Homeowners Insurance
Definition: Homeowners insurance is a package policy that protects your home and belongings from a variety of risks, such as fire, theft, vandalism, and certain natural disasters. It also provides liability coverage if someone is injured on your property.
Key Components:
- Dwelling Coverage: Covers the physical structure of your home, including the walls, roof, and attached structures like garages.
- Personal Property Coverage: Covers your belongings inside the home, such as furniture, appliances, and electronics.
- Liability Coverage: Protects you if someone is injured on your property or if you or a family member damages someone else’s property.
- Additional Living Expenses: Covers the cost of temporary housing if your home is uninhabitable due to a covered loss.
Auto Insurance
- Definition: Auto insurance is mandatory in most places and protects you financially in case of an accident or other vehicle-related incident.
- Key Components:
- Liability Coverage: Covers bodily injury and property damage you cause to others in an accident.
- Collision Coverage: Covers damage to your own vehicle in an accident.
- Comprehensive Coverage: Covers damage to your vehicle from events other than collisions, such as theft, vandalism, or natural disasters.
- Medical Payments or Personal Injury Protection (PIP): Covers medical expenses for you and your passengers, regardless of who is at fault.
- Uninsured/Underinsured Motorist Coverage: Protects you if you’re in an accident with someone who doesn’t have insurance or doesn’t have enough insurance to cover your damages.
Renters Insurance
- Definition: Renters insurance protects your personal belongings and provides liability coverage within a rented property.
- Key Components:
- Personal Property Coverage: Covers your belongings, such as furniture, electronics, and clothing, from events like fire, theft, and vandalism.
- Liability Coverage: Protects you if someone is injured in your rented unit or if you damage someone else’s property.
- Additional Living Expenses: Covers the cost of temporary housing if your rented unit is uninhabitable due to a covered loss.
Renters Insurance
- Definition: Business insurance is a broad category of insurance that protects businesses from various risks, such as property damage, liability claims, and business interruption.
- Key Components:
- General Liability Insurance: Covers bodily injury, property damage, and personal and advertising injury caused by your business operations.
- Commercial Property Insurance: Covers your business property, including buildings, equipment, and inventory.
- Professional Liability Insurance: Protects professionals, such as doctors, lawyers, and consultants, from claims of negligence or errors in their services.
- Workers’ Compensation Insurance: Provides benefits to employees who are injured on the job.
- Product Liability Insurance: Covers claims arising from injuries or damages caused by products your business manufactures or sells.
- Business Interruption Insurance: Covers lost income and expenses if your business is forced to temporarily close due to a covered event.