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Bodily Injury - pays for injuries to other people as a result of an automobile accident when you are found to be at fault. It is important to select meets that are in line with today's medical costs and that will cover your assets. Property Damage - pays for damage to others property that is caused by you. This may include an automobile, fence or home. The limit here should be high to at least cover the cost of two new automobiles. Uninsured Motorist coverage - this will pay for your medical costs, loss of wages and other expenses associated with an injury you receive as the result of an automobile accident in which you are not at fault, but the other party does not have any insurance to cover these costs. We recommend that these limits be the same as the bodily injury limits you have chosen. Underinsured Motorist coverage - this will pay for your medical costs, loss of wages and other expenses associated with an injury as the result of an automobile accident in which you are not at fault, but the other part does not have sufficient bodily injury limits to cover your expenses. We recommend that these limits be the same as the bodily injury limits you have chosen. Medical Payments - this will pay medical costs for you and anyone in your automobile as the result of an accident regardless of who is at fault. This coverage will also apply if you are injured while riding a bicycle or as a pedestrian. This limit should be high enough to cover your health insurance deductibles and/or co-payments. Other than collision - also referred to as Comprehensive coverage. Pays for damage to your automobile as the result of wind, hail, fire, theft, vandalism, falling objects, glass claims, and animal collisions. A zero or $50 deductible is not recommended - many times there can be significant savings by going to a $100 deductible. Collision - pays for damage to your automobile (regardless of fault) as the result of a collision with another object. This is an area where you can save some money - we recommend that you purchase as high a deductible as possible. Optional Coverages - Towing and labor, Rental Reimbursement, Extended Non-owned, Lease Gap SR-22 Filings - This is a form that the insurance company files with the state verifying that you have insurance or are "financial responsible". Most companies do not have a charge for this service. The SR-22 is normally required in order to obtain your drivers license following a suspension. Dwelling - coverage for you home or "dwelling" itself. This includes items permanently attached or installed in the home such as the furnace, kitchen sinks, and bathroom fixtures. It is important that your home is written for replacement cost rather than market value to insure full payment for any damages at the time of loss. Other structures - this coverage includes any detached structures you may own including garages, storage sheds, and fences. The limit here is normally automatically some percentage of the dwelling limit. It is important to discuss items on your property with your agent to verify if they are considered part of the dwelling or an other structure due to loss settlement differences. Personal Property - this is written as a percentage of your dwelling coverage also and should always be written for replacement cost. This is where all of your appliances, electronics, furniture, clothing, etc. is covered. You should talk to your agent if you have items of high value or collectibles to be covered. Loss of Use - pays for "extra" expenses for you to live elsewhere if your home is not liveable due to a coverage loss. This would include hotels, dining and laundromat services if necessary. Coverage is written as a percentage of the dwelling limit. Personal Liability - you must be found negligent or legally liable in order to collect under this coverage. This will protect you against lawsuits against you arising out of your responsibility as a homeowner. Medical payments - pays for medical expenses of others as the result of an "accident" or "injury" on your property. This will not pay for expenses of anyone living in the home. You need not be negligent in order to use this coverage. Condominiums - requires all the same coverages as the homeowners policy with special attention given to the amount of coverage required on the dwelling based on your individual purchase agreement. Renters - provides coverage fo personal property owned by a tenant. The personal property limit will be based on individuals value of belongings and should be written at a replacement cost value. Mobile Homes - an owner of a mobile home requires all the coverages as that of homeowners. The rate for mobile home will partially be determined by where the mobile home is located and whether it is skirted and/or tied down. It may be possible to purchase replacement cost for the mobile home dependent on the age and value. Motorcycles - there are many factors to consider when purchasing coverage for your motorcycle. The coverages that can be purchased are very similar to those purchased for automobile insurance. It is important to understand the coverage you have purchased in order to avoid a gap in coverage at the time of a loss due to lay-up periods or coverage simply not purchased. Most motorcycle policies are written for actual cash value at the time of the loss and many have very limited coverage for add-on equipment. The following are a few suggestions to discuss with your insurance agent in order to determine how best to insure your motorcycle: How you use your motorcycle; Value of your motorcycle; Additional equipment added to your motorcycle. Snowmobiles - although you may only use your snowmobile 3-4 months out of the year, it may be necessary to carry coverage all year round. While riding your snowmobile you should carry liability limits equal to what you carry for your automobile insurance, including uninsured and underinsured motorist coverages. If you are choosing to also insure your snowmobile for comprehensive and collision losses, you should carry these coverages all year round to protect your snowmobile from fire, theft, vandalism or collision damage if your snowmobile gets hit while parked for the summer. ATVs - all-terrain vehicles can be insured in a variety of ways depending upon your usage. You may insure them under a traditional recreational vehicle policy or they may be added to a farm package. It is important to discuss the specifics of when and how you use your ATV with your insurance agent in order to be sure that you have adequate coverage. Insuring an ATV under a farm package may save you money, but the liability coverage is very limited and dependent upon registration of your vehicle you may not have coverage for damage to your ATV. Golf Carts - many homeowners policies have automatic liability coverage for golf carts while being used on the golf course. There may also be coverage for the golf cart itself while at your residence if you are using the golf cart to help with yard work. However, if you have to drive your golf cart on the road in order to get to the golf course or if you want comprehensive or collision coverage for your golf cart while it is stored at the golf course, it is necessary to purchase specific coverage for your golf cart. Discuss usage of your golf cart with your insurance agent, this will determine if you can add coverage to your homeowners policy or if it is necessary to write a separate policy. Boats - a boat is a large investment, and although you may only use it 3-4 months out of the year, it is important to insure it 12 months out of the year due to damage that can result while the boat is in storage. One of the biggest questions that you need to ask when insuring your boat is whether you want the boat insured for actual cash value or replacement cost. This will determine what you will receive at the time of a loss. Many homeowners policies allow you to endorse the boat onto them without writing a separate policy, and dependent on the horsepower and type of engine, there may not be a charge for liability. The usage of your boat is also important in determining the proper liability coverage. Be sure to let your insurance agent know if your boat will be used for water-skiing and/or parasailing. Personal Excess Liability (Umbrellas) - provides additional coverage for liability protection over and above the limits provided on your automobile, home, boat, etc. policies. Minimum coverage is written at $1 million. Highly recommended as a form of additional asset protection. Home Business - special liability and property coverage is required if you are operating a business from your home. Be sure to discuss the specific nature of your business with your insurance agent to avoid gaps in coverage and exclusions at the time of a loss. Most homeowner's policies do exclude coverage for your home, contents and liability for any business related operations. In most cases a simple endorsement canbe added to insure you have proper coverage. Farm Packages - a farm package is used to meet the individual insurance needs of your farm operation. The following coverages can be combined under a farm policy to give comprehensive protection: Farm Property; Farm Liability; Farm Blanket; Farm Excess Liability; Farm Automobile Coverage; Workers Compensation; Farm Inland Marine. Crop/Hail Insurance - Today's farmers understand the importance of protecting their investments, and one of the largest investments of time and money is your crops. ARI Services, Ltd. has the coverage your need. Multi-peril, hail, companion hail or revenue protection - which one is right for you? |
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