Losses from property damage, medical and legal costs, and lost income add up to billions of dollars annually for automobile mishaps. Automobile insurance plays an important role in protecting you from serious financial losses that can result from such accidents. Let Riverfront Financial help you decide what coverage is best for you. The basic types of auto insurance coverage include:
- Bodily Injury Liability
- Property Damage Liability
- Medical Payments or Personal Injury Protection
- Comprehensive Physical Damage
- Uninsured or Underinsured Motorist
Pays your legal defense costs and claims against you if your car injures or kills someone. Covers family members living with you and others driving with your permission.
Pays your legal defense costs and claims against you if your car damages another's property. Does not cover your property, including your auto.
Pays medical expenses resulting from an accident for you and others riding in your car. Also pays for you or your family members injured while riding in another's car or while walking.
Pays for repairs of damage to your car caused by a collision with another vehicle or any other object, regardless of who was responsible.
Pays for damages to your car resulting from theft, fire, hail, vandalism, or a variety of other causes.
Pays for costs related to injuries or property damage to you or your family members and guests in your car caused by an uninsured, underinsured, or hit-and-run driver.
When you buy homeowners insurance, itís easy to be intimidated by the different coverage areas and exclusions. Each portion of coverage is priced individually and comes with its own limitations on coverage and exclusions from coverage, so you need to take time to review the contract with your insurance agent carefully. You only realize how complex and confusing the insurance issues are when you really have to put them to the test. Riverfront Financial is ready to answer very specific questions about what is covered. There are four areas that generally cover losses incurred as a property owner: structural, property, liability, and loss of use.
- Structural Damage
- Property Damage
- Loss of Use
This type of homeowners insurance policy is used to cover not only your home, but other structures on your property such as sheds, garages, barns, or other freestanding buildings.
Policies covering property damage work in the same manner as coverage for structural damages. You are covered for what you own while it is on your property. This includes any furnishings, tools, belongings, clothing, plants, or other items which cannot be moved off of the property under their own power like a motorized vehicle would. Making a list of items with model and serial numbers is a good idea!
Personal liability insurance is used to cover you against lawsuits that might arise because something happened to someone else on your property. In addition, Medical Payments to others is a second form of liability insurance that pays for medical treatment for those that might be injured in your home or on your property.
Loss of Use pays out in the event that you are unable to live in your primary home due to a covered loss. One example would be if your home was damaged by fire and while it was under repair you had to either rent a home or live in a hotel. Loss of Use could also pay for storage of personal items as long as the loss was due to a covered peril. Some policies cover "Actual Loss Sustained" over a given period of time, others will name a specific amount or percentage based on your coverage limits.
Umbrella liability insurance is so named because it acts like an umbrella, sitting on top of your auto and homeowners liability policies to provide additional layers of liability protection. If the liability limits are exhausted on your home, auto, or other underlying insurance policy, your umbrella insurance policy takes over and provides you with additional protection. The cost is minimal compared to the comfort of knowing you're covered.