Homeowners & Renters Insurance: Some Simple Facts
Velox Insurance is a company based in Atlanta, and we offer affordable rates on various insurance products. Obtaining the right type of insurance can seem confusing, so this article breaks down the most relevant types of coverage. The actual level of coverage will have to be determined by you and the insurance agent. However, it is extremely helpful to learn some of the basic terminology you can expect to encounter.
This article covers some interesting and obscure facts about insurance policies for your car, rental unit or home. Protect yourself and your family by learning what type of insurance policy is most appropriate. To do this, you will need accurate information about the available options. You can benefit from this information because it will enable you to make informed decisions.
Renters, or Home Insurance?
Homeowners and renters both require insurance; however, there are important differences between these policies. When a landlord rents a property, who covers the possessions of the tenant? In this case, the renters insurance policy is responsible for covering the personal items of the tenant.
Consider the tricky issue of which type of insurance policy is suitable for a person living in a rental home. The answer determines the identity of the liable party for the property. This topic is relevant to a large section of the population for this reason alone. In the case of a rental home, the actual owner of the property is responsible for getting the insurance policy.
Anyone who owns a mortgage on a home will need to obtain an insurance policy. This policy also protects the homeowner against a variety of situations that are beyond the control of the mortgage holder. This includes natural disasters, vandalism, accidents, structural damage and more.
Additionally, a homeowners policy is required by many lenders. Financial institutions can turn down the homeowner’s request for financing if insurance coverage is not obtained at the time of closing. Many first-time home buyers overlook this detail. Without the correct level of coverage, the financing of the home can be difficult or impossible. Speak to a qualified insurance specialist to find out how to cover your home.
Homeowners Insurance
Both homeowners and renters need to be aware of the type of policy that is appropriate for each situation. Homeowners have a major investment to protect, so this policy is designed to protect the homeowner against a wide variety of situations.
Certain types of maintenance can be covered by the policy, but these items are often itemized and optional. For example, the property might have a tool shed that needs to be repaired because of wear and tear. The curb and lawn might require additional coverage. House fires are also common items covered in these policies.
Coverage for personal possessions is usually optional. However, many homeowners still prefer to choose a policy that includes this level of protection. The homeowner will have to carefully asses the condition of the property in order to make the most appropriate selection. A qualified insurance agent can provide useful information during the process of selecting the right level of protection.
Renters Insurance
This insurance policy is designed to protect belongings inside of the tenant’s living space. This applies regardless of the type of property being rented. Renters insurance policies can be applied to a mobile home unit, an apartment or even a rental home. However, it is important to understand that this particular policy will not cover the actual property.
Conversely, the property owner may take out a separate policy, but this will not cover any of the items stored by the tenant. The insurance company will reimburse the policy holder for the amount of damage that occurred while the items were stored while located on the insured property. To qualify, the renter will often be required to itemize a list of belongings.
Auto Insurance
Car collisions can happen in any place and at any time. Make sure to know what documents are required by the insurer if a collision occurs. This includes police reports, witness statements and vehicle license plate numbers. Insurance policies are designed to cover your car whenever an accident occurs, but there are still many types of policies on the market. The size of the selection has to do with the types of vehicles that need coverage.
Coverage may apply to a variety of vehicles, which range from passenger cars to small trucks. In addition to the types of policies that cover these vehicles, you also need to be aware of the different levels of coverage. This is probably the most difficult subject for people who are shopping for insurance for the first time.
The following list breaks down the most relevant categories you will encounter:
• Personal injury coverage: This is the part of the policy that covers any injuries that were sustained during a collision between the insured vehicle and another vehicle.
• Collision coverage: This is a basic type of coverage that applies to any expenses incurred as a result of a collision.
• Liability coverage: This specifically covers the damages that occur if the policy holder is found to be at fault for the accident.
• Comprehensive coverage: This is a broad type of insurance policy that offers protection for a variety of circumstances that are beyond the control of the policy holder. One examples of this is the damage caused by natural disasters.
• Uninsured motorist coverage: This type of coverage protects you against the damages caused by a driver who is either uninsured or under-insured.
This list covers the most basic types of vehicle insurance. Many of these policy items can be applied to other vehicles as well. It is important to recognize the value of having an appropriate level of insurance coverage for all of your vehicles. The cost of the insurance policy is well worth it if you account for the level of damages you could face if you are involved in an accident while uninsured or under-insured.
Getting the right policy can protect you against these extreme expenses, which are often faced by individuals involved in collisions. A good auto insurance policy can protect you against the damages caused by another person, but it can also pay for the expenses you incur if you are found to be at fault. If you do not have the appropriate amount of coverage, you could face extremely high bills. This could include legal fees, medical bills, property damage and lost wages.
Obtaining insurance for every vehicle you own is the base level for safely operating on the road. To find out about the best rates for auto or home insurance, just contact our company representatives. If you have additional vehicles that require coverage, you can also talk to us at this time for additional information.
Additional Questions, Unusual Circumstances
Our insurance company offers competitive policies for anyone interested in finding out the best solution for insurance your home, rental unit or automobile. It is important to get the right coverage for all of your assets, but you might still have some questions. The topic of unusual circumstances often causes confusion, so always speak with a qualified insurance expert to make sure that you are buying the correct policy.
Here are some common questions concerning unusual circumstances:
• What is the coverage rate if you own multiple vehicles?
• Are there any discounts available for policy holders who want to take out a home insurance policy on a second home?
• Are there any auto loan programs available on the auto insurance policy?
• Does the policy also cover pets?
Insurance policies are not stagnant products. They often change to reflect the needs of the market. Many policies are created specifically to address problems that are relatively new. If you are facing unusual circumstances, speak with an insurance agent who can locate the right product for your needs. Remember to be as specific as possible about your situation in order to get the best results.
One good way to accomplish this is to make an itemized list of your insurance requirements. When you speak with an insurance agent, make sure to have all of the relevant information ready. Include the make and model of all primary vehicles. You should also have your information ready for any secondary vehicles as well. This could include motorcycles, recreational vehicles and other street-legal vehicles.
Summary
Velox Insurance maintains the highest standard of professionalism while providing customers with useful information about the best insurance products for your vehicle, rental unit or home. We understand that finding the right insurance policy for your needs can seem overwhelming at times. There are many levels of coverage, so the best solution will use a personalized approach.
We can help you to get the information that will enable you to make responsible decisions. Our agents are competent professionals, and we are here to help you navigate the various insurance options. Our company is proud to serve customers in the states of Alabama, Arizona, California, Florida, Georgia, Indiana, South Carolina, Tennessee and Texas. Contact one of our friendly service representatives today.
