Personal Insurance Solutions

The personal auto policy (PAP) combines two or more seperate coverages, such as liability and property insurance, into a single policy. This is the primary insurance product for the auto loss exposures faced by families and individuals.

The first part of the policy is liability. It covers your financial responsibility for injuring others and some coverage is required by most states.

The second part of the policy is physical damage. This covers the vehicle itself for damage caused by certain perils. For example, Comprehensive Coverage reimburses losses from fire, theft or other perils other than collision. Collision coverage pays to repair losses caused by collision with an object. There are also ancillary medical, car rental and other coverages which vary by state.

Boat or Marine insurance is available for small boats, yachts, high performance powerboats, live-aboard houseboats, catamarans, or pontoons. Marine insurance will cover intended use including personal recreation, commercial, or charter vessels.

Boat policies can cover damage to your boat, motor, trailer, and personal effects in the boat. Available coverage includes liability, medical payments, injury to a water skier and damage to the boat itself, sometime called hull coverage. Availability varies by state and by insurance company.

Condo insurance provides coverage for your unit where your condominium associations insurance stops. Your association typically insures the building and other common areas. You are responsible for the interior of your unit. Typically you need personal property and liability coverage. In addition to coverage for your floors, walls, cabinets and fixtures that your associations insurance probably will not cover.

Every associations insurance policy is different regarding what each unit owner is responsible for, so it is important to review your association policy and condo by-laws carefully.

Did you know that your homeowners insurance does not cover flood damage? Insurance against flood must be separately obtained. A flood insurance policy also reimburses you for the work that you and other family members did to sandbag your homes, move furniture and remove debris.

FEMA’s maps are important when it comes to flood insurance because if they show that your home sits in a 100-year flood plain, you must buy federal flood insurance in order to get a mortgage. If you live outside a high-risk zone, or if you no longer have a mortgage, flood insurance is optional.

Homeowners insurance is the primary insurance product for residential property, including related liability loss exposures. Homeowners insurance is typically provided in a package policy. A package policy is one that combines two or more separate coverage’s, such as property and liability insurance, into a single policy. Thus, if the homeowner suffers a fire loss, the homeowners policy provides property coverage. In addition, if a guest falls down the defective stairs of a home and sues the owner, the homeowners policy provides liability coverage including any defense costs.

If you have tangible assets, you need the protection of a homeowner’s policy. These policies cover you in a home or an apartment, whether you are an owner or a renter. A well-written homeowner’s policy will pay to replace any of your personal property that is destroyed in a fire or other disaster. The policy will also be your first line of defense against a lawsuit from someone injured at your home.