Insurance Baton Rouge

insuranceConsidering what kind of personal insurance, you need can be perplexing because you need it for so many aspects of your life and business, including your vehicles, company, and home to begin with.  The answers to the questions below may help you in determining the best insurance for your needs.

IS AUTO INSURANCE REQUIRED

You must have vehicle insurance for your car or truck, even if you own it outright, unlike home insurance.

WHAT IS AUTO BODILY LIABILITY COVERAGE, AND HOW DOES IT WORK?

This basic level of coverage only covers the medical costs of the other people involved in the accident, and it may provide legal protection if the other people decide to sue you for damages.

IS MY BOAT COVERED BY MY HOME INSURANCE OR DO I NEED TO BUY IT SEPARATELY?

Some types and sizes of boats are covered under a homeowners policy in a very restricted capacity. However, I want to emphasize that THE COVERAGE IS LIMITED. It's not a good idea to rely on your home's insurance to cover your boat. A separate policy built expressly for a boat is the right approach to insure a boat. Boat insurance is available from most carriers.

IS MY HOMEOWNERS INSURANCE COVERAGE GOING TO COVER STOLEN JEWELRY?

Most homeowners' insurance policies cover jewelry but with a specific limit. You may want to consider obtaining higher limits, which gives additional coverage for the jewelry, depending on its worth.

WHAT DOES MY HOMEOWNER'S INSURANCE POLICY NOT COVER?

Every homeowner's policy is different, but you may need additional coverage for things like by-laws, earthquakes, floods, and intentional acts in many circumstances. Most insurance does not include these optional coverages as standard. Also, normal wear and tear isn't covered and isn't usually coverable.

WHAT IS INSURANCE FOR WATER BACKUP AND SUMP PUMP FAILURE?

Water back up and sump pump failure coverage is an endorsement to a homeowner's insurance policy that covers property damage caused by water backing up into the house through pipes, drains, sewage, water service, sump pump, or any other sort of fluid transfer system from the house.

WHAT IS THE CORRECT LEVEL OF HOMEOWNER'S INSURANCE FOR ME?

This is one of the most common questions insurance brokers are asked, and the unpleasant response is "It Depends." There are many factors that go into determining how much homeowners insurance you need. To avoid getting too technical, I'd suggest that as long as your coverage is drafted and insured at Replacement Cost, you're good to go.

That doesn't necessarily mean you have the exact amount, but you're close. I would recommend consulting with an insurance professional to determine the right amount of homeowner insurance for your home.

WHAT IS AN UMBRELLA INSURANCE COVERAGE AND HOW DOES IT WORK?

An umbrella insurance coverage does exactly what it says.  The umbrella policy is an excess layer of liability insurance that lies on top of the underlying insurance policies, such as home and auto insurance.

Underlying policies in the case of a personal umbrella would include auto insurance, homeowner’s insurance, boat insurance, rental property insurance, and so on. When the underlying policy's liability limit is reached, the umbrella policy kicks in to offer additional coverage. Umbrella insurance plans are a crucial component of any insurance plan.

WHAT IS RENTER'S INSURANCE, EXACTLY?

Renter insurance is a type of insurance designed to cover the needs of people and families who do not own the home or apartment they reside in. A renter's insurance policy is comparable to a homeowner's insurance policy in many aspects, with the exception that the building coverage has been withdrawn. Personal property and personal liability, as well as other key coverages, are still covered. A renter insurance policy costs extremely little for the level of coverage it provides, and most insurance companies offer the same multi-policy discount on your auto insurance as they do on your homeowner insurance policy.

DO I NEED INSURANCE IF I RUN A HOME-BASED BUSINESS?

Workers' compensation insurance may not be required for a small business, such as one or two employees working out of their homes, but it often requires additional property and liability insurance than a regular homeowner’s policy provides.

WHAT DISTINGUISHES CONDO INSURANCE FROM HOMEOWNER'S INSURANCE?

You are not buying the building when you buy a condominium; you are buying a unit within the building. You're probably also a member of a condo corporation that takes care of external structural issues. Homeowner's insurance protects both the structure and the contents of the house.

Posted 2:10 PM

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