Here, we’ve gathered clear and easy-to-understand information to help you get to grips with the ins and outs of insurance, whether for your personal belongings or your business assets. Below is your go to Personal and Business Insurance Resource.
In the Personal Insurance section, discover the basics of auto and home insurance. We’ve broken down terms like Actual Cash Value and Replacement Cost to make them easy to grasp, helping you understand what’s behind the insurance language.
Over in the Business Insurance section, you’ll find straightforward explanations of commercial property insurance terms, including Lessors Risk Coverage and Business Interruption Insurance. It’s all about shedding light on the protections available to keep your business ventures secure.
We’ve made every effort to keep things simple and straightforward, so you can find the information you need without wading through a sea of jargon. And remember, if you have any questions or if there’s something you’re not quite clear on, we’re here to help. Dive in, explore the resources, and empower yourself with the knowledge to make informed insurance decisions. Your journey towards better understanding and protection starts here.
Other Structures Coverage: Covers structures on your property not attached to your home, like a garage or shed.
Personal Property Coverage: Covers the replacement of your belongings (like furniture, electronics, and clothing) if they are stolen or destroyed by a covered event.
Loss of Use Coverage: Provides financial assistance for living expenses if your home becomes uninhabitable due to a covered event.
Medical Payments Coverage: Helps pay medical bills if someone is injured on your property, regardless of who is at fault.
Liability Protection: Covers legal expenses if someone is injured on your property and you are found at fault.
Deductible: The amount you’re responsible for paying before your insurance coverage kicks in
Endorsements: Additional coverages for things like sewer backup, identity theft, or other specific needs you might have.
Sewer Backup Coverage: Provides protection if water backs up into your home through the sewer or drain, covering the cost of repairs and cleanup.
Identity Theft Protection: Provides assistance with recovering from identity theft, covering costs like legal fees, lost wages, and other related expenses.
Flood Insurance: Standard home policies usually don’t cover flood damage; this coverage protects your home and belongings in case of flood.
Scheduled Personal Property Endorsement: Provides higher limits and expanded protection for special belongings like jewelry, artwork, or musical instruments.
Home Business Coverage: If you run a business from your home, this coverage can provide additional protection for equipment and liability.
Enhanced Dwelling Protection: Offers extra coverage over the usual limit if rebuilding your home costs more than expected.
Equipment Breakdown Coverage: Covers the cost to repair or replace household appliances and systems if they break down.
Ordinance or Law Coverage: Covers the extra costs to rebuild your home to current building codes after a covered loss.
Lessors Risk Coverage
Replacement Cost vs. Actual Cash Value: Replacement cost provides the amount required to replace items or repair damages without deducting for depreciation, while actual cash value considers depreciation.
Umbrella Policy: Extra liability insurance coverage that goes beyond the limits of the insured’s home, auto, or watercraft insurance.
Subrogation: The process by which the insurance company seeks reimbursement from the responsible party for a claim it has already paid.
Depreciation: The decrease in value of an asset over time, which is often considered in insurance claims.
Coverage Limit: The maximum amount an insurer will pay under a policy for a covered loss.
Peril: The cause of a possible loss, such as fire, flood, or theft.
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