There are several types of auto & home insurance and knowing the difference between them can help you make a more educated decision. Each type covers a different set of situations, and the ways in which they compensate for risks vary. So before you buy an insurance policy that falls into any of these categories, there are several things you need to know. Here are four of the main types:
Most auto & home insurance policies include liability coverage. This coverage will pay for damages to other people or property you cause in an accident, regardless of who caused the accident. Liability coverage varies in degree of coverage and is measured on a per-occurrence basis. Generally, the more coverage you have, the higher your premiums will be.
Collision & comprehensive coverage can also be included with auto & home insurance. This coverage will pay for damage to your vehicle in the event you cause an accident, regardless of who was at fault. Collision coverage varies greatly in the amount paid and is typically worth a few hundred dollars per occurrence. Comprehensive coverage, on the other hand, will pay for damage to any kind of structure, as well as personal property. Generally, it is worth one thousand dollars per occurrence. Be sure to view link for more info!
Property & casualty coverage is also available with auto & home insurance and is designed to pay for damage not caused by a vehicle or a construction site. Property & casualty coverage differs greatly in cost and is usually worth one or two thousand dollars per occurrence. Most policies also provide coverage for legal representation if you are injured in an accident, and some also provide for lost income if you are disabled. These benefits vary widely from insurer to insurer, so always do your research.Check out this website at http://money.cnn.com/pf/insurance/for more info about insurance
In addition to coverage for liability, most auto & home insurance policies also include collision coverage. Collision covers the repair costs associated with your car in case it is damaged due to an accident, vandalism, fire or theft. With auto & home insurance, collision covers damages to the vehicle itself, the components (tire, frame, engine, etc), any medical expenses resulting from injuries to you or your family, and the cost of all necessary to repair your car. If you own a boat, then you will likely want to include boat & trailer insurance. This coverage will pay for damages to your car or boat, as well as any medical expenses resulting from injury or damage.
Finally, to protect yourself against theft, most auto & home insurance policies include theft coverage. This coverage will pay the cost of replacing the stolen item, along with its value, up to the maximum limit of the policy. Again, be sure to do your research before committing to a policy. Often, you can save money by opting out of theft coverage on your auto & home insurance policy. However, if your valuables are extremely valuable, you may want to consider including theft coverage in your auto & home insurance at https://learnandserve.org/.
