When it comes to auto insurance, there are a few different types of coverage available and not all are mandatory. In this article you can learn a bit more about each of the coverage types to get a better idea of which ones best suit your needs.Liability Insurance
You may already know that auto insurance is mandatory for all licensed drivers. However, only liability insurance is the portion of coverage that is required by law. This is the most basic form of insurance which protects the driver from any potential damage or harm incurred while operating a vehicle. For example if a pedestrian is injured, or if property is damaged, the liability coverage would protect the driver from financial loss. In addition, liability insurance protects you from medical costs as well if you’re ever injured in an accident. This form of protection is referred to as Accident Benefits.Collision Coverage
It’s understandable why liability insurance is mandatory, however an additional type of coverage exists that isn’t compulsory for drivers yet can be very beneficial – collision coverage. This coverage type provides compensation for damage to the vehicle, minus the deductible, whether it is in motion or involved in a hit and run by a third party while parked. This means that a driver does not have to pay the full amount of the repairs to their vehicle out of their own pocket. While collision coverage can be expensive depending on the type of vehicle as well as driving history, it can also offer peace of mind knowing that any collision damage to your vehicle will be repaired.Comprehensive Coverage
Comprehensive coverage takes collision coverage one step further by providing protection from incidents that occur when the vehicle is not in use, such as vandalism, theft, or natural disasters. Although it is yet another type of coverage to pay for, your vehicle, similar to your home, is a valuable investment that is worth protecting. Comprehensive coverage is typically an affordable add-on so you won’t have to break the bank for the added peace of mind.
Regardless of whether you are shopping around for the bare minimum, or if you are looking to get the best coverage possible, it is important to get competitive rates from as many providers as possible. Let us take care of finding the lowest rates for you so you don’t have to.
Unlike auto insurance, home insurance is not mandatory. However if you will need a mortgage to make your purchase, as is the case for most aspiring homeowners, then the lender will require you to have an insurance policy in your name. Despite this, it is highly recommended to consider home insurance even if you do have enough capital to purchase a property in its entirety. Home insurance can get complex and below is a summary to help you understand how your most important asset is protected.Dwelling & Detached Structures
Home insurance provides protection against damage or loss to the building and any detached structures. Most, if not all, standard home insurance policies will protect your home and all other structures within the property from insured perils such as:
Protects the actual contents of your home as opposed to the building itself. This includes furniture, appliances and electronics, jewelry and more. Depending on your policy and your provider, there may be different limits set for each category. Also, more expensive items such as jewelry or artworks should be added as floaters along with an appraisal to guarantee the value of the items.Personal Liability
Personal liability is an important coverage type that protects homeowners from legal repercussions and medical costs in the event that someone is injured while on the property.Uninsured Activities
There are certain activities or exclusions which insurance providers will not cover. These are typically due to situations that put you at much greater risk of an incident. Below are a few examples:
These extra coverage types are not often including in your standard policy and can be added as endorsements. The most common ones include: