Personal Coverage
 |
It’s crucial to have a plan. Not just to protect your current assets, but to build financial security over time. Having the right insurance—for home, car, business, health and life—gives you more than peace of mind. It provides the knowledge that you’ve built a solid financial foundation for you and your loved ones.
|
Homeowners
Whether you own or rent your home, our team will help you choose the right insurance policy. A renter’s policy protects your personal property and liability. A basic homeowner’s policy protects the value of the buildings (or part of a building) that you own. And beyond that, you can add coverage to create a package of protections offered at a reasonable price, including: a building (dwelling), other structures, personal property (contents), loss of use, personal liability and medical payments.
| Building (Dwelling) | Other Structures Coverage | Personal Property (Contents) |
| Loss of Use | Personal Liability | Medical Payments |
Building (Dwelling) Coverage
(provided for those who own homes or condominium units)
For those who own real estate, this portion of the policy is very important as it protects your financial investment! You should buy coverage for the full replacement value of your home so that losses, partial and total, will be paid without a penalty – other than the policy deductible. (If you buy less than 80% of the replacement value of your home, you may be responsible for paying a share of each loss in addition to the deductible!). Your agent can describe what types of losses are covered, which are not, and which loss situations can be purchased for an additional premium.
(If you own a condominium unit, you may not have to insure the building items that you own as the Association may have purchased coverage for you. A discussion with your agent will help you determine your needs.)
Other Structures Coverage
(provided under ALL forms – owners or renters)
Your homeowner policy automatically provides you with 10% building/dwelling value for other structures on your residence at no charge. Other structures are barns, garages, driveways, fences, tennis courts, swimming pools and more. If you need more coverage, it is available for an additional premium. Check with your agent for a description of loss situations for which these structures will be covered
Personal Property (Contents)
(provided under ALL forms – owners or renters)
Your personal property such as clothes, tables, chairs, beds, etc. are covered anywhere in the world. If you own a home you are provided with 50% of your dwelling value for free for your contents. More can be purchased, if needed, for an additional premium. If you are a renter or condo owner, you must choose how much coverage you will need.
Check with your agent for limitations on certain types of personal property. Some types of property that are restricted can be purchased for an additional charge. Also, check with your agent for a description of the loss situations for which your contents will be covered.
Loss of Use
(provided under ALL forms – owners or renters)
When your property is damaged by a covered loss, you may have to go somewhere else to live until repairs can be made. You may also have to spend extra money for other things such as eating or driving to work. Your homeowner policy will provide you with a certain amount of money to pay these additional expenses.
Medical Liability and Medical Payments
(provided under all forms)
Personal Liability provides coverage for you and family members when you are legally responsible for bodily injury to other people or for damage to the property of other people. You are also provided with defense coverage for when you are sued. The usual basic limit provided for free is $100,000 per occurrence. Higher limits can be purchased and an Umbrella should be considered to cover the unpredictable catastrophe.
This coverage responds to injuries to others that happen at your residence, while you play baseball, ski, golf or perform other personal activities. Consult with your agent as to situations that may be excluded or restricted.
Medical payment coverage for injury to people outside your household is also provided. Covered situations are similar to those provided under the Personal Liability coverage. The basic limit provided is usually $1,000 per person with higher limits available for an additional premium.
Auto
There are only certain coverages that a state insurance law may require you to buy, but there are many coverages available for purchase under the Personal Auto policy. When purchasing auto insurance consider:
- Protecting your assets (which includes future earning capacity) by purchasing adequate liability limits
- Protecting your “mobility” by buying coverage to pay for damage to your auto
- Protecting what you want to protect, but, whatever you elect not to protect, you should be able to afford to pay for with your own money
| Bodily Injury Liability Coverage | Property Damage Liability Coverage | Personal Injury Protection Coverage |
| Medical Payments Coverage | Uninsured Motorist Coverage | Underinsured Motorist Coverage |
| Collision Coverage | Waiver of deduction option – application to collision losses | Comprehensive Coverage |
| Substitute transportation/rental reimbursement | Towing |
Factors that will influence the cost of your auto insurance are:
- Operators – their length of driving experience as well as their driving records
- The town where you live and park your car
- Use of vehicle – how far you drive to work or school and whether you use your vehicle in your work
- The type of coverage that you purchase
Bodily Injury Liability Coverage
Bodily Injury coverage protects you when your vehicle causes physical harm and injury to other people and they sue you. Defense and legal costs are also provided at no extra charge to protect you when you are sued for covered situations.
It is difficult to determine how much coverage you may need as no one can predict the future. It is not unusual for courts to award judgments in the hundreds of thousands of dollars. You must purchase at least the state minimum limit. You should purchase as much insurance as you can afford, and certainly consider an “Umbrella” policy that will provide you with additional limits for unpredictable catastrophe.
Property Damage Liability Coverage
Property damage coverage protects you when your vehicle causes physical damage and/or loss of use to the property of other people. Other property could include such items as vehicles, houses, fences, etc. Defense and legal costs are also provided under this coverage to protect you when you are sued for covered claims.
Again, it is difficult to determine just how much coverage you will need. Being responsible for a “total loss” to a Mercedes or causing structural damage to a building could be very expensive! You must purchase at least the state “minimum limit” and it would be wise to carry as much insurance as you can afford. Again, you should consider an “Umbrella” policy to provide you with additional limits for the unpredictable disaster!
Medical Payments Coverage
This coverage can provide first dollar medical insurance for you and your passengers who do not have health insurance coverage. This coverage can be very helpful in filling in the “gaps” from health insurance co-payment requirements, deductibles and restrictions. Check with your agent for the per person limits available.
Uninsured Motorist Coverage
This coverage protects YOU when You are injured in a motor vehicle accident caused by someone who did not purchase insurance. Even though motor vehicle insurance is generally required in every state, some people choose to break the law and not buy coverage. Uninsured Motorist coverage helps you recover loss of income and medical bills caused by another who has no insurance to pay your losses. You should purchase Uninsured Motorist Coverage limits equal to your Bodily Injury Limits.
Underinsured Motorist Coverage
This coverage also protects YOU when you are injured in an separate accident caused by someone else who has insurance … but not enough to pay for your injury. This coverage is so similar to the Uninsured Motorist coverage that most states combine both Uninsured and Underinsured Motorist coverage together. You should again consider purchasing the same limits as your Bodily Injury and Uninsured Motorists coverages.
Collision Coverage
This coverage pays for the damage to your vehicle caused when you hit another vehicle or object or another vehicle hits you. It covers you whether you are at fault or not. If you are not at fault, you could present a claim against the “guilty party”, but submitting a claim against your own carrier will often be easier. This coverage is always subject to a “deductible”. A deductible is that amount of a loss you must pay. Deductible options vary by state. Talk to your agent regarding available deductible options.
Comprehensive Coverage
This coverage pays for the damage to your vehicle caused by situations other than collision. Some “usual” comprehensive losses are flood, fire, theft and glass. In some states, you can purchase “first dollar” (no deductible) coverage. In Massachusetts, you must purchase a deductible (but it does not apply to glass losses). In other states, your deductible applies to all losses, including glass. Always talk to your agent regarding which deductible options best fit your needs.
Substitute transportation/rental reimbursement
This coverage pays you a certain amount per day for a certain length of time for “alternate transportation” necessary when Your Auto is inoperable due to a covered collision or comprehensive claim. Coverage is provided for the length of time your car cannot be driven to a maximum of 30 days. Payment may be subject to a daily limit amount. Check with your agent for the available daily limit rates that can be purchased.
Towing
This inexpensive coverage pays you when your vehicle needs to be towed or have some work done “on the road” such as change a flat tire. This coverage only pays a certain amount for each loss. Check with your agent for available limits.
Personal Umbrella
Think about this:
You don’t have to be a millionaire to be sued like one!
You can be sued for an auto accident, or if someone falls and is injured on your property. You could also be sued for work you do as a member of a non-profit organization or coaching youth sports.
Liability limits provided by a standard automobile or homeowners policy usually aren’t enough for $1 million and up law suits.
What you can lose:
- Personal Savings
- Future Income, including Retirement Income
- Your Home
- Your Personal Property
We can help
Our companies offer an affordable Personal Umbrella Liability Policy with limits of $1 million to $5 million available. This coverage is in excess of the liability coverage provided by your auto and homeowners policy. It also covers attorney expenses.
Key features of the umbrella policy:
- Limits of $1 million to $5 million
- Attorney defense costs included
- Base cost covers two cars and one home coverage. Also available for boats, recreational vehicles and snowmobiles
- Affordable cost and eligible for up to 20% in selective discounts
Boat
Properly insuring your boat or yacht is very important and all too often overlooked by the excited buyer. From replacement cost protection on the boat to liability protection on the uninsured boater, Middle Peninsula stands ready to advise your boating insurance options. Let us add to your pleasure by making sure that you are properly protected on the water.
Flood
True or False?…
- Water is more likely than fire to damage your home.
- Your homeowners insurance does not cover flooding.
- One third of flood loss claims are outside high flood-risk areas.
If you answered “FALSE” to any of the cover statements, You guessed wrong. The truth is:
Flood waters are far more likely to damage your home than fire. Homes in special flood hazard zones face a one-in- four chance of being flooded over the life of a 30-year mortgage. There’s only a one in 100 chance of these homes being damaged by fire.
Homeowners policies don’t cover flood damage. Check your policy. Damages that result from floods are not covered under most property insurance policies.
You don’t have to live near water to benefit from flood insurance. Once flood waters affect two adjacent properties or covers two acres, you are eligible to file a claim. Insurance covers related damage if it is the direct result of flooding.
Included is damage from surface water, flood-induced mud slides, sewer backups, flood water seepage or subsiding land. Also covered is winter flood damage from freezing flood waters and water-driven ice. (subject to policy terms).
Federal disaster grants often aren’t enough. Under the Federal Individual and Family Grant program, grants rarely cover all your losses. Individual or family grants average less than $2,500. In the past, the maximum grant has only been $12,200.
Disasters must be formally declared by the President before most forms of Federal assistance can become available to you. Ninety percent of all disasters are never declared
The most common Federal disaster assistance is a loan. But interest on a Federal loan can be costly. Monthly payments on a $50,000 loan, for example, may cost as much as $320 a month over the loan’s term. By comparison, $50,000 worth of flood insurance is less than $200 per year, depending on where you live.
Selective Insurance pays claims whether or not the government declares a disaster. You’re in control. No need to wait in long lines. No loans to repay. But, don’t wait until disaster strikes. In most cases, there is a waiting period before your insurance coverage takes effect.