuss price more below.<\/p>"],"deductible":["Questionnaire<\/h2>\r\n\r\n \r\n \r\n - If your vehicle is damaged in an accident, do you expect your insurance to pay for it to be repaired?<\/li>\r\n
- What amount are you comfortable paying towards repairs?<\/li>\r\n
- Are you interested in paying a higher deductible to reduce your premium?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
\r\nThe auto insurance deductible is the amount of money you will first be responsible for before the insurance company begins to cover costs. Unlike health insurance, auto insurance policy deductibles are normally on a per claim basis meaning you would have to cover these costs every time you file a claim. Higher deductible policies come with lower annual premiums in exchange for the higher out of pocket expenses.<\/p>\r\n
Unlike Health Insurance plans where consumers plan covers all types of medical care, car insurance policies are actually broken up into multiple types of coverage. Liability insurance which includes the bodily injury and property damage coverage do not typically have any deductibles attached. Generally deductibles area only applicable to two forms of coverage:<\/p>\r\n
\r\n \r\n \r\n - Collision Coverage:<\/strong>\u00a0Covers damage done to your vehicle when you are in a crash with another vehicle or any stationary object. This covers the cost of repairs and or any replacements necessary for your own care.\u00a0Collision coverage\u00a0does not cover the damage you caused to other people's property<\/li>\r\n
- Comprehensive Coverage:<\/strong>\u00a0Covers damage done to your vehicle in all instances other than a crash in which you are at fault. This includes things like falling tree limbs,\u00a0hail\u00a0or any other types of damage that your car may incur.<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
How Does The Deductible Work?<\/h2>\r\n
Your deductible, typically around $750 will be first applied to any damages. For example if you are in an accident where your collision coverage would apply and the car you were driving suffered damage requiring $3,500 in repairs, you would be responsible for paying $750 of those costs. The remaining $2,750 would then be covered through the collision coverage by your insurer.<\/p>\r\n
In some cases where another driver is at fault for the accident you may wish to file a third party claim against their\u00a0property damage coverage.\u00a0Under these circumstances your insurer may pursue a process called subrogation to recoup the amounts they have already paid. In the process they may also help to reclaim any amount that you paid through your deductible.<\/p>\r\n
Choosing the right car insurance deductible amount<\/h3>\r\n
Your first consideration when choosing your insurance deductible is how much you would be able to pay in the event of an incident.\u00a0Car insurance companies\u00a0sell you coverage for a profit, the more risk protection you buy the more they profit and the lower your deductible the more risk protection you are buying. Your deductible should be set at a level where if you had to pay the out of pocket expenses, you could do so reasonably without impacting your financial situation or lifestyle. It is also important to remember that since auto insurance deductibles are on a per-claim basis so the frequency of your claims will be one of the most important factors. If your policy has a $500.00 deductible and you were involved in 4 separate claims of less than $500, then you would be responsible for 100% of all the payments and your insurance would have provided no coverage.<\/p>\r\n
If you have little savings and limited wiggle room in your monthly income and expenses, choosing a policy with a lower deductible and higher premiums can help you reduce your exposure to financial risks in case of an event. One approach you can take is to look at your driving and vehicle history. If your history indicates that you may need to make more frequent claims, you may want to consider selecting a policy with lower out of pocket expenses. On the other hand if you haven't had a history of accidents you may not need a low deductible plan.<\/p>"],"glass":["
Car insurance covers windshield damage and replacement in most cases through comprehensive insurance, and when others are at fault, through property damage liability insurance. In this piece we will discuss more in-depth how auto insurance will cover you should your windshield crack or shatter.<\/p>\r\n
Damage to your windshield and car windows will be covered in the vast majority of cases so long as you have\u00a0comprehensive insurance. It is an optional coverage that is usually purchased with collision insurance. Essentially it protects your car from any type of damage not caused by another car, and is sometimes called \"acts of god\". Common examples of what comprehensive insurance would reimburse you for are:<\/p>\r\n
\r\n \r\n \r\n - Tree branch falling on your windshield<\/li>\r\n
- Baseball crashing into the windshield<\/li>\r\n
- Pebble flying into your windshield while driving<\/li>\r\n
- Acts of vandalism<\/li>\r\n
- An animal crashing into your windshield<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
While most policies should cover your windshield, we would recommend you double check to see all the events you are covered for and to also make sure all of your glass is covered. It could be a tough situation if it turns out your policy only covers your side windows and not the windshield.<\/p>\r\n
What to Do If You Do Not Have Comprehensive Insurance<\/h2>\r\n
Generally speaking, if you do not have comprehensive coverage, your insurance won't pay to repair your windshield. There are two major exceptions where just liability insurance can repair your car.<\/p>\r\n
The first is if another person crashes in your car, and they are at-fault for the accident. If your windshield or other parts broke in this case, it would be repaired when you file a claim against the property damage liability portion of the other driver's auto insurance.<\/p>\r\n
The only other situation where you may be covered is if another person were to break your windshield, and you file a claim against their homeowners or renters liability insurance. If they have either of those policies, they would have a liability portion meant to cover expenses for things they may damage. You would have to prove to their insurance company that it was their fault.<\/p>\r\n
We typically recommend that drivers get comprehensive and collision insurance if their car is less than 10 years old or worth more than $3,000. Although the two types of coverage can double the cost of your auto insurance, the cost of damaging your car will cost more to repair than you would pay for the insurance over five years.<\/p>\r\n
Should You File a Broken Windshield Insurance Claim?<\/h2>\r\n
The first thing to consider is your deductible versus repair costs. Insurers subtract your deductible from the total amount claimed, so if your deductible is greater than the price to repair or replace the windshield, you won't get anything from your insurer.<\/p>\r\n
Most deductibles for comprehensive claims range from $50 to as high as $2,000. We've found that if your deductible is over $1,000, it is unlikely your windshield damage costs would exceed that amount or you'd get a check from your insurer. If your deductible is lower, like $250 or $500, the decision to file a claim becomes a little trickier. You need to make an estimate of the the cost to repair or replace the windshield.<\/p>\r\n
You should also check to see if your comprehensive coverage waives the deductible for glass claims. Some auto insurers\u00a0have comprehensive plans that do not force you to pay a deductible when filing a claim for broken glass. You should consult your policy or your agent to see if you have that provision on your policy.<\/p>\r\n
How Much Does it Cost to Repair or Replace a Windshield?<\/h2>\r\n
We found that the cost to fix a windshield generally ranges from $100 to $400 for standard vehicles at auto body shops, but can be as much as $1,000 with high-end, high-tech cars like\u00a0Teslas. The final amount depends on whether you're swapping in a new windshield or injecting resin into the existing glass. Cracks that are over six inches in length are considered unrepairable and need a full windshield replacement; anything smaller you can probably get away with just repairing the crack. You can see prices we were quoted from Safelite for both situations below.<\/p>\r\n
\r\n \r\n \r\n \r\n \r\n \r\n Car Type<\/td>\r\n Repair (less than 6in crack)<\/td>\r\n Replace (greater than 6in crack)<\/td>\r\n <\/tr>\r\n <\/thead>\r\n \r\n \r\n Toyota Camry<\/td>\r\n $120<\/td>\r\n $339<\/td>\r\n <\/tr>\r\n \r\n Honda Accord<\/td>\r\n $120<\/td>\r\n $359<\/td>\r\n <\/tr>\r\n \r\n Ford F-150<\/p><\/td>\r\n
$120<\/td>\r\n $389<\/td>\r\n <\/tr>\r\n \r\n Tesla Model S<\/td>\r\n $120<\/td>\r\n $879<\/td>\r\n <\/tr>\r\n <\/tbody>\r\n <\/table>\r\n <\/div>\r\n <\/div>\r\n <\/div>\r\n<\/div>\r\nThe cost to repair a chip in the windshield (less than 6 inches) is consistent, at $120 even for the Tesla. If your deductible is over that amount, you should not file a claim and simply just pay out of pocket. If you have a $50 or $100 deductible, we would also recommend paying out of pocket. Though with $50 deductible you would still be saving around $70 from your insurance company, filing a claim may cause your rates to go up--especially if you have made previous claims. We would highly recommend if you have previous claims that you do not file a claim for a chip in the windshield.<\/p>\r\n\r\n"],"rental_car":["
Questionnaire<\/h2>\r\n\r\n \r\n \r\n - If your vehicle was disabled as a result of an accident, would you have access to another vehicle?<\/li>\r\n
- If you needed to get a rental car, can you comfortably afford the additional expense of $30 to $40 per day?<\/li>\r\n
- Would you expect you insurance to cover your rental car expense?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
Rental reimbursement helps cover the expense of a rental car while your vehicle is being repaired in the body shop after a covered accident. It\u2019s an option with auto insurance policies that is fairly inexpensive and might be worth the investment to some drivers. If you live in the state of Virginia, rental reimbursement is called \u201ctransportation expense\u201d but the two terms are synonymous.<\/p>\r\n
Insurance companies require policyholders to have collision or comprehensive coverage first in order to be eligible for rental reimbursement.<\/strong>\u00a0The reason is if a driver\u2019s insurance company is going to cover the cost of their rental car, the insurance company wants to make sure the driver is well-covered in the event of an accident. The need for a temporary replacement vehicle is typically on the heels of an accident that would have been covered under your auto insurance\u2019s\u00a0collision or comprehensive coverage. Once you\u2019re eligible, purchasing the option is easy - it\u2019s simple as clicking a button online or calling your agent and asking them to add the coverage to your policy.<\/p>\r\nWhat Does Rental Reimbursement Cover?<\/h2>\r\n
What rental reimbursement covers and what it doesn\u2019t is important to understand. It only pays the cost of a rental vehicle while repairs are made to your car due to a covered loss. Examples of covered losses typically overlap with accidents that fall under your collision or comprehensive coverage, such as:<\/p>\r\n
\r\n \r\n \r\n - Collision with another vehicle<\/li>\r\n
- Crashing into a stationary object<\/li>\r\n
- Hitting deer or other wildlife on the road<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
Note that your insurance company will only reimburse you for the daily rental rate. Other expenses such as the cost of gas or security deposit for the car are generally your responsibility. Furthermore, it will not cover the cost of a rental while your vehicle is undergoing routine maintenance in the shop, or while you're on vacation or some other recreational activity.<\/p>\r\n
Rental cars aren\u2019t the only option. In an effort to keep daily limits low (along with their auto insurance premium) companies allow policyholders to put money toward public transportation instead of a rental car.<\/p>\r\n
How Does Rental Reimbursement Insurance Work?<\/h2>\r\n
Policyholders have the right to choose any rental car service, whether its through an affiliate of their insurer, or an independent rental agency. but iIf they choose one that partners with their insurer, the rental car company can bill the insurer directly. This is convenient because the policyholder doesn\u2019t have to take the time to file a reimbursement of the cost of the rental car. They simply sign, drive, and pick up their vehicle when it\u2019s fixed. For example, GEICO partners with Enterprise Rent-A-Car for this purpose.<\/p>\r\n
Make sure the rental car company is aware of the situation if you arrange your replacement independently - you will get a discount.<\/strong>\u00a0Even if you can\u2019t get a vehicle through a rental car company partnered with your insurer, companies offer discounts to those renting due to an accident. We confirmed with spokespersons at The Hertz Corporation and Enterprise Holdings that there are lower rental car rates available to those involved in an accident, regardless of their insurance company. The rate for someone in that circumstance is more competitive than standard ones and to qualify, all someone has to do is notify the local agent at the car rental company. The amount of discount is difficult to determine, since rates will vary by the type of car, the location of the agency, and the availability in their parking lot.<\/p>\r\nYour car insurance company typically has two types of parameters for reimbursing your temporary rental: a daily rate and a per claim limit. For example, some of the major insurers offer a package that reimburses you up to $30 per day up to $900 per accident. If you happen to live in a city where the cost of renting a car is more affordable, say $20 per day, then your rental reimbursement insurance can subsidize the cost of your rental for up to 45 days.<\/p>\r\n
Do I Need Rental Car Reimbursement Coverage and If So, How Much?<\/h2>\r\n
Each individual needs to take a number of things into consideration when determining if they should purchase rental reimbursement coverage. First, decide if you can afford to repair your vehicle and cover the cost of a rental car out-of-pocket. Renting a car for a few days can add up and there\u2019s no telling how long a repair will take. It could be weeks. If your finances are tight, think about adding reimbursement coverage to your policy for a few dollars each month to protect against a potential future spike from repair costs.<\/p>\r\n
How much rental reimbursement coverage someone needs also depends on the individual. A vehicle owner can offset the cost of a rental car substantially (especially if they need it for an extended period), for only a couple dollars per month. Even if the limit per day doesn\u2019t cover the cost per day of a rental car, a policyholder with coverage could end up paying much less. For drivers accustomed to luxury vehicles or larger families who need the space of an SUV, the cost of renting those vehicles will be higher and they should consider purchasing more coverage. In some places, like New York City, the cost of renting a SUV can be more than twice what it costs to rent an economy-class vehicle.<\/p>\r\n
Consider also how much it costs to rent a car in your city when balancing whether the additional monthly premium makes sense for the amount of coverage. For example, if it costs you $3 a month for a $30 per day reimbursement rate, but rentals for an economy car start at $50 a day where you live, you might feel more comfortable going for more coverage for peace of mind.<\/p>\r\n
Rental reimbursement helps cover the expense of a rental car while your vehicle is being repaired in the body shop after a covered accident. It\u2019s an option with auto insurance policies that is fairly inexpensive and might be worth the investment to some drivers. If you live in the state of Virginia, rental reimbursement is called \u201ctransportation expense\u201d but the two terms are synonymous.<\/p>\r\n
Insurance companies require policyholders to have collision or comprehensive coverage first in order to be eligible for rental reimbursement.<\/strong>\u00a0The reason is if a driver\u2019s insurance company is going to cover the cost of their rental car, the insurance company wants to make sure the driver is well-covered in the event of an accident. The need for a temporary replacement vehicle is typically on the heels of an accident that would have been covered under your auto insurance\u2019s\u00a0collision or comprehensive coverage. Once you\u2019re eligible, purchasing the option is easy - it\u2019s simple as clicking a button online or calling your agent and asking them to add the coverage to your policy.<\/p>\r\nWhat Does Rental Reimbursement Cover?<\/h2>\r\n
What rental reimbursement covers and what it doesn\u2019t is important to understand. It only pays the cost of a rental vehicle while repairs are made to your car due to a covered loss. Examples of covered losses typically overlap with accidents that fall under your collision or comprehensive coverage, such as:<\/p>\r\n
\r\n \r\n \r\n - Collision with another vehicle<\/li>\r\n
- Crashing into a stationary object<\/li>\r\n
- Hitting deer or other wildlife on the road<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
Note that your insurance company will only reimburse you for the daily rental rate. Other expenses such as the cost of gas or security deposit for the car are generally your responsibility. Furthermore, it will not cover the cost of a rental while your vehicle is undergoing routine maintenance in the shop, or while you're on vacation or some other recreational activity.<\/p>\r\n
Rental cars aren\u2019t the only option. In an effort to keep daily limits low (along with their auto insurance premium) companies allow policyholders to put money toward public transportation instead of a rental car.<\/p>\r\n
How Does Rental Reimbursement Insurance Work?<\/h2>\r\n
Policyholders have the right to choose any rental car service, whether its through an affiliate of their insurer, or an independent rental agency. but iIf they choose one that partners with their insurer, the rental car company can bill the insurer directly. This is convenient because the policyholder doesn\u2019t have to take the time to file a reimbursement of the cost of the rental car. They simply sign, drive, and pick up their vehicle when it\u2019s fixed. For example, GEICO partners with Enterprise Rent-A-Car for this purpose.<\/p>\r\n
Make sure the rental car company is aware of the situation if you arrange your replacement independently - you will get a discount.<\/strong>\u00a0Even if you can\u2019t get a vehicle through a rental car company partnered with your insurer, companies offer discounts to those renting due to an accident. We confirmed with spokespersons at The Hertz Corporation and Enterprise Holdings that there are lower rental car rates available to those involved in an accident, regardless of their insurance company. The rate for someone in that circumstance is more competitive than standard ones and to qualify, all someone has to do is notify the local agent at the car rental company. The amount of discount is difficult to determine, since rates will vary by the type of car, the location of the agency, and the availability in their parking lot.<\/p>\r\nYour car insurance company typically has two types of parameters for reimbursing your temporary rental: a daily rate and a per claim limit. For example, some of the major insurers offer a package that reimburses you up to $30 per day up to $900 per accident. If you happen to live in a city where the cost of renting a car is more affordable, say $20 per day, then your rental reimbursement insurance can subsidize the cost of your rental for up to 45 days.<\/p>\r\n
Do I Need Rental Car Reimbursement Coverage and If So, How Much?<\/h2>\r\n
Each individual needs to take a number of things into consideration when determining if they should purchase rental reimbursement coverage. First, decide if you can afford to repair your vehicle and cover the cost of a rental car out-of-pocket. Renting a car for a few days can add up and there\u2019s no telling how long a repair will take. It could be weeks. If your finances are tight, think about adding reimbursement coverage to your policy for a few dollars each month to protect against a potential future spike from repair costs.<\/p>\r\n
How much rental reimbursement coverage someone needs also depends on the individual. A vehicle owner can offset the cost of a rental car substantially (especially if they need it for an extended period), for only a couple dollars per month. Even if the limit per day doesn\u2019t cover the cost per day of a rental car, a policyholder with coverage could end up paying much less. For drivers accustomed to luxury vehicles or larger families who need the space of an SUV, the cost of renting those vehicles will be higher and they should consider purchasing more coverage. In some places, like New York City, the cost of renting a SUV can be more than twice what it costs to rent an economy-class vehicle.<\/p>\r\n
Consider also how much it costs to rent a car in your city when balancing whether the additional monthly premium makes sense for the amount of coverage. For example, if it costs you $3 a month for a $30 per day reimbursement rate, but rentals for an economy car start at $50 a day where you live, you might feel more comfortable going for more coverage for peace of mind.<\/p>\r\n"],"roadside":["
Roadside assistance coverage helps drivers when their vehicle breaks down. It is an option on almost every auto insurance policy. Your car insurance company typically partners with an existing network of businesses that provide roadside assistance services, or employs a team to contact and arrange service on their customer's behalf. Which service provider is sent to a driver depends entirely on their location, vehicle, and circumstances. The closest and most appropriate service providers tend to be dispatched. Generally, adding roadside assistance to your policy will get you: towing, battery service, flat tire service, fuel delivery, lockout service, and extrication. Below is description of what each service includes and a scenario that would call for it.<\/p>\n
Roadside assistance is the attempt by a service professional to make minor mechanical repairs and adjustments in an effort to make a vehicle drivable again. There is a seemingly infinite list of things that can go wrong with a car, which can make it a worthwhile addition to any car insurance policy. If you cannot drive it for any reason and the service professional cannot restore your vehicle to a state in which it can be safely driven, then you'll be in need of one of the following services.<\/p>\n
Towing service<\/strong>\u00a0is provided when the roadside assistance fails to make a vehicle drivable again or able to be driven safely. Depending on your roadside assistance provider, they will tow your vehicle to a mechanic up to a limited number of miles. In the event you want or need your vehicle towed beyond that limit, they won't leave your vehicle stranded, but they will charge you extra.<\/p>\nBattery jump-start service<\/strong>\u00a0is an attempt to start a vehicle by jump-starting the battery, unless otherwise advised by the manufacturer. For example, anyone driving an electric car should reference the owner's manual, since they operate differently that most vehicles on the road and have fewer qualified service professionals. Generally, hybrid vehicles use the battery which powers the electric motor to turn over the gasoline engine, making it unlikely they would ever require a jump-start.<\/p>\nFlat tires<\/strong>\u00a0happen and roadside assistance is there to help. If you are a member of some roadside services, a service professional will report to your location and replace the flat tire with the spare inside your vehicle. Roadside assistance for an automobile will not typically cover a flat tire for a motorcycle or any other two or three-wheel vehicle.<\/p>\nLockout service and locksmith service<\/strong>\u00a0are both for when a driver cannot gain entry to their own vehicle. But there is a difference between the two. Any time a roadside service professional helps a driver open their vehicle, that falls under lockout service. They usually can gain entry using a pump wedge or a long reach tool to unlock a door. If the roadside service professional cannot gain entry to the vehicle, a locksmith service will be called. Some roadside assistance coverage will cover the cost of a locksmith, or partially cover the cost, and others will not.<\/p>\nFuel delivery service<\/strong>\u00a0is provided to drivers who run out of gas while driving. A service professional will come to your location with enough fuel to get the vehicle to the nearest gas station. Some roadside services charge for the fuel. Those that do charge will use the area's pump price in determining the fee for the stranded motorist.<\/p>\nExtrication or winching service<\/strong>\u00a0is the process of moving a vehicle if it is constrained or stuck. If it takes more than one service professional and truck to dislodge a vehicle, there are typically additional costs added.<\/p>\nShould I Get Roadside Assistance with My Car Insurance?<\/h2>\n
This depends on how old your vehicle is, how wide your range of commuting is, and how much convenience you want. A number of auto insurance companies, auto clubs, credit card issuers, and manufacturers offer road assistance should your car break down. If you've decided to get this additional protection, take a look at our\u00a0comparison of various roadside assistance programs\u00a0to understand the differences between the different companies and clubs that offer it. Otherwise, here is how we think about whether these benefits are worth it:<\/p>\n
Vehicle Age:<\/strong>\u00a0If you have a brand new vehicle within its first few model years, chances are that you could do without adding major roadside assistance to your insurance, since your car should be humming along nicely. Your car manufacturer likely has a roadside emergency service that is complementary (within reason) typically for the first handful of years, or tens of thousands of miles - whichever milestone gets reached first. Other features such as getting locked out or being stuck in a ditch can be one-off benefits you can pay for as they come up. If you have an older car, roadside assistance may be a better investment.<\/p>\nDistance and Commute<\/strong>: Another thing to consider is where your daily commute or errands take you. If they're within a small radius of where you live, then you might be closer to a body shop in town that you can call up whenever you need help. However, if you take trips or weekend jaunts to places you're not familiar with, it might be easier to have a professional network on call to handle problems that may arise.<\/p>\nConvenience<\/strong>: If you value convenience, we think you'll be benefit from adding some type of roadside assistance program to your auto insurance policy. Every program saves you the trouble of locating and contacting the nearest service professional to best suit your need. This is an underappreciated service today with the emergence of cell phones and computers but you will not be as efficient at locating someone as the program providers who have existing networks of professionals they work with. This is especially true after hours, when you're stranded on a dark road somewhere, or in inclement weather.<\/p>\nCosts<\/strong>: Being part of a roadside assistance program can potentially save you a lot of money on service fees. For example, if the out-of-pocket cost for a service professional to come to your location was $75, you could have a high tab in a hurry over the course of several incidents in one year. Compare that with the handful of dollars in extra premiums for roadside assistance programs. It\u2019s not farfetched to think you could have a flat tire, run out of fuel, or slide off the road and have to be pulled out within only 12 months. Depending on where you live, the volume of driving you do, and the type of vehicle you have, a roadside assistance member could easily use the service three or four times in a year.<\/p>\nFree Roadside Assistance<\/strong>: If you have a select American Express credit card, your membership benefits may actually include free roadside services for up to four times a year. Furthermore, reasonable roadside help may be provided by your manufacturer for new vehicles free of charge. It'll depend on your manufacturer's age and mileage thresholds.<\/p>"],"rideshare":["Driving for ridesharing companies such as Uber and Lyft have become increasingly popular forms of primary and secondary incomes. The companies and their drivers have grown so fast, however, that laws and regulations are struggling to keep pace -- not to mention the insurance companies who have only recently begun to accommodate rideshare drivers. Below we'll go into detail about what extent insurance from rideshare companies such as Uber and Lyft cover you, the gap between rideshare insurance and your personal coverage, and which insurance companies offer you coverage for being an Uber or Lyft driver.<\/p>\n
Does My Regular Personal Auto Insurance Policy Cover Ridesharing?<\/h2>\n
You may be wondering, why can't you just use your regular car insurance policy to cover your rideshare dealings? The main issue with your regular insurance policy is that companies feel a rideshare service no longer fits the purpose of what you originally insured your car for.<\/p>\n
Essentially, companies have two forms of auto insurance, commercial and personal. Personal auto insurance is meant to cover you when you're commuting (driving your car to your physical office), running errands, or for leisure activities. Commercial is an umbrella term for all business uses, which is important because when you turn on the Uber or Lyft app, your car is no longer a personal car -- it becomes a business car.\u00a0Most policies, for example, explicitly states: \u201cYour personal auto insurance policy wasn\u2019t designed to provide you with coverage when you are working as a rideshare driver with companies like Uber.\u201d<\/p>\n
Do Uber and Lyft Provide Insurance?<\/h2>\n
The answer is yes and sort of. It all depends on which period of the ride you are in when picking up a customer. There are three periods when it comes to ridesharing.<\/p>\n
\n \n \n \n \n \n Stage<\/p><\/td>\n
Function<\/td>\n Insurance<\/td>\n <\/tr>\n <\/thead>\n \n \n Off Duty<\/p><\/td>\n
App is \"Off\", regular driving<\/td>\n Regular Auto Policy<\/td>\n <\/tr>\n \n Period 1<\/p><\/td>\n
Turn app \"On\", but no passenger matched<\/td>\n Gap<\/td>\n <\/tr>\n \n Period 2<\/p><\/td>\n
App is on, passenger is matched and need to drive to pick them up<\/td>\n Uber or Lyft Insurance Policy<\/td>\n <\/tr>\n \n Period 3<\/p><\/td>\n
App is on, and passenger is now in your car and driving to their destination<\/td>\n Uber or Lyft Insurance Policy<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\nWhen you are off duty, whatever insurance you have will cover you if you get into an accident. During Periods 2 and 3, Uber and Lyft will fully cover you across all types of insurance: liability,\u00a0collision, comprehensive\u00a0and underinsured motorist, if you get into an accident. You enter gray waters, however, with Period 1, which we call the \"Gap\".<\/p>\n"],"custom_equipment":["
Whether you plan to do a custom paint job or add a major modification like a supercharger, customizing your car can have automobile insurance ramifications. According to the Specialty Equipment Market Association, consumers spent a whopping $36 billion in 2014 on automotive specialty equipment parts and accessories. If you're enhancing your car, you may be wondering:<\/p>\n
Do I need special auto insurance coverage if I add features to or modify my car?<\/h2>\n
The answer is \u201cyes.\u201d<\/p>\n
Modifications a Standard Policy Will\/Won\u2019t Cover<\/h2>\n
Vehicle modifications or customizations (the terms are often interchangeably used in the industry and basically mean the same thing) not made at the factory, as well as aftermarket parts, are typically excluded from standard policies. Some insurers regard an automobile as \u201ccustomized\/modified\u201d when the chassis, body and\/or frame are structurally modified, the car\u2019s performance is considerably augmented, or the value of a custom paint job exceeds several thousands of dollars.<\/p>\n
\u201cAn auto insurance company generally does not provide any coverage for enhancements to an automobile. The exception is tires and rims \u2013 for which you will need to furnish receipts, and even then only a portion of their value will typically be reimbursed in a loss settlement,\u201d says most insurance professionals, who adds that vehicle value is typically based on the factory installed components of the vehicle.<\/p>\n
The Coverage You Need for Customizations<\/h2>\n
Although a standard policy won\u2019t reimburse the value of a customization if you need to file a loss claim, the good news is that two options may be available to you:<\/p>\n
\n \n \n - Supplemental Coverage:<\/strong>\u00a0Many insurers offer endorsements that provide supplemental coverage for modifications and aftermarket components. For example, some policies offers optional customized parts and equipment coverage that will pay up to $4,000 if those parts\/equipment are damaged or need to be replaced. Depending on the insurer, the premium for this extra coverage can equate to approximately 10% of the value of the modifications.<\/li>\n
- Classic\/Collectible Car Insurance:<\/strong>\u00a0If the insurer doesn\u2019t offer this type of endorsement or the coverage limits are inadequate to protect your investment, you can seek coverage from a carrier that specializes in insuring collectible\/classic automobiles (which includes modified cars)\u2014including Hagerty.<\/li>\n <\/ul>\n <\/div>\n<\/div>\n
Common Customizations<\/h2>\n
Examples of popular modifications that drivers make to their vehicles, and which usually require supplemental or separate insurance, include:<\/p>\n
\n \n \n - Custom paint job, murals, graphics or decals<\/li>\n
- Electronic equipment like a custom stereo, PC, TV or video system<\/li>\n
- Custom tires, wheels or spinners<\/li>\n
- Custom spoilers, louvers, scoops or grilles<\/li>\n
- Speed enhancements like turbochargers, blowers and strokers<\/li>\n
- Anti-roll\/anti-sway bars or winches<\/li>\n
- Added chrome<\/li>\n
- Accent\/auxiliary lights<\/li>\n
- Suspension enhancers\/hydraulics<\/li>\n <\/ul>\n <\/div>\n<\/div>\n"],"trip_interuption":["
Roadside assistance and trip interruption<\/h2>
\nIf you get stuck or your bike is disabled, we'll tow it to the nearest repair shop for free. You just have to be within 100 feet of the road. You can also add trip interruption to pay for food and lodging expenses up to $500 if you're away from home (you must have roadside assistance first then add trip interruption).<\/p>\n"],"umpd":["
Questionnaire<\/h2>\r\n\r\n \r\n \r\n - If your liability only vehicle was damaged by an uninsured motorist, would you expect your insurance to pay for repairs?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
Uninsured motorist property damage coverage, also known as UMPD, sounds sensible: If someone without car insurance hits your car, UMPD pays for the damage.<\/p>\r\n
Nationwide, 12.6% of drivers didn\u2019t have any auto insurance in 2012, according to the most recent estimate from the Insurance Research Council. Many others buy only the minimum auto insurance their state requires, which may not be enough to pay for damage a driver causes in an accident.<\/p>\r\n
UMPD can be easily confused with:<\/p>\r\n
\r\n - Uninsured and underinsured motorist (UM\/UIM) bodily injury coverage (UMBI).<\/strong>\u00a0This pays for your injuries \u2014 not car damage \u2014 when someone with little or no insurance crashes into you.<\/li>\r\n<\/ul>\r\n
UMPD overlaps with:<\/p>\r\n
\r\n - Collision coverage.<\/strong>\u00a0This type of auto insurance also pays for damage to your own vehicle. So if UMPD is optional in your state, you probably don\u2019t need both.<\/li>\r\n<\/ul>\r\n
What uninsured motorist property damage covers<\/h2>\r\n
UMPD pays for damage if your car is hit by a driver without insurance or you are the victim of a hit-and-run, in most states. It also pays out if an\u00a0underinsured<\/em>\u00a0driver hits you, which means it will pay for your car damage after the other person\u2019s insurance is used up and there are still repair bills.<\/p>\r\nIn Colorado drivers must be offered UMPD but don\u2019t have to buy it.<\/p>\r\n
Do you need UMPD?<\/h2>\r\n
If you have collision coverage, it would also pay for damage caused by a driver without insurance or without enough coverage. In this situation, there\u2019s really only one advantage to uninsured motorist property damage coverage: It generally has a lower deductible than collision coverage. But that\u2019s not enough to justify buying UMPD if you already have collision coverage.<\/p>\r\n
UMPD makes more sense if you have only liability coverage, which pays for damage and injuries you cause to others. Without UMPD or collision coverage, if an uninsured driver crashes into your car, your only option would be to sue the driver.<\/p>\r\n
UMPD is a lot less expensive than collision coverage, Adding it would provide you some measure of coverage if you get hit by somebody who doesn\u2019t have insurance.<\/p>\r\n"],"condo_dwelling":["
What Does Condo Insurance Cover?<\/h2>\n
A\u00a0condo owners insurance policy\u00a0isn't mandatory by law, but your condo association may have minimum requirements for coverage. Similarly, if you have a mortgage, your lender will generally require you to have an insurance policy for your condo unit. An individual condo unit owner's insurance policy, an HO6 policy, is often referred to as \"walls-in\" insurance, as it covers the interior structure of the unit as well as your personal property. It also typically offers liability and loss of use coverage\u2014liability coverage in case someone is injured or their property is damaged and they decide to sue you and loss of use coverage, in the event you can't reside in your condo for a period of time.<\/p>\n
So, if a condo owner somehow damages the wood floor in their unit, they would file a claim with their own insurer to repair the damages. Flooring inside a condo is covered as part of the interior of the unit, along with any personal belongings. However, if the flooring inside a communal area of a condo building\u2014such as an entryway\u2014is damaged, the condo board or association would be responsible for that repair.<\/p>\n
There are also features of a condominium which, if damaged or faulty, can either be covered by your own policy or your association's master policy, which is why it's good to be familiar with both. For example, a plumbing issue could either be the responsibility of the condo unit owner or the association, depending on where it's located. Similarly, water damage may fall under one or multiple condo insurance policies. If it was caused by your own water heater or air conditioning system, you would file a claim under your own policy. But water damage caused by a leak in the roof, or which occurred due to an issue in your neighbor's unit, could fall under either the master policy, your neighbor's policy, or a combination of your own coverage and another policy.<\/p>\n
A condo insurance policy's dwelling and property coverage generally covers a defined list of \"named perils,\" or hazards, such as fire, hail, theft and vandalism. Any hazards that are not included in the list of named perils would not be covered, so you would be responsible for the resulting damages to your dwelling and property. However, you can add a Unit Owners Special Coverage A endorsement to your policy, which would make it an \"open peril\" policy. Open peril condo policies cover damages from any cause except those specifically excluded, which would typically be limited to certain hazards such as flooding, earthquakes and sinkholes.<\/p>\n
Condo Building Property Coverage<\/h2>\n
Condo insurance building property coverage largely protects the interior of your unit, which includes the floor, interior walls, cabinetry, sinks, tile and any other permanent fixture inside it. If a condo is damaged or completely destroyed by a covered peril, your condo insurance policy will pay up to the coverage limit of the policy purchased. Most people choose a policy to cover the replacement cost value of a condo, or the amount it would cost to rebuild a replica of it.<\/p>\n
When choosing the amount of\u00a0dwelling coverage\u00a0needed, don't forget to consider the value of any changes to permanent fixtures or construction you might have done. For example, say you've been living in a condo for a couple years and decide to renovate the kitchen. You might need to adjust your condo insurance policy because you, as the condo owner, would need to insure any changes or new structures inside your unit.<\/p>\n
Also keep in mind that if the construction affects any common areas of a building, you should consult the condo association, as they have certain responsibilities toward those areas. An example might be if you want to change the front door to your unit. The door and entryway is likely the responsibility of the condo association, so you would need permission to make changes to it. Changes to interior walls or construction are more simple, as those changes would be your responsibility.<\/p>\n"],"condo_liability":["
Condo Liability Insurance<\/h2>\r\n
Condo liability insurance protects the policyholder and their family members (including pets) from lawsuits for bodily injury or property damage. Liability coverage is a core party of every condo insurance policy, as it is for homeowners and renters insurance, as accidents happen. Even a friend or family member might have to file a lawsuit against you to cover their damages or medical costs. Without liability coverage, a condo owner could be stuck paying out of pocket for major expenses that might be financially devastating.<\/p>\r\n
Most condo insurance policies include at least $100,000 in liability coverage. Condo insurance companies almost always allow policyholders to purchase more, usually up to as much as $500,000. If a condo owner needs more coverage than that, they generally would have to purchase an umbrella policy to supplement the liability limit of their condo insurance.<\/p>\r\n"],"condo_personal_property":["
Condo Contents and Personal Property Insurance<\/h2>\n
An owner's belongings are covered under their condo insurance policy's contents, or personal property, coverage. Like\u00a0homeowners insurance, condo insurance will replace any property belonging to the unit's owner or family members in the event of a loss, up to the limit of the policy. Covered property can include your furniture, clothing, decorations and any other items not affixed to the unit. Typically, the claim limit\u2014the maximum amount a condo insurance policy will pay\u2014is about 50% of the dwelling coverage purchased. For example, if a condo has $100,000 of coverage for the structure, the policy likely includes $50,000 of condo contents insurance.<\/p>\n
Like the structure itself, a condo owner's belongings are covered by a long list of perils. For example, if a storm breaks a window in a condo unit and rain destroys furniture inside, a condo insurance policy would cover the cost to replace it. Fire, lighting and theft are among other events covered.<\/p>\n
Personal property coverage also extends beyond what is inside a condo unit. Condo insurance policyholders can file a claim for belongings that are lost, damaged or stolen outside of their units. For example, if a condo owner had something stolen from their car, they could file a claim for it.<\/p>\n\n"],"condo_loss_of_use":["
Loss of Use Coverage<\/h2>\r\n
Loss of use coverage (sometimes called additional living expenses) is the least-known benefit of condo insurance, yet it could be extremely valuable to a policyholder. In the event a condo becomes uninhabitable, loss of use coverage reimburses policyholders for qualified expenses.<\/p>\r\n
For example, if a fire destroys a condo and you have to stay in a hotel, loss of use coverage will reimburse you for that expense. It will also cover the cost of meals and, in some cases, additional travel commuting costs incurred. Condo insurance companies have different reimbursement programs. Some will reimburse policyholders up to a certain amount each day, for a set number of days. Others allot a set amount per claim that a policyholder can use at their will.<\/p>\r\n"],"gap_insurance":["
What is Gap Insurance and How Does it Work?<\/h2>\n
Gap insurance provides you with coverage for the difference between what you owe on your vehicle and the worth of your vehicle should it be involved in an accident that results in a total loss. Standard comprehensive and collision car insurance policies pay for the replacement of your vehicle during a total loss\u2014for instance\u2014if your car is totaled or stolen. However, the policies only pay out up to the pre-agreed coverage limit or the car's\u00a0actual cash value. New cars depreciate quickly, often decreasing in value faster than the rate at which you're able to pay down a car loan or lease. The result of a new car's quick depreciation is a policy limit or an actual cash value of a car that is less than what is owed to a loan or leasing company.<\/p>\n
Gap insurance ensures that you're covered for the difference between what you owe on your car lease or loan and what your car is worth at the time of a total loss. The difference\u2014often referred to as the gap\u2014varies depending on a range of factors, including how quickly your car depreciates, how long your loan term is, and how large your down payment was.<\/p>\n
Gap insurance is typically purchased in increments of time. Cancellation policies vary by company, but most insurance companies will allow you to cancel your coverage at any time. If you cancel your gap coverage before the end of your initial coverage period, you'll likely be eligible for a refund on the unused premium.<\/p>\n
Do I Need Gap Insurance?<\/h2>\n
You'll want to purchase gap insurance if your coverage gap is greater than the amount you're willing to pay out of pocket or if the amount is greater than the cost of coverage. Below, you can find the most common situations that require gap insurance:<\/p>\n
You made a low down payment on your vehicle:<\/strong>\u00a0The reason for the gap when you make a low down payment is that larger loans result in lower upfront principal payments. The result is a loan that decreases slower than your car depreciates. You can typically expect your car to depreciate around 20% per year in the first few years.<\/p>\nYou drive long distances:<\/strong>\u00a0While cars lose value the second you drive them off the lot, driving a significant amount of miles on a new vehicle decreases the value of the car a lot quicker. The more miles you drive with the car, the less it's worth.<\/p>\nYour loan has a high APR or term:<\/strong>\u00a0Similar to making a low down payment on your vehicle, a long term or high APR loan means that you're paying principal on your loan at a slower pace. The result is that depreciation outpaces the rate at which you're paying down your loan.<\/p>\nYour lease or loan requires it:<\/strong>\u00a0Gap insurance can be required by your leasing or financing company to protect you in the event of a\u00a0total loss<. However, just because it's required, doesn't mean that it's included in your loan or lease.<\/p>\nBottom Line:<\/strong>\u00a0Whether gap insurance is worth it or not will depend on your specific situation. Anyone who has recently purchased a car should calculate their gap to determine whether they'd be able or willing to pay that amount. If that's not the case then gap insurance is necessary. Below, we provide detailed examples of gap calculations.<\/p>\n\n\n"],"telematic":["Telematic programs allows you to potentially earn discounts through safer driving habits, giving you more control of your personal auto insurance premiums. <\/p>\r\n
![\"Telematic](\"https:\/\/www.milehighinsurancebrokers.com\/images\/telematic_device.jpg\")
<\/p>\r\n
It's probably safe to assume that most drivers would like their auto insurance premiums to better reflect their safe driving habits. We think so, too. Telematics does just that. <\/p>\r\n
This usage-based insurance program for personal auto gives drivers the benefits of being more in control of their insurance rates and potential discounts, simply by continuing the safe driving habits they've always practiced. <\/p>\r\n
It may help you reduce what you pay for insurance<\/strong>
\r\n Telematics collects your driving habits and applies discounts if your driving scores reflect safer driving habits. Customers automatically get a 5 to 10 percent participation discount on your premium when they enroll, and up to a 50 percent discount - among the highest in the industry - at renewal if your driving scores reflect safer habits.<\/p>\r\nt's easy<\/strong>
\r\nCustomers receive a small leave-in device that's easy to install and plug into their cars. The device creates a score based on speed, time of day, number of miles driven, acceleration, braking and other factors. This score is then used to calculate your discount, if applicable. <\/p>\r\nTelematics is a leave-in device program that gives you access to a real time portal with driving feedback. Some carriers only track for 3 months, while others require you to leave the device in your car. You can review and improve your driving habits and score before each renewal so you can work toward earning discounts year-round. <\/p>\r\n
It's easy to enroll<\/strong>
\r\n As your agent, I will the telematic to your personal auto policy. Then, once you receive the device in the mail, plug it in and focus on driving safely and undistracted.<\/p>\r\n"],"home_dwelling":["What Is Dwelling Insurance?<\/h2>\n
Dwelling coverage, sometimes called \"dwelling insurance,\" is the part of your homeowners insurance policy that may help pay for the rebuilding or the repair of the physical structure of your home if it's damaged by a covered hazard.\n<\/p>\n
What is your dwelling?<\/h2>\n
Although a lot of people think of their dwelling as just the physical structure that they live in, dwelling coverage may help protect more than that. Dwelling coverage typically helps protect the home you live in plus attached structures. What this means is that as long as it's attached to your house, your garage may also be covered under the dwelling portion of your policy. If damage to an attached structure occurs as the result of a covered hazard, your homeowners insurance may help cover the costs to repair it or rebuild it. If attached to your home, a deck or front and back porch may also be considered a part of your dwelling, and therefore may also be covered by the dwelling coverage in your homeowners insurance policy.<\/p>\n
Standard homeowners policies cover a wide range of potential disasters, from tornadoes to lightning strikes to winter storm damage. Policies do vary, though, so for your own peace of mind, check yours for the specific perils covered. Learn what's generally covered by each homeowners insurance policy type\u00e2\u20ac\"and what's not. <\/p>\n
Disaster coverage by homeowners policy type <\/h2>\n
\n\n\n\u00a0<\/th>\n Dwelling & personal property<\/th>\n Dwelling<\/th>\n Personal property<\/th>\n<\/tr>\n \nPerils<\/th>\n Basic HO-1*+<\/th>\n Broad HO-2*<\/th>\n Special HO-3*<\/th>\n Special HO-3<\/th>\n Renters HO-4<\/th>\n Condo\/Co-op HO-6<\/th>\n<\/tr>\n<\/thead>\n \n\n1. Fire or lightning<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n2. Windstorm or hail<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n3. Explosion<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n4. Riot or civil commotion<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n5. Damage caused by aircraft<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n6. Damage caused by vehicles<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n7. Smoke<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n8. Vandalism or malicious mischief<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n9. Theft<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n10. Volcanic eruption<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n11. Falling object<\/td>\n \u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n12. Weight of ice, snow or sleet<\/td>\n \u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n13. Accidental discharge or overflow of
\nwater or steam from within a plumbing,
\nheating, air conditioning, or automatic
\nfire-protective sprinkler system, or from
\na household appliance.<\/td>\n \u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n14. Sudden and accidental tearing apart,
\ncracking, burning, or bulging of a steam
\nor hot water heating system, an air
\nconditioning or automatic fire-protective
\nsystem.<\/td>\n \u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n15. Freezing of a plumbing, heating, air
\nconditioning or automatic, fire-protective
\nsprinkler system, or of a household appliance.<\/td>\n \u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n16. Sudden and accidental damage from
\nartificially generated electrical current
\n(does not include loss to a tube, transistor
\nor similar electronic component)<\/td>\n \u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n17. All perils except flood, earthquake, war,
\nnuclear accident, landslide, mudslide,
\nsinkhole and others specified in your
\npolicy. Check your policy for a complete
\nlist of perils excluded.<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00d7<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\u00a0<\/p>\n
Disasters that are not covered<\/h2>\n\n - Floods.<\/strong> Flood damage is excluded under standard homeowners and renters insurance policies. Separate flood insurance coverage, however, is available for both homeowners and renters as a separate policy both from theNational Flood Insurance Program(NFIP) and from a few private insurers<\/li>\n
- Earthquakes.<\/strong> Earthquake coverage is available from most insurance companies as a separate policy or an endorsement to your homeowners or renters policy.<\/li>\n
- Maintenance damage.<\/strong> It is your responsibility to maintain your home and take reasonable precautions to protect your home from damage. Your insurance policy will not cover damage due to lack of maintenance, mold or infestation from termites or other pests.<\/li>\n
- Sewer Backup.<\/strong> Sewer backups are not covered under a typical homeowners insurance policy, nor are they covered by flood insurance. This type of coverage must be purchased either as a separate product or as an endorsement to a homeowners policy, usually at a nominal cost. <\/li>\n<\/ol>\n
\u00a0<\/p>\n\n\n\n\n"],"other_structures":["
What Is Other Structures Coverage In A Homeowners Insurance Policy?<\/h2>\r\n
Other structures coverage is the part of a homeowners insurance policy that helps pay to repair or replace structures other than your home, such as a fence, if they are damaged by a covered risk. For instance, if a tree falls on your detached garage, other structures coverage may help pay for repairs.\r\n<\/p>\r\n
Items on your property that typically fall under other structures coverage include: <\/p>\r\n
\r\n - A fence <\/li>\r\n
- A detached garage <\/li>\r\n
- An in-ground swimming pool <\/li>\r\n
- A gazebo <\/li>\r\n<\/ol>\r\n
Other structures on your property are typically covered for the same perils as your home. So if your dwelling coverage includes risks like theft, fire, falling objects and vandalism, your fence would likely be covered for those, too. <\/p>\r\n
HOW MUCH COVERAGE DO I HAVE FOR OTHER STRUCTURES? <\/strong><\/p>\r\nYou may find that other structures coverage is based on a percentage of your dwelling coverage, the Insurance Information Institute says. So, for instance, if you have $300,000 in dwelling coverage, which applies to your house and attached structures, you may have up to $30,000 in coverage for your fence and other unattached structures on your property. If you're making improvements to your property, such as adding a gazebo, you may want to review your other structures coverage limits to help ensure you have enough protection in place to help pay to repair or replace unattached structures after a covered loss.<\/p>\r\n
OTHER CONSIDERATIONS <\/strong><\/p>\r\n Maybe you're confident that you have sufficient protection in place for your fence or detached garage \u2014 but what about the stuff you store inside? The personal property coverage in a homeowners insurance policy typically helps protect belongings regardless of where you keep them, so you'll likely find you have coverage for items you store in a detached garage, for instance. You can usually adjust your personal property coverage limits based on your particular needs. <\/p>\r\n\r\n\r\n\r\n\r\n"],"personal_property":["
What is Personal Property Coverage?<\/h2>\n
Personal property coverage is the type of insurance that can help protect the items in your home, like your furniture. Your belongings are likely worth much more than you might think, and if they're damaged or lost, personal property coverage could help you cover the cost of replacing them.\n<\/p>\n
Your home is full of things you love. Taking the time to figure out how much your belongings are worth can help you choose the amount of personal property coverage you need. Walk around your home and note the items that you spent a lot of money on. Taking pictures of these items and keeping receipts and other documents can help you keep track of the value of your stuff.<\/p>\n
REPLACING YOUR BELONGINGS. <\/strong><\/p>\nIf the personal property listed on your homeowners policy needs to be replaced because of a covered loss, there are two different ways your insurance could help: Actual cash value Your belongings are typically covered at fair market value. In other words, replacement cost minus depreciation. For example, your items could be covered for the amount you'd get if you sold them at a yard sale or an online auction website. Replacement cost coverage With replacement cost coverage, your insured personal property is typically covered for what it would cost to purchase them new at the time of the claim. <\/p>\n
WHAT IS SCHEDULED PERSONAL PROPERTY?<\/strong><\/p>\nScheduled personal property is optional protection you can add to your homeowners policy to cover high-value items. Though personal property coverage helps protect the majority of your belongings, most insurance companies set limits on certain items, like jewelry. For example, your policy may cover a single piece of jewelry that's worth up to $1,000. If you own a $100 necklace that is damaged and needs to be replaced, you're in good shape. If you own a $10,000 necklace, scheduled personal property can help you insure it for more than the $1,000 limit.<\/p>\n\n"],"loss_of_use":["
Loss of Use on Your Homeowners Insurance: What Does It Cover?<\/h2>\n
Loss of use coverage (or coverage D) is typically included in most homeowners insurance policies and provides homeowners with reimbursement for two main things: additional living expenses and lost rental income. Most insurance companies allow you to increase coverage limits if you wish. Knowing exactly what is covered by loss of use insurance may help you negotiate with your insurance company if you ever need to file a loss of use claim.<\/p>\n
Additional Living Expenses Coverage (ALE insurance):<\/strong>\u00a0ALE insurance reimburses homeowners for additional living expenses stemming from having to live away from home after a covered loss. For example, if your house partially burns down and becomes uninhabitable, your loss of use coverage would reimburse you for the cost of a hotel, up to your coverage limit.<\/p>\nFair Rental Value:<\/strong>\u00a0Fair rental value, also known as loss of rent insurance, reimburses you for lost rental income if you're renting a home and it becomes unlivable due to a covered loss. For instance, if you were renting out your home for $1,000 a month, that is the amount that you would be reimbursed under fair rental value coverage.<\/p>\nMost\u00a0homeowners insurance companies\u00a0include loss of use coverage in their policies and place a limit as a percentage of your dwelling coverage. For instance, if your limit is 30% and your dwelling coverage limit is $200,000, then you would be covered for up to $60,000 under your loss of use insurance. Keep in mind that policy limits vary by insurance company and by policy, so if you have questions regarding your specific loss of use coverage limit, it's best to ask your insurer. You can typically increase your coverage limit at an additional cost.<\/p>\n
Loss of use only applies to damage caused to your home by covered perils. For instance, if your home is flooded and you don't have\u00a0flood insurance, your loss of use claim would be denied. Therefore, we recommend for anyone with flood insurance to get loss of use insurance.<\/p>\n
Other Loss of Use: Prohibited Use<\/h3>\n
Prohibited use is included under loss of use coverage. As mentioned above, loss of use only offers homeowners reimbursement if their home was damaged as a result of a covered loss. Prohibited use applies when a governmental authority prohibits residents from accessing their undamaged homes. For instance, if local authorities restrict you from entering your neighborhood due to nearby tornado damage, but your home is unaffected, prohibited use coverage would apply. In this scenario, you could file a loss of use claim for additional living expenses without damage to your home. Keep in mind that an order to evacuate would not trigger coverage. In order for you to be able to file a prohibited use claim, there would need to be physical damage to neighboring homes.<\/p>\n
What's Covered Under Loss of Use Insurance?<\/h2>\n
As previously mentioned, loss of use insurance typically provides coverage for additional living expenses as a result of a covered loss. In simpler terms, this means you would be covered for expenses you wouldn't ordinarily pay if you were living in your own home. For instance, let's assume you typically spend $100 on gas per month, but that amount has increased to $150 because you live in a hotel that is farther from work while your home is repaired. In this scenario, you would be reimbursed $50, which is the incremental cost. A list of common additional living expenses that are typically covered under loss of use insurance is provided below.<\/p>\n
\n - Cost of temporary housing, such as a hotel or a motel<\/li>\n
- Credit check fee associated with renting a temporary residence<\/li>\n
- Cellphone overages incurred as a result of losing a landline<\/li>\n
- Cost of increased mileage to your place of employment<\/li>\n
- Cost of setting up utilities in your temporary home<\/li>\n
- Increased cost of meals<\/li>\n <\/ul>\n
If you're renting your home or part of your home, and it becomes unlivable due to a covered loss, the rental income you're missing out on would be reimbursed under fair rental value coverage. Keep in mind that your insurance company won't cover expenses that are not incurred during this period, such as utilities.<\/p>\n"],"personal_liability":["
What Is Personal Liability Insurance?<\/h2>\n
Personal liability insurance covers the costs of a lawsuit if you're sued for injuring someone or destroying someone's property. While personal liability coverage can be purchased as a stand-alone policy, it is included in most residential insurance policies, including homeowners, renters and condo. Filing a claim under your personal liability coverage, whether it's a stand-alone policy or not, is similar to filing any other type of insurance claim. We recommend contacting your insurance company as soon as you're aware that you may be responsible for the destruction of property or for someone's bodily injury.<\/p>\n
The personal liability coverage in a standard homeowners insurance policy protects you against two things: bodily injury and property damage for which you or residents of your home are responsible. Some situations in which you might need personal liability coverage include the following.<\/p>\n
Bodily Injury:<\/strong>\u00a0Let's say your dog bites a mail carrier on your property, and the carrier has to get medical care and miss work. In this instance, the mail carrier could choose to sue you for related expenses, including medical bills, lost wages and emotional distress. Without personal liability insurance, you'd have to pay out of pocket for the expenses if you're found to be legally liable.<\/p>\nProperty Damage:<\/strong>\u00a0If a tree that is located on your property falls over during a thunderstorm and damages your neighbor's roof, you could be held responsible for the property damage. Your neighbor could then choose to pursue legal action against you in an effort to receive financial compensation for the damage to their roof. Once again, without personal liability insurance, you'd be solely responsible for paying for the damage.<\/p>\nWhile those situations took place inside your property, bodily injury and property damage protection is also granted to you and members of your household outside of your home. For instance, if your dog runs outside and bites someone down the street, your home insurance personal liability would still provide coverage. Similarly, if you're running at the park and knock someone over, causing them to break a bone, any medical bills would be covered under the liability portion of your home insurance if you're found to be responsible.<\/p>\n
Keep in mind that your personal liability coverage would not apply if an accident occurs while you're in a car. In that scenario, you'll need a separate car insurance policy with\u00a0bodily injury protection\u00a0and property damage coverage.<\/p>\n
Does Homeowners Insurance Cover Personal Injury?<\/h2>\n
Homeowners insurance covers personal injuries as long as your policy includes personal liability coverage, and most policies do. However, not every injury will be covered by your personal liability insurance. The only injuries that will be covered are those in which a person is injured as a result of negligence on your part. Therefore, intentional acts aren't covered by your personal liability insurance. Furthermore, your personal liability insurance only applies to others, meaning any of your own injuries will require health insurance.<\/p>\n
How Much Personal Liability Coverage Should You Have?<\/h2>\n
The more financial assets you have, the more liability coverage you should purchase. Your liability coverage limit should be as high as you can afford to mitigate the risk of financial loss if someone were to sue you. For instance, if your net worth is $600,000 and you're being sued for $400,000 worth of damage, but you only have $100,000 worth of coverage, the plaintiff can come after your assets to make up for the remaining $300,000 worth of damage. And plaintiffs are more likely to go after you if you have a higher net worth, since you are more able to pay out a judgement.<\/p>\n\n
\n \n \n Category<\/th>\n Amount<\/th>\n <\/tr>\n <\/thead>\n \n \n Personal Liability Coverage<\/td>\n $100,000<\/td>\n <\/tr>\n \n Personal Injury or Property Damage Claim Brought Against You<\/td>\n ($400,000)<\/td>\n <\/tr>\n \n Recoverable From Personal Assets<\/strong><\/td>\n $300,000<\/strong><\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n\nIf you have assets of $100,000 or more, consider purchasing an\u00a0umbrella policy\u00a0or personal excess liability insurance. Both serve as a form of supplemental coverage with a higher limit. In other words, an umbrella policy and personal excess liability insurance kick in after exhausting your homeowners coverage limits. An umbrella policy provides broader coverage, while personal excess liability insurance adds coverage to the underlying policy. In the scenario above, an umbrella policy or personal excess liability insurance would kick in for the remaining $300,000, safeguarding your assets. Keep in mind that coverage limits will depend on your specific policy.<\/p>\n\n"],"medical_homeowner":["
What is medical payments to others on my home insurance policy?<\/h2>\n
Medical payments coverage is the part of a home insurance policy that covers you if a guest is injured at your home whether you're to blame or not. Medical payments coverage is meant for small claims.<\/p>\n
A common concern is knowing how much medical payments\u00a0 insurance coverage you need. Medical payments coverage usually has a limit of $1,000 to $5,000. The amount varies by policy and state, but generally has a much lower limit than liability coverage. So, typically you choose either $1,000 or $5,000 as the amount of coverage for medical payments and that is sufficient.<\/p>\n
Here's an example of when you would need medical payments coverage: Let's say you invite friends over and one of them cuts his ankle on your patio. He's not seriously injured, but heads to the hospital and needs stitches. Medical payments would cover the medical costs as long as the costs don't exceed the limit.<\/p>\n
This type of coverage helps you avoid potential litigation.<\/p>\n\n"],"all_perils_deductible":["
Homeowners insurance deductibles: explained<\/h2>\r\n
When you file a claim, you pay a fixed dollar amount out of pocket, called a deductible, before home insurance kicks in.<\/p>\r\n
For example, say your policy has a $500 deductible. A lightning strike during a storm causes a fire, resulting in $10,000 in damages (ouch). To pay for the repairs and replacement, you'd pay $500 out of pocket (the deductible), and insurance would pay the remaining $9,500.<\/p>\r\n
However, when dealing with personal liability or medical payments claims \u2014 for example, if a visitor tripped on your stairs and sued you for the injury bills \u2014 there is sometimes no deductible at all. It's always wise to talk with your insurer ahead of time to find out exactly when you'll be asked to pay a deductible under your policy and when you won't.<\/p>\r\n
Choosing a homeowners insurance deductible<\/h2>\r\n
Most covered risks fall under the same deductible, often called your \"all-peril deductible.\" This means that whatever happens \u2014 be it property theft, water backup, kitchen fire, etc. \u2014 you pay the same fixed, out-of-pocket amount, and your coverage handles the rest (up to your limit).<\/p>\r\n
While the concept is simple, choosing the right homeowners insurance deductible for you can be anything but. Get help steering the course by learning the pros and cons of your potential payment.<\/p>\r\n
The case for a higher deductible<\/h3>\r\n
A higher deductible, of say $1,000, means more money coming out of your wallet after a covered incident, which seems like a bad thing, right? Not necessarily.<\/p>\r\n
Raising your deductible could lower your monthly premium by as much as 20 percent, making it a simple way to potentially save some cash. Think of it as a reward in the here and now for accepting more financial responsibility down the road should an incident occur.<\/p>\r\n
Plus, with a higher deductible in place, you might refrain from filing minor claims (since you'd be footing the cost anyway). This could help keep your insurance track record clean and even aid you in qualifying for perks like a\u00a0Claim-Free discount.<\/p>\r\n
Keep in mind, jumping at the chance to lower your premium by raising your deductible can be shortsighted, especially if it means being left vulnerable later on. However, if you're a responsible, financially secure homeowner with a relatively\u00a0low-risk home\u00a0and lifestyle, you might feel comfortable going this route.<\/p>\r\n
The case for a lower deductible<\/strong><\/p>\r\nOn the other hand, choosing a $500 deductible (as opposed to $1,000) can be a great way to go, too. Although your premium tends to be a smidge higher, you're essentially agreeing to pay a couple more bucks a month now to avoid a bigger hit to your savings if something bad does happen.<\/p>\r\n
If a major storm levels your house or you arrive home to find a burglar has cleaned you out, a hefty out-of-pocket payment can feel like salt in an open wound. On the other hand, knowing your homeowners coverage is taking care of almost all the costs can be a welcome comfort during a stressful time.<\/p>\r\n
If your appetite for risk is low or you have a history of homeowners claims or incidents, choosing a lower deductible could be a way to alleviate a bit of life's uncertainty.<\/p>\r\n
A word on wind and hail<\/h2>\r\n
While your all-peril deductible kicks in for most risks, 2 common exceptions are wind and hail. Some insurers, have a separate deductible for damage caused by these weather-related perils. When choosing a wind and hail deductible, you can use the same reasoning as above to land on an amount that makes sense for you.<\/p>\r\n\r\n"],"wind_hail_deductible":["
A word on wind and hail<\/h2>\n
While your all-peril deductible kicks in for most risks, 2 common exceptions are wind and hail. Some insurers, have a separate deductible for damage caused by these weather-related perils. When choosing a wind and hail deductible, you can use the same reasoning as above to land on an amount that makes sense for you.<\/p>\n
Homeowners insurance deductibles: explained<\/h2>\n
When you file a claim, you pay a fixed dollar amount out of pocket, called a deductible, before home insurance kicks in.<\/p>\n
For example, say your policy has a $500 deductible. A lightning strike during a storm causes a fire, resulting in $10,000 in damages (ouch). To pay for the repairs and replacement, you'd pay $500 out of pocket (the deductible), and insurance would pay the remaining $9,500.<\/p>\n
However, when dealing with personal liability or medical payments claims \u2014 for example, if a visitor tripped on your stairs and sued you for the injury bills \u2014 there is sometimes no deductible at all. It's always wise to talk with your insurer ahead of time to find out exactly when you'll be asked to pay a deductible under your policy and when you won't.<\/p>\n
Choosing a homeowners insurance deductible<\/h2>\n
Most covered risks fall under the same deductible, often called your \"all-peril deductible.\" This means that whatever happens \u2014 be it property theft, water backup, kitchen fire, etc. \u2014 you pay the same fixed, out-of-pocket amount, and your coverage handles the rest (up to your limit).<\/p>\n
While the concept is simple, choosing the right homeowners insurance deductible for you can be anything but. Get help steering the course by learning the pros and cons of your potential payment.<\/p>\n
The case for a higher deductible<\/h3>\n
A higher deductible, of say $1,000, means more money coming out of your wallet after a covered incident, which seems like a bad thing, right? Not necessarily.<\/p>\n
Raising your deductible could lower your monthly premium by as much as 20 percent, making it a simple way to potentially save some cash. Think of it as a reward in the here and now for accepting more financial responsibility down the road should an incident occur.<\/p>\n
Plus, with a higher deductible in place, you might refrain from filing minor claims (since you'd be footing the cost anyway). This could help keep your insurance track record clean and even aid you in qualifying for perks like a\u00a0Claim-Free discount.<\/p>\n
Keep in mind, jumping at the chance to lower your premium by raising your deductible can be shortsighted, especially if it means being left vulnerable later on. However, if you're a responsible, financially secure homeowner with a relatively\u00a0low-risk home\u00a0and lifestyle, you might feel comfortable going this route.<\/p>\n
The case for a lower deductible<\/strong><\/p>\nOn the other hand, choosing a $500 deductible (as opposed to $1,000) can be a great way to go, too. Although your premium tends to be a smidge higher, you're essentially agreeing to pay a couple more bucks a month now to avoid a bigger hit to your savings if something bad does happen.<\/p>\n
If a major storm levels your house or you arrive home to find a burglar has cleaned you out, a hefty out-of-pocket payment can feel like salt in an open wound. On the other hand, knowing your homeowners coverage is taking care of almost all the costs can be a welcome comfort during a stressful time.<\/p>\n
If your appetite for risk is low or you have a history of homeowners claims or incidents, choosing a lower deductible could be a way to alleviate a bit of life's uncertainty.<\/p>\n\n"],"water_backup":["
Gain reliable protection against water backup<\/h2>\n
Believe it or not, water damage and freezing claims accounted for more than 25 percent of all homeowners property damage insurance claims from 2009 through 2013.<\/p>\n
In the unfortunate event that a drain overflows and ruins your valuables or a broken sump pump causes major damage to your house, you don't want to be left footing the bill to repair your place and replace your belongings. That's where water backup coverage (also known as sewer backup coverage) can help.<\/p>\n
Adding water backup coverage can help you repair water damage from overflowing drains and sewers, broken sump pumps, and more \u2014 essentially, any damage that results from water moving from the ground up.<\/p>\n
Say a portion of pipeline maintained by the city (but is connected to your home) experiences a backup that ultimately damages your place. Water backup coverage can even come to your aid with sump pump failures and water backups that occur\u00a0off<\/em>\u00a0your property.<\/p>\nCoverage amounts and availability for water backup coverage vary by state and can range anywhere from $5,000 to $25,000, generally. When deciding how much coverage you want, consider factors like electronics, furniture, and flooring materials you may need repaired or replaced if your home is damaged by a water backup.<\/p>\n
What's\u00a0not<\/em>\u00a0covered by water backup insurance?<\/h2>\nUsually flooding isn't covered under your policy's water backup coverage; that's what\u00a0flood insurance\u00a0is for. Surface water entering your place \u2014 whether a nearby river overflows or a major dam breaks \u2014 is generally excluded from coverage under most homeowners insurance policies (even ones that include water backup coverage).<\/p>\n
Subsurface water that causes damage to your home (like a leaking swimming pool or irrigation system) is also often excluded from coverage. Essentially, your individual claim and situation will drive the final coverage decision.<\/p>\n
A few ways you can avoid damage from water and sewer backup<\/h2>\n
Depending on the situation, some water damage may be unavoidable. Still, there are a few ways you can try to prevent water from destroying your hard-earned investments:<\/p>\n
\n - Make sure your landscaping (as well as the irrigation system that waters it) are positioned so that water flows away from the foundation of your home.<\/li>\n
- Ensure downspouts are extended at least 10 feet away from your place.<\/li>\n
- Always maintain your home's gutters and downspouts, clearing out leaves and debris as well as repairing segments that may be sagging.<\/li>\n
- Try to run your sump pump every few months. Cleaning it once a year before the rainy season (if you have one) is a good idea too.<\/li>\n
- As a preventative measure, if you have a basement, elevate valuables like washers, driers, water heaters, furnaces, furniture and other personal items, and all electrical wiring in order to prevent water damage.<\/li>\n<\/ul>\n"],"replacement_cost":["
There are three options when it comes to calculating the amount of protection your renters or homeowners insurance will provide. The options are available through most home insurers (and most states) and are selected at the discretion of the policyholder. While replacement cost valuation is the most popular, it\u2019s important to understand each option because they can result in different protection values and affect your premium differently.<\/p>\r\n
Actual Cash Value (ACV)<\/h2>\r\n
The actual cash value in a homeowners insurance policy is based on the market value or the initial cost of your home and personal property with depreciation considered. Most standard homeowners insurance policies cover the replacement cost of your home's physical structure and the actual cash value of the insured\u2019s personal property. An insurance policy with coverage based on actual cash value is the least expensive to purchase, since depreciation is considered and the claim payments are generally lower.<\/p>\r\n
Definition of Actual Cash Value:<\/h4>\r\n
Initial cost to buy or market value of item less depreciation for the number of years you had it.<\/p>\r\n
Home insurance companies\u00a0tend to calculate depreciation differently. A common method for determining depreciation takes into account an expected lifetime of an item, then subtracts a percentage of value for each year since its purchase. For example, say you bought a television for $1,000 four years ago that is expected to last 10 years. The estimated straight-line depreciation calculation would be 1,000 \/ 10 x 4, which equals $400. This leaves the actual cash value of the television insured by your home policy to be $600 ($1,000 - $400). As you can see, this means that the insurance coverage for your personal belongings will typically decrease over the number of years you hold them.<\/p>\r\n
Replacement Cost Coverage<\/h2>\r\n
Sometimes called \u201cRCV,\u201d the replacement cost for homeowners insurance is the amount of money it would take to replace your damaged or destroyed home with the exact same or a similar home in today's market. Some\u00a0home insurance policies\u00a0and\u00a0endorsements\u00a0also cover the replacement cost of personal property. This is generally the most recommended option, since it gets homeowners closest to their living situation before a covered peril occurred.<\/p>\r\n
Definition of Replacement Cost Value:<\/h4>\r\n
The replacement cost is usually calculated using the initial price tag paid for the items or the cost of physically building the home when it was purchased, regardless of any potential depreciation.<\/p>\r\n
Remember, this is the value of the home or items, not the land it sits on. It's generally recommended that you get a contractor or appraiser to evaluate your house's replacement cost. They'll know how to price the cost of the building's construction materials (such as granite, windows, or doors), any unique or valuable upgrades in fixtures or added living space (porch, entertainment space, etc.), and come up with your house's fundamental value.<\/p>\r\n
For a simple example, say you purchased a new home for $350,000. That price likely included the cost of the lot it was built on and the cost of constructing the dwelling. If the lot was priced at $50,000 you only need to insure the cost of the home, which would be $300,000. This assumes there is no market appreciation in the $350k figure.<\/p>\r\n
Sometimes the replacement cost is paid in two installments. First, the insurer will pay either the actual cash value or half of the replacement cost. Then once repairs have been made and you can send documentation to the insurer, they will pay the remaining replacement cost.<\/p>\r\n
Guaranteed or Extended Replacement Cost<\/h2>\r\n
This option offers the most protection out of the three, and the costliest out of the three option. It is essentially an expanded version of replacement cost described above. The guaranteed replacement cost option pays for the cost to rebuild your home exactly as it was before a peril, even if the cost exceeds the estimated value of the home. The primary purpose of the option is to protect the policyholder against sudden increases in materials or construction costs, which can occur when many claims in an area are made. This is a good option to consider if your budget allows for it, and you live in a region that is prone to natural disasters or weather patterns with a large scale.<\/p>\r\n
Rather than a guaranteed replacement policy, some insurance companies offer an extended replacement policy. Instead of guaranteed cost coverage, the extended replacement option covers an additional 20% to 25% of the replacement value of the home.<\/p>"],"extended_dwelling":["
Extended Dwelling<\/h2>\n
Have you ever noticed a line somewhere on your homeowners declarations that indicates\u00a0Extended Dwelling Coverage<\/em>? Do you think it\u2019s just an easy way for the insurance carrier to make an up-charge? It\u2019s definitely not. Instead, it\u2019s perhaps the best way to ensure that you have adequate coverage for your home in the event of a significant loss that calls for reconstruction.<\/p>\nLet\u2019s paint the picture of strong winter storm that rolls through South Central PA. Think of it in terms of wet, heavy snow and significant wind. In our experience, that could cause some serious claims.<\/p>\n
While it\u2019s been a few years since the last storm like this in our area, we all know that our region is susceptible to this sort of weather. Imagine many homes sustain serious damage a \u00a0result of the weather. What should you be concerned about on your policy?<\/p>\n
First, you need to make sure that you home is\u00a0Insured to Value at 100% Replacement Cost.<\/em>\u00a0So long as your home is fully insured (as required by the homeowners insurance contract), you should be in pretty good shape. But in the example of our strong winter storm, or any major event, reconstruction costs could be increased after the event. If this happens, it is vital that you have Extended Dwelling Coverage (or<\/em>\u00a0similarly named coverage that works the same way).<\/p>\nTypically, homeowners insurance carriers will offer Extended Dwelling Coverage in the form of a\u00a0percentage of Coverage A (Dwelling)<\/strong>.\u00a0\u00a0It\u2019s quite common to see this percentage set at either 25% or 50%. An example that takes place just after the strong winter storm will put it in perspective:<\/p>\nYour home is insured to value at $100,000. After that strong winter storm rolls through (causing numerous claims throughout the community), your home suffers from a devastating fire and must be rebuilt. Due to the storm, reconstruction costs are increased and the contractor estimates the total rebuild at $120,000. Suddenly, your homeowners policy does not provide enough coverage. However, if your policy is endorsed with 25% Extended Dwelling Coverage, your total Coverage A (Dwelling) limit is $125,000. This total amount will provide enough coverage to cover the entire loss.<\/p>\n
Adding the Extended Dwelling Coverage by endorsement is an additional premium investment. Typically, this coverage is well under 10% of the total policy premium, but each case is unique. It\u2019s vital that you review your policy with an\u00a0insurance professional that can provide guidance on your policy. At the end of the day, this endorsement is a \u201cmust\u201d for any homeowner that wants to make sure there is enough coverage on their policy.<\/p>\n\n"],"jewelry_rider":["
Your homeowners insurance covers your jewelry only when it is damaged or lost due to one of 16 specific perils. The protection afforded to your jewelry by your home insurance is subject to a number of limitations and stipulations. This article will explain when and how your jewelry is covered and let you know what options are available to you to ensure your valuables are sufficiently protected.<\/p>\n
When Does Homeowners Insurance Cover Lost or Damaged Jewelry?<\/h2>\nWhen jewelry is lost or damaged because of a 'listed peril', such as\u00a0theft\u00a0or fire, it is covered by your homeowners insurance. If, for example, your home is burglarized while you're away on vacation and thieves manage to steal a necklace that has been in your family for generations, your policy will cover part of its value--up to a maximum limit defined by your specific policy. If a fire in your home causes damage to your jewelry collection, the damage will be covered by your insurance, but, again, only up to your coverage limits. All the listed perils are stated below:\n
\n
\n - Lightning or fire<\/li>\n
- Hail or windstorm<\/li>\n
- Damage caused by aircraft<\/li>\n
- Explosions<\/li>\n
- Riots or civil disturbances<\/li>\n
- Smoke damage<\/li>\n <\/ul>\n
\n - Damage caused by vehicles<\/li>\n
- Theft<\/li>\n
- Vandalism<\/li>\n
- Falling objects<\/li>\n
- Volcanic eruption<\/li>\n <\/ul>\n
\n - Damage from the weight of snow, ice, or sleet<\/li>\n
- Water damage from plumbing, heating, or air conditioning overflow<\/li>\n
- Water heater cracking, tearing, and burning<\/li>\n
- Damage from electrical current<\/li>\n
- Pipe freezing<\/li>\n <\/ul>\n<\/p>\n
Your jewelry is not covered by homeowners insurance when loss or damage is a result of something not listed above. For instance, if your ring slips off your finger and falls down the drain while you're cleaning, it won't be covered by your insurance policy because the loss isn't the result of something explicitly listed in your policy. Likewise, misplacing a piece of jewelry or damaging it somehow - even by accident - won't be covered by your homeowners insurance. As well, if jewelry is lost or damaged in a flood, you will need a separate\u00a0flood insurance policy\u00a0since your homeowners policy will not cover any damage associated with a natural flood.<\/p>\n
How Much Does Your Homeowners Policy Cover You For?<\/h2>\n
While your homeowners insurance might provide you with, for example, $200,000 of coverage, your jewelry isn't covered by the same amount. Most\u00a0home insurance policies\u00a0provide personal property coverage of 50% to 70% of the total insurance coverage. Jewelry, though, is considered high-value property that can be easily lost or stolen, so coverage for it is to a certain amount - usually between $1,000 to $2,000.<\/p>\n
If you, for example, own a $15,000 diamond engagement ring, your home insurance would only provide coverage up for the first $1,000 to $2,000 of value. In most cases that coverage doesn't offer very much protection for more than one or two pieces of jewelry, especially if some pieces of jewelry are particularly valuable or you have a large collection.<\/p>\n
How Do You Increase Coverage for Your Jewelry?<\/h2>\n
If your jewelry is worth more than what's set forth in your policy, you can purchase an additional\u00a0endorsement or floater. Also known as scheduled personal property coverage, it is a good way to raise the coverage limits of specific high-value items, such as valuable family heirlooms, that you own. Premiums for floaters are dependent on the types of items you've scheduled, how much the items are worth, and the area in which you reside. Unlike with personal property coverage provided by your homeowners insurance however, there's no associated deductible for items covered by a floater.<\/p>\n
An added benefit of a floater is the additional protection some offer you. Some floaters cover you for situations in which you lose a ring or leave it behind on vacation. Personal property coverage under your home insurance policy would not cover you in that case since it's not a listed peril. When scheduling the items you wish to raise coverage limits for, your insurer will likely require you to have the items appraised, unless they were recently purchased and you have receipts available. Having the items appraised means the floater will insure the item or collection for its full value, instead of only being insured to a coverage cap.<\/p>\n
Should You Get a Jewelry Protection Insurance Policy?<\/h2>\n
Jewelry protection insurance is a separate insurance policy meant especially for insuring jewelry. Like scheduling your jewelry with a floater, jewelry protection insurance covers your jewelry beyond the common perils. Unlike a floater, though, claims made against a jewelry protection insurance policy aren't counted as a claim against your homeowners insurance. A quick comparison between a standard homeowners insurance policy, a floater and jewelry protection insurance can be seen in the table below:<\/p>\n\n
\n \n \n Type of Coverage<\/th>\n Covered Events<\/th>\n Coverage Limit<\/th>\n Deductible<\/th>\n Premium<\/th>\n <\/th>\n <\/tr>\n <\/thead>\n \n \n Homeowners Insurance<\/td>\n Listed perils<\/td>\n Capped, usually between $1,000 and $2,000<\/td>\n Homeowners insurance deductible<\/td>\n No additional premium<\/td>\n <\/td>\n <\/tr>\n \n Floater<\/td>\n Listed perils, plus accidents, maybe other risks<\/td>\n Appraised value<\/td>\n No deductible<\/td>\n Premium based on value, items covered, and area of residence<\/td>\n <\/td>\n <\/tr>\n \n Jewelry Protection Insurance<\/td>\n All events, accidents, and unintentional damage<\/td>\n Appraised value<\/td>\n May have a deductible<\/td>\n Premium based on value, items covered, and area of residence<\/td>\n <\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n\nJewelry protection insurance is a very viable option, particularly when you want to insure high-value or at-risk jewelry such as a multi-carat diamond ring. As an added bonus, where claims made against home insurance or an additional floater impact your premium and future insurability, jewelry protection insurance is its own separate policy and insulates your home insurance from any claims. The premiums for most jewelry insurance policies are between 1% to 2% of the total insured value, meaning $10,000 of coverage might cost only $100 a year.<\/p>\n\n\n\n"],"loss_assessment":["
What is loss assessment coverage?<\/h2>\n
Loss assessment coverage is protection condo owners can use on claims involving the building or its common areas. In most condo communities, your homeowners association (HOA) has its own insurance that covers incidents outside of your personal unit. However, these claims sometimes exceed the HOA master policy limits. If that's the case, you and your fellow condo dwellers might be asked to step in and make up the difference. Condo loss assessment coverage can help you avoid paying out of pocket when a common area claim requires your individual assistance.<\/p>\n
Potential hazards for condo owners<\/h2>\n
Sure, loss assessment coverage sounds important, but will it\u00a0really<\/em>\u00a0ever come into play? You might be surprised at the costly perils that can happen to or in a condo building \u2014 and just how quickly you might be called on for help.<\/p>\n1. There's been major weather damage to the outside of the building<\/h2>\n
Let's say hail or wind strip away major parts of the building, leaving $550,000 in needed repairs. Problem is, your HOA master policy only carries $500,000 in property damage coverage. In which case, the HOA might assess the extra $50,000 to the condo owners \u2014 if you're in (for the sake of easy math) a 50-unit building, that's $1,000 you have to cough up. Loss assessment coverage can usually cover that cost for you, helping make sure untimely damage doesn't put unexpected strain on your personal finances.<\/p>\n
2. Someone's been injured in a common area<\/h2>\n
Chances are you don't spend too much time worrying about what happens to the visitors who come in and out of your building \u2014 many of whom you don't know and never see. But because your HOA is in charge of the common areas of the condo community, you have a partial responsibility for whatever happens to guests on the property.<\/p>\n
If someone breaks a leg on the tennis court, has a mishap in the pool area, or simply slips on the front entrance to the lobby, their injury bills could exceed the HOA liability coverage. Luckily, loss assessment coverage can cover your end of things (up to your limits) and help you avoid being left on the hook for an injured guest's medical fees.<\/p>\n
3. Shared property inside the building has been damaged<\/h2>\n
At times, living in a condo probably feels similar to living in an apartment. One big difference, though, is that in an apartment building, the shared and structural items of the building (usually) belong to a landlord or management company. In a condo, on the other hand, you and your fellow residents jointly own the property yourselves.<\/p>\n
So if a fire, explosion, or other covered loss damages the elevators, lobby, carpeting, inner walls, etc., you might be asked to shoulder part of the load in repairing them if the cost goes beyond the HOA master policy limits. Loss assessment coverage helps you keep the building running and make the fixes you and your neighbors can't do without.<\/p>\n
How much loss assessment coverage do i need?<\/h2>\n
When deciding how much condo loss assessment coverage to get, you should first take a close look at your HOA master policy. This will shed light on what the HOA is responsible for versus what you're responsible for, how high their coverage limits go, and whether they have special deductibles for certain hazards.<\/p>\n
As a general guideline, it's best to get as much loss assessment protection as you can comfortably afford for the greatest peace of mind against unpredictable mishaps. <\/p>\n\n"],"inland_marine_limit":["
Inland Marine Coverage<\/h2>\n
Don\u2019t let the term \u201cinland marine\u201d confuse you. As opposed to \u201cmarine insurance,\u201d which covers products when transported over water, inland marine insurance covers products, materials and equipment when transported over land\u2014e.g., via truck or train\u2014or while temporarily warehoused by a third party. Collisions and cargo theft are the two most frequent causes of inland marine losses.<\/p>\n
Does your business need inland marine insurance?<\/h2>\n
For many businesses, the property insurance provided by your Business Owners Policy (BOP) or Commercial Package Policy (CPP) may be sufficient. In general, these types of insurance cover property housed at a specific location, but tools and equipment that travel with employees to nearby job sites may also be covered.<\/p>\n
However, if your business frequently ships products or equipment, you may want to consider purchasing inland marine insurance. This type of coverage is especially important if you ship high-value products or materials, which are often excluded from basic property coverage. Inland marine insurance can cover a wide range of specialty equipment and products, including:<\/p>\n
\n
- \n
- Do you own a home?<\/li>\n
- Is your income comfortbably above your monthly expenses?<\/li>\n
- Do you own non-qualified assets, such as savings, property, collectibles?<\/li>\n
- If you were sued as a result of an accident, would you expect your insurance to pay the entire amount or are you willing to assume some of the risk?<\/li>\n <\/ul>\n<\/div>
\nHow Does Bodily Injury Liability Coverage Work?<\/h2>\n
Bodily Injury Liability insurance pays for injuries you cause to another driver if you are\u00a0at-faultin the accident. Bodily injury does not cover the medical costs of injuries you may get in the accident. It is considered a \"third-party\" insurance, since it only covers other drivers and passengers (you're the \"first-party\").<\/p>\n
What Can A Third Party Claim As Bodily Injury?<\/h3>\n
The types of expenses a third-party can file against your bodily injury liability policy include:<\/p>\n
\n\n- \n
- Bills for the other party's hospitalization, follow-up care, and related medical or health care<\/li>\n
- Lost Wages: If the harmed party was seriously injured and unable to work, your bodily injury liability coverage makes up for their lost income. This amount will be based upon the amount of time they are unable to work as a result of the injury, and subject to various limits based on where you live<\/li>\n
- Legal Fees: This is the one item where bodily injury pays for your expenses instead of the third party. Your insurer will usually provide legal defense for you if you are sued by the other party, and that's paid for under your own bodily injury coverage<\/li>\n <\/ul>\n <\/div>\n<\/div>\n
How to Understand Bodily Injury Liability Limits<\/h2>\n
Your bodily injury coverage is stated in a three number format like so \"25\/50\/25\". In the three number format, the first two numbers are the bodily injury coverage limits and the third is for\u00a0property damage, a separate type of coverage. The first number is the amount covered for\u00a0one person<\/em>\u00a0in the accident, while the second number represents the amount covered in the\u00a0entire accident.<\/em>\u00a0So for example, if you are quoted a 25\/50 limit for bodily injury, it means that the insurance policy will cover up to a maximum of $25,000 per person injured in an accident and a total of $50,000 in claims for a single accident. We'll look at two examples to explain how bodily injury liability would work.<\/p>\n
\n\n- \n
- You were deemed at fault for an accident in which two people in the other vehicle were injured. Person A had medical expenses of $30,000 while Person B had medical expenses of $10,000. While the combined medical bills are within the $50,000 limit per accident, your auto insurance policy will only pay Person A $25,000, and Person B $10,000. That's because Person A's expenses exceeded the per person limit, leaving you on the hook for the $5,000 of the unpaid claim.<\/li>\n
- You were at fault for an accident in which two people were injured. Both made medical expense claims of $25,000 each. Because both the individual claims were within the $25,000 and the combined claim was less than or equal to $50,000 the insurance policy would cover these expenses.<\/li>\n <\/ul>\n <\/div>\n<\/div>\n
Combined Single Limit (CSL) is another\" and less common\" type of limit consumers may purchase. Compared to the split limit, CSL has one limit that applies to the whole accident, and can pay out to the total coverage amount and is not constrained the number of injured people. The flexibility of CSL limits make this type of limit more costly to insure for, and not every car insurance company provides this option.<\/p>\n"},"property_damage":["
Questionnaire<\/h2>\r\n
\r\n\r\n- \r\n
- Do you own a home?<\/li>\r\n
- Is your income comfortbably above your monthly expenses?<\/li>\r\n
- Do you own non-qualified assets, such as savings, property, collectibles?<\/li>\r\n
- If you were sued as a result of an accident, would you expect your insurance to pay the entire amount or are you willing to assume some of the risk?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
\r\nProperty damage liability insurance is one of the major coverage types that drivers are required to have by law. This insurance covers the cost of damages caused to\u00a0others<\/strong>\u00a0-- whether you damaged their car, house or any other type of personal property.<\/p>\r\n
What Is Property Damage Car Insurance and What Does It Cover?<\/h2>\r\n
Property damage insurance covers you for any financial liability that occurs should you get into an accident and cause damage to\u00a0someone else's<\/em>\u00a0property. Coverage for your own property falls under\u00a0comprehensive and collision coverage\u00a0which you pay for separately. Like\u00a0bodily injury coverage, property damage coverage helps to insure that any driver will be able to assume some financial responsibility for damage caused in an accident where they are deemed at fault. This type of coverage operates on a\u00a0per accident<\/em>\u00a0basis, with the insurance company willing to cover costs up to the amount of your coverage.<\/p>\r\n
Examples of what is covered:<\/p>\r\n
\r\n\r\n- \r\n
- Repairs for damage caused to the other party's vehicle, including auto body shop labor or replacement parts<\/li>\r\n
- Fixing up damage or destruction to other businesses, houses, fences, lamp posts, mailboxes, etc.<\/li>\r\n
- Attorney, court, and other legal defense fees incurred for property damage claim (depending on your terms & conditions)<\/li>\r\n
- Lost income from a business closure that your accident was deemed to cost<\/li>\r\n
- Other recurring expenses from that damage<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>"],"medical":["
Questionnaire<\/h2>\r\n
\r\n\r\n- \r\n
- Does each person listed on your insurance policy have health insurance?<\/li>\r\n
- If you have health insurance, do you have high deductibles?<\/li>\r\n
- If you incurred medical bills as a result of an accident, would you expect your insurance coverage that expense?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>
\r\nColorado law requires insurance companies to provide consumers with the option of carrying a minimum of $5000.00 in coverage per person involved in a collision to cover medical expenses incurred as a result of an automobile injury.<\/p>
Medical payments coverage helps pay for medical and funeral expenses associated with auto accidents. It is an option available with auto insurance policies and usually covers expenses for the policyholder, passengers, and family members driving the insured vehicle at the time of an accident. The policy can also extend to cover any injuries you sustain outside of a car, as we'll explain below. Coverage applies no matter who is at fault.<\/p>\r\n
What Does Medical Cover?<\/h2>\r\n
There are a number of expenses related to an automobile accident that can fall under your\u00a0car insurance policy's medical payments coverage. These typically relate to any costs incurred for medical care that you, or any covered member of your policy, sustain in a motor vehicle accident. They include:<\/p>\r\n
\r\n\r\n- \r\n
- EMT and ambulance fees<\/li>\r\n
- Hospital visits and stays, doctor visits<\/li>\r\n
- Surgery and X-Rays<\/li>\r\n
- Professional nursing services and care<\/li>\r\n
- Prostheses<\/li>\r\n
- Dental procedures needed as a result of an accident<\/li>\r\n
- Injuries sustained as a pedestrian or riding a bicycle if a vehicle hits you<\/li>\r\n
- Funerals<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
One characteristic that's noteworthy about Medical is that the coverage follows the policyholder. In other words, if you're walking, riding in a friend's vehicle, or using public transportation, your medical payments coverage remains active. This applies both in and out of the state you're insured in too.<\/p>\r\n
There are situations where medical payments coverage will not apply. For example, while medical payments insurance covers personal automobiles, it cannot be applied to trailers or other equipment attached to them.<\/p>\r\n
How Does Medical Payments Coverage Work?<\/h2>\r\n
There are two ways that Medical works: through direct reimbursement as primary coverage, or as a supplement to your existing health insurance coverage. It depends on your auto and home insurance policies, and whether you live in a no-fault state. Customer service and claims representatives at major insurers weren't able to provide a conclusive answer; it appears that GEICO would consider health insurance the primary coverage, while Progressive and State Farm representatives indicated that Medical would pay out first. Check your policy to be sure.<\/p>\r\n
Typically, if a driver has medical bills that would be covered under Medical, they would pay for them up front, and then their auto insurance company reimburses them dollar for dollar. There are no deductibles or co-pays that you have to meet. When Medical is secondary, your health insurance policy would pay for the majority of your medical bills, and you could use your Medical to pay for your deductibles or co-pays so that your health insurance can kick in.<\/p>\r\n
The limit is usually fairly low and intended to cover immediate medical and funeral expenses as a result of an accident or to supplement other insurances. Medical also will not apply to a person injured during their employment when worker's compensation should apply, and is not meant to replace health insurance.<\/p>\r\n
If I have health insurance, do I need Medical?<\/h2>\r\n
The three coverages overlap, and the answer depends on how your health insurance policy is structured, and which state you live in. You might want to consider medical payments coverage even if you have health insurance.<\/p>\r\n
Health insurance\u00a0typically pays for medical expenses related to your health. However, some healthcare policies do not cover injuries sustained in a car accident, which could leave a driver with high out-of-pocket expenses. Medical payments coverage could help offset those expenses, and would make if drivers want additional peace of mind. If your health insurance covers vehicle accidents, you'd likely have to pay a co-pay or pay up to your deductible before your insurer will pay for the rest. Medical can reimburse you for those deductibles and co-pays if you get billed. <\/p>"],"uninsured":["
Questionnaire<\/h2>\r\n
\r\n\r\n- \r\n
- Do you have health insurance?<\/li>\r\n
- If you have health insurance, do you have high deductibles?<\/li>\r\n
- If you incurred medical expenses from a not-at-fault accident, would you expect your insurance to pay that expense?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
\r\nOne in every eight drivers is uninsured. Getting into an accident with one of those drivers can be a costly affair, especially if you are reliant on their insurance to cover your costs. Luckily there is uninsured\/underinsured motorist insurance.<\/p>\r\n
What is Uninsured Motorist Coverage?<\/h2>\r\n
Uninsured motorist coverage pays for your economic losses when you're injured in an accident caused by someone who doesn't have insurance. There are two kinds of UIM: bodily injury and property damage. The former is akin to\u00a0bodily injury coveragewhich covers injuries and their associated costs, while the latter is akin to\u00a0property damage liability, which covers damage your car or home. The main difference being the Uninsured Motorist versions are meant to cover\u00a0your<\/strong>\u00a0expenses, while regular bodily injury and property damage are meant to cover\u00a0another driver's<\/strong>\u00a0expenses. The following is covered by Uninsured\/Underinsured Motorist insurance:<\/p>\r\n
\r\n\r\n- \r\n
- Uninsured\/Underinsured Motorist Bodily Injury (UIM BI)<\/strong>\r\n \r\n\r\n
- \r\n
- \r\n
Hospital bills or medical care expenses<\/p>\r\n
Lost wages because you've been unable to work due to your injury<\/p>\r\n
Replacement services, such as hiring cleaners or babysitters because your injury incapacitates you in normal household chores<\/p>\r\n <\/li>\r\n <\/ul>\r\n <\/div>\r\n <\/div>\r\n
Uninsured\/Underinsured Motorist Property Damage (UIM PD)<\/strong><\/p>\r\n
\r\n\r\n- \r\n
- \r\n
Damage to your vehicle<\/p>\r\n
Damage to your home<\/p>\r\n <\/li>\r\n <\/ul>\r\n <\/div>\r\n <\/div>\r\n <\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
UIM limits are usually written in three numbers like $25,000\/ $50,000\/$25,000, similarly to your bodily injury and property damage car insurance. The first represents the maximum for a single person while the second is the maximum for the entire accident under your UIM BI. The third number is your UIM PD.<\/p>\r\n
Uninsured Motorist Example:<\/strong>\u00a0You get into a crash resulting in medical bills totaling $20,000. Ordinarily you could file a claim for $20,000 from the\u00a0at-fault\u00a0motorist's bodily injury liability coverage, but since the other driver is uninsured, you need to tap into your Uninsured Motorist Insurance. So long as your limits are above $20,000, you should be able to recoup all losses.<\/p>\r\n
Is Uninsured Motorist Insurance Worth It?<\/h2>\r\n
In most cases UIM\u00a0is<\/strong>\u00a0worth it. For one, the average hospital bill for a car accident is around $60,000. At $25,000 limits, a car accident with a uninsured driver pays for less than half of the costs, leaving you on the hook for the rest. Second, a rule in insurance is that you should have enough to cover your net worth, or your value after you subtract your liabilities from your assets. Thus if you are worth $50,000, you should have UIM limits that reach $50,000. Luckily, the price difference between the higher limits of coverage is not large. We discuss price more below.<\/p>"],"deductible":["
Questionnaire<\/h2>\r\n
\r\n\r\n- \r\n
- If your vehicle is damaged in an accident, do you expect your insurance to pay for it to be repaired?<\/li>\r\n
- What amount are you comfortable paying towards repairs?<\/li>\r\n
- Are you interested in paying a higher deductible to reduce your premium?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
\r\nThe auto insurance deductible is the amount of money you will first be responsible for before the insurance company begins to cover costs. Unlike health insurance, auto insurance policy deductibles are normally on a per claim basis meaning you would have to cover these costs every time you file a claim. Higher deductible policies come with lower annual premiums in exchange for the higher out of pocket expenses.<\/p>\r\n
Unlike Health Insurance plans where consumers plan covers all types of medical care, car insurance policies are actually broken up into multiple types of coverage. Liability insurance which includes the bodily injury and property damage coverage do not typically have any deductibles attached. Generally deductibles area only applicable to two forms of coverage:<\/p>\r\n
\r\n\r\n- \r\n
- Collision Coverage:<\/strong>\u00a0Covers damage done to your vehicle when you are in a crash with another vehicle or any stationary object. This covers the cost of repairs and or any replacements necessary for your own care.\u00a0Collision coverage\u00a0does not cover the damage you caused to other people's property<\/li>\r\n
- Comprehensive Coverage:<\/strong>\u00a0Covers damage done to your vehicle in all instances other than a crash in which you are at fault. This includes things like falling tree limbs,\u00a0hail\u00a0or any other types of damage that your car may incur.<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
How Does The Deductible Work?<\/h2>\r\n
Your deductible, typically around $750 will be first applied to any damages. For example if you are in an accident where your collision coverage would apply and the car you were driving suffered damage requiring $3,500 in repairs, you would be responsible for paying $750 of those costs. The remaining $2,750 would then be covered through the collision coverage by your insurer.<\/p>\r\n
In some cases where another driver is at fault for the accident you may wish to file a third party claim against their\u00a0property damage coverage.\u00a0Under these circumstances your insurer may pursue a process called subrogation to recoup the amounts they have already paid. In the process they may also help to reclaim any amount that you paid through your deductible.<\/p>\r\n
Choosing the right car insurance deductible amount<\/h3>\r\n
Your first consideration when choosing your insurance deductible is how much you would be able to pay in the event of an incident.\u00a0Car insurance companies\u00a0sell you coverage for a profit, the more risk protection you buy the more they profit and the lower your deductible the more risk protection you are buying. Your deductible should be set at a level where if you had to pay the out of pocket expenses, you could do so reasonably without impacting your financial situation or lifestyle. It is also important to remember that since auto insurance deductibles are on a per-claim basis so the frequency of your claims will be one of the most important factors. If your policy has a $500.00 deductible and you were involved in 4 separate claims of less than $500, then you would be responsible for 100% of all the payments and your insurance would have provided no coverage.<\/p>\r\n
If you have little savings and limited wiggle room in your monthly income and expenses, choosing a policy with a lower deductible and higher premiums can help you reduce your exposure to financial risks in case of an event. One approach you can take is to look at your driving and vehicle history. If your history indicates that you may need to make more frequent claims, you may want to consider selecting a policy with lower out of pocket expenses. On the other hand if you haven't had a history of accidents you may not need a low deductible plan.<\/p>"],"glass":["
Car insurance covers windshield damage and replacement in most cases through comprehensive insurance, and when others are at fault, through property damage liability insurance. In this piece we will discuss more in-depth how auto insurance will cover you should your windshield crack or shatter.<\/p>\r\n
Damage to your windshield and car windows will be covered in the vast majority of cases so long as you have\u00a0comprehensive insurance. It is an optional coverage that is usually purchased with collision insurance. Essentially it protects your car from any type of damage not caused by another car, and is sometimes called \"acts of god\". Common examples of what comprehensive insurance would reimburse you for are:<\/p>\r\n
\r\n\r\n- \r\n
- Tree branch falling on your windshield<\/li>\r\n
- Baseball crashing into the windshield<\/li>\r\n
- Pebble flying into your windshield while driving<\/li>\r\n
- Acts of vandalism<\/li>\r\n
- An animal crashing into your windshield<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
While most policies should cover your windshield, we would recommend you double check to see all the events you are covered for and to also make sure all of your glass is covered. It could be a tough situation if it turns out your policy only covers your side windows and not the windshield.<\/p>\r\n
What to Do If You Do Not Have Comprehensive Insurance<\/h2>\r\n
Generally speaking, if you do not have comprehensive coverage, your insurance won't pay to repair your windshield. There are two major exceptions where just liability insurance can repair your car.<\/p>\r\n
The first is if another person crashes in your car, and they are at-fault for the accident. If your windshield or other parts broke in this case, it would be repaired when you file a claim against the property damage liability portion of the other driver's auto insurance.<\/p>\r\n
The only other situation where you may be covered is if another person were to break your windshield, and you file a claim against their homeowners or renters liability insurance. If they have either of those policies, they would have a liability portion meant to cover expenses for things they may damage. You would have to prove to their insurance company that it was their fault.<\/p>\r\n
We typically recommend that drivers get comprehensive and collision insurance if their car is less than 10 years old or worth more than $3,000. Although the two types of coverage can double the cost of your auto insurance, the cost of damaging your car will cost more to repair than you would pay for the insurance over five years.<\/p>\r\n
Should You File a Broken Windshield Insurance Claim?<\/h2>\r\n
The first thing to consider is your deductible versus repair costs. Insurers subtract your deductible from the total amount claimed, so if your deductible is greater than the price to repair or replace the windshield, you won't get anything from your insurer.<\/p>\r\n
Most deductibles for comprehensive claims range from $50 to as high as $2,000. We've found that if your deductible is over $1,000, it is unlikely your windshield damage costs would exceed that amount or you'd get a check from your insurer. If your deductible is lower, like $250 or $500, the decision to file a claim becomes a little trickier. You need to make an estimate of the the cost to repair or replace the windshield.<\/p>\r\n
You should also check to see if your comprehensive coverage waives the deductible for glass claims. Some auto insurers\u00a0have comprehensive plans that do not force you to pay a deductible when filing a claim for broken glass. You should consult your policy or your agent to see if you have that provision on your policy.<\/p>\r\n
How Much Does it Cost to Repair or Replace a Windshield?<\/h2>\r\n
We found that the cost to fix a windshield generally ranges from $100 to $400 for standard vehicles at auto body shops, but can be as much as $1,000 with high-end, high-tech cars like\u00a0Teslas. The final amount depends on whether you're swapping in a new windshield or injecting resin into the existing glass. Cracks that are over six inches in length are considered unrepairable and need a full windshield replacement; anything smaller you can probably get away with just repairing the crack. You can see prices we were quoted from Safelite for both situations below.<\/p>\r\n
\r\n\r\n\r\n\r\n \r\n
\r\n \r\nCar Type<\/td>\r\n Repair (less than 6in crack)<\/td>\r\n Replace (greater than 6in crack)<\/td>\r\n <\/tr>\r\n <\/thead>\r\n \r\n Toyota Camry<\/td>\r\n $120<\/td>\r\n $339<\/td>\r\n <\/tr>\r\n \r\n Honda Accord<\/td>\r\n $120<\/td>\r\n $359<\/td>\r\n <\/tr>\r\n \r\n Ford F-150<\/p><\/td>\r\n
$120<\/td>\r\n $389<\/td>\r\n <\/tr>\r\n \r\n Tesla Model S<\/td>\r\n $120<\/td>\r\n $879<\/td>\r\n <\/tr>\r\n <\/tbody>\r\n <\/table>\r\n <\/div>\r\n <\/div>\r\n <\/div>\r\n<\/div>\r\nThe cost to repair a chip in the windshield (less than 6 inches) is consistent, at $120 even for the Tesla. If your deductible is over that amount, you should not file a claim and simply just pay out of pocket. If you have a $50 or $100 deductible, we would also recommend paying out of pocket. Though with $50 deductible you would still be saving around $70 from your insurance company, filing a claim may cause your rates to go up--especially if you have made previous claims. We would highly recommend if you have previous claims that you do not file a claim for a chip in the windshield.<\/p>\r\n\r\n"],"rental_car":["
Questionnaire<\/h2>\r\n
\r\n\r\n- \r\n
- If your vehicle was disabled as a result of an accident, would you have access to another vehicle?<\/li>\r\n
- If you needed to get a rental car, can you comfortably afford the additional expense of $30 to $40 per day?<\/li>\r\n
- Would you expect you insurance to cover your rental car expense?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
Rental reimbursement helps cover the expense of a rental car while your vehicle is being repaired in the body shop after a covered accident. It\u2019s an option with auto insurance policies that is fairly inexpensive and might be worth the investment to some drivers. If you live in the state of Virginia, rental reimbursement is called \u201ctransportation expense\u201d but the two terms are synonymous.<\/p>\r\n
Insurance companies require policyholders to have collision or comprehensive coverage first in order to be eligible for rental reimbursement.<\/strong>\u00a0The reason is if a driver\u2019s insurance company is going to cover the cost of their rental car, the insurance company wants to make sure the driver is well-covered in the event of an accident. The need for a temporary replacement vehicle is typically on the heels of an accident that would have been covered under your auto insurance\u2019s\u00a0collision or comprehensive coverage. Once you\u2019re eligible, purchasing the option is easy - it\u2019s simple as clicking a button online or calling your agent and asking them to add the coverage to your policy.<\/p>\r\n
What Does Rental Reimbursement Cover?<\/h2>\r\n
What rental reimbursement covers and what it doesn\u2019t is important to understand. It only pays the cost of a rental vehicle while repairs are made to your car due to a covered loss. Examples of covered losses typically overlap with accidents that fall under your collision or comprehensive coverage, such as:<\/p>\r\n
\r\n\r\n- \r\n
- Collision with another vehicle<\/li>\r\n
- Crashing into a stationary object<\/li>\r\n
- Hitting deer or other wildlife on the road<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
Note that your insurance company will only reimburse you for the daily rental rate. Other expenses such as the cost of gas or security deposit for the car are generally your responsibility. Furthermore, it will not cover the cost of a rental while your vehicle is undergoing routine maintenance in the shop, or while you're on vacation or some other recreational activity.<\/p>\r\n
Rental cars aren\u2019t the only option. In an effort to keep daily limits low (along with their auto insurance premium) companies allow policyholders to put money toward public transportation instead of a rental car.<\/p>\r\n
How Does Rental Reimbursement Insurance Work?<\/h2>\r\n
Policyholders have the right to choose any rental car service, whether its through an affiliate of their insurer, or an independent rental agency. but iIf they choose one that partners with their insurer, the rental car company can bill the insurer directly. This is convenient because the policyholder doesn\u2019t have to take the time to file a reimbursement of the cost of the rental car. They simply sign, drive, and pick up their vehicle when it\u2019s fixed. For example, GEICO partners with Enterprise Rent-A-Car for this purpose.<\/p>\r\n
Make sure the rental car company is aware of the situation if you arrange your replacement independently - you will get a discount.<\/strong>\u00a0Even if you can\u2019t get a vehicle through a rental car company partnered with your insurer, companies offer discounts to those renting due to an accident. We confirmed with spokespersons at The Hertz Corporation and Enterprise Holdings that there are lower rental car rates available to those involved in an accident, regardless of their insurance company. The rate for someone in that circumstance is more competitive than standard ones and to qualify, all someone has to do is notify the local agent at the car rental company. The amount of discount is difficult to determine, since rates will vary by the type of car, the location of the agency, and the availability in their parking lot.<\/p>\r\n
Your car insurance company typically has two types of parameters for reimbursing your temporary rental: a daily rate and a per claim limit. For example, some of the major insurers offer a package that reimburses you up to $30 per day up to $900 per accident. If you happen to live in a city where the cost of renting a car is more affordable, say $20 per day, then your rental reimbursement insurance can subsidize the cost of your rental for up to 45 days.<\/p>\r\n
Do I Need Rental Car Reimbursement Coverage and If So, How Much?<\/h2>\r\n
Each individual needs to take a number of things into consideration when determining if they should purchase rental reimbursement coverage. First, decide if you can afford to repair your vehicle and cover the cost of a rental car out-of-pocket. Renting a car for a few days can add up and there\u2019s no telling how long a repair will take. It could be weeks. If your finances are tight, think about adding reimbursement coverage to your policy for a few dollars each month to protect against a potential future spike from repair costs.<\/p>\r\n
How much rental reimbursement coverage someone needs also depends on the individual. A vehicle owner can offset the cost of a rental car substantially (especially if they need it for an extended period), for only a couple dollars per month. Even if the limit per day doesn\u2019t cover the cost per day of a rental car, a policyholder with coverage could end up paying much less. For drivers accustomed to luxury vehicles or larger families who need the space of an SUV, the cost of renting those vehicles will be higher and they should consider purchasing more coverage. In some places, like New York City, the cost of renting a SUV can be more than twice what it costs to rent an economy-class vehicle.<\/p>\r\n
Consider also how much it costs to rent a car in your city when balancing whether the additional monthly premium makes sense for the amount of coverage. For example, if it costs you $3 a month for a $30 per day reimbursement rate, but rentals for an economy car start at $50 a day where you live, you might feel more comfortable going for more coverage for peace of mind.<\/p>\r\n
Rental reimbursement helps cover the expense of a rental car while your vehicle is being repaired in the body shop after a covered accident. It\u2019s an option with auto insurance policies that is fairly inexpensive and might be worth the investment to some drivers. If you live in the state of Virginia, rental reimbursement is called \u201ctransportation expense\u201d but the two terms are synonymous.<\/p>\r\n
Insurance companies require policyholders to have collision or comprehensive coverage first in order to be eligible for rental reimbursement.<\/strong>\u00a0The reason is if a driver\u2019s insurance company is going to cover the cost of their rental car, the insurance company wants to make sure the driver is well-covered in the event of an accident. The need for a temporary replacement vehicle is typically on the heels of an accident that would have been covered under your auto insurance\u2019s\u00a0collision or comprehensive coverage. Once you\u2019re eligible, purchasing the option is easy - it\u2019s simple as clicking a button online or calling your agent and asking them to add the coverage to your policy.<\/p>\r\n
What Does Rental Reimbursement Cover?<\/h2>\r\n
What rental reimbursement covers and what it doesn\u2019t is important to understand. It only pays the cost of a rental vehicle while repairs are made to your car due to a covered loss. Examples of covered losses typically overlap with accidents that fall under your collision or comprehensive coverage, such as:<\/p>\r\n
\r\n\r\n- \r\n
- Collision with another vehicle<\/li>\r\n
- Crashing into a stationary object<\/li>\r\n
- Hitting deer or other wildlife on the road<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
Note that your insurance company will only reimburse you for the daily rental rate. Other expenses such as the cost of gas or security deposit for the car are generally your responsibility. Furthermore, it will not cover the cost of a rental while your vehicle is undergoing routine maintenance in the shop, or while you're on vacation or some other recreational activity.<\/p>\r\n
Rental cars aren\u2019t the only option. In an effort to keep daily limits low (along with their auto insurance premium) companies allow policyholders to put money toward public transportation instead of a rental car.<\/p>\r\n
How Does Rental Reimbursement Insurance Work?<\/h2>\r\n
Policyholders have the right to choose any rental car service, whether its through an affiliate of their insurer, or an independent rental agency. but iIf they choose one that partners with their insurer, the rental car company can bill the insurer directly. This is convenient because the policyholder doesn\u2019t have to take the time to file a reimbursement of the cost of the rental car. They simply sign, drive, and pick up their vehicle when it\u2019s fixed. For example, GEICO partners with Enterprise Rent-A-Car for this purpose.<\/p>\r\n
Make sure the rental car company is aware of the situation if you arrange your replacement independently - you will get a discount.<\/strong>\u00a0Even if you can\u2019t get a vehicle through a rental car company partnered with your insurer, companies offer discounts to those renting due to an accident. We confirmed with spokespersons at The Hertz Corporation and Enterprise Holdings that there are lower rental car rates available to those involved in an accident, regardless of their insurance company. The rate for someone in that circumstance is more competitive than standard ones and to qualify, all someone has to do is notify the local agent at the car rental company. The amount of discount is difficult to determine, since rates will vary by the type of car, the location of the agency, and the availability in their parking lot.<\/p>\r\n
Your car insurance company typically has two types of parameters for reimbursing your temporary rental: a daily rate and a per claim limit. For example, some of the major insurers offer a package that reimburses you up to $30 per day up to $900 per accident. If you happen to live in a city where the cost of renting a car is more affordable, say $20 per day, then your rental reimbursement insurance can subsidize the cost of your rental for up to 45 days.<\/p>\r\n
Do I Need Rental Car Reimbursement Coverage and If So, How Much?<\/h2>\r\n
Each individual needs to take a number of things into consideration when determining if they should purchase rental reimbursement coverage. First, decide if you can afford to repair your vehicle and cover the cost of a rental car out-of-pocket. Renting a car for a few days can add up and there\u2019s no telling how long a repair will take. It could be weeks. If your finances are tight, think about adding reimbursement coverage to your policy for a few dollars each month to protect against a potential future spike from repair costs.<\/p>\r\n
How much rental reimbursement coverage someone needs also depends on the individual. A vehicle owner can offset the cost of a rental car substantially (especially if they need it for an extended period), for only a couple dollars per month. Even if the limit per day doesn\u2019t cover the cost per day of a rental car, a policyholder with coverage could end up paying much less. For drivers accustomed to luxury vehicles or larger families who need the space of an SUV, the cost of renting those vehicles will be higher and they should consider purchasing more coverage. In some places, like New York City, the cost of renting a SUV can be more than twice what it costs to rent an economy-class vehicle.<\/p>\r\n
Consider also how much it costs to rent a car in your city when balancing whether the additional monthly premium makes sense for the amount of coverage. For example, if it costs you $3 a month for a $30 per day reimbursement rate, but rentals for an economy car start at $50 a day where you live, you might feel more comfortable going for more coverage for peace of mind.<\/p>\r\n"],"roadside":["
Roadside assistance coverage helps drivers when their vehicle breaks down. It is an option on almost every auto insurance policy. Your car insurance company typically partners with an existing network of businesses that provide roadside assistance services, or employs a team to contact and arrange service on their customer's behalf. Which service provider is sent to a driver depends entirely on their location, vehicle, and circumstances. The closest and most appropriate service providers tend to be dispatched. Generally, adding roadside assistance to your policy will get you: towing, battery service, flat tire service, fuel delivery, lockout service, and extrication. Below is description of what each service includes and a scenario that would call for it.<\/p>\n
Roadside assistance is the attempt by a service professional to make minor mechanical repairs and adjustments in an effort to make a vehicle drivable again. There is a seemingly infinite list of things that can go wrong with a car, which can make it a worthwhile addition to any car insurance policy. If you cannot drive it for any reason and the service professional cannot restore your vehicle to a state in which it can be safely driven, then you'll be in need of one of the following services.<\/p>\n
Towing service<\/strong>\u00a0is provided when the roadside assistance fails to make a vehicle drivable again or able to be driven safely. Depending on your roadside assistance provider, they will tow your vehicle to a mechanic up to a limited number of miles. In the event you want or need your vehicle towed beyond that limit, they won't leave your vehicle stranded, but they will charge you extra.<\/p>\n
Battery jump-start service<\/strong>\u00a0is an attempt to start a vehicle by jump-starting the battery, unless otherwise advised by the manufacturer. For example, anyone driving an electric car should reference the owner's manual, since they operate differently that most vehicles on the road and have fewer qualified service professionals. Generally, hybrid vehicles use the battery which powers the electric motor to turn over the gasoline engine, making it unlikely they would ever require a jump-start.<\/p>\n
Flat tires<\/strong>\u00a0happen and roadside assistance is there to help. If you are a member of some roadside services, a service professional will report to your location and replace the flat tire with the spare inside your vehicle. Roadside assistance for an automobile will not typically cover a flat tire for a motorcycle or any other two or three-wheel vehicle.<\/p>\n
Lockout service and locksmith service<\/strong>\u00a0are both for when a driver cannot gain entry to their own vehicle. But there is a difference between the two. Any time a roadside service professional helps a driver open their vehicle, that falls under lockout service. They usually can gain entry using a pump wedge or a long reach tool to unlock a door. If the roadside service professional cannot gain entry to the vehicle, a locksmith service will be called. Some roadside assistance coverage will cover the cost of a locksmith, or partially cover the cost, and others will not.<\/p>\n
Fuel delivery service<\/strong>\u00a0is provided to drivers who run out of gas while driving. A service professional will come to your location with enough fuel to get the vehicle to the nearest gas station. Some roadside services charge for the fuel. Those that do charge will use the area's pump price in determining the fee for the stranded motorist.<\/p>\n
Extrication or winching service<\/strong>\u00a0is the process of moving a vehicle if it is constrained or stuck. If it takes more than one service professional and truck to dislodge a vehicle, there are typically additional costs added.<\/p>\n
Should I Get Roadside Assistance with My Car Insurance?<\/h2>\n
This depends on how old your vehicle is, how wide your range of commuting is, and how much convenience you want. A number of auto insurance companies, auto clubs, credit card issuers, and manufacturers offer road assistance should your car break down. If you've decided to get this additional protection, take a look at our\u00a0comparison of various roadside assistance programs\u00a0to understand the differences between the different companies and clubs that offer it. Otherwise, here is how we think about whether these benefits are worth it:<\/p>\n
Vehicle Age:<\/strong>\u00a0If you have a brand new vehicle within its first few model years, chances are that you could do without adding major roadside assistance to your insurance, since your car should be humming along nicely. Your car manufacturer likely has a roadside emergency service that is complementary (within reason) typically for the first handful of years, or tens of thousands of miles - whichever milestone gets reached first. Other features such as getting locked out or being stuck in a ditch can be one-off benefits you can pay for as they come up. If you have an older car, roadside assistance may be a better investment.<\/p>\n
Distance and Commute<\/strong>: Another thing to consider is where your daily commute or errands take you. If they're within a small radius of where you live, then you might be closer to a body shop in town that you can call up whenever you need help. However, if you take trips or weekend jaunts to places you're not familiar with, it might be easier to have a professional network on call to handle problems that may arise.<\/p>\n
Convenience<\/strong>: If you value convenience, we think you'll be benefit from adding some type of roadside assistance program to your auto insurance policy. Every program saves you the trouble of locating and contacting the nearest service professional to best suit your need. This is an underappreciated service today with the emergence of cell phones and computers but you will not be as efficient at locating someone as the program providers who have existing networks of professionals they work with. This is especially true after hours, when you're stranded on a dark road somewhere, or in inclement weather.<\/p>\n
Costs<\/strong>: Being part of a roadside assistance program can potentially save you a lot of money on service fees. For example, if the out-of-pocket cost for a service professional to come to your location was $75, you could have a high tab in a hurry over the course of several incidents in one year. Compare that with the handful of dollars in extra premiums for roadside assistance programs. It\u2019s not farfetched to think you could have a flat tire, run out of fuel, or slide off the road and have to be pulled out within only 12 months. Depending on where you live, the volume of driving you do, and the type of vehicle you have, a roadside assistance member could easily use the service three or four times in a year.<\/p>\n
Free Roadside Assistance<\/strong>: If you have a select American Express credit card, your membership benefits may actually include free roadside services for up to four times a year. Furthermore, reasonable roadside help may be provided by your manufacturer for new vehicles free of charge. It'll depend on your manufacturer's age and mileage thresholds.<\/p>"],"rideshare":["
Driving for ridesharing companies such as Uber and Lyft have become increasingly popular forms of primary and secondary incomes. The companies and their drivers have grown so fast, however, that laws and regulations are struggling to keep pace -- not to mention the insurance companies who have only recently begun to accommodate rideshare drivers. Below we'll go into detail about what extent insurance from rideshare companies such as Uber and Lyft cover you, the gap between rideshare insurance and your personal coverage, and which insurance companies offer you coverage for being an Uber or Lyft driver.<\/p>\n
Does My Regular Personal Auto Insurance Policy Cover Ridesharing?<\/h2>\n
You may be wondering, why can't you just use your regular car insurance policy to cover your rideshare dealings? The main issue with your regular insurance policy is that companies feel a rideshare service no longer fits the purpose of what you originally insured your car for.<\/p>\n
Essentially, companies have two forms of auto insurance, commercial and personal. Personal auto insurance is meant to cover you when you're commuting (driving your car to your physical office), running errands, or for leisure activities. Commercial is an umbrella term for all business uses, which is important because when you turn on the Uber or Lyft app, your car is no longer a personal car -- it becomes a business car.\u00a0Most policies, for example, explicitly states: \u201cYour personal auto insurance policy wasn\u2019t designed to provide you with coverage when you are working as a rideshare driver with companies like Uber.\u201d<\/p>\n
Do Uber and Lyft Provide Insurance?<\/h2>\n
The answer is yes and sort of. It all depends on which period of the ride you are in when picking up a customer. There are three periods when it comes to ridesharing.<\/p>\n
\n\n\n\n \n
\n \nStage<\/p><\/td>\n
Function<\/td>\n Insurance<\/td>\n <\/tr>\n <\/thead>\n \n Off Duty<\/p><\/td>\n
App is \"Off\", regular driving<\/td>\n Regular Auto Policy<\/td>\n <\/tr>\n \n Period 1<\/p><\/td>\n
Turn app \"On\", but no passenger matched<\/td>\n Gap<\/td>\n <\/tr>\n \n Period 2<\/p><\/td>\n
App is on, passenger is matched and need to drive to pick them up<\/td>\n Uber or Lyft Insurance Policy<\/td>\n <\/tr>\n \n Period 3<\/p><\/td>\n
App is on, and passenger is now in your car and driving to their destination<\/td>\n Uber or Lyft Insurance Policy<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\nWhen you are off duty, whatever insurance you have will cover you if you get into an accident. During Periods 2 and 3, Uber and Lyft will fully cover you across all types of insurance: liability,\u00a0collision, comprehensive\u00a0and underinsured motorist, if you get into an accident. You enter gray waters, however, with Period 1, which we call the \"Gap\".<\/p>\n"],"custom_equipment":["
Whether you plan to do a custom paint job or add a major modification like a supercharger, customizing your car can have automobile insurance ramifications. According to the Specialty Equipment Market Association, consumers spent a whopping $36 billion in 2014 on automotive specialty equipment parts and accessories. If you're enhancing your car, you may be wondering:<\/p>\n
Do I need special auto insurance coverage if I add features to or modify my car?<\/h2>\n
The answer is \u201cyes.\u201d<\/p>\n
Modifications a Standard Policy Will\/Won\u2019t Cover<\/h2>\n
Vehicle modifications or customizations (the terms are often interchangeably used in the industry and basically mean the same thing) not made at the factory, as well as aftermarket parts, are typically excluded from standard policies. Some insurers regard an automobile as \u201ccustomized\/modified\u201d when the chassis, body and\/or frame are structurally modified, the car\u2019s performance is considerably augmented, or the value of a custom paint job exceeds several thousands of dollars.<\/p>\n
\u201cAn auto insurance company generally does not provide any coverage for enhancements to an automobile. The exception is tires and rims \u2013 for which you will need to furnish receipts, and even then only a portion of their value will typically be reimbursed in a loss settlement,\u201d says most insurance professionals, who adds that vehicle value is typically based on the factory installed components of the vehicle.<\/p>\n
The Coverage You Need for Customizations<\/h2>\n
Although a standard policy won\u2019t reimburse the value of a customization if you need to file a loss claim, the good news is that two options may be available to you:<\/p>\n
\n\n- \n
- Supplemental Coverage:<\/strong>\u00a0Many insurers offer endorsements that provide supplemental coverage for modifications and aftermarket components. For example, some policies offers optional customized parts and equipment coverage that will pay up to $4,000 if those parts\/equipment are damaged or need to be replaced. Depending on the insurer, the premium for this extra coverage can equate to approximately 10% of the value of the modifications.<\/li>\n
- Classic\/Collectible Car Insurance:<\/strong>\u00a0If the insurer doesn\u2019t offer this type of endorsement or the coverage limits are inadequate to protect your investment, you can seek coverage from a carrier that specializes in insuring collectible\/classic automobiles (which includes modified cars)\u2014including Hagerty.<\/li>\n <\/ul>\n <\/div>\n<\/div>\n
Common Customizations<\/h2>\n
Examples of popular modifications that drivers make to their vehicles, and which usually require supplemental or separate insurance, include:<\/p>\n
\n\n- \n
- Custom paint job, murals, graphics or decals<\/li>\n
- Electronic equipment like a custom stereo, PC, TV or video system<\/li>\n
- Custom tires, wheels or spinners<\/li>\n
- Custom spoilers, louvers, scoops or grilles<\/li>\n
- Speed enhancements like turbochargers, blowers and strokers<\/li>\n
- Anti-roll\/anti-sway bars or winches<\/li>\n
- Added chrome<\/li>\n
- Accent\/auxiliary lights<\/li>\n
- Suspension enhancers\/hydraulics<\/li>\n <\/ul>\n <\/div>\n<\/div>\n"],"trip_interuption":["
Roadside assistance and trip interruption<\/h2>
\nIf you get stuck or your bike is disabled, we'll tow it to the nearest repair shop for free. You just have to be within 100 feet of the road. You can also add trip interruption to pay for food and lodging expenses up to $500 if you're away from home (you must have roadside assistance first then add trip interruption).<\/p>\n"],"umpd":["
Questionnaire<\/h2>\r\n
\r\n\r\n- \r\n
- If your liability only vehicle was damaged by an uninsured motorist, would you expect your insurance to pay for repairs?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
Uninsured motorist property damage coverage, also known as UMPD, sounds sensible: If someone without car insurance hits your car, UMPD pays for the damage.<\/p>\r\n
Nationwide, 12.6% of drivers didn\u2019t have any auto insurance in 2012, according to the most recent estimate from the Insurance Research Council. Many others buy only the minimum auto insurance their state requires, which may not be enough to pay for damage a driver causes in an accident.<\/p>\r\n
UMPD can be easily confused with:<\/p>\r\n
- \r\n
- Uninsured and underinsured motorist (UM\/UIM) bodily injury coverage (UMBI).<\/strong>\u00a0This pays for your injuries \u2014 not car damage \u2014 when someone with little or no insurance crashes into you.<\/li>\r\n<\/ul>\r\n
UMPD overlaps with:<\/p>\r\n
- \r\n
- Collision coverage.<\/strong>\u00a0This type of auto insurance also pays for damage to your own vehicle. So if UMPD is optional in your state, you probably don\u2019t need both.<\/li>\r\n<\/ul>\r\n
What uninsured motorist property damage covers<\/h2>\r\n
UMPD pays for damage if your car is hit by a driver without insurance or you are the victim of a hit-and-run, in most states. It also pays out if an\u00a0underinsured<\/em>\u00a0driver hits you, which means it will pay for your car damage after the other person\u2019s insurance is used up and there are still repair bills.<\/p>\r\n
In Colorado drivers must be offered UMPD but don\u2019t have to buy it.<\/p>\r\n
Do you need UMPD?<\/h2>\r\n
If you have collision coverage, it would also pay for damage caused by a driver without insurance or without enough coverage. In this situation, there\u2019s really only one advantage to uninsured motorist property damage coverage: It generally has a lower deductible than collision coverage. But that\u2019s not enough to justify buying UMPD if you already have collision coverage.<\/p>\r\n
UMPD makes more sense if you have only liability coverage, which pays for damage and injuries you cause to others. Without UMPD or collision coverage, if an uninsured driver crashes into your car, your only option would be to sue the driver.<\/p>\r\n
UMPD is a lot less expensive than collision coverage, Adding it would provide you some measure of coverage if you get hit by somebody who doesn\u2019t have insurance.<\/p>\r\n"],"condo_dwelling":["
What Does Condo Insurance Cover?<\/h2>\n
A\u00a0condo owners insurance policy\u00a0isn't mandatory by law, but your condo association may have minimum requirements for coverage. Similarly, if you have a mortgage, your lender will generally require you to have an insurance policy for your condo unit. An individual condo unit owner's insurance policy, an HO6 policy, is often referred to as \"walls-in\" insurance, as it covers the interior structure of the unit as well as your personal property. It also typically offers liability and loss of use coverage\u2014liability coverage in case someone is injured or their property is damaged and they decide to sue you and loss of use coverage, in the event you can't reside in your condo for a period of time.<\/p>\n
So, if a condo owner somehow damages the wood floor in their unit, they would file a claim with their own insurer to repair the damages. Flooring inside a condo is covered as part of the interior of the unit, along with any personal belongings. However, if the flooring inside a communal area of a condo building\u2014such as an entryway\u2014is damaged, the condo board or association would be responsible for that repair.<\/p>\n
There are also features of a condominium which, if damaged or faulty, can either be covered by your own policy or your association's master policy, which is why it's good to be familiar with both. For example, a plumbing issue could either be the responsibility of the condo unit owner or the association, depending on where it's located. Similarly, water damage may fall under one or multiple condo insurance policies. If it was caused by your own water heater or air conditioning system, you would file a claim under your own policy. But water damage caused by a leak in the roof, or which occurred due to an issue in your neighbor's unit, could fall under either the master policy, your neighbor's policy, or a combination of your own coverage and another policy.<\/p>\n
A condo insurance policy's dwelling and property coverage generally covers a defined list of \"named perils,\" or hazards, such as fire, hail, theft and vandalism. Any hazards that are not included in the list of named perils would not be covered, so you would be responsible for the resulting damages to your dwelling and property. However, you can add a Unit Owners Special Coverage A endorsement to your policy, which would make it an \"open peril\" policy. Open peril condo policies cover damages from any cause except those specifically excluded, which would typically be limited to certain hazards such as flooding, earthquakes and sinkholes.<\/p>\n
Condo Building Property Coverage<\/h2>\n
Condo insurance building property coverage largely protects the interior of your unit, which includes the floor, interior walls, cabinetry, sinks, tile and any other permanent fixture inside it. If a condo is damaged or completely destroyed by a covered peril, your condo insurance policy will pay up to the coverage limit of the policy purchased. Most people choose a policy to cover the replacement cost value of a condo, or the amount it would cost to rebuild a replica of it.<\/p>\n
When choosing the amount of\u00a0dwelling coverage\u00a0needed, don't forget to consider the value of any changes to permanent fixtures or construction you might have done. For example, say you've been living in a condo for a couple years and decide to renovate the kitchen. You might need to adjust your condo insurance policy because you, as the condo owner, would need to insure any changes or new structures inside your unit.<\/p>\n
Also keep in mind that if the construction affects any common areas of a building, you should consult the condo association, as they have certain responsibilities toward those areas. An example might be if you want to change the front door to your unit. The door and entryway is likely the responsibility of the condo association, so you would need permission to make changes to it. Changes to interior walls or construction are more simple, as those changes would be your responsibility.<\/p>\n"],"condo_liability":["
Condo Liability Insurance<\/h2>\r\n
Condo liability insurance protects the policyholder and their family members (including pets) from lawsuits for bodily injury or property damage. Liability coverage is a core party of every condo insurance policy, as it is for homeowners and renters insurance, as accidents happen. Even a friend or family member might have to file a lawsuit against you to cover their damages or medical costs. Without liability coverage, a condo owner could be stuck paying out of pocket for major expenses that might be financially devastating.<\/p>\r\n
Most condo insurance policies include at least $100,000 in liability coverage. Condo insurance companies almost always allow policyholders to purchase more, usually up to as much as $500,000. If a condo owner needs more coverage than that, they generally would have to purchase an umbrella policy to supplement the liability limit of their condo insurance.<\/p>\r\n"],"condo_personal_property":["
Condo Contents and Personal Property Insurance<\/h2>\n
An owner's belongings are covered under their condo insurance policy's contents, or personal property, coverage. Like\u00a0homeowners insurance, condo insurance will replace any property belonging to the unit's owner or family members in the event of a loss, up to the limit of the policy. Covered property can include your furniture, clothing, decorations and any other items not affixed to the unit. Typically, the claim limit\u2014the maximum amount a condo insurance policy will pay\u2014is about 50% of the dwelling coverage purchased. For example, if a condo has $100,000 of coverage for the structure, the policy likely includes $50,000 of condo contents insurance.<\/p>\n
Like the structure itself, a condo owner's belongings are covered by a long list of perils. For example, if a storm breaks a window in a condo unit and rain destroys furniture inside, a condo insurance policy would cover the cost to replace it. Fire, lighting and theft are among other events covered.<\/p>\n
Personal property coverage also extends beyond what is inside a condo unit. Condo insurance policyholders can file a claim for belongings that are lost, damaged or stolen outside of their units. For example, if a condo owner had something stolen from their car, they could file a claim for it.<\/p>\n\n"],"condo_loss_of_use":["
Loss of Use Coverage<\/h2>\r\n
Loss of use coverage (sometimes called additional living expenses) is the least-known benefit of condo insurance, yet it could be extremely valuable to a policyholder. In the event a condo becomes uninhabitable, loss of use coverage reimburses policyholders for qualified expenses.<\/p>\r\n
For example, if a fire destroys a condo and you have to stay in a hotel, loss of use coverage will reimburse you for that expense. It will also cover the cost of meals and, in some cases, additional travel commuting costs incurred. Condo insurance companies have different reimbursement programs. Some will reimburse policyholders up to a certain amount each day, for a set number of days. Others allot a set amount per claim that a policyholder can use at their will.<\/p>\r\n"],"gap_insurance":["
What is Gap Insurance and How Does it Work?<\/h2>\n
Gap insurance provides you with coverage for the difference between what you owe on your vehicle and the worth of your vehicle should it be involved in an accident that results in a total loss. Standard comprehensive and collision car insurance policies pay for the replacement of your vehicle during a total loss\u2014for instance\u2014if your car is totaled or stolen. However, the policies only pay out up to the pre-agreed coverage limit or the car's\u00a0actual cash value. New cars depreciate quickly, often decreasing in value faster than the rate at which you're able to pay down a car loan or lease. The result of a new car's quick depreciation is a policy limit or an actual cash value of a car that is less than what is owed to a loan or leasing company.<\/p>\n
Gap insurance ensures that you're covered for the difference between what you owe on your car lease or loan and what your car is worth at the time of a total loss. The difference\u2014often referred to as the gap\u2014varies depending on a range of factors, including how quickly your car depreciates, how long your loan term is, and how large your down payment was.<\/p>\n
Gap insurance is typically purchased in increments of time. Cancellation policies vary by company, but most insurance companies will allow you to cancel your coverage at any time. If you cancel your gap coverage before the end of your initial coverage period, you'll likely be eligible for a refund on the unused premium.<\/p>\n
Do I Need Gap Insurance?<\/h2>\n
You'll want to purchase gap insurance if your coverage gap is greater than the amount you're willing to pay out of pocket or if the amount is greater than the cost of coverage. Below, you can find the most common situations that require gap insurance:<\/p>\n
You made a low down payment on your vehicle:<\/strong>\u00a0The reason for the gap when you make a low down payment is that larger loans result in lower upfront principal payments. The result is a loan that decreases slower than your car depreciates. You can typically expect your car to depreciate around 20% per year in the first few years.<\/p>\n
You drive long distances:<\/strong>\u00a0While cars lose value the second you drive them off the lot, driving a significant amount of miles on a new vehicle decreases the value of the car a lot quicker. The more miles you drive with the car, the less it's worth.<\/p>\n
Your loan has a high APR or term:<\/strong>\u00a0Similar to making a low down payment on your vehicle, a long term or high APR loan means that you're paying principal on your loan at a slower pace. The result is that depreciation outpaces the rate at which you're paying down your loan.<\/p>\n
Your lease or loan requires it:<\/strong>\u00a0Gap insurance can be required by your leasing or financing company to protect you in the event of a\u00a0total loss<. However, just because it's required, doesn't mean that it's included in your loan or lease.<\/p>\n
Bottom Line:<\/strong>\u00a0Whether gap insurance is worth it or not will depend on your specific situation. Anyone who has recently purchased a car should calculate their gap to determine whether they'd be able or willing to pay that amount. If that's not the case then gap insurance is necessary. Below, we provide detailed examples of gap calculations.<\/p>\n\n\n"],"telematic":["
Telematic programs allows you to potentially earn discounts through safer driving habits, giving you more control of your personal auto insurance premiums. <\/p>\r\n
<\/p>\r\nIt's probably safe to assume that most drivers would like their auto insurance premiums to better reflect their safe driving habits. We think so, too. Telematics does just that. <\/p>\r\n
This usage-based insurance program for personal auto gives drivers the benefits of being more in control of their insurance rates and potential discounts, simply by continuing the safe driving habits they've always practiced. <\/p>\r\n
It may help you reduce what you pay for insurance<\/strong>
\r\n Telematics collects your driving habits and applies discounts if your driving scores reflect safer driving habits. Customers automatically get a 5 to 10 percent participation discount on your premium when they enroll, and up to a 50 percent discount - among the highest in the industry - at renewal if your driving scores reflect safer habits.<\/p>\r\nt's easy<\/strong>
\r\nCustomers receive a small leave-in device that's easy to install and plug into their cars. The device creates a score based on speed, time of day, number of miles driven, acceleration, braking and other factors. This score is then used to calculate your discount, if applicable. <\/p>\r\nTelematics is a leave-in device program that gives you access to a real time portal with driving feedback. Some carriers only track for 3 months, while others require you to leave the device in your car. You can review and improve your driving habits and score before each renewal so you can work toward earning discounts year-round. <\/p>\r\n
It's easy to enroll<\/strong>
\r\n As your agent, I will the telematic to your personal auto policy. Then, once you receive the device in the mail, plug it in and focus on driving safely and undistracted.<\/p>\r\n"],"home_dwelling":["What Is Dwelling Insurance?<\/h2>\n
Dwelling coverage, sometimes called \"dwelling insurance,\" is the part of your homeowners insurance policy that may help pay for the rebuilding or the repair of the physical structure of your home if it's damaged by a covered hazard.\n<\/p>\n
What is your dwelling?<\/h2>\n
Although a lot of people think of their dwelling as just the physical structure that they live in, dwelling coverage may help protect more than that. Dwelling coverage typically helps protect the home you live in plus attached structures. What this means is that as long as it's attached to your house, your garage may also be covered under the dwelling portion of your policy. If damage to an attached structure occurs as the result of a covered hazard, your homeowners insurance may help cover the costs to repair it or rebuild it. If attached to your home, a deck or front and back porch may also be considered a part of your dwelling, and therefore may also be covered by the dwelling coverage in your homeowners insurance policy.<\/p>\n
Standard homeowners policies cover a wide range of potential disasters, from tornadoes to lightning strikes to winter storm damage. Policies do vary, though, so for your own peace of mind, check yours for the specific perils covered. Learn what's generally covered by each homeowners insurance policy type\u00e2\u20ac\"and what's not. <\/p>\n
Disaster coverage by homeowners policy type <\/h2>\n
\n\n
\n \u00a0<\/th>\n Dwelling & personal property<\/th>\n Dwelling<\/th>\n Personal property<\/th>\n<\/tr>\n \n \nPerils<\/th>\n Basic HO-1*+<\/th>\n Broad HO-2*<\/th>\n Special HO-3*<\/th>\n Special HO-3<\/th>\n Renters HO-4<\/th>\n Condo\/Co-op HO-6<\/th>\n<\/tr>\n<\/thead>\n \n 1. Fire or lightning<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 2. Windstorm or hail<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 3. Explosion<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 4. Riot or civil commotion<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 5. Damage caused by aircraft<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 6. Damage caused by vehicles<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 7. Smoke<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 8. Vandalism or malicious mischief<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 9. Theft<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 10. Volcanic eruption<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 11. Falling object<\/td>\n \u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 12. Weight of ice, snow or sleet<\/td>\n \u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 13. Accidental discharge or overflow of
\nwater or steam from within a plumbing,
\nheating, air conditioning, or automatic
\nfire-protective sprinkler system, or from
\na household appliance.<\/td>\n\u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 14. Sudden and accidental tearing apart,
\ncracking, burning, or bulging of a steam
\nor hot water heating system, an air
\nconditioning or automatic fire-protective
\nsystem.<\/td>\n\u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 15. Freezing of a plumbing, heating, air
\nconditioning or automatic, fire-protective
\nsprinkler system, or of a household appliance.<\/td>\n\u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 16. Sudden and accidental damage from
\nartificially generated electrical current
\n(does not include loss to a tube, transistor
\nor similar electronic component)<\/td>\n\u00a0<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n \u00d7<\/td>\n<\/tr>\n \n 17. All perils except flood, earthquake, war,
\nnuclear accident, landslide, mudslide,
\nsinkhole and others specified in your
\npolicy. Check your policy for a complete
\nlist of perils excluded.<\/td>\n\u00a0<\/td>\n \u00a0<\/td>\n \u00d7<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/p>\n
Disasters that are not covered<\/h2>\n
- \n
- Floods.<\/strong> Flood damage is excluded under standard homeowners and renters insurance policies. Separate flood insurance coverage, however, is available for both homeowners and renters as a separate policy both from theNational Flood Insurance Program(NFIP) and from a few private insurers<\/li>\n
- Earthquakes.<\/strong> Earthquake coverage is available from most insurance companies as a separate policy or an endorsement to your homeowners or renters policy.<\/li>\n
- Maintenance damage.<\/strong> It is your responsibility to maintain your home and take reasonable precautions to protect your home from damage. Your insurance policy will not cover damage due to lack of maintenance, mold or infestation from termites or other pests.<\/li>\n
- Sewer Backup.<\/strong> Sewer backups are not covered under a typical homeowners insurance policy, nor are they covered by flood insurance. This type of coverage must be purchased either as a separate product or as an endorsement to a homeowners policy, usually at a nominal cost. <\/li>\n<\/ol>\n
\u00a0<\/p>\n\n\n\n\n"],"other_structures":["
What Is Other Structures Coverage In A Homeowners Insurance Policy?<\/h2>\r\n
Other structures coverage is the part of a homeowners insurance policy that helps pay to repair or replace structures other than your home, such as a fence, if they are damaged by a covered risk. For instance, if a tree falls on your detached garage, other structures coverage may help pay for repairs.\r\n<\/p>\r\n
Items on your property that typically fall under other structures coverage include: <\/p>\r\n
- \r\n
- A fence <\/li>\r\n
- A detached garage <\/li>\r\n
- An in-ground swimming pool <\/li>\r\n
- A gazebo <\/li>\r\n<\/ol>\r\n
Other structures on your property are typically covered for the same perils as your home. So if your dwelling coverage includes risks like theft, fire, falling objects and vandalism, your fence would likely be covered for those, too. <\/p>\r\n
HOW MUCH COVERAGE DO I HAVE FOR OTHER STRUCTURES? <\/strong><\/p>\r\n
You may find that other structures coverage is based on a percentage of your dwelling coverage, the Insurance Information Institute says. So, for instance, if you have $300,000 in dwelling coverage, which applies to your house and attached structures, you may have up to $30,000 in coverage for your fence and other unattached structures on your property. If you're making improvements to your property, such as adding a gazebo, you may want to review your other structures coverage limits to help ensure you have enough protection in place to help pay to repair or replace unattached structures after a covered loss.<\/p>\r\n
OTHER CONSIDERATIONS <\/strong><\/p>\r\n
Maybe you're confident that you have sufficient protection in place for your fence or detached garage \u2014 but what about the stuff you store inside? The personal property coverage in a homeowners insurance policy typically helps protect belongings regardless of where you keep them, so you'll likely find you have coverage for items you store in a detached garage, for instance. You can usually adjust your personal property coverage limits based on your particular needs. <\/p>\r\n\r\n\r\n\r\n\r\n"],"personal_property":["
What is Personal Property Coverage?<\/h2>\n
Personal property coverage is the type of insurance that can help protect the items in your home, like your furniture. Your belongings are likely worth much more than you might think, and if they're damaged or lost, personal property coverage could help you cover the cost of replacing them.\n<\/p>\n
Your home is full of things you love. Taking the time to figure out how much your belongings are worth can help you choose the amount of personal property coverage you need. Walk around your home and note the items that you spent a lot of money on. Taking pictures of these items and keeping receipts and other documents can help you keep track of the value of your stuff.<\/p>\n
REPLACING YOUR BELONGINGS. <\/strong><\/p>\n
If the personal property listed on your homeowners policy needs to be replaced because of a covered loss, there are two different ways your insurance could help: Actual cash value Your belongings are typically covered at fair market value. In other words, replacement cost minus depreciation. For example, your items could be covered for the amount you'd get if you sold them at a yard sale or an online auction website. Replacement cost coverage With replacement cost coverage, your insured personal property is typically covered for what it would cost to purchase them new at the time of the claim. <\/p>\n
WHAT IS SCHEDULED PERSONAL PROPERTY?<\/strong><\/p>\n
Scheduled personal property is optional protection you can add to your homeowners policy to cover high-value items. Though personal property coverage helps protect the majority of your belongings, most insurance companies set limits on certain items, like jewelry. For example, your policy may cover a single piece of jewelry that's worth up to $1,000. If you own a $100 necklace that is damaged and needs to be replaced, you're in good shape. If you own a $10,000 necklace, scheduled personal property can help you insure it for more than the $1,000 limit.<\/p>\n\n"],"loss_of_use":["
Loss of Use on Your Homeowners Insurance: What Does It Cover?<\/h2>\n
Loss of use coverage (or coverage D) is typically included in most homeowners insurance policies and provides homeowners with reimbursement for two main things: additional living expenses and lost rental income. Most insurance companies allow you to increase coverage limits if you wish. Knowing exactly what is covered by loss of use insurance may help you negotiate with your insurance company if you ever need to file a loss of use claim.<\/p>\n
Additional Living Expenses Coverage (ALE insurance):<\/strong>\u00a0ALE insurance reimburses homeowners for additional living expenses stemming from having to live away from home after a covered loss. For example, if your house partially burns down and becomes uninhabitable, your loss of use coverage would reimburse you for the cost of a hotel, up to your coverage limit.<\/p>\n
Fair Rental Value:<\/strong>\u00a0Fair rental value, also known as loss of rent insurance, reimburses you for lost rental income if you're renting a home and it becomes unlivable due to a covered loss. For instance, if you were renting out your home for $1,000 a month, that is the amount that you would be reimbursed under fair rental value coverage.<\/p>\n
Most\u00a0homeowners insurance companies\u00a0include loss of use coverage in their policies and place a limit as a percentage of your dwelling coverage. For instance, if your limit is 30% and your dwelling coverage limit is $200,000, then you would be covered for up to $60,000 under your loss of use insurance. Keep in mind that policy limits vary by insurance company and by policy, so if you have questions regarding your specific loss of use coverage limit, it's best to ask your insurer. You can typically increase your coverage limit at an additional cost.<\/p>\n
Loss of use only applies to damage caused to your home by covered perils. For instance, if your home is flooded and you don't have\u00a0flood insurance, your loss of use claim would be denied. Therefore, we recommend for anyone with flood insurance to get loss of use insurance.<\/p>\n
Other Loss of Use: Prohibited Use<\/h3>\n
Prohibited use is included under loss of use coverage. As mentioned above, loss of use only offers homeowners reimbursement if their home was damaged as a result of a covered loss. Prohibited use applies when a governmental authority prohibits residents from accessing their undamaged homes. For instance, if local authorities restrict you from entering your neighborhood due to nearby tornado damage, but your home is unaffected, prohibited use coverage would apply. In this scenario, you could file a loss of use claim for additional living expenses without damage to your home. Keep in mind that an order to evacuate would not trigger coverage. In order for you to be able to file a prohibited use claim, there would need to be physical damage to neighboring homes.<\/p>\n
What's Covered Under Loss of Use Insurance?<\/h2>\n
As previously mentioned, loss of use insurance typically provides coverage for additional living expenses as a result of a covered loss. In simpler terms, this means you would be covered for expenses you wouldn't ordinarily pay if you were living in your own home. For instance, let's assume you typically spend $100 on gas per month, but that amount has increased to $150 because you live in a hotel that is farther from work while your home is repaired. In this scenario, you would be reimbursed $50, which is the incremental cost. A list of common additional living expenses that are typically covered under loss of use insurance is provided below.<\/p>\n
- \n
- Cost of temporary housing, such as a hotel or a motel<\/li>\n
- Credit check fee associated with renting a temporary residence<\/li>\n
- Cellphone overages incurred as a result of losing a landline<\/li>\n
- Cost of increased mileage to your place of employment<\/li>\n
- Cost of setting up utilities in your temporary home<\/li>\n
- Increased cost of meals<\/li>\n <\/ul>\n
If you're renting your home or part of your home, and it becomes unlivable due to a covered loss, the rental income you're missing out on would be reimbursed under fair rental value coverage. Keep in mind that your insurance company won't cover expenses that are not incurred during this period, such as utilities.<\/p>\n"],"personal_liability":["
What Is Personal Liability Insurance?<\/h2>\n
Personal liability insurance covers the costs of a lawsuit if you're sued for injuring someone or destroying someone's property. While personal liability coverage can be purchased as a stand-alone policy, it is included in most residential insurance policies, including homeowners, renters and condo. Filing a claim under your personal liability coverage, whether it's a stand-alone policy or not, is similar to filing any other type of insurance claim. We recommend contacting your insurance company as soon as you're aware that you may be responsible for the destruction of property or for someone's bodily injury.<\/p>\n
The personal liability coverage in a standard homeowners insurance policy protects you against two things: bodily injury and property damage for which you or residents of your home are responsible. Some situations in which you might need personal liability coverage include the following.<\/p>\n
Bodily Injury:<\/strong>\u00a0Let's say your dog bites a mail carrier on your property, and the carrier has to get medical care and miss work. In this instance, the mail carrier could choose to sue you for related expenses, including medical bills, lost wages and emotional distress. Without personal liability insurance, you'd have to pay out of pocket for the expenses if you're found to be legally liable.<\/p>\n
Property Damage:<\/strong>\u00a0If a tree that is located on your property falls over during a thunderstorm and damages your neighbor's roof, you could be held responsible for the property damage. Your neighbor could then choose to pursue legal action against you in an effort to receive financial compensation for the damage to their roof. Once again, without personal liability insurance, you'd be solely responsible for paying for the damage.<\/p>\n
While those situations took place inside your property, bodily injury and property damage protection is also granted to you and members of your household outside of your home. For instance, if your dog runs outside and bites someone down the street, your home insurance personal liability would still provide coverage. Similarly, if you're running at the park and knock someone over, causing them to break a bone, any medical bills would be covered under the liability portion of your home insurance if you're found to be responsible.<\/p>\n
Keep in mind that your personal liability coverage would not apply if an accident occurs while you're in a car. In that scenario, you'll need a separate car insurance policy with\u00a0bodily injury protection\u00a0and property damage coverage.<\/p>\n
Does Homeowners Insurance Cover Personal Injury?<\/h2>\n
Homeowners insurance covers personal injuries as long as your policy includes personal liability coverage, and most policies do. However, not every injury will be covered by your personal liability insurance. The only injuries that will be covered are those in which a person is injured as a result of negligence on your part. Therefore, intentional acts aren't covered by your personal liability insurance. Furthermore, your personal liability insurance only applies to others, meaning any of your own injuries will require health insurance.<\/p>\n
How Much Personal Liability Coverage Should You Have?<\/h2>\n
The more financial assets you have, the more liability coverage you should purchase. Your liability coverage limit should be as high as you can afford to mitigate the risk of financial loss if someone were to sue you. For instance, if your net worth is $600,000 and you're being sued for $400,000 worth of damage, but you only have $100,000 worth of coverage, the plaintiff can come after your assets to make up for the remaining $300,000 worth of damage. And plaintiffs are more likely to go after you if you have a higher net worth, since you are more able to pay out a judgement.<\/p>\n\n
\n \n
\n \nCategory<\/th>\n Amount<\/th>\n <\/tr>\n <\/thead>\n \n Personal Liability Coverage<\/td>\n $100,000<\/td>\n <\/tr>\n \n Personal Injury or Property Damage Claim Brought Against You<\/td>\n ($400,000)<\/td>\n <\/tr>\n \n Recoverable From Personal Assets<\/strong><\/td>\n $300,000<\/strong><\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n\n If you have assets of $100,000 or more, consider purchasing an\u00a0umbrella policy\u00a0or personal excess liability insurance. Both serve as a form of supplemental coverage with a higher limit. In other words, an umbrella policy and personal excess liability insurance kick in after exhausting your homeowners coverage limits. An umbrella policy provides broader coverage, while personal excess liability insurance adds coverage to the underlying policy. In the scenario above, an umbrella policy or personal excess liability insurance would kick in for the remaining $300,000, safeguarding your assets. Keep in mind that coverage limits will depend on your specific policy.<\/p>\n\n"],"medical_homeowner":["
What is medical payments to others on my home insurance policy?<\/h2>\n
Medical payments coverage is the part of a home insurance policy that covers you if a guest is injured at your home whether you're to blame or not. Medical payments coverage is meant for small claims.<\/p>\n
A common concern is knowing how much medical payments\u00a0 insurance coverage you need. Medical payments coverage usually has a limit of $1,000 to $5,000. The amount varies by policy and state, but generally has a much lower limit than liability coverage. So, typically you choose either $1,000 or $5,000 as the amount of coverage for medical payments and that is sufficient.<\/p>\n
Here's an example of when you would need medical payments coverage: Let's say you invite friends over and one of them cuts his ankle on your patio. He's not seriously injured, but heads to the hospital and needs stitches. Medical payments would cover the medical costs as long as the costs don't exceed the limit.<\/p>\n
This type of coverage helps you avoid potential litigation.<\/p>\n\n"],"all_perils_deductible":["
Homeowners insurance deductibles: explained<\/h2>\r\n
When you file a claim, you pay a fixed dollar amount out of pocket, called a deductible, before home insurance kicks in.<\/p>\r\n
For example, say your policy has a $500 deductible. A lightning strike during a storm causes a fire, resulting in $10,000 in damages (ouch). To pay for the repairs and replacement, you'd pay $500 out of pocket (the deductible), and insurance would pay the remaining $9,500.<\/p>\r\n
However, when dealing with personal liability or medical payments claims \u2014 for example, if a visitor tripped on your stairs and sued you for the injury bills \u2014 there is sometimes no deductible at all. It's always wise to talk with your insurer ahead of time to find out exactly when you'll be asked to pay a deductible under your policy and when you won't.<\/p>\r\n
Choosing a homeowners insurance deductible<\/h2>\r\n
Most covered risks fall under the same deductible, often called your \"all-peril deductible.\" This means that whatever happens \u2014 be it property theft, water backup, kitchen fire, etc. \u2014 you pay the same fixed, out-of-pocket amount, and your coverage handles the rest (up to your limit).<\/p>\r\n
While the concept is simple, choosing the right homeowners insurance deductible for you can be anything but. Get help steering the course by learning the pros and cons of your potential payment.<\/p>\r\n
The case for a higher deductible<\/h3>\r\n
A higher deductible, of say $1,000, means more money coming out of your wallet after a covered incident, which seems like a bad thing, right? Not necessarily.<\/p>\r\n
Raising your deductible could lower your monthly premium by as much as 20 percent, making it a simple way to potentially save some cash. Think of it as a reward in the here and now for accepting more financial responsibility down the road should an incident occur.<\/p>\r\n
Plus, with a higher deductible in place, you might refrain from filing minor claims (since you'd be footing the cost anyway). This could help keep your insurance track record clean and even aid you in qualifying for perks like a\u00a0Claim-Free discount.<\/p>\r\n
Keep in mind, jumping at the chance to lower your premium by raising your deductible can be shortsighted, especially if it means being left vulnerable later on. However, if you're a responsible, financially secure homeowner with a relatively\u00a0low-risk home\u00a0and lifestyle, you might feel comfortable going this route.<\/p>\r\n
The case for a lower deductible<\/strong><\/p>\r\n
On the other hand, choosing a $500 deductible (as opposed to $1,000) can be a great way to go, too. Although your premium tends to be a smidge higher, you're essentially agreeing to pay a couple more bucks a month now to avoid a bigger hit to your savings if something bad does happen.<\/p>\r\n
If a major storm levels your house or you arrive home to find a burglar has cleaned you out, a hefty out-of-pocket payment can feel like salt in an open wound. On the other hand, knowing your homeowners coverage is taking care of almost all the costs can be a welcome comfort during a stressful time.<\/p>\r\n
If your appetite for risk is low or you have a history of homeowners claims or incidents, choosing a lower deductible could be a way to alleviate a bit of life's uncertainty.<\/p>\r\n
A word on wind and hail<\/h2>\r\n
While your all-peril deductible kicks in for most risks, 2 common exceptions are wind and hail. Some insurers, have a separate deductible for damage caused by these weather-related perils. When choosing a wind and hail deductible, you can use the same reasoning as above to land on an amount that makes sense for you.<\/p>\r\n\r\n"],"wind_hail_deductible":["
A word on wind and hail<\/h2>\n
While your all-peril deductible kicks in for most risks, 2 common exceptions are wind and hail. Some insurers, have a separate deductible for damage caused by these weather-related perils. When choosing a wind and hail deductible, you can use the same reasoning as above to land on an amount that makes sense for you.<\/p>\n
Homeowners insurance deductibles: explained<\/h2>\n
When you file a claim, you pay a fixed dollar amount out of pocket, called a deductible, before home insurance kicks in.<\/p>\n
For example, say your policy has a $500 deductible. A lightning strike during a storm causes a fire, resulting in $10,000 in damages (ouch). To pay for the repairs and replacement, you'd pay $500 out of pocket (the deductible), and insurance would pay the remaining $9,500.<\/p>\n
However, when dealing with personal liability or medical payments claims \u2014 for example, if a visitor tripped on your stairs and sued you for the injury bills \u2014 there is sometimes no deductible at all. It's always wise to talk with your insurer ahead of time to find out exactly when you'll be asked to pay a deductible under your policy and when you won't.<\/p>\n
Choosing a homeowners insurance deductible<\/h2>\n
Most covered risks fall under the same deductible, often called your \"all-peril deductible.\" This means that whatever happens \u2014 be it property theft, water backup, kitchen fire, etc. \u2014 you pay the same fixed, out-of-pocket amount, and your coverage handles the rest (up to your limit).<\/p>\n
While the concept is simple, choosing the right homeowners insurance deductible for you can be anything but. Get help steering the course by learning the pros and cons of your potential payment.<\/p>\n
The case for a higher deductible<\/h3>\n
A higher deductible, of say $1,000, means more money coming out of your wallet after a covered incident, which seems like a bad thing, right? Not necessarily.<\/p>\n
Raising your deductible could lower your monthly premium by as much as 20 percent, making it a simple way to potentially save some cash. Think of it as a reward in the here and now for accepting more financial responsibility down the road should an incident occur.<\/p>\n
Plus, with a higher deductible in place, you might refrain from filing minor claims (since you'd be footing the cost anyway). This could help keep your insurance track record clean and even aid you in qualifying for perks like a\u00a0Claim-Free discount.<\/p>\n
Keep in mind, jumping at the chance to lower your premium by raising your deductible can be shortsighted, especially if it means being left vulnerable later on. However, if you're a responsible, financially secure homeowner with a relatively\u00a0low-risk home\u00a0and lifestyle, you might feel comfortable going this route.<\/p>\n
The case for a lower deductible<\/strong><\/p>\n
On the other hand, choosing a $500 deductible (as opposed to $1,000) can be a great way to go, too. Although your premium tends to be a smidge higher, you're essentially agreeing to pay a couple more bucks a month now to avoid a bigger hit to your savings if something bad does happen.<\/p>\n
If a major storm levels your house or you arrive home to find a burglar has cleaned you out, a hefty out-of-pocket payment can feel like salt in an open wound. On the other hand, knowing your homeowners coverage is taking care of almost all the costs can be a welcome comfort during a stressful time.<\/p>\n
If your appetite for risk is low or you have a history of homeowners claims or incidents, choosing a lower deductible could be a way to alleviate a bit of life's uncertainty.<\/p>\n\n"],"water_backup":["
Gain reliable protection against water backup<\/h2>\n
Believe it or not, water damage and freezing claims accounted for more than 25 percent of all homeowners property damage insurance claims from 2009 through 2013.<\/p>\n
In the unfortunate event that a drain overflows and ruins your valuables or a broken sump pump causes major damage to your house, you don't want to be left footing the bill to repair your place and replace your belongings. That's where water backup coverage (also known as sewer backup coverage) can help.<\/p>\n
Adding water backup coverage can help you repair water damage from overflowing drains and sewers, broken sump pumps, and more \u2014 essentially, any damage that results from water moving from the ground up.<\/p>\n
Say a portion of pipeline maintained by the city (but is connected to your home) experiences a backup that ultimately damages your place. Water backup coverage can even come to your aid with sump pump failures and water backups that occur\u00a0off<\/em>\u00a0your property.<\/p>\n
Coverage amounts and availability for water backup coverage vary by state and can range anywhere from $5,000 to $25,000, generally. When deciding how much coverage you want, consider factors like electronics, furniture, and flooring materials you may need repaired or replaced if your home is damaged by a water backup.<\/p>\n
What's\u00a0not<\/em>\u00a0covered by water backup insurance?<\/h2>\n
Usually flooding isn't covered under your policy's water backup coverage; that's what\u00a0flood insurance\u00a0is for. Surface water entering your place \u2014 whether a nearby river overflows or a major dam breaks \u2014 is generally excluded from coverage under most homeowners insurance policies (even ones that include water backup coverage).<\/p>\n
Subsurface water that causes damage to your home (like a leaking swimming pool or irrigation system) is also often excluded from coverage. Essentially, your individual claim and situation will drive the final coverage decision.<\/p>\n
A few ways you can avoid damage from water and sewer backup<\/h2>\n
Depending on the situation, some water damage may be unavoidable. Still, there are a few ways you can try to prevent water from destroying your hard-earned investments:<\/p>\n
- \n
- Make sure your landscaping (as well as the irrigation system that waters it) are positioned so that water flows away from the foundation of your home.<\/li>\n
- Ensure downspouts are extended at least 10 feet away from your place.<\/li>\n
- Always maintain your home's gutters and downspouts, clearing out leaves and debris as well as repairing segments that may be sagging.<\/li>\n
- Try to run your sump pump every few months. Cleaning it once a year before the rainy season (if you have one) is a good idea too.<\/li>\n
- As a preventative measure, if you have a basement, elevate valuables like washers, driers, water heaters, furnaces, furniture and other personal items, and all electrical wiring in order to prevent water damage.<\/li>\n<\/ul>\n"],"replacement_cost":["
There are three options when it comes to calculating the amount of protection your renters or homeowners insurance will provide. The options are available through most home insurers (and most states) and are selected at the discretion of the policyholder. While replacement cost valuation is the most popular, it\u2019s important to understand each option because they can result in different protection values and affect your premium differently.<\/p>\r\n
Actual Cash Value (ACV)<\/h2>\r\n
The actual cash value in a homeowners insurance policy is based on the market value or the initial cost of your home and personal property with depreciation considered. Most standard homeowners insurance policies cover the replacement cost of your home's physical structure and the actual cash value of the insured\u2019s personal property. An insurance policy with coverage based on actual cash value is the least expensive to purchase, since depreciation is considered and the claim payments are generally lower.<\/p>\r\n
Definition of Actual Cash Value:<\/h4>\r\n
Initial cost to buy or market value of item less depreciation for the number of years you had it.<\/p>\r\n
Home insurance companies\u00a0tend to calculate depreciation differently. A common method for determining depreciation takes into account an expected lifetime of an item, then subtracts a percentage of value for each year since its purchase. For example, say you bought a television for $1,000 four years ago that is expected to last 10 years. The estimated straight-line depreciation calculation would be 1,000 \/ 10 x 4, which equals $400. This leaves the actual cash value of the television insured by your home policy to be $600 ($1,000 - $400). As you can see, this means that the insurance coverage for your personal belongings will typically decrease over the number of years you hold them.<\/p>\r\n
Replacement Cost Coverage<\/h2>\r\n
Sometimes called \u201cRCV,\u201d the replacement cost for homeowners insurance is the amount of money it would take to replace your damaged or destroyed home with the exact same or a similar home in today's market. Some\u00a0home insurance policies\u00a0and\u00a0endorsements\u00a0also cover the replacement cost of personal property. This is generally the most recommended option, since it gets homeowners closest to their living situation before a covered peril occurred.<\/p>\r\n
Definition of Replacement Cost Value:<\/h4>\r\n
The replacement cost is usually calculated using the initial price tag paid for the items or the cost of physically building the home when it was purchased, regardless of any potential depreciation.<\/p>\r\n
Remember, this is the value of the home or items, not the land it sits on. It's generally recommended that you get a contractor or appraiser to evaluate your house's replacement cost. They'll know how to price the cost of the building's construction materials (such as granite, windows, or doors), any unique or valuable upgrades in fixtures or added living space (porch, entertainment space, etc.), and come up with your house's fundamental value.<\/p>\r\n
For a simple example, say you purchased a new home for $350,000. That price likely included the cost of the lot it was built on and the cost of constructing the dwelling. If the lot was priced at $50,000 you only need to insure the cost of the home, which would be $300,000. This assumes there is no market appreciation in the $350k figure.<\/p>\r\n
Sometimes the replacement cost is paid in two installments. First, the insurer will pay either the actual cash value or half of the replacement cost. Then once repairs have been made and you can send documentation to the insurer, they will pay the remaining replacement cost.<\/p>\r\n
Guaranteed or Extended Replacement Cost<\/h2>\r\n
This option offers the most protection out of the three, and the costliest out of the three option. It is essentially an expanded version of replacement cost described above. The guaranteed replacement cost option pays for the cost to rebuild your home exactly as it was before a peril, even if the cost exceeds the estimated value of the home. The primary purpose of the option is to protect the policyholder against sudden increases in materials or construction costs, which can occur when many claims in an area are made. This is a good option to consider if your budget allows for it, and you live in a region that is prone to natural disasters or weather patterns with a large scale.<\/p>\r\n
Rather than a guaranteed replacement policy, some insurance companies offer an extended replacement policy. Instead of guaranteed cost coverage, the extended replacement option covers an additional 20% to 25% of the replacement value of the home.<\/p>"],"extended_dwelling":["
Extended Dwelling<\/h2>\n
Have you ever noticed a line somewhere on your homeowners declarations that indicates\u00a0Extended Dwelling Coverage<\/em>? Do you think it\u2019s just an easy way for the insurance carrier to make an up-charge? It\u2019s definitely not. Instead, it\u2019s perhaps the best way to ensure that you have adequate coverage for your home in the event of a significant loss that calls for reconstruction.<\/p>\n
Let\u2019s paint the picture of strong winter storm that rolls through South Central PA. Think of it in terms of wet, heavy snow and significant wind. In our experience, that could cause some serious claims.<\/p>\n
While it\u2019s been a few years since the last storm like this in our area, we all know that our region is susceptible to this sort of weather. Imagine many homes sustain serious damage a \u00a0result of the weather. What should you be concerned about on your policy?<\/p>\n
First, you need to make sure that you home is\u00a0Insured to Value at 100% Replacement Cost.<\/em>\u00a0So long as your home is fully insured (as required by the homeowners insurance contract), you should be in pretty good shape. But in the example of our strong winter storm, or any major event, reconstruction costs could be increased after the event. If this happens, it is vital that you have Extended Dwelling Coverage (or<\/em>\u00a0similarly named coverage that works the same way).<\/p>\n
Typically, homeowners insurance carriers will offer Extended Dwelling Coverage in the form of a\u00a0percentage of Coverage A (Dwelling)<\/strong>.\u00a0\u00a0It\u2019s quite common to see this percentage set at either 25% or 50%. An example that takes place just after the strong winter storm will put it in perspective:<\/p>\n
Your home is insured to value at $100,000. After that strong winter storm rolls through (causing numerous claims throughout the community), your home suffers from a devastating fire and must be rebuilt. Due to the storm, reconstruction costs are increased and the contractor estimates the total rebuild at $120,000. Suddenly, your homeowners policy does not provide enough coverage. However, if your policy is endorsed with 25% Extended Dwelling Coverage, your total Coverage A (Dwelling) limit is $125,000. This total amount will provide enough coverage to cover the entire loss.<\/p>\n
Adding the Extended Dwelling Coverage by endorsement is an additional premium investment. Typically, this coverage is well under 10% of the total policy premium, but each case is unique. It\u2019s vital that you review your policy with an\u00a0insurance professional that can provide guidance on your policy. At the end of the day, this endorsement is a \u201cmust\u201d for any homeowner that wants to make sure there is enough coverage on their policy.<\/p>\n\n"],"jewelry_rider":["
Your homeowners insurance covers your jewelry only when it is damaged or lost due to one of 16 specific perils. The protection afforded to your jewelry by your home insurance is subject to a number of limitations and stipulations. This article will explain when and how your jewelry is covered and let you know what options are available to you to ensure your valuables are sufficiently protected.<\/p>\n
When Does Homeowners Insurance Cover Lost or Damaged Jewelry?<\/h2>\nWhen jewelry is lost or damaged because of a 'listed peril', such as\u00a0theft\u00a0or fire, it is covered by your homeowners insurance. If, for example, your home is burglarized while you're away on vacation and thieves manage to steal a necklace that has been in your family for generations, your policy will cover part of its value--up to a maximum limit defined by your specific policy. If a fire in your home causes damage to your jewelry collection, the damage will be covered by your insurance, but, again, only up to your coverage limits. All the listed perils are stated below:\n
\n
- \n
- Lightning or fire<\/li>\n
- Hail or windstorm<\/li>\n
- Damage caused by aircraft<\/li>\n
- Explosions<\/li>\n
- Riots or civil disturbances<\/li>\n
- Smoke damage<\/li>\n <\/ul>\n
- \n
- Damage caused by vehicles<\/li>\n
- Theft<\/li>\n
- Vandalism<\/li>\n
- Falling objects<\/li>\n
- Volcanic eruption<\/li>\n <\/ul>\n
- \n
- Damage from the weight of snow, ice, or sleet<\/li>\n
- Water damage from plumbing, heating, or air conditioning overflow<\/li>\n
- Water heater cracking, tearing, and burning<\/li>\n
- Damage from electrical current<\/li>\n
- Pipe freezing<\/li>\n <\/ul>\n<\/p>\n
Your jewelry is not covered by homeowners insurance when loss or damage is a result of something not listed above. For instance, if your ring slips off your finger and falls down the drain while you're cleaning, it won't be covered by your insurance policy because the loss isn't the result of something explicitly listed in your policy. Likewise, misplacing a piece of jewelry or damaging it somehow - even by accident - won't be covered by your homeowners insurance. As well, if jewelry is lost or damaged in a flood, you will need a separate\u00a0flood insurance policy\u00a0since your homeowners policy will not cover any damage associated with a natural flood.<\/p>\n
How Much Does Your Homeowners Policy Cover You For?<\/h2>\n
While your homeowners insurance might provide you with, for example, $200,000 of coverage, your jewelry isn't covered by the same amount. Most\u00a0home insurance policies\u00a0provide personal property coverage of 50% to 70% of the total insurance coverage. Jewelry, though, is considered high-value property that can be easily lost or stolen, so coverage for it is to a certain amount - usually between $1,000 to $2,000.<\/p>\n
If you, for example, own a $15,000 diamond engagement ring, your home insurance would only provide coverage up for the first $1,000 to $2,000 of value. In most cases that coverage doesn't offer very much protection for more than one or two pieces of jewelry, especially if some pieces of jewelry are particularly valuable or you have a large collection.<\/p>\n
How Do You Increase Coverage for Your Jewelry?<\/h2>\n
If your jewelry is worth more than what's set forth in your policy, you can purchase an additional\u00a0endorsement or floater. Also known as scheduled personal property coverage, it is a good way to raise the coverage limits of specific high-value items, such as valuable family heirlooms, that you own. Premiums for floaters are dependent on the types of items you've scheduled, how much the items are worth, and the area in which you reside. Unlike with personal property coverage provided by your homeowners insurance however, there's no associated deductible for items covered by a floater.<\/p>\n
An added benefit of a floater is the additional protection some offer you. Some floaters cover you for situations in which you lose a ring or leave it behind on vacation. Personal property coverage under your home insurance policy would not cover you in that case since it's not a listed peril. When scheduling the items you wish to raise coverage limits for, your insurer will likely require you to have the items appraised, unless they were recently purchased and you have receipts available. Having the items appraised means the floater will insure the item or collection for its full value, instead of only being insured to a coverage cap.<\/p>\n
Should You Get a Jewelry Protection Insurance Policy?<\/h2>\n
Jewelry protection insurance is a separate insurance policy meant especially for insuring jewelry. Like scheduling your jewelry with a floater, jewelry protection insurance covers your jewelry beyond the common perils. Unlike a floater, though, claims made against a jewelry protection insurance policy aren't counted as a claim against your homeowners insurance. A quick comparison between a standard homeowners insurance policy, a floater and jewelry protection insurance can be seen in the table below:<\/p>\n\n
\n \n
\n \nType of Coverage<\/th>\n Covered Events<\/th>\n Coverage Limit<\/th>\n Deductible<\/th>\n Premium<\/th>\n <\/th>\n <\/tr>\n <\/thead>\n \n Homeowners Insurance<\/td>\n Listed perils<\/td>\n Capped, usually between $1,000 and $2,000<\/td>\n Homeowners insurance deductible<\/td>\n No additional premium<\/td>\n <\/td>\n <\/tr>\n \n Floater<\/td>\n Listed perils, plus accidents, maybe other risks<\/td>\n Appraised value<\/td>\n No deductible<\/td>\n Premium based on value, items covered, and area of residence<\/td>\n <\/td>\n <\/tr>\n \n Jewelry Protection Insurance<\/td>\n All events, accidents, and unintentional damage<\/td>\n Appraised value<\/td>\n May have a deductible<\/td>\n Premium based on value, items covered, and area of residence<\/td>\n <\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n\n Jewelry protection insurance is a very viable option, particularly when you want to insure high-value or at-risk jewelry such as a multi-carat diamond ring. As an added bonus, where claims made against home insurance or an additional floater impact your premium and future insurability, jewelry protection insurance is its own separate policy and insulates your home insurance from any claims. The premiums for most jewelry insurance policies are between 1% to 2% of the total insured value, meaning $10,000 of coverage might cost only $100 a year.<\/p>\n\n\n\n"],"loss_assessment":["
What is loss assessment coverage?<\/h2>\n
Loss assessment coverage is protection condo owners can use on claims involving the building or its common areas. In most condo communities, your homeowners association (HOA) has its own insurance that covers incidents outside of your personal unit. However, these claims sometimes exceed the HOA master policy limits. If that's the case, you and your fellow condo dwellers might be asked to step in and make up the difference. Condo loss assessment coverage can help you avoid paying out of pocket when a common area claim requires your individual assistance.<\/p>\n
Potential hazards for condo owners<\/h2>\n
Sure, loss assessment coverage sounds important, but will it\u00a0really<\/em>\u00a0ever come into play? You might be surprised at the costly perils that can happen to or in a condo building \u2014 and just how quickly you might be called on for help.<\/p>\n
1. There's been major weather damage to the outside of the building<\/h2>\n
Let's say hail or wind strip away major parts of the building, leaving $550,000 in needed repairs. Problem is, your HOA master policy only carries $500,000 in property damage coverage. In which case, the HOA might assess the extra $50,000 to the condo owners \u2014 if you're in (for the sake of easy math) a 50-unit building, that's $1,000 you have to cough up. Loss assessment coverage can usually cover that cost for you, helping make sure untimely damage doesn't put unexpected strain on your personal finances.<\/p>\n
2. Someone's been injured in a common area<\/h2>\n
Chances are you don't spend too much time worrying about what happens to the visitors who come in and out of your building \u2014 many of whom you don't know and never see. But because your HOA is in charge of the common areas of the condo community, you have a partial responsibility for whatever happens to guests on the property.<\/p>\n
If someone breaks a leg on the tennis court, has a mishap in the pool area, or simply slips on the front entrance to the lobby, their injury bills could exceed the HOA liability coverage. Luckily, loss assessment coverage can cover your end of things (up to your limits) and help you avoid being left on the hook for an injured guest's medical fees.<\/p>\n
3. Shared property inside the building has been damaged<\/h2>\n
At times, living in a condo probably feels similar to living in an apartment. One big difference, though, is that in an apartment building, the shared and structural items of the building (usually) belong to a landlord or management company. In a condo, on the other hand, you and your fellow residents jointly own the property yourselves.<\/p>\n
So if a fire, explosion, or other covered loss damages the elevators, lobby, carpeting, inner walls, etc., you might be asked to shoulder part of the load in repairing them if the cost goes beyond the HOA master policy limits. Loss assessment coverage helps you keep the building running and make the fixes you and your neighbors can't do without.<\/p>\n
How much loss assessment coverage do i need?<\/h2>\n
When deciding how much condo loss assessment coverage to get, you should first take a close look at your HOA master policy. This will shed light on what the HOA is responsible for versus what you're responsible for, how high their coverage limits go, and whether they have special deductibles for certain hazards.<\/p>\n
As a general guideline, it's best to get as much loss assessment protection as you can comfortably afford for the greatest peace of mind against unpredictable mishaps. <\/p>\n\n"],"inland_marine_limit":["
Inland Marine Coverage<\/h2>\n
Don\u2019t let the term \u201cinland marine\u201d confuse you. As opposed to \u201cmarine insurance,\u201d which covers products when transported over water, inland marine insurance covers products, materials and equipment when transported over land\u2014e.g., via truck or train\u2014or while temporarily warehoused by a third party. Collisions and cargo theft are the two most frequent causes of inland marine losses.<\/p>\n
Does your business need inland marine insurance?<\/h2>\n
For many businesses, the property insurance provided by your Business Owners Policy (BOP) or Commercial Package Policy (CPP) may be sufficient. In general, these types of insurance cover property housed at a specific location, but tools and equipment that travel with employees to nearby job sites may also be covered.<\/p>\n
However, if your business frequently ships products or equipment, you may want to consider purchasing inland marine insurance. This type of coverage is especially important if you ship high-value products or materials, which are often excluded from basic property coverage. Inland marine insurance can cover a wide range of specialty equipment and products, including:<\/p>\n
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- Earthquakes.<\/strong> Earthquake coverage is available from most insurance companies as a separate policy or an endorsement to your homeowners or renters policy.<\/li>\n
- Floods.<\/strong> Flood damage is excluded under standard homeowners and renters insurance policies. Separate flood insurance coverage, however, is available for both homeowners and renters as a separate policy both from theNational Flood Insurance Program(NFIP) and from a few private insurers<\/li>\n
- Collision coverage.<\/strong>\u00a0This type of auto insurance also pays for damage to your own vehicle. So if UMPD is optional in your state, you probably don\u2019t need both.<\/li>\r\n<\/ul>\r\n
- Uninsured and underinsured motorist (UM\/UIM) bodily injury coverage (UMBI).<\/strong>\u00a0This pays for your injuries \u2014 not car damage \u2014 when someone with little or no insurance crashes into you.<\/li>\r\n<\/ul>\r\n
- If your liability only vehicle was damaged by an uninsured motorist, would you expect your insurance to pay for repairs?<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
- Classic\/Collectible Car Insurance:<\/strong>\u00a0If the insurer doesn\u2019t offer this type of endorsement or the coverage limits are inadequate to protect your investment, you can seek coverage from a carrier that specializes in insuring collectible\/classic automobiles (which includes modified cars)\u2014including Hagerty.<\/li>\n <\/ul>\n <\/div>\n<\/div>\n
- Supplemental Coverage:<\/strong>\u00a0Many insurers offer endorsements that provide supplemental coverage for modifications and aftermarket components. For example, some policies offers optional customized parts and equipment coverage that will pay up to $4,000 if those parts\/equipment are damaged or need to be replaced. Depending on the insurer, the premium for this extra coverage can equate to approximately 10% of the value of the modifications.<\/li>\n
- Comprehensive Coverage:<\/strong>\u00a0Covers damage done to your vehicle in all instances other than a crash in which you are at fault. This includes things like falling tree limbs,\u00a0hail\u00a0or any other types of damage that your car may incur.<\/li>\r\n <\/ul>\r\n <\/div>\r\n<\/div>\r\n
- Collision Coverage:<\/strong>\u00a0Covers damage done to your vehicle when you are in a crash with another vehicle or any stationary object. This covers the cost of repairs and or any replacements necessary for your own care.\u00a0Collision coverage\u00a0does not cover the damage you caused to other people's property<\/li>\r\n
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- Uninsured\/Underinsured Motorist Bodily Injury (UIM BI)<\/strong>\r\n