While your day-to-day operations are complex, understanding Business insurance doesn't have to be. There are coverage options available to protect just about every aspect of your business from employee injury to natural disasters. Some insurance is required by law and others by business associates, such as lenders and landlords. Obtaining the right type and amount of insurance for your business will help you avoid gaps in coverage where you need it most.
Minimum coverage options
Your home is probably your most valuable financial investment. But it's so much more than that! Your home represents your family, your lifestyle, your escape from the world outside, and that reward for years of hard work and dedication
Fire, theft, accidents. . . these are the kinds of threats that might cause you to lose sleep, if you didn't have the protection of homeowners insurance coverage. Fortunately, a homeowners policy will cover damage to your home and personal property due to a variety of causes (called "named perils" in insurance lingo). The personal liability portion of a homeowners policy provides coverage, for example if your litigious brother-in-law slips down your steps on a rainy day and injures himself.
Common types of Homeowners Policies:
HO-3: This is the most commonly purchased policy, which is an open perils policy that covers any direct damage to the house or other structures on the property unless it is specifically excluded. However he coverage for personal property is for names perils only. Covered losses on realty are insured for full replacement value with no depreciation deduction, although certain restrictions apply.
Note: Not all homeowners policies are identical, there are optional coverages that may or may not be included and/or are able to be added. Check with your agent and policy for further information on your coverage benefits.
HO-6 (aka Unit-Owners): This policy is designed for owners of condominiums or cooperatives. A condominium or cooperative consists of 2 components for insurance purposes-the building and common areas, and property specific to each unit owner. Thus, this named-perils policy covers certain semi-permanent structures, such as carpeting, wallpaper, built-in appliances, and kitchen cabinets, but it does not cover the structure itself or common areas, since this should be covered by insurance purchased by the condominium association or the cooperative. The policy does provide payment of up to $1,000 for loss assessment charge by the condominium association or cooperative that is not covered by the insurance on the master policy.
HO-4 (aka Renters): This policy is designed for renters of rooms, apartments, or houses. This named-perils policy not only covers personal property, both within the rented dwelling and outside, but also includes liability insurance (law suit protection) of at least $100,000 for damage to the property or for injuries to other people. Coverage is also provided for any alterations to the structure by the renter, but is limited to 10% of the purchased coverage for personal property.
Auto accidents can happen—yes, even to the best of us. An auto insurance policy can help cover repairs to your vehicle and medical costs in the event of an accident. Think of it as your firewall against economic disaster should you be found at fault for property damage or injuries to other people.
Auto insurance is a love hate relationship, we understand. If you are ever involved in a accident and need to file a claim we want you to love your insurance and that is why we offer Farmers Auto insurance. Insurance can be a really cheap or really expensive piece of paper, and without the promise that is all it is.
Even if you don’t own a home, you probably own a great deal more than you think. Consider all of your furniture, electronics, clothing, appliances, and jewelry, as well as any art, books, or musical instruments you own.
Beyond your personal property, what if you’re found liable for injuries sustained by visitors in your home as a result of negligence?
That’s where Renters Insurance comes in.
Renters insurance covers your personal property, and even covers you from liability claims while you’re renting. Also, if your rented home ever needs serious repairs, and you’re unable to live there, it also covers the reasonable and necessary increase in living expenses (housing, food, etc.) you may incur.
The best part? Renters insurance is affordable. For about the price of a movie and popcorn once a month (just pocket change each day), you can purchase coverage for your personal belongings. Start by getting a Renters insurance quote to see affordable coverage options.
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