Author: Sayan Dutta

Ordinance or law coverage is an important but often overlooked part of homeowners insurance. This additional protection covers extra costs that may be required to repair or rebuild your home after a covered loss to bring it up to current building codes and ordinances. In this article, we’ll explain what ordinance or law coverage is, why it’s important to have, provide examples of when it would apply, and how to obtain it as part of your homeowner’s insurance policy. Understanding ordinance or law coverage can help ensure you have adequate protection for your most valuable asset. What is Ordinance or…

Yes, it is possible to have two auto insurance policies on the same car, a practice sometimes referred to as “double coverage”. While uncommon, there are a few circumstances where a vehicle owner may opt to purchase multiple insurance policies for a single vehicle. However, there are important factors to consider before obtaining overlapping coverage. Is it Possible to Have Two Auto Insurance Policies on One Car? Understanding the Concept of Double Coverage Having two auto insurance policies on a single vehicle essentially provides double coverage – if you file a claim, you can potentially collect payouts from both policies.…

Aggregate insurance refers to a type of insurance policy that sets a maximum limit on the total payout amount an insurer will pay over a set period of time, typically one year. Rather than paying claims until a per-claim limit is reached, aggregate insurance policies pay claims until a total aggregate limit is reached. Understanding Aggregate Insurance Definition of Aggregate Insurance Aggregate insurance policies set a cap on the total dollar amount an insurer will pay out in claims over a set time period, usually one year. For example, a general aggregate insurance policy may have a $2 million annual…

Key person insurance is an important type of business insurance that protects companies against financial losses that can occur due to the death or disability of a vital employee. This insurance policy provides funds and coverage to offset revenue losses, recruitment costs, and debt repayments if such an employee is unexpectedly unable to work. What Is Key Person Insurance? Key person insurance, also known as keyman insurance, is a life insurance policy that a business takes out on a key employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company. The proceeds from the policy are…

Yes, renters insurance covers damage to your personal property within the rental unit. Renters insurance provides protection for your belongings and personal liability if you rent your home or apartment. Coverage varies by policy but generally includes damage to personal possessions due to covered causes like theft, fire, leaks, and natural disasters. However, coverage has limits and exclusions that may prevent reimbursement for some types of losses and property types. Renters insurance covers your personal property, such as your clothing, furniture, electronics, and other belongings, if they are damaged or destroyed by a covered peril. A covered peril is an…

Older mobile homes can be difficult to insure. Their age, construction materials and location often make insurers hesitant to provide coverage. However, there are still options for getting the insurance you need. This article will explore the challenges of insuring older mobile homes and provide tips to help you find and compare policies. Challenges of Insuring Older Mobile Homes Insuring older mobile homes presents some unique challenges compared to site-built homes. Here are two of the biggest issues you may encounter: Difficulty Obtaining Coverage Many insurance companies are reluctant to insure mobile homes more than 20-30 years old. They view…

If you’re seeking minimum coverage for your car, GEICO offers the most affordable liability-only insurance for most drivers at an average monthly cost of $27 or a yearly cost of $327. That being said, the cost may differ depending on factors such as your location, driving history,, and vehicle type. This article will provide an overview of liability-only coverage, tips for finding the cheapest rates, factors affecting cost, and the pros and cons of choosing this pared-down policy. What is Liability-Only Car Insurance? Liability-only car insurance, sometimes referred to as a minimum limits policy, only includes bodily injury liability and…

If you are thinking about leasing a car, you might be wondering what kind of insurance coverage you need. Leasing a car means that you are renting it from a leasing company for a fixed period of time, usually two to four years. During this time, you are responsible for paying for the car’s maintenance, repairs, and insurance. In this article, we will explain the insurance requirements for leased cars, the cost of insurance for leased cars, and how to obtain insurance for leased cars. Insurance Requirements for Leased Cars When you lease a car, you need to meet two…

The Federal Emergency Management Agency (FEMA) designates different flood zones to indicate the level of flood risk for specific geographic areas. These flood zones are important for understanding flood insurance requirements. There are three main categories of FEMA flood zones: high-risk, moderate-to-low-risk, and undetermined risk. Each zone has different implications for flood insurance needs. What Are the Different Flood Zones? FEMA flood zones can be divided into three main categories: 1. High-Risk Flood Zones High-risk flood zones have a 1% or greater annual chance of flooding. They have the highest flood insurance requirements. 2. Moderate-to-Low-Risk Flood Zones Moderate-to-low-risk flood zones…

A high-deductible or low-deductible health insurance plan might affect your healthcare bills and budget. This article compares high-deductible health plans (HDHPs) with low-deductible health plans (LDHPs), covering their advantages and downsides, and variables to consider while choosing a plan. High-Deductible Health Plans (HDHPs) What is a high-deductible health plan? A high deductible health plan typically has a higher deductible, meaning the amount you pay out-of-pocket for covered medical expenses before your insurance starts paying, compared to a low deductible plan. For 2023, the IRS defines a high deductible health plan as any plan with a deductible of at least $1,500…