Insurance Policy Definition

Jul 23, 2019 (0) comment

Insurance Policy Definition

Insurance can offer peace of mind if you know you’re protected against the unexpected. You can find an insurance policy to cover almost anything imaginable but some are more deserving than others of a place in your financial plan. As you map your financial future, insurance should be firmly on your radar.

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Find the Coverage you Really Need

Most U.S. states — besides New Hampshire and Virginia — require you to get car insurance as well as a certain amount of liability coverage you need.

When it comes to the amount of liability that’s required, you’ll typically need to find coverage in three areas:

  1. Bodily injury (per person). This is the amount that is covered for each person who gets hurt during an accident.
  2. Bodily injury (total). The most an insurance company will cover for bodily injury per accident.
  3. Property damage (total). This does not include your own property. This amount only covers the damage sustained to the property of others.

Though every state requires you to get a certain amount of liability coverage, the full amount of the coverage varies.

The Basics for Your Home

Before you sign any policies, it’s important that you know the home insurance basics so that you make an informed decision with full context. Don’t be alarmed if you paid $200,000 for your home and it’s only insured for $100,000. Remember that your lot has value even without a house on it, and that property won’t burn down even if the house does. So the “dwelling” coverage is always going to be less than what you paid for the house.

Home Insurance Dwelling

Property/Dwelling/Contents–There are three figures that will surround any policy: the cost of the property (what you paid for your home), the dwelling insurance rate (cost to replace your home in full), and your contents rate (cost to replace all of your possessions).

“Contents” is basically anything that would fall out of your home if you turned it upside down and shook it. If you own a lot of expensive things, it’s best to:

  1. get higher contents insurance and
  2. video tape your belongings to prove to adjusters what you own in case you ever need a claim for your home insurance.

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For more information, call us at 1-888-851-5572. If you would like to receive a fast and free quote, visit us on our webpage!

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