INSURANCE FOR INDIVIDUALS AND FAMILIES
Home insurance is a financial tool used to transfer the financial risk of a loss to your home to an insurance carrier. This policy is separated into two pieces: 1) property and 2) liability. The property section covers your structure for damages (technically perils) which are listed in the policy. Better policies are written on an ‘open perils’ form, which basically means your property is covered for everything except the exclusions and conditions within the policy. Furthermore, the forms can get broken down into various categories depending on the use of the property. The second section of a home insurance policy is the liability section. The liability section will pay a claim on behalf of you in the event you damage someone else’s property, or cause an unintended bodily injury. There are a variety of ways we can structure these coverages depending on your circumstances.
An auto insurance policy is a financial tool that will transfer your vehicular risk to an insurance policy. For simplicity, we will separate the auto policy into three sections: 1) liability, 2) personal injury protection, and 3) property coverage. The liability section will provide coverage on behalf of you for unintended injuries or property damage that you cause. This is typically why it is so important to determine the fault of an accident. Personal injury protection is coverage that will cover you for medical expenses regardless of who is at fault. Some states require certain limits of coverage, and it is known as no-fault coverage. There are other places you can get additional coverage for you and your family as well, in case the state limits are not adequate. Lastly, property coverage will cover your vehicles in the event a tree falls on it, it is stolen, or you are at fault for an accident that damages your car. Again, everyone’s circumstances are different, and that is why everything is customizable.
Umbrella, Flood, and Inland Marine
Umbrella insurance is misunderstood because of the name ‘umbrella.’ It does act as an umbrella, but only for the liability sections of your policies. This is an important piece of your insurance plan if your assets exceed the standard limits offered by most insurance carriers.
Another type of policy that is often overlooked is flood insurance. Flood damage is not covered under a standard home insurance policy (water damage is covered though). Flood insurance is used to fill this gap, and is very important because although you might not think you are in a flood zone you probably are, but it is what is called a ‘Preferred Flood Zone.’ This means the chance of flooding is less likely to occur.
The last policy option that is sometimes covered within a standard home insurance policy is a personal article floater, or inland marine policy. These policies allow you to schedule your personal belongings if they are of a sufficient value, or if they are otherwise excluded (or limited) in coverage. Examples of property that would be covered are jewelry, guns, fine art, and antiques.
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American insurance Advisers
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