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First-Time Homebuyers and Home Insurance Policies
Not All Policies Are the Same
Before you begin the search for a home insurance policy, remember they are not all the same. Many of them are different, and many of them haven’t even the same options as others. It is imperative you figure out what your policy must have, what it covers, and how much of certain coverage you need. This is the only way to adequately protect yourself when you purchase a home insurance policy.
Home Insurance Doesn’t Cover Everything
It seems like a home insurance policy would cover anything and everything that might go wrong for homeowners, but it doesn’t. Did you know most policies don’t come complete with water damage or flood damage coverage? You must read the fine print carefully and make addendums where necessary to ensure you have the proper home insurance coverage before you sign a policy agreement.
Proper Maintenance is Required
When you find a home insurance policy, it’s imperative you are sure the maintenance on your home is fully covered. Say you forgot to handle issues such as a leak in your roof. You don’t feel the need to have it fixed right away, and then your roof caves in during an unexpected rainstorm. If the insurance adjuster realises basic maintenance was ignored, your insurance policy might not cover the damage that occurred. You must keep your house well-maintained.
Your Insurance Company Might Drop You
In reference to the above-mentioned fact about keeping up with the maintenance on your home, you must understand your insurance company can drop you from coverage with nothing more than a 30-day notice if they feel you’ve allowed your property to fall into disrepair. They know your lack of ability to keep up with it or properly maintain your home makes it more susceptible to damage, and it’s going to cause you some serious issues if they find out. This is why it’s so important to keep up with the maintenance your home requires.
Homeowner’s insurance policies are important, and they’re so much more than just an added expense when you purchase a new home. Be sure you’re paying for the right policy, the right coverage, and that you’re protecting your family to the best of your ability. It’s easier to protect them now than it is to protect them following a disaster you weren’t expecting.
Car Insurance Basics You Should Know
When it comes to car insurance, most drivers know they need it. In fact, you probably have a policy because you know that you are required to do so. However, do you really know what your policy entails? Most don’t pay too much attention to their policy limitations until an accident occurs and they end up suffering major financial loss.
We are going to assist you in eliminating this problem by helping you to better understand how your car insurance works, coverage levels, and terminology. By the end of this short article, you should have a much better understanding of your car insurance policy and be able to make an informed decision on picking the right one for your needs.
Bodily Injury Liability – This type of coverage will cover the cost of injuries or funerals for other drivers that you are at fault for injuring or killing.
Property Damage Liability – This coverage provides funding to property owners for any damage you cause to their property while driving.
Medical Payments / Personal Injury Protection (PIP) – This type of insurance covers medical expenses and lost wages for you and your passengers in the event that injuries occur.
Uninsured / Underinsured Motorist Coverage – This type of insurance covers your vehicle in the event that the driver at fault for the accident did not have insurance. Those other drivers who do not have adequate coverage to pay for the cost of the damages to your vehicle fall into this category.
These are the base minimum coverages that all drivers should have on their car insurance policy. Each car insurance company will be able to educate you on the type of coverage that is mandatory in your state of residence.
There are other optional coverages in which you can add to your car insurance policy. These are intended to help lessen your financial burden in the event that an accident or other incident occurs.
Collision – This coverage reimburses you for damage to your car that is a result of your fault.
Comprehensive – This type of car insurance coverage will protect you from fire, flood, vandalism, hail, and other non-accident related damages to your car.
Glass Coverage – This type of coverage will reimburse you for costs associated with a damaged windshield on your vehicle.