Auto insurance has many coverage options and may be complex. Many people don’t understand how they are covered or what they will do if they find themselves in an insurance claim situation. Let our Member’s Assurance professional agents teach you the basic types of car insurance and learn how to obtain the coverage you need for your unique situation.
Collision Coverage – This is the basic insurance type that covers your vehicle if you collide into something. This covers collisions with other cars as well as if you were to run into a fixed object such as a wall, barrier, bridge, house, etc.
Comprehensive Coverage – This coverage is for damage to your vehicle that is not directly related to a collision loss. This would include theft, fire, hail, rocks hitting the windshield, and miscellaneous incidents such a hitting an animal while driving. Comprehensive coverage is often used to cover glass claims as well.
Liability Coverage – This type of coverage is for damages when you are at fault in an accident and you damage someone else’s car or property. Liability also covers bodily injury to another person in an at-fault accident as well as the associated legal expenses. This is most the important coverage to have to protect your financial well-being, as the damage that can be caused in an auto accident is often severe. Liability coverage is also mandated by law, so it is important that you make certain you have an adequate amount to satisfy the law as well as an adequate amount to best protect your assets.
Medical Payments – This is also called PIP in some states. Medical payments coverage is for any injuries incurred in an accident or while in the proximity of your vehicle, regardless of fault. Medical payment insurance varies from state to state, so make certain you understand how it works in your state.
Now that you understand a bit more about the different types of auto coverage available, you are probably ready to find the right coverage for you. Let our Member’s Assurance team help you to compare insurance quotes. By doing so, you can rest assured you are getting the coverage you need at a price that works for you.
Home insurance covers your property, structures and contents, as well as personal liability. Several different varieties of “Home” insurance are all typically included within the category of home insurance. This can include homeowner’s insurance, renter’s insurance, and condo insurance. Whether you own the property that you live in or are renting a property, you should consider maintaining insurance coverage to guard against disasters and losses. Let our Members Assurance team help you with your unique needs.
Homeowners, Condo, and Renters Policy Types: The Differences
A homeowner’s policy is for people who own their own home. This may be either a house or a condominium unit. Essentially, if you are making payments on the home with ownership as the end goal you will typically need some type of homeowner’s insurance.
Homeowner’s insurance will cover the outside of the home and contents inside of your home. This will cover a majority of natural disasters (certain disasters like flood and earthquakes may be excluded but you may add extra coverage when desired) and will allow you to replace or rebuild damaged property. If your home is broken into and items are stolen, your insurance will help replace stolen items and pay for any related damage. There are many other things that can happen to your home such as plumbing breaks, fire, hail damage, etc. The home policies will contain certain limitations and it is important that you have an agent review with you to ensure the understanding of the policy as well as having the right coverage for your situation.
Condominium coverage can be very complex as the condo home policies are typically subject to the condo association’s bylaws and the unit owners’ responsibilities within them. It is highly recommended that condo owners work with an agent specifically trained in setting up condominium coverage. Our Member’s Assurance team will be happy to assist you if you wish to learn more.
With a renter’s policy, the coverage includes the inner contents of the home, apartment, or room that you are renting. Renter’s insurance also provides a basic amount of liability coverage, coverage for the break-ins, fires, and other circumstances that are beyond your control. Even though your landlord may have a homeowner’s policy on the building you are living, it does not cover your own personal items or liability as a renter, which is why renters insurance is essential.
Whether you own home, condo, or rent, this insurance coverage can be essential to protect your property and liability. Also, these policies can have other options for miscellaneous coverage such as identity theft and recovery as well as equipment breakdown for very reasonable premiums.
You may be surprised to see the wide range of prices you’ll find in comparing home insurance quotes. You can sometimes save hundreds of dollars by simply by choosing one company over another. However, the premium quotes are very heavily weighted based on coverage amounts selected. It is important that you obtain coverage advice from a licensed agent and get quotes from reliable carriers. Your Member’s Assurance independent agent is a good resource for this since they can accumulate multiple quotes from top carriers and compare coverage and premiums for you.
Recreational Vehicle (RV) Insurance
This is a vital type of insurance coverage. If you own a recreational vehicle, you are likely to be out on the road, traveling through different areas — often different states. Your recreational vehicle needs to be insured for liability and collision just as much as your regular auto. Because your monetary investment in the RV is substantial, you don’t want to risk that investment if disaster strikes. RV coverage can be arranged through Member’s Assurance, and is often merged with your current auto policy. This may result in a substantial multi-policy discount as well.
Whether your boat spends half of its life in the garage or it is out on the water full time, boat insurance is essential. Boat insurance coordinates with your primary insurance policies to not only protect your investment from damage, but also protect you from liability losses.
Your boat is exposed to many of the same hazards as your home or auto including damage due to collisions, theft, or vandalism. Boat insurance also provides specific boaters liability in case of an at fault accident. Many homeowner policies will not cover a loss on your boat, even if it on your property at the time of loss. It is important to understand how boat insurance coverage works and make sure you are properly covered.
Ask your Member’s Assurance independent agent how to make certain you have the proper coverage you need to ensure that you and your boat are protected.