The subject of insurance can be a confusing one, and for someone with little or no experience in this area, there may be countless questions to be answered. If you've ever heard the term “insurance poor” used by someone, it likely came from someone facing premium payments for:
- Homeowner's (or renter's) insurance
- Vehicle insurance
- Life insurance
- Health insurance
- Dental insurance
- Disability insurance
- Travel insurance
- Umbrella
insurance
- Insurance on a car loan
- Professional
liability insurance
- Property insurance
- Workers' compensation insurance
- Product liability insurance
- Vehicle insurance
- Business interruption insurance
- Home-based business insurance if involved in a home
business
Who
Should You Ask For Info?
When faced with deciding what kinds of insurance you need and how much you
should consider for each type, it's best to obtain the advice of a
professional. Better than going to an agent representing a singular insurer,
you would likely be better served by consulting with an independent insurance agent
able to tap into coverage offered by multiple companies in order to get an
unbiased idea regarding what's available and the ins and outs of each type of
coverage. In asking questions, here are some uncommon questions to consider
that don't often come up:1. Q – If I allow someone else to drive my vehicle and they're involved in an accident, are they covered by my vehicle insurance?
A – In most cases, anyone else driving your vehicle will be covered by your insurance if involved in an accident, provided they are determined to be at fault.
2. Q – The water pipes in my home burst and ruined many of my personal possessions. Will my homeowner's policy cover replacement?
A – Such water damage is covered by most standard homeowner's policies with a few caveats. Valuable items such as expensive artwork, furs, collectibles (such as a baseball card or stamp collection), jewelry, etc., will have limits, often conservative amounts, on how much will be paid on a claim.
If you're away from home for seven days or longer during cold weather and the pipes freeze and rupture because you didn't make provisions to prevent this, you likely won't be covered.
3. Q – If a family of rodents gains entry to my attic space and causes significant damage, will my insurance pay for repairs?
A – Unfortunately, critter damage caused to your home is not covered.
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