Personal Insurance typically pertains to personal auto and home risks. There are many different types of protection offered within personal lines. Examples include:
- Home insurance: This is a policy designed to assist with expenses related to certain hazards, such as fire, hurricane and theft, which can devastate or damage a home or its contents. Home insurance also covers the liabilities homeowners have so that when someone is hurt on their property, they can rely on their policy for medical costs, legal costs and damages.
- Auto insurance: Required by law in most states, auto insurance provides protection to both vehicle owners and individuals who are injured or experience property damage at the hands of drivers. Auto insurance policies can be structured to cover the damages of the insured’s vehicle through comprehensive and collision coverage as well as uninsured/underinsured motorist coverage. A policy must also meet the minimums of each state’s laws by providing bodily injury and property damage liability coverage that protects those who might be unintentionally injured or damaged by the insured.
- Renters insurance: When renting an apartment, an individual may not need to provide insurance to protect the structure itself, but they do need coverage for their personal contents since the landlord does not cover those. Additionally, they should secure liability insurance to cover medical costs and damages in the event a visitor is injured while in their apartment.
- Umbrella policies: When the liability limits of other personal policies aren’t enough, individuals can purchase an umbrella policy to provide $1 million or more in additional liability coverage. Just one umbrella policy effectively increases the liability limits of each of the insured’s other policies.
- Flood insurance: Regardless of where you live, it’s important to purchase flood insurance separately as your homeowner’s insurance does not cover it. With flood insurance, you can recover faster and more fully after an emergency. Flood Insurance policies usually take 30 days to kick in, so now is the best time to consider purchasing it, especially if spring flooding occurs in your area. Having a flood insurance policy is important to have, especially if it causes significant damage to your home, business, and your most valuable assets. In the case of a flood warning, you should pay attention to the weather and move all your valuables to higher grounds and evacuate your home if necessary.