Month: November 2014

When you purchase a home insurance policy, you are taking steps to protect the structure and the surrounding land from unexpected situations. Renting out your property is a risk that often requires additional protection in case you face neglect or damages from the tenant’s actions. In many cases, your policy will not cover negligence, even if it was due to a tenant’s behaviors.

What is Covered

Usually, a home insurance policy will protect your property against sudden and unexpected situations. For example, a fire or damage from a storm, may be covered in your policy. The sudden situations are often beyond your personal control, so you are usually covered for those situations.

Coverage will also pay for liability concerns, such as a neighbor falling down your stairs or tripping on the walkway to your door. The insurance will usually help pay for the medical bills associated with the accidents.

Neglect and Coverage

Most insurance providers will not pay for any damages that are related to neglect. For example, mold growth that damages the structure of the building because it has been left for a long period of time or damages from poor maintenance may not be covered.

When you are renting out your property, it is usually best to purchase a policy that is designed for landlords rather than homeowners. The coverage still protects your property, but it will also protect against the poor behavior of tenants who may damage the property.

There are a variety of concerns that may arise when you rent out your property. As a result, it is usually best to talk to your insurance provider about the situation before you determine that a policy is appropriate for your goals. Contact us to talk to an agent for more details.

Buying auto insurance in Ada, OK does not automatically mean that you are covered against car theft or that you have the amount of coverage that you expected. In some cases, you may have limitations on your policy. Recognizing the amount that you can claim after a theft can be an important part of protecting your finances and vehicle.

The Policy You Purchase

Even though you may have coverage against the theft of your vehicle, it is likely that you may have limitations on the policy that you purchased. Keep in mind that every policy is different, so the options that you have after a theft occurs may vary.

Some companies may pay for the vehicle in the same way that you are covered against a total loss after an accident. Other companies may offer coverage to a set percentage of the vehicle’s replacement value.

Lack of Coverage

While it is possible that you can have coverage on your policy, some plans may not offer coverage against theft in the basic plan. Even a comprehensive policy may not have the coverage that you expect or can exclude the theft of your vehicle.

Insurance providers may require that you purchase a separate policy for car theft to avoid confusion or to ensure that your vehicle is covered appropriately. If your current policy does not have any coverage against theft, then you may need to obtain additional protection.

The details regarding coverage that is available for your vehicle can vary. Some insurers offer protection against theft in the basic comprehensive plan, but the amount of coverage that you can obtain and claim can vary between companies. Contact us to talk to an agent for more details about your policy options.