There are three primary types of insurance coverage:
- Liability insurance: Covers the costs associated with injuries and property damage you are responsible for if you cause an accident.
- Collision: Covers the costs to repair or replace your damaged or destroyed vehicle after an accident.
- Comprehensive: Formally known as “other than collision,” this portion of your policy covers damage to your vehicle from causes such as auto theft and weather damage.
There are also several different types of coverage which may be available to you, including:
- Medical payments: Covers the costs of injuries for you and others in your vehicle after an accident, regardless of who was at fault.
- Rental reimbursement: Pays a certain amount daily for a replacement vehicle if yours is in the shop for repairs.
- Towing and roadside service: Provides emergency roadside assistance and towing to help you get your vehicle back on the road or to a shop for repair.
Download: Ohio’s Minimum Coverage Requirements for Auto Insurance
As you consider your policy needs, it is important to keep the coverage limits in mind. The costs of a severe crash can quickly exceed the limits. If that occurs, you will have to pay for costs out of your own pocket.
The exact boat coverage you need depends on multiple factors. Small boat insurance is very different from yacht insurance, for example. However, for most types of boats, the three kinds of coverage in a basic boat insurance policy include:
- Bodily injury liability for expenses related to the injury of another person
- Property damage liability for expenses related to harming another person’s property
- Physical damage for damage to your own property, including your boat and trailer.
You also may want to add additional types of coverage to your boat insurance policy in order to fully protect yourself and your property. Here are some examples of additional coverage:
- Property coverage for equipment such as tools, life preservers, anchors and oars
- Insurance for fishing equipment like your rods, lures, nets and tackle
- Towing coverage when your boat becomes disabled and needs servicing
- Medical payments coverage for hospital and funeral expenses for you or your passengers
- Uninsured/underinsured boaters coverage if you have an accident with another boater whose insurance is not sufficient to cover damages
MOBILE HOME INSURANCE
Mobile homes are handled a little differently than site-built homes by insurance companies because they are not built onto a foundation. Mobile and Manufactured home insurance comes with several types of coverage, including:
- Property damage coverage to protect your home investment in the event of a natural disaster or home fire.
- Liability insurance to protect you financially in the event that someone is injured in your home or on your premises and files a claim or lawsuit.
- Contents coverage to protect your investment in your personal property within your home.
The State of Ohio requires motorcyclists to have liability insurance. Liability insurance pays for damages or injuries you cause in an accident, as well as your legal defense if needed.In addition to liability insurance you can also purchase additional coverages to cover damage to your bike or other liability and injury coverage for you and your passenger.
Accessories coverage: If you have done any after-market upgrades or any enhancements to the motorcycle, you may want additional coverage for these items. It is a good idea to retain all receipts and photos of any equipment or custom work.
Collision coverage: If your motorcycle is damaged in an accident, collision coverage will pay for repair or replacement regardless of who was at fault for the accident.
Comprehensive coverage: Also known as “other than collision,” comprehensive coverage covers any damage not caused by an accident with another vehicle, including:
- Weather-related damage, such as hail
- Criminal activity, including theft and vandalism
- Collisions with wildlife
Medical payments / personal injury coverage: Pays for your medical treatment or funeral costs after an accident, regardless of who is responsible for the accident.
Uninsured / underinsured motorist coverage: If an uninsured or underinsured driver causes a collision in which you are injured or your motorcycle is damaged, this policy would cover your out-of-pocket expenses.
Your home is probably your most valuable asset. You worked hard to be able to buy your property and you should have homeowner’s insurance to cover it.
Broadly speaking, insurance covers you for potential loss resulting from risks such as burglary or theft, severe storms, fire and also your personal liability. The specific risks you may face as a home owner could include floods and earthquakes, which you must cover with separate policies, as these disasters are not included in home insurance.
Your home liability coverage protects you in the event that someone is injured on your premises or you are responsible for damage to someone else’s property. Your homeowner’s insurance can even protect you against injury you cause to another person off-premises under certain circumstances. Note that liability insurance will not cover acts of violence or intentional damage.
Condo insurance covers the personal property damage and liability risks faced by condo owners; it picks up where the condo association insurance leaves off.
When you own a condominium, you are responsible for covering any and all damages within your unit, often including interior walls, flooring and ceilings. A condo insurance policy will also provide coverage for your personal property.
Condominium insurance is designed to protect you, the condo owner, from financial loss if someone is injured within your home. It will also protect you from damages and loss due to burglary, fire or other incidents.
Your condo insurance will also cover you against liability claims. If you are sued, most policies will also provide coverage for court costs and legal fees.
A good farm insurance policy will cover you in three main areas: Home or dwelling and contents coverage, farm property and operations coverage, and liability coverage. Farm policies can be designed to also insure outbuildings separate from your dwelling. These include barns, sheds, garages and other structures that store your equipment or livestock. Normally, these are covered against the same perils as your home. For example, weather events, such as windstorm, hail, lightening are covered and accidents, such as damage by a vehicle, theft or vandalism are included.
Most farm coverages provide protections for your animals.
In addition to your livestock, most farm policies will cover your farm equipment, supplies and other machinery. This includes items like combines, irrigation systems and feed.
Renters insurance covers your personal belongings or “contents” against damage and loss, including from theft, fire, and even smoke, which can be quite destructive. Your landlord’s insurance does not cover your contents. It also provides liability insurance if you should accidently start a fire and damage the building or even other tenant’s property.
Your renter’s insurance will also cover the cost of temporary housing if your home should be uninhabitable for a period of time following a disaster.
Finally, your policy will provide liability insurance should you be held responsible for an injury to a visitor in your home. This coverage can be quite beneficial as medical bills can add up quickly.
Umbrella Insurance policies provide extra protection. Your primary insurance coverage, like your homeowners and auto policies, include liability coverage up to a certain limit. Liability is your legal responsibility to pay for damage to a person or a person’s property. An umbrella policy increases your liability coverage substantially (usually at least by 1 million) so more types of claims are covered and at a higher limit to better protect your assets.
The main reason to buy life insurance is for financial protection for your family and dependents. If you are the sole income earner or the major provider in your family, then life insurance definitely makes sense. If you should die unexpectedly, your policy will help your loved ones pay your final expenses and potentially receive ongoing support. The amount they receive will depend upon the size of policy you buy.
If you are self-employed or you are not obtaining healthcare coverage through your employer, you need at least a basic health insurance plan to ensure that you are prepared for an unforeseen health condition or injury.
A full-coverage health insurance plan may be more suitable for your needs if you have dependents, you are getting ready to start a family, or you have a family history of certain health risks.
You may even discover that you can find a lower cost option through an independent agent than you can through your employer. This is because these agents can compare plans from multiple carriers to find the best fit and rates.
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