Insurance Policies

Insurance policies There are many forms of insurance that you may choose to purchase in the future: Homeowners Renters Automobile Health Disability Life

Home Owners Insurance Pays for damages to your real estate property. Natural disasters Uninsured Motorist Damages Theft Also pays for injuries that others suffer while on your property. Neighbor’s child falls off the jungle gym and breaks their arm. Stranger runs across your lawn and trips over the rake breaking their clavicle.

Renter’s Insurance Similar to home owner’s insurance only its for people who are renting not buying. Natural disasters Uninsured Motorist Damages Theft

Automobile Insurance Comprehensive Auto Insurance Pays for the damages to your vehicle and the vehicle of another motorist that you have damaged. Also covers the medical bills associated with an accident. Liability Insurance Pays for the damages that you cause in an auto accident. Also covers the medical bills associated with an accident. DOES NOT cover the damages to your own car.

Health Insurance Designed to pay for medical costs. Coverages come in many different plans. Designed to assist with regular medical maintenance costs, emergency costs, as well as pharmaceutical costs.

Disability Insurance Provides income to people in case they become injured or unable to work for medical reasons. Short Term Disability-Provides income for short periods of time necessary for quick recovery time. Long Term Disability- Provides income for illnesses or injuries that take a greater time to address.

Life Insurance Provides money to the beneficiaries when the insured person dies. More expensive the older a person is. Higher premiums will purchase larger insurance payouts.

Costs and benefits of Insurance All insurance policies include a Premium. The premium is the relatively small amount of money that the insured pays in the present to protect their assets in the future. In some cases, people pay auto or home insurance premiums for years and never file a claim. This is a cost one incurs to make sure they are protected when an accident or natural disaster occurs.

Costs and benefits of Insurance Most insurance policies include a Deductible. This stipulates the amount of money (in addition to the premium) the insured must pay when a claim is filed with the insurance company. Higher premiums mean Lower deductibles and Lower premiums mean Higher deductibles.

Costs and benefits of Insurance Purchasing insurance involves shared liability between the insurer(company) and the insured(individual). This means that the insurance company assumes a pre-determined amount of financial liability for a claim that the insured might file. The insurance company is obligated to pay for the loss since the insured has paid premiums for the financial protection.

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