Individuals have many options when it comes to insuring their property, belongings, and businesses. While most people have heard of automobile insurance and home insurance, some other coverages are less well-know. The following will take a quick look at the different personal insurance options available.
Insurance Resources
Where does one find insurance? A great resource for insurance is Paige and Campbell. This company offers insurance for both individuals and businesses. Personal insurance that they offer includes the following:
- Boat insurance
- Car insurance
- Motorcycle insurance
- Classic car insurance
- RV insurance
- Snowmobile insurance
- Condo insurance
- Event insurance
- Flood insurance
- High-value home insurance
- Traditional homeowners’ insurance
- Life insurance
- Personal umbrella policies
- Pet insurance
- Side by side insurance
- Renters insurance
- Wedding insurance
Many people know the ins and outs of homeowner’s insurance and automobile insurance. However, some of the above coverage options may be new to people. Learning about the many different types of insurance coverage available can help people decide if they need the additional coverage and can get their items and property insured and protected.
Different Types of Vehicle Insurance
It’s illegal to drive an automobile without insurance. Therefore, almost everyone knows about this type of coverage. Automobile insurance is available for any vehicle with wheels including cars, trucks, buses, motorcycles, classic cars, RVs, and more.
Is this type of insurance available for vehicles that don’t have wheels? Absolutely! There is coverage available for boats, snowmobiles, and jet skis too!
What does this type of coverage do? It protects a vehicle in the event of an accident or natural disaster. It may also cover damages from acts of vandalism. If the vehicle is totaled, a person can receive a payment to replace the vehicle. Those injured while in or on the vehicle may also receive assistance with medical payment.
Different Types of Home Insurance
Until a home is paid off in full, carrying home insurance may be required by a person’s mortgage company. There is insurance available for traditional homes, high-value homes, manufactured homes, mobile homes, and condos. Many insurance companies also offer coverage for people living in rental spaces, such as apartments.
What does this type of insurance cover? Homeowner’s insurance can cover damages from fires, flooding, or natural disasters. If the home is burglarized, the insurance may cover the replacement costs of the stolen items.
Condominium insurance is similar to homeowner’s insurance. The policy is written differently though, as the actual structure part of the combo may not be covered by this type of policy. The insurance will cover what is inside of the unit but not shared walls or the roof.
Event and Wedding Insurance Coverage
Those who host big events should look into event coverage. This type of insurance is used to cover birthday parties, general parties, parades, anniversary celebrations, graduation parties, sporting events, fundraisers, concerts, family reunions, and so on. Wedding insurance coverage is a special type of event coverage offered.
What is the benefit of having insurance coverage for a big event? If a guest is injured at the event, this type of insurance can cover the costs of the injury. This type of insurance protects the person who is hosting the event. Having this insurance in place for events can keep a person from getting sued in the event of an accident.
Personal Umbrella Policies
Few people have heard of personal umbrella policies, but they are a great type of insurance to have. Those who have homeowner’s insurance and automobile insurance may choose to purchase this type of insurance. If a home or a car is damaged, and the damage is more than allowable on the main insurance policy, personal umbrella policies can cover the additional damages.
How much insurance coverage should a person purchase for the personal umbrella policy? The amount a person needs will depend on what they own. A good rule of thumb is to purchase a million as a minimum, or two million in coverage if it’s in the budget.
Pet Owners Need Pet Insurance
Just as people have medical insurance to cover them if they get sick or hurt, pets can have pet insurance. If a family pet is sick or hurt, the pet owner can use their pet insurance to help cover medical costs. Pet insurance may cover the vet bill for injuries, illnesses, hereditary conditions, and even behavior issues.
This means that if the family pet is hurt at the dog park, pet insurance can help pay for the exam, X-rays, and treatment. If the family cat gets sick, this type of insurance can again pay the medical bills for the cat’s treatment. Some policies may cover other pets, but a person needs to check with their insurance representative to see which pets are and which ones are not covered.
Unless a pet owner has thousands of dollars saved up for medical pet emergencies, it is smart to purchase this type of insurance coverage. Those who want preventative medical coverage for their pets can purchase additional add-on policies. Preventative pet insurance can cover well pet checkups and vaccinations.
Side-By-Side Insurance Coverage
Side-by-side insurance coverage is closely related to automobile insurance. This type of insurance can also cover utility task vehicles. What are these? Side-by-sides and utility task vehicles are four-wheeled vehicles made for off-road driving.
This type of vehicle is made to take a licking and keep on kicking. A side-by-side likely has roll bars and big, thick tires. While those in the military use this type of vehicle, everyday people use them as toys or for farm and ranch use. This is why this type of insurance is important for people who drive these off-road utility vehicles.
In conclusion, there are many types of insurance available for individuals and families. These go beyond the basic homeowner insurance, automobile insurance, and medical insurance policies. Unless a family can afford a big out-of-pocket emergency or repair, it’s best to plan ahead and purchase coverage. These insurances can be very affordable, and getting price quotes is risk-free.
