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Home and Auto Insurance Policy Basics

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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.
  • Auto Home

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