Home & Property Insurance

Understanding Homeowners Insurance

A homeowners insurance policy usually covers four kinds of incidents on the insured property: interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that occurs while on the property. When a claim is made on any of these incidents, the homeowner will be required to pay a deductible, which in effect is the out-of-pocket costs for the insured. For example, say a claim is made to an insurer for interior water damage that has occurred in a home. The cost to bring the property back to livable conditions is estimated by a claims adjuster. If the claim is approved, the homeowner is informed of the amount of their deductible, according to the policy agreement entered into. The insurance company will issue a payment of the excess cost. The higher the deductible on an insurance contract, the lower the monthly or annual premium on a homeowners insurance policy.

Every homeowner's insurance policy has a liability limit, which determines the amount of coverage the insured has should an unfortunate incident occur. The standard limits are usually set, but the policyholder can opt for a higher limit. In the event that a claim is made, the liability limit stipulates the percentage of the coverage amount that would go toward replacing or repairing damage to the property structures, personal belongings, and costs to live somewhere else while the property is worked on.


Acts of war or acts of God such as earthquakes or floods are typically excluded from standard homeowners insurance policies. A homeowner who lives in an area prone to these natural disasters may need to get special coverage to insure their property from Acts of God

If your company owns a vehicle, you will very likely need commercial vehicle insurance.

Commercial vehicle  insurance helps cover medical payments and property damage related to an accident. This coverage includes legal expenses if you’re sued. A policy may also cover vehicle theft, vandalism, and other losses and damages.

Your cost is based on a number of factors, including:

  • Number of vehicles
  • Vehicle type and value
  • Level of risk involved
  • Claims history
  • Employee driving records

If you’re self-employed or a small business owner, you may often drive your vehicle for business purposes — but are you sure you’re covered with the right vehicle insurance? You might think your personal vehicle  insurance policy will protect you from the unexpected, but before you head out on your next entrepreneurial endeavor, you’ll want to find out if commercial auto insurance needs to come along for the ride.

Commercial auto insurance (also known as business auto insurance) offers protection for vehicles used specifically for business — whether it’s a company dedicated vehicle or personal vehicle. A commercial vehicle  insurance policy can be customized to the needs of your business and provides protection to you and your business from costs associated with property damage, injury and liability claims.

If you’re involved in an accident while driving your personal vehicle for work, your insurance company might refuse your claim. That’s why sole proprietors who own a vehicle used for work should consider commercial vehicle  insurance 

Do you know if your vehicle needs commercial insurance coverage? Let’s take a look and find out.

Commercial auto insurance does not provide coverage for personal vehicles.

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