While auto insurance laws can vary by location, it is mandatory for drivers in all 50 states to have auto insurance.
With auto insurance, you, your vehicle, and anyone else in the vehicle are all covered in case of an auto accident.
Auto insurance liability coverage includes:
Yes, the vehicle type can make a difference when it comes to your insurance premium. Rates will be higher for vehicles with a more extensive accident history, those that are stolen more often, and those that cost more to repair.
Your deductible is how much money you owe out of pocket before the insurance company pays the remaining amount after an accident. There are both high deductible and low deductible insurance plans. With a high deductible plan, you’ll have a lower premium, but owe more out of pocket when you have an accident. With a low deductible plan, your premium is higher, but you’ll pay less out of pocket after an accident.
Homeowners insurance is coverage for your home and everything you own inside of it in case of an accident or theft.
It is not required by law to have insurance for your home. It may be required by your mortgage lender, however, if you are financing your home.
Homeowners insurance is for the coverage of potential disasters to your home, including fire damage, smoke damage, lighting strike, wind damage, hail, theft, and vandalism.
Some disasters won’t fall under the umbrella of your homeowners insurance and will require the purchase of additional coverage beforehand. These instances include floods, earthquakes, nuclear disasters, or damage caused intentionally by the property owner.
You may need more coverage if you have a larger home with more belongings in it. The type of insurance you should purchase can also vary by location and the condition of the property.
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