Here's a quick overview of what's covered and what needs to be covered by additional insurance.
If you are going through a divorce, alert your insurance company to the change and provide the necessary paperwork to show that you are the owner and insured party on your auto policy when the divorce is final. At the same time, remove your ex-spouse from the policy, if appropriate. Should he/she get into an accident, you could potentially be liable if you still share the policy. If a claim occurs, your ex-spouse may be listed on any check if they are still listed as an insured. Also, if you move, be sure to change the address listed on the policy.
Carefully review your auto insurance needs with one of our insurance agents to ensure that you are obtaining the coverage you need in the most cost-effective way.
How Much Coverage Do You Need?
Enough to cover:
Extra Contents Coverage
Remember that most of the coverages are a flat percentage of the amount of insurance on the home itself. For example: contents coverage is 50% of the insurance on the home itself. If you insure your home for $100,000, the contents coverage will be $50,000. For a minimal extra charge, you can increase the coverage on your contents without increasing the amount of insurance on the home itself.
Most companies offer "Guaranteed Replacement Cost Coverage" for an additional premium. Ask your agent if this is available and to explain the advantages of having this broader coverage. The most important coverage that is usually offered is full replacement cost coverage on your roof with no deduction for depreciation.
Personal Property Extensions of coverage
Another good example concerns special limits on certain types of personal property. For instance, most policies limit their coverage for the theft of furs or jewelry to $500.The limit for firearms or computers is probably $1000. Numerous other items are also typically limited to $500 or $1000 since the homeowners program is designed to fit the coverage needs of the average insured. It is the consumer's responsibility to review the limitations placed on certain types of property. If needed, increase the coverage of one area or another by adding a "Scheduled Personal Property Endorsement" to the basic policy.
You can also purchase additional liability coverage and medical payments coverage for a nominal premium.
The most important exclusion is flood, as many people have learned to their great misfortune. If you need flood coverage, any property/casualty insurance agent can help you get it. If you live in a flood-prone community, don't risk going without flood insurance. See your broker about flood coverage.
No standard insurance policy, including the homeowners policy, covers catastrophic damage that can be caused by an earthquake. For an additional premium, companies offer an earthquake endorsement with your homeowners policy that will protect you in case your home suffers earthquake damage. In some areas, this coverage is typically inexpensive and should be considered. For instance, the New Madrid fault runs through the Midwest United States, an area not perceived as having earthquakes occurring frequently.
If you purchase a portable kerosene heater, you'll have to allow time for buying fuel, fueling the heater and taking care of maintenance.
You'll need to check the wick every week or two during the heating season. If it's dirty, clean it according to the manufacturer's instructions.
It's also essential to wipe up any kerosene spill-age at once - it's a fire hazard - and to remove dust and dirt regularly.
Kerosene heaters require 1-K grade kerosene. When colored or cloudy kerosene is burned, it will give off an odor, smoke and cause increased indoor pollution levels because the fuel's higher sulphur content sharply boosts sulphur dioxide emissions.
And kerosene other than 1-K grade can gum up the wick. Never use a substitute such as gasoline or camp stove fuel. In a kerosene heater, such fuels could start a fire or explode.
To avoid the risk of fire even in normal operation you should place kerosene heaters several feet away from all furniture, curtains, papers, clothes, bedding and other combustible materials.
Remember that kerosene heaters have a constant open flame and should not be used in a room where there are flammable solvents, aerosol sprays, lacquers, gasoline, kerosene containers or any type of oil.
Parents of babies, toddlers and young children, as well as pet owners, should be aware that touching any part of an operating kerosene heater above the open flame could result in a serious burn.
This is why safety cages - designed to keep small children and pets at a distance - have become popular.
Never attempt to move a lighted kerosene heater. Even a carrying handle could cause a burn. Extinguish the flame and allow the heater to cool before moving it.
And never refuel a kerosene heater in living quarters or when the heater is still hot. Wait for it to cool.
Fire officials strongly urge that kerosene heaters be turned off before you go to sleep. It's better to use your central heating system while the family is sleeping.
Remember that you can lessen the fire, serious burn, pollution and asphyxiation dangers from kerosene heaters by:
The weight of snow could damage your roof. Backed-up gutters might allow water to seep into your house. Vigilance is key during severe weather—stay ahead of the potential hazards outside your home.
In the event of a problem
Sometimes the unfortunate happens—but quick action can minimize the damage. And if you have a standard homeowners insurance policy, it’s likely you're covered for most deep freeze disasters.
If you've prepped your house for the winter weather, you're ahead of the game. When the temperature actually drops, here are a few more steps to take.
Insurers commonly provide coverage for mobile/manufactured homes by modifying a conventional homeowner policy with provisions called endorsements. The endorsements change key definitions and other elements of a conventional policy to fit a mobile or manufactured home situation. The result is a modified homeowner package that protects the home, outbuildings (unattached garages, sheds, etc.) and personal property. They also provide insurance for personal liability. Regardless of the type of home you own or live in, it is important that you learn about the coverage options that are available. You may find that different policies vary considerably in coverage and price.
Coverage for mobile/manufactured homes is generally offered using two approaches. Some policies include a laundry list of items (or perils) that may cause a loss. Other policies protect your home against everything EXCEPT for a host of specified perils. Either approach includes liability coverage that protects you for injuries or losses to others which you accidentally cause.
Property Insurance Needs
Any coverage option you choose is likely to reflect the fact that mobile homes are, well, mobile. Therefore coverage is affected by the fact that mobile homes:
The policy is likely to include a provision that requires you to get permission to move your home. Once granted, you're likely to get thirty days of special transportation protection for collision; sinking, upset or stranding (a special, higher deductible may apply during the move). Another common coverage feature is coverage for your attempt to move the home in order to prevent damage from an insured cause of loss. For example, you move your mobile home fifty feet to get away from a neighboring trailer that is on fire. IMPORTANT: coverage for moving endangered property usually has a modest limit (several hundred dollars is typical) because of owners who may be too heroic or clumsy for anyone's good.
Liability Insurance Needs
The liability protection connected with mobile or manufactured homes is, for all practical purposes, identical to the liability provided to conventional home owners. Why? The likelihood of guests to be hurt at your home, or your probability of being sued, tends to be the same. The important thing to remember is that your agent is a tremendous source for getting the information you need to be sure that your home and property are adequately protected at a reasonable price.
Currently, car loans may last as long as four to six years and leases are becoming more expensive. Whether your vehicle is a coupe, sedan, van, sports utility vehicle, hybrid, or truck, your vehicle’s value will depreciate very quickly. A rapid loss of actual value accompanied by a longer loan obligation spells trouble.
It isn’t unusual for the amount of the unpaid loan and lease balance to become much larger than the vehicle's value. This disparity exists over much of the loan or lease period. Making matters worse is that this gap is usually only discovered after a total loss. After the insurer pays its obligation, you may have to pay the bank or leasing company thousands of dollars out of your own pocket. The situation is an unfortunate side effect of the need to extend financing to accommodate extremely expensive vehicles. However, there are a couple of solutions to the dilemma.
The Auto Loan/Lease Coverage Endorsement
This optional coverage is available from a variety of insurance companies. The form provides coverage for the following:
Generally this optional coverage excludes items such as overdue lease payments, penalties (for excessive use, abnormal wear and tear, or high mileage), security deposits, costs of warranties or various types of credit insurance, or carryover balances from a previous lease.
Auto Replacement Cost Coverage
For an additional premium, a new car owner may buy coverage to settle major losses based on the vehicle's replacement cost rather than its depreciated value. There are some limitations, such as:
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Garage operations are businesses that have hybrid coverage need. With such businesses, the lines between the general liability for the operations and the automobile liability exposures blur and overlap. A general liability policy does not provide enough coverage and a commercial auto policy provides too much. Fortunately there is a way to properly handle this need. The Auto Dealers Coverage Form contains premises liability, products liability, automobile liability and automobile physical damage coverage. Operations that should be protected by this policy include the following:
An Auto Dealers policy may also be written to customize how coverage applies to different types of vehicles. For instance, Joe's Towing Service has a fleet of four tow trucks, as well as a sedan used by the owner. The towing service also does repairs and regularly has customer vehicles on their premises. Rather than having both liability and physical damage on all cars the services either owns or handles, Joe selects the following: