The most common personal insurance policies include auto insurance, homeowner’s insurance, renter’s insurance, insurance for boats and yachts, and flood insurance. These are policies that cover you as an individual and the things you own. Auto insurance can help mitigate the cost of accidents and the ensuing repairs. Homeowner’s insurance and policies for renters protect you against the vengeance of nature and other disasters. Umbrella policies make sure that any holes left in your other policies are completely covered, even from the most unexpected and surprising of events.
Personal Article Insurance
If you have any valuables in your home, personal insurance can help to mitigate the cost if they are destroyed or stolen. Many people, especially those that really do not believe they own anything valuable, may think that personal insurance is an unnecessary cost, but if you have anything that would be difficult or expensive to replace it was broken or taken, it is definitely a necessity.
Many personal insurance policies cover anything from jewelry to computers, and just about everything in between, including musical instruments and sports equipment. Policies that cover these items are often called personal articles policies, as they cover articles that you own, replacing them if someone breaks into your house and takes them, a fire destroys them, or they are lost.
While homeowner’s insurance may cover some types of theft or damage, there may be some limitations to your coverage that may leave your most valuable items vulnerable in the case of a tragedy. The best way to avoid this is with a personal insurance policy that expressly covers these kinds of issues.
Personal Liability Policies
Aside from personal articles policies, another important kind of personal insurance is called personal liability. It protects you from injury or damage that occurs to others while on your property. For example, if someone slips you icy steps on your property, falls, and breaks his arm, they may try to bring a liability suit against you. Personal liability policies protect against these kinds of suits.
Again, some homeowner policies may cover some level of liability, but recent court cases have shown that judges across the country are awarding damages far above what is covered just by homeowner’s policies. Personal liability is a change to supplement your existing coverage, so that any problems that raise can be taken care of without bankrupting you.