Umbrella Insurance - What you might not know...

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Published on Wednesday, April 18 2012 11:51

An Umbrella Insurance Policy offers additional liability insurance for claims exceeding your existing automobile or homewner's insurance policies.  Umbrella insurance is sold in $1million increments and costs on average between $150-$300 a year. These fairly inexpensive policies are worth looking into to ultimately secure your financial protection.  Click here to learn more about an umbrella policy.

Insurance 101

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Published on Tuesday, April 03 2012 11:20

Ever had an insurance Question but didn't know who to ask?  Well, we've got the answers you've been looking for...

Items were stolen from your vehicle.  They are valued at $4800.00.  Under what type of policy would this loss be covered?  Homeowner's Policy:  Personal property is not covered by an automobile policy.  Items in your vehicle are covered by a homeowner's or renter's policy under the Personal Property Coverage.

The declarations page of your auto policy states that your liability coverages are 100 300 100.  What coverage does the last figure represent?  Property Damage:  The 100 300 is the amount that would be paid towards personal injuries of others if you were found liable in an automobile accident.  The last 100 is what would be covered towards the property of others due to your liability.  Comprehensive and Collision cover your own vehicle.

You own the home, but you rent it to others.  What type of policy do you need?  Dwelling Fire:  A dwelling fire policy covers the home itself, limited contents coverage, and liability insurance.  As you are renting the home to others, a homeowners policy would not be appropriate.  The renter should take out a renters policy to cover their personal property against a loss.

You were in an auto accident that is not your fault.  The other party either has no insurance or refuses to pay.  Your insurance company pays for your damages and then has the right to go after the liable party for compensation.  This is referred to as what?  Subrogation

Want to learn more?  Paschall Insurance Group knows insurance can be difficult to understand, that is why we are here to help simplify it all for you.  Let us do what we do best so you can focus on what you do best!