Endorsements
Endorsements can also be added to a home owner insurance policy at an additional cost to provide extra protection. Examples of endorsements include:

  • Guaranteed replacement cost coverage will pay the cost to rebuild your home as long as you have met the requirements of your home insurance policy.
  • Extended replacement cost coverage insures your home for a specific value and usually adds a 20-25% extended limit if reconstruction costs run over.
  • Inflation Guard increases the amount of your home owner insurance to keep up with inflation so that you can maintain adequate coverage to replace your home in the event of a loss.
  • Scheduled personal property protects articles such as jewelry, furs, stamps, coins, guns, computers, antiques, and other items that often exceed normal policy limits in your regular home owners insurance policy. It often provides coverage that is broader than the coverage in the home insurance policy. There normally is not a deductible for this coverage. Increased limits on money and securities provide additional coverage for money, bank notes, securities, and deeds.
  • Secondary residence provides protection for a second home such as a summer residence.
  • Theft coverage protection broadens the theft coverage to include personal contents in your motor vehicle, trailer or watercraft to be covered without proof of forcible entry.
  • Credit card forgery and depositor's forgery coverage provides protection against loss, theft or unauthorized use of credit cards. It also covers forgery of any check, draft, or promissory note. No deductible applies to this endorsement.

Auto Insurance
The Personal Automobile Policy (PAP) is a package insurance policy that provides coverage for losses that result from legal liability, injury to the insured and/or members of the insured's family, and damage to or loss of the automobile.

Four Parts of Automobile Coverage:

1) Part A- Liability Liability
Insurance covers the potential loss that could result from bodily injury or property damage that was caused by the automobile of the insured. Through the liability coverage, the insurance company is obligated to pay up to the policy limits the loss for which the insured is legally responsible due to an accident.
Liability coverage is considered to be the most important part of a personal auto policy; therefore, most states require a minimum limit of at least $25,000 per accident. Newly acquired vehicles are automatically covered for the first 30 days; however, the insurance company must be notified within the 30-day period to extend the coverage.

Sample policy for Part A could look like:
Liability
Bodily Injury
Each Person
Each Accident
$100,000
$300,000
Property Damage Each Accident $50,000

Liability coverage is provided for the use of any auto or trailer by the insured and/or any family member, defined as any person related by blood, marriage, or adoption, who resides in the household of the insured. Persons other than the aforementioned are also covered provided that they had permission from the insured to use the automobile.

Exclusions to Coverage:
a) Coverage is denied for anyone that intentionally causes an accident
b) Any person, other than a family member, that uses the auto without your permission
c) Autos being used in a racing competition
d) Liability while the auto is being used as a delivery vehicle
e) Damage to property owned or being transported by the insured
Automobile Insurance: Medical Coverage and Uninsured Motorists

Related Articles
  1. Insurance

    Do You Need Casualty Insurance?

    Find out how different types of coverages can protect you and which policy is right for you.
  2. Insurance

    Beginner's Guide To Auto Insurance

    Find the perfect policy that suits both your coverage and budgetary needs.
  3. Insurance

    Top Tips for Cheaper, Better Car Insurance

    Accident, theft, vandalism - make sure your coverage will protect you when you need it most.
  4. Insurance

    For Top-Notch Insurance Coverage, Compare Quotes

    Find out how to use and compare policy options to get the best coverage at the best price.
  5. Insurance

    How to Find the Right Car Insurance

    Finding the right car insurance can be difficult. However with these strategies, you can get the most for your money, protect your assets and your health.
  6. Insurance

    4 Types Of Insurance Everyone Needs

    Here are four forms of insurance that are vital to have.
  7. Insurance

    Homeowner's Insurance Guide: A Beginner's Overview

    Everything new homeowners need to know about insurance to protect their residence.
  8. Insurance

    Millennials Guide: Picking the Right Car Insurance

    Millennials fall into the category of high car-insurance rates. Check out some of the ways to save money, like owning an older car or leasing a vehicle.
  9. Insurance

    15 Insurance Policies You Don't Need

    Learn how to save money by saying "no" to unnecessary coverage.
Frequently Asked Questions
  1. What's the Best Way to Contact Warren Buffett?

    Learn how to contact Warren Buffett and what kinds of contact is most likely to receive a response from him or from his company, ...
  2. What is the Financial Services Sector?

    A diverse group of companies, beyond banks and credit unions, comprises the financial services sector.
  3. Who are Whole Foods' (WFM) main competitors?

    Whole Foods' main competitors are Sprouts Farmers Markets and Trader Joe's. However, the recent acquisition by Amazon my ...
  4. What caused the Stock Market Crash of 1929 that preceded the Great Depression?

    Find out what led to the stock market crash of 1929, which in turn led to the Great Depression. It sparked a nearly 90% loss ...
Trading Center