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Most people understand they need to carry insurance coverage for protection, and most know that some varieties of insurance are mandatory.
Car Insurance
Most every state requires car owners carry the least possible amount of required insurance for each vehicle the person owns. Car insurance can vary in so many ways. For example, if you have a liability policy and are involved in an accident, it will pay a specific dollar amount to the person you hit. Alternatively, it will not pay for any of your own vehicle damages. If you go a little higher on the insurance scale, buying a comprehensive policy will take care of any damages to your car as well as the car of the other person. It also covers damages to property and medical awards. There are several different types and levels of car insurance to compare and choose from. Melton McFadden Insurance can help you choose the right type of coverage that suits you best.
Auto insurance is so important because it offers the financial protection you need if you are at fault in an accident. Without insurance, repairs to both damaged vehicles come directly out of your pocket. Additionally, without an insurance policy, you risk losing everything you have today and potentially your earnings for tomorrow. A typical person cannot afford paying the replacement cost of a vehicle for the person they hit. Additionally, there are the medical costs to pay if that person is hurt and you are found at fault for the accident.
Homeowners Insurance
Equally important as car insurance is homeowner’s insurance. In most cases, the lender decides the amount of coverage needed. Some homeowners add clauses to their policy to cover personal items, furniture, jewelry and other items they want to protect. Most coverage includes anyone else on the property if they happen to have an accident or sustain an injury while on such property. Once again, it is important to have insurance to keep the owner protected from any legal repercussions that might occur if others are on the property. It also protects the owner from any damages to their property resulting from fire, a tornado, or other disasters.
Homeowners need to check to see if their policy covers flooding. Many assume it does, but that is not always the case. It is safest to check with your insurance company to see if flood insurance is included on your policy. Many homeowners have faced extreme financial losses, assuming they had coverage when they did not.
Almost anything and everything can be insured. Having insurance is the best way to protect yourself, your home, vehicles, personal property and much more against major losses.
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