Who Needs Term Life Insurance?

Your insurance agent might cringe at the the thought, but life insurance isn’t for everyone. Many of us have some very good reasons to purchase life insurance, but some people really don’t need it. Read on, and I’ll explain why some people need a life policy while others may not. While this is true for both whole life insurance and term life insurance, this article specifically addresses term life insurance. Term insurance is designed to provide coverage for a specific period of time. This time period might coincide with the term of a loan or with the length of a…

Why do I need Renters Insurance?

It’s pretty easy to understand why someone might need insurance for a house, or for a car. These can be expensive items and we’d often want coverage for these items to protect us financially if they were damaged. However, if we are renting our home or an apartment, the property belongs to someone else. Why would we need renters insurance? Renters Insurance covers your stuff. Your stuff is simply your personal belongings, the things you move in or out of your home on moving day. The coverage on your policy will usually be called Personal Property. This would include your…

What Does it Mean if an Auto Insurance Claim is Subrogated?

Subrogation in an auto insurance claim is the process in which your auto insurance company works on your behalf to collect from the other party’s insurance company if your vehicle has been damaged and it is believed that the cause of the damage was the other party’s fault. In addition to physical damage to your vehicle, you may have incurred other expenses as well as the result of an accident. Some of these losses may fall within the scope of an auto insurance claim, such as auto rental or other travel expenses. Your auto insurance company will typically make their…

What Damage Does My Homeowners Insurance Cover?

A standard homeowners insurance policy, also called an HO-6, covers only specifically named perils. A peril can be thought of as a risk, something that can cause damage to your home. Some named perils are broader in scope, meaning more possible losses would be covered under that particular named peril. Others are very narrow in scope and will cover only one or two very specific scenarios. The largest amount of coverage on a homeowners policy is usually for the house itself, also called Coverage A, or Dwelling Coverage. While it is always best to confirm coverage with your insurance agent…