Most states have insurance laws that require drivers to have at least some automobile liability insurance. These laws were enacted to ensure that victims of automobile accidents receive compensation when their losses are caused by the actions of another individual who was negligent.
Collision coverage is defined as losses you incur when your automobile collides with another car or object. For example, if you hit a car, the damages to your car will be paid under your collision coverage. Comprehensive coverage provides for most other direct physical damage you could incur, including theft. For example, damage to your car from a hailstorm could be covered under your comprehensive coverage.
A number of factors can affect the cost of your automobile insurance – some of which you can control and some that are beyond your control. For example, the type of car you drive, the purpose the car serves, your driving record, and where the car is stored can all affect how much your automobile insurance will cost you.
The typical homeowners policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. Almost anyone who owns or leases property has a need for this type of insurance.
Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. When “actual cash value” is used, the policy owner is entitled to the depreciated value of the damaged property. Under the “replacement cost” coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.
Personal property (except property that is specifically excluded) is covered anywhere in the world. For example, if you purchase a dresser while traveling and would like to ship it home, your homeowners policy could provide coverage for potential damages while the dresser is in transit. This coverage applies even when the object has never been in your home previously.
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