Insurance is not a commodity. It's not the same as purchasing a chair, car, clothing, or food. You're buying a promise when you buy insurance. It's a guarantee that if something unforeseen occurs to your home, vehicle, or family, your insurance company will help you get back on your feet.
However, because insurance is an intangible product, it's tempting to doubt its worth at times. Personal insurance, including home insurance, auto insurance, personal umbrella, and other forms of insurance products, are available to provide you with protection.
But insurance is not intended to cover all claims, losses, and accidents. Insurance is designed and intended to cover you and your family from unknown or unexpected occurrences.
Personal insurance policies are contracts between you and the insurer. For a premium, the insurer agrees to settle all claims covered under the policy (contract) per its terms and conditions. This is why it is critical to have an agent on your side. An independent agent can work with you and help you get the most out of your policy.
Each policy does have terms, conditions, and exclusions. These are what will govern all settlements after a loss or claim. It is important to understand what is covered and excluded in your personal insurance policies.
What’s Not Covered or Has Limitations Under a Standard Homeowners Insurance Policy
Wear and tear
Mold and rot
Breakdown of appliances
Certain breeds of dogs
failure to properly maintain the property
Cash, jewelry, and guns, often have limits
Art and wine collections have stated limits
What’s Not Covered or Has Limitations Under a Standard Auto Insurance Policy
Goods in transport for hire
Vehicles used in racing
A vehicle used in ride-sharing programs (some insurers)
Custom equipment unless you've added custom parts and equipment endorsement to your policy.
Not register for public roads
Wear and tear
Road damage to tires
Mechanical or electrical breakdown or failure
Why Do You Need Personal Insurance?
Insurance can provide your family with security and protection from unknown losses. The advantages of insurance can include:
Insurance can pay for repair and replacement from damage that your policy covers. It protects you from theft, fire, wind damage from natural disasters, and liability if a visitor or guest is injured on your property.
Without auto insurance, most people could not afford to pay the repair costs, medical bills, and legal fees involved with incidents and injuries. Auto insurance is also required by law.
Whatever your family's financial situation is today, an unexpected loss or event can cause everything to fall apart very quickly. Insurance provides financial resources so that if an unforeseen event occurs, you and your family can continue to move forward.
Even with the exclusions listed above, personal insurance is a great investment. Without it, most people could not recover from an accident or loss. The cost of most personal insurance products is very competitively priced and can be an important part of your family’s long-term financial goals.
Before thinking that your homeowner's insurance policy would cover you against any event that could damage your property or belongings, read your policy to make sure you understand all of the coverage's limitations and exclusions.
Accidents and calamities do happen; if you aren't properly insured, you may face significant financial difficulties and setbacks. You need personal insurance to protect your home, auto, and family.
Consider which personal insurance programs you might want or need to include when you hunt for gaps in your insurance coverage. Our team of professional are here to help guide you through this process.
Leap | Carpenter | Kemps Insurance Agency Can Help
Whether you live in a house, condo, or mobile home, and whether you drive a car, truck, or motorcycle, Leap | Carpenter | Kemps Insurance Agency will get you the policies you need. then Contact one of our independent insurance agents at (888) 461-9635 today for a no-obligation Personal Insurance review.
The information provided here is for general purposes only. Each insurance policy is unique, and your claim will be governed by your policy terms and conditions.
Tell us about your exposures, and we'll write an article about how we would mitigate your risk.
Leap | Carpenter | Kemps Insurance Agency provides Commercial Business Insurance, Employee Benefits, Life and Health Insurance, and Personal Insurance to all of California, including Merced, Atwater, Los Banos, Mariposa, Madera, Fresno, Modesto, Turlock, and Stockton.
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