What You Need to Know About Insurance, Allstate

Insurance in General

               You need to have coverage for many things in life to ensure that things get taken care of when things go wrong. You need life insurance in case something happens to you, car insurance for your vehicle, and home insurance for your house. There are more types, but these are the most common.

You can go through an agent to get most types of coverage. One agent that can help you is Kara Davis – Allstate Insurance who can answer all your questions. She offers most types for you to choose from so that you are covered for whatever reason.

This article will give you some information about different types of coverage. It will help you learn what you need to know about it. You can also do more research to find the information that you need to know about.

What You Need to Know

All Types

1. What is the Premium? The premium is the price that you pay each month for the coverage. Generally, the more you pay for the premium, the better coverage you will have. Sometimes if you have a greater risk, you will be charged more for your premium, so be aware of that. 

2. What is the Deductible? This is the portion of the claim that the insured will pay: https://www.doi.sc.gov/1019/Understanding-Your-Deductible. For example, if you have a five-hundred-dollar deductible with a two-thousand-dollar claim, the company will pay fifteen hundred dollars, and you will pay the first five hundred dollars. There is generally a deductible on all policies, and you usually get to choose which is best for you. 

Homeowner’s

3. What is a Dwelling? The house that you are living in, and insuring is the dwelling. The dwelling cost is what the house is worth. If the cost of the dwelling was $240,000, it is insured for that amount. The company will give you this amount if your home is completely destroyed, minus your deductible. 

4. What is Personal Property? This is the part that pays for everything inside your home, such as furniture, clothing, jewelry, and appliances. This can also pay for things outside of the home such as an attached fence or patio attachment. Again, you will need to pay the deductible while everything else is paid for. 

5. What is Loss of Use? If you lose the use of your home after a fire or something similar, you will also be paid for loss of use. This will allow you to stay in a hotel or other rentable dwelling for the duration of the home repairs or rebuilding. This can provide help for you while your house is being worked on. 

6. What is Medical Payment and Liability? This is what is paid for any injuries that occurred during the loss of the home. This will also pay if someone is injured on your property, such as falling down the stairs and breaking an arm or leg. Since they are on your property, you are responsible for the payment of their injuries – this will pay for that. 

Life

7. What is the Term? These policies are for a certain period of time, or term such as ten, fifteen, twenty, or thirty years. Learn more about it here. Term insurance is relatively inexpensive, about thirty-five to forty-five dollars per month. Once the term is up, the coverage is expired, unless it is renewed. 

8. What is Whole Life? Whole life is a term that lasts your entire lifetime and doesn’t expire. This is more expensive than term life and will cost you about two hundred dollars per month for a two-hundred-fifty-dollar policy. The good thing about this is that the company will pay you that amount upon death, the bad thing is that you may wind up paying more in premiums than you will get back if you live a longer time. 

Auto

9. What is Auto Liability? Almost every state requires you to have at least liability. There are two parts to it including bodily injury and personal property. Bodily injury covers the other driver’s injuries and personal property will pay to replace or repair their vehicle. 

10. What is Comprehensive and Collision? This package has two components – comprehensive and collision. Comprehensive will cover everything that isn’t in a crash such as a fire, flood, or theft. Collision covers everything that happens during a crash. These aren’t required but they are highly recommended because you will be responsible for any damage that occurs if you don’t have it. 

Conclusion

               There is a lot that you need to know about when it comes to insurance. There are many types that you need to know about – auto, life, and home are just a few. This article just gave you a little information about all three of these types. You can ask your agent if you need more information – that’s what they are there for.