Home Insurance. You can protect your property and your family
through the purchase of a number of different kinds of insurance policies, or
you can buy the "package" type of policy. For example, you can purchase
a standard fire policy which insures your home and its contents against fire
and lighting only. For an additional premium , you can have extended
coverage that broadens that policy to include damage fro wind, hail, smoke,
explosion, riot, vehicles and falling aircraft. Still another policy can
be purchased for protection against burglary and theft, and another for
injuries suffered by visitors on your property or damage you caused to the
property of others. You can have separate policies for all these perils
or you can purchase a package policy - called the Homeowner's Policy - that
includes all of them.
Homeowner's Policy
You can purchase a homeowner's policy if you own and occupy a one or
two-family residence. You have only one policy, one premium, to be
concerned with and your property is insured against a wide variety of perils.
The properties that are covered include your house or dwelling. This
includes, in addition to living quarters, such structures as an attached
garage and other additions to your house.
Other structures on your property, such as a tool shed, guest house
or a detached garage. Your homeowner's policy does not cover an building
on your property that is used for commercial purposes or one that you rent or
lease to others, except for garage purposes.
Your personal property. All household contents and other
personal belongings used, owned, worn or carried by you or your family are
covered.
Additional living expenses. This is designed to cover the
increase in living expenses made necessary when your house cannot be occupied
because of damage caused by an insured peril. Valuables, such as
antiques, jewelry, furs and cameras should sometimes be insured separately
since your homeowner's policy may not cover these items to the full extent of
their value. Your homeowner's policy will always include liability
coverage that applies not only to the policyholder, but to all members of his
family who reside with him. This coverage includes personal liability,
medical payments to others and several supplementary coverage, including
physical damage to the property of others.
Personal Liability. This is designed to protect you against a
lawsuit that could cripple you financially. For example, if a visitor
slips and falls on your property, suffering an injury, he might sue you for as
much as you limits of liability will allow, or more. Your insurance
company will pay the legal costs of defending you and will pay damages
assessed against you up to the limits stated in your policy. Accidents
occurring elsewhere are covered in the same way if they are caused by you, a
member of your family or by pets.
Medical Payments. This coverage will pay for medical expenses
for a gust who suffers from a minor accidental injury while on your premises.
It applies not only to injuries occurring on your property, but to those
occurring elsewhere if they were caused by you, a member of your family or a
pet. An important feature if this coverage is that payment is made
regardless of who is at fault.
Supplementary Coverage. This will cover minor damage what you
or someone in your family might cause accidentally to another person's
property regardless of who is at fault - or even when no one is a t fault.
All of the types of insurance overages mentioned in this section are vitally
important to your financial security. All these types of insurance are
available in several different forms which can be adapted to suit your
particular needs and resources.
Your Insurance Agent is an independent businessman, representing one
or more insurance companies under contract in sales and service capacity.
He can advise you as to what coverage you should have to best protect your
investments and your family.
Your Insurance Broker deals with either agents or companies in
arranging for the coverage required by a customer. He, too, can advice
you as to the best coverage for you and your family.
WHOMEVER YOU CONSULT, BE SURE YOU HAVE ADEQUATE INSURANCE PROTECTION.
IT COULD MEAN THE DIFFERENCE BETWEEN SECURITY AND DISASTER.
