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Home and Auto Insurance Policy Basics

Home and Auto Insurance Policy Basics

Published in: Economy & Finance, Business

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  • Hello and welcome. Introduction. My name is Steven Blinsink. I am a licensed professional with Armor Insurance Services, Inc. Please keep in mind that the information in this presentation varies depending upon your policy and your home location. However, this is a good general look at the policies and coverage.
  • Transcript

    • 1. Protecting You and Your Family How insurance can protect your financial security
    • 2.
              • Automobile & Homeowners Insurance
              • What’s Covered
              • What’s Not Covered
              • Definitions and Endorsements
      Note: Insurance policies vary. Always be sure and discuss your individual needs with a professional.
    • 3. Automobile Insurance
      • What’s Covered
      • Bodily injury liability – injury you cause to someone else
      • Property damage liability – damage to the property of others
      • Comprehensive – physical damage to your vehicle other than by collision (e.g., vandalism, theft, glass breakage)
      • Collision – physical damage to your vehicle resulting from collision (e.g., colliding with another car / object)
    • 4. Automobile Insurance
      • Also Covered…
      • Uninsured – coverage for your injuries caused by another motorist who does not have any coverage, hit and run drivers, etc.
      • Underinsured – coverage for your injuries caused by another motorist who does not have sufficient coverage (e.g., low limits)
      • Non-owned auto – borrowed or rented autos by named insured
      • Temporary autos – non-owned autos substituted for an owned auto because of its breakdown, repair, etc.
    • 5. Automobile Insurance
      • What’s NOT Covered
      • Personal property – items in an auto not necessary for the normal operation of the auto (e.g., CDs, clothing, etc.)
      • Furnished non-owned vehicle – e.g., company car
      • Endorsements are necessary to cover these
    • 6.
      • Limits of liability – limits to bodily injury (BI) and property damage coverage of others
      • Ex. $100,000 / $300,000 / $50,000
      • $100,000 bodily injury per person limit
      • $300,000 bodily injury per occurance limit
      • $50,000 property damage per occurance
      Automobile Insurance
    • 7. Automobile Insurance Tort - A wrongful act resulting in injury or damage on which a civil court action, or legal proceeding, may be based.
      • Limited Tort
      • -Lower premium
      • -Waive rights to recover from a negligent party
      • -Can sue only when a severe injury threshold is met
      • Full Tort
      • -Higher premium
      • -Provides the right to recover from a negligent party
      • -Unrestricted rights to sue a negligent party
    • 8. Automobile Insurance
      • Available Endorsements
              • Recreational vehicle
              • Towing and labor costs
              • Transportation expense
              • Lease loan security coverage / “Gap”
    • 9. Automobile Insurance
      • As life changes, so do your insurance needs.
              • New driver in the house
              • Longer/shorter commute to work
              • Purchase or lease a new vehicle
              • Be sure to update your policy
      Tip Sheet
    • 10. Homeowners Insurance
      • What’s Covered
      • Dwelling – residence
      • Other structures – garage, shed, etc.
      • Personal property – personal items (clothing, household items)
      • Loss of use – extra cost of living while the house is being restored after a disaster
      • Liability – injury to someone else or their property as a result of your actions
    • 11. Homeowners Insurance
      • What’s NOT Covered
      • Flood
      • - National Flood Insurance Program (NFIP)
      • Mold
      • -Limited coverage if caused by covered peril
      • Earthquake
      • Endorsement available
      • Identity recovery
      • - Endorsement available
    • 12. Homeowners Insurance Definitions Actual Cash Value (ACV) – Amount needed to replace a damaged item minus depreciation. Replacement Cost (RC) – The dollar amount needed to replace a damaged item with an item of a similar kind and quality.
    • 13. Homeowners Insurance
      • Additional Coverages to Consider
      • Valuables and collectibles
      • - Jewelry, fine art, firearms
      • Business property
      • - Home business exposures
    • 14. Homeowners Insurance Take a home inventory  An inventory helps determine how much coverage you need and helps settle claims faster.  List all household personal property and its value.  Take digital photos or videotape your property and keep records in a secure area. Log on to to download free software from the Insurance Information Institute. Tip Sheet
    • 15.
      • Available Endorsements
              • Personal property floaters
              • Replacement cost coverage
              • for personal property
              • Earthquake coverage
              • Identity recovery
              • Sewer & drain backup coverage
      Homeowners Insurance
    • 16.
      • Other Available Policies
              • Dwelling policy
              • Renter’s policy
              • Mobile home policy
              • Condominium policy
      Protect whatever you call home
    • 17.
      • Review your policy for specific coverages.
      • Compare the value of your property to coverage provided by your policy.
      • Increase or decrease your coverages as necessary.
      What else should you do?
    • 18.
      • Personal Catastrophe Liability Policy
      • Provides c overage for losses above the limit of an underlying auto or homeowners policy.
      • Covers some losses not covered in other policies.
      • Can typically be purchased at a reasonable cost.
      Additional coverage to consider
    • 19. Available discounts
              • Alarm systems
              • Multi-policy discount
              • -Home & auto
              • -Home and qualifying life
              • New home discount
              • Higher deductibles
    • 20. Steven H. Blinsink Armor Insurance Services, Inc. 114 West A Street Kannapolis, NC 28081 704-933-5409 We’ve got you covered. It’s our true blue promise. Contact Information