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If you drive or own a car, chances are you have shopped for car insurance. However, the marketplace is full of choices and promises of more coverage for less money. In order to make the best decisions, it is important to understand the distinction among levels of insurance and to be sure to purchase the amount of insurance you need to fully protect yourself and your family. We have outlined below some of the primary types of car insurance available. State laws often dictate what types and levels of insurance each driver must carry. Be sure to know your state’s specific requirements when you shop for insurance.
Liability: Liability insurance covers costs associated with accidents that are your fault. Generally speaking, liability coverage includes both bodily injury (medical expenses, etc.) and property damage coverage. Liability is legally required in most states and there is usually a minimum amount of coverage you must carry.
Collision: This coverage pays for repairs to your car in the event of an accident. If you run into your garage door or back into a light pole, collision will cover the cost of repairs to your car. If your car is totaled, collision coverage pays the determined value of your car. Of course, if your car is older or perhaps paid for, you may choose to forego this coverage..
Comprehensive Coverage: While liability and collision plans cover car accidents, comprehensive covers damage to your car unrelated to accidents. Examples include falling limbs, storm damage, hitting a deer, and theft of vehicle. While some people forego this coverage, if you have a lien holder on your car, you will likely be required to carry this insurance.
Personal Injury: While Comprehensive coverage may be something you choose not to purchase, Personal Injury Protection (PIP) is something most experts recommend adding to your coverage. In fact, many states require drivers to carry a minimum level of PIP coverage. These plans cover the costs associated with your medical bills as well rehabilitation expenses, work loss, and funeral costs. Additionally, this coverage extends to your passengers.
Uninsured Motorist: Uninsured Motorist (UM) coverage is designed to protect you if the negligent driver is not insured. Your UM coverage covers many expenses, including: medical expenses and lost wages not fully paid by your PIP coverage, future medical expenses and future wage losses, and non-economic damages such as disability, pain and suffering, and the loss of ability to enjoy life. Since approximately one of every eight drivers is without insurance, it pays to have this type of coverage.
Owning your home is likely the largest and most significant financial and emotional investment you will make. You, your family, and friends will spend much time at your home, sustaining relationships and making lifetime memories. Homeowners insurance is a straight-forward way to protect your investment in case of misfortune. Your policy can protect your home against damages to the house itself as well as to possessions in the home. Homeowners insurance also typically provides liability coverage against accidents in the home or on the property. There are several types of homeowners insurance available. Let the experts at TWFG Services help you select the policy that best fits your needs.
The amount of insurance you need will vary on a variety of factors. However, as a general guideline, you will want coverage adequate enough for rebuilding your home at current construction costs. If the limit of your insurance policy is based on your mortgage, make sure the coverage is still large enough to cover the cost of rebuilding.
Most policies cover replacement cost for damage to the structure. A replacement cost policy pays for the repair or replacement of damaged property with materials of similar kind and quality. Please note that most standard homeowners policies provide coverage for damage as a result of fire, lightning, hail, explosions and theft, but they do not typically cover floods, earthquakes or damage caused by lack of routine maintenance. Flood and earthquake policies are available.
Your personal possessions are also often covered under your policy. Typically this coverage is 50 percent to 70 percent of the amount of insurance you have on the structure. This may not be enough coverage; it is important to undertake a home inventory and detail replacement costs for your properties. Additional coverage, if necessary, can be added to your policy. In some instances, there may be limits on how much coverage you get for selected items such as jewelry, silverware and furs. Again, if you have specific items that require additional coverage, you can purchase special personal property floaters that insure such items individually or as a collection.
Another important feature of your homeowners insurance policy is related to living expenses after a disaster. If you are forced out of your home after a disaster, this part of the policy pays the additional costs of temporarily living away from your home and typically covers housing/hotel bills, meals, and other living expenses incurred while your home is being fixed or rebuilt. Our mission is to ensure your comfortability and safety in life.
Mobile Home Insurance
If you own, rent, or work in a mobile home or manufactured home, then you will want to consider mobile home insurance. The type of policy you purchase will depend on your needs and your budget. Choosing the right plan is an important step in your financial plans. Coverage is available for rental mobile homes, commercial mobile homes, mobile homes that are used seasonally, and mobile homes located in a park or on private property. Most plans can cover physical damage and personal liability coverage. TWFG can quickly provide you with the best mobile home insurance quote in the Pflugerville, Georgetown, and Round Rock areas.
Physical damage coverage pays for accidental damage to your mobile home, belongings, or other structures resulting from fire, hail, wind, theft and vandalism, or falling objects. This coverage typically does not cover flood damage or damage while the structure is in transit. As with any financial tool, your best approach is to do plenty of research to determine the best plan for your specific situation.
Liability insurance coverage applies when there is a claim or a lawsuit against you after someone is injured or their property is damaged because of your activities. Many standard mobile home policies may not include this coverage. Depending upon your situation, this type of coverage may be a wise investment. Claims that are covered can include medical expenses, lost wages, and pain and suffering damages.
Mobile home insurance is a specialized area that focuses on those persons living and working in these unique settings. At TWFG Services, we understand this market and will serve as your partner as you select the policy that best fits your needs and provides the financial stability and peace of mind you deserve. Additionally, TWFG Services can provide a range of other insurance needs such as home owners insurance, affordable health insurance, and apartment insurance.
As a renter, you need coverage for yourself and your possessions. Your landlord’s only covers the cost of repairing the structure in case of accidents or disasters. If your home is damaged by a fire or storm, you are responsible for your possessions. With proper insurance, you have financial protection that covers personal possession, living expenses if you need to temporarily relocate, ad liability protection. Do your research and select the policy that best fits your needs.
When evaluating a policy, make sure you have enough coverage to replace your possessions in the event of a disaster or burglary. You can create a home inventory to detail what you own with estimated values of each item. This inventory should include all items you own and is also useful if you have to file a claim. If you have expensive jewelry, furs, sports or musical equipment, or collectibles, consider adding a floater to your policy. Since most policies limit the amount of a claim for certain items, adding a floater allows you to provide full protection for specific items or groups of items.
Renters insurance typically protects against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and certain types of water damage (such as a broken pipe). However, most policies do not cover flood damage. If you suspect you need flood protection, you can purchase this separately. Your renters policy also provides liability protection that covers you against lawsuits for bodily injury or property damage done by you or others covered by the policy. Be sure to check your policy to know how much coverage is provided and consider whether the amount is sufficient to protect your assets. Remember, your policy is part of your financial planning and protection. If the damage to your home or apartment warrants that you move out while it is repaired, your policy often provides coverage for certain additional living expenses. These expenses can includes hotel bills, temporary rental fees, meals, and other charges. It is important to evaluate your policy in terms of amount of coverage and what limits exist.
As with all financial planning decisions, purchasing renters protection requires due diligence. Do your homework to understand how policies vary and which features are most important to you. The professionals at TWFG Services are experienced at working with you to match your needs with an appropriate policy. We can also quickly help you with other services such as your specific cost of long term care insurance and individual health insurance. Please contact us today to start the process of protecting your family and your assets.
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