Personal Insurance 2

Homeowners Insurance:

A policy you purchase when you own the home you live in. Many types of coverage’s are bundled together onto one policy that will cover the structure of your home, the garage, all of your personal belongings in the home (not including your vehicles in the garage).

As an example when your home is damaged and it is covered a homeowners policy will also pay for your additional costs to live somewhere else until your home is rebuilt and you move back in.

Personal Liability is also built into this policy at no additional cost and will cover you for such items as tossing a ball through a neighbors’ window, accidently hitting another car in a parking lot with a shopping cart.

Many types of coverage’s are bundled together onto one policy covering your Personal Belongings, Personal Liability, and this policy will pay for your additional costs to live somewhere else until you move back in.

Condo Owners Policy:

You own the condominium where you live and want to protect your Personal Belongings against loss or damage. The structure is covered by the Association’s master policy.  Many types of coverage’s are bundled together onto one policy covering your personal belongings, personal liability, and this policy will pay for your additional costs to live somewhere else until your condo is rebuilt due to a covered claim.

Dwelling Fire Policy:

You own a home and it is occupied by others. To purchase this type of policy the structure must be 4 units or less and have one roof.

Many types of coverage’s are bundled together into one policy that will cover the structure, the garage, the annual rental income you collect, and personal liability. If you rent it furnished Contents coverage is available however theft coverage is not provided.

Auto Insurance:

This type of policy protects you against losses or claims caused by the use of an automobile that you own or are driving.  Auto Insurance is required by law in California and you cannot register a vehicle without proof of coverage. The minimum limits to register a vehicle in California are:

$15,000 for injury/death to one person; $30,000 for injury/death to more than one person;$5,000 for damage to property.

Comprehensive and Collision are optional coverage’s and are not required by law.

Umbrella /Excess Liability Policy:

A policy that provides additional limits of liability over and above any policy that provides Liability insurance such as an Auto policy, Homeowners policy, General liability policy, and Workers Compensation policy.

Limits are purchased in increments of $1,000,000. Typically the liability limit on the underlying or first policy must be completely used up before you can make a claim on the Umbrella policy. Often times,   the same exclusions that are not covered on the underlying or first policy will also not be covered on the Umbrella policy.