Understanding Your Insurance Policy
What do german shepherds and pit bulls have in common?
Both dog breeds, along with 18 others, are a big no-no with insurance companies. Whether you’re looking to get a homeowner’s or renters’ insurance, you won’t find mainstream coverage if you own one of the blacklisted breeds.
The insurance world is full of all sorts of quirks, and confusing legal jargon. However, by taking the time to fully understand your insurance policy, you can make sure you have the coverages you need. To help you out we’ve created a short guide highlighting 4 different types of insurance policies.
So take a look! After all, the more you know about insurance the easier it’ll be for you to protect yourself and your assets.
Understanding Your Car Insurance Policy
Your car insurance policy protects your money, your body, and your car. For example, Travelers auto insurance offers flexibility in choosing the type of coverage you want. If you hurt someone else in a car accident, the liability portion will help cover their medical expenses, thus protecting your savings.
Next, your auto insurance also protects your body using PIP, uninsured motorist, and medical payments. Finally, comprehensive and collision coverages will cover the expense of repairing your car if it’s damaged.
How Commercial Insurance Policies Work
Depending on the industry you’re in, you could have several different commercial insurance policies. Here’s a shortlist of the different types of business insurance:
- Property insurance
- Contractor liability insurance
- Workers compensation
You shouldn’t perform work on other people’s property without contractor liability insurance. For instance, if you’re a painter, you’d need to look into finding painter’s insurance before you could bid on a job.
What Your Home Insurance Policy Is Saying
Your home insurance policy covers your home, other structures, personal property, and liability. The coverages for your home will are under the dwelling, and the coverage amounts won’t exceed the cost of rebuilding your home.
If you have a shed or gazebo, those would fall under the “other structures” category. Moving on, your property coverage will take care of your appliances, electronics, clothing, and so on.
If you have special items, like a jewelry collection, you’ll need to look into getting a scheduled personal property coverage. Finally, the liability portion of your homeowner’s policy will help protect you financially if someone’s hurt on your property.
Best Life Insurance Policy
If you own a home, you should look into getting a life insurance policy to help cover your mortgage payments should you pass away. You’ll need a term policy instead of a whole life insurance policy if you want it to pay off your mortgage. The best life insurance policy is one that will help your family maintain their current lifestyle if you passed away.
Get the Coverage You Need
Congratulations! By learning how your insurance policy works, you can make sure you have the coverages you need. Take some time today to review all of your insurance policies to double-check that you have the right coverage limits. If the worst should happen, you’ll be so glad you took the time to cover all of your bases.
