What is personal insurance? This refers to coverage aimed to protect the important investments in your daily life, such as your home, car, or belongings. Without coverage a disaster or unfortunate accident could lead to serious financial difficulty. However, with the right policies you can be secure and protected in the event something unfortunate occurs.
Common Types of Personal Insurance
Home: With a home insurance policy you can receive coverage for the structure of your home as well as the belongings inside. The policy may also provide liability protection in case someone is injured in your home or living expenses should you home become destroyed or too damaged to live in. The level of coverage will depend on a number of different factors. You will need to talk to your insurance agent.
Auto: While the state only requires the minimum liability coverage, we suggest a more substantial auto policy. With the right coverage, your costs can be covered if your car is damage or totaled in an accident, whether a car accident or an act of god (tornado, flood, hail). In addition, you could receive reimbursement for towing or if you need a rental vehicle.
Renters: If you rent a home or apartment then the landlord’s policy only protects the structure itself. If your belongings are lost or damaged you have no hope of reimbursement unless you carry a renters policy.
Umbrella: What if you are involved in an accident that you are at fault in and exceed your liability coverage? Unless you have an umbrella policy you may required to cover the costs yourself. However, umbrella insurance can provide additional liability protection.
Floater: If you have certain items within your home that are very valuable then you may want a policy to protect these items should they become lost, damaged, or stolen. A floater policy can be used to cover a collection of highly valuable items, such as jewelry, coin collections, or even rare vinyl records.
Flood: If you have home insurance then you need flood coverage, as this is never included on your homeowners policy.