The Different Types of Insurance
Purchasing Home, Condominium, Renters, Dwelling Fire, Auto, Motorcycle or life Insurance can be a confusing and daunting task.
Palmdale insurance Professionals offers an array of options to choose from, and we make certain that you understand everything before you make a purchase. You may rest assured that our friendly, knowledgeable staff has the experience to help guide you to the right insurance choices for you, your family. And you may also count on receiving the best prices in the industry because of our reputation and trusted relationships with a carefully selected and financially sound group of insurance companies. We offer all of the knowledge and skilled expertise you would expect from a top insurance agency with a truly experienced and talented staff. If you’re in need of reliable Auto insurance or a Home Insurance policy, you can trust that we’ve made your coverage needs our number one priority! We also offer a full array of specialty options available for Life Insurance, Health Insurance, MotorCycle Insurance, Condominium Insurance and much more. It is far simpler to manage policies when they are combined, and this will also save you money. So be sure to check with us to find out which policies will lend themselves to this option. Our company offers many years of experience in the insurance business. We’ve created a strong, stable and dedicated group of agents and insurance carriers. Please ask how we may help you get the coverage you need.
We will help you with several types of insurance lines, including:
You may count on us to take care of you. We are very detail oriented and dedicated to serving
your needs, especially if you’ve been turned down by other insurance companies.
We provide a wide range of products to choose from when it comes to preserving the value of your home equity and all your personal or business assets.
We hope you never need to file a claim. However, if you are involved in an accident or unexpected incident, we are always available to assist you.
Contact us for more information at (661)-422-6059
Uninsured / Underinsured Motorist Coverage
Uninsured motorist coverage (UM) pays for your medical expenses if you are injured in a crash caused by an uninsured motorist. This coverage usually includes underinsured motorist coverage (UIM), which protects you if you are hit by a driver who is underinsured. It will help pay for your medical bills and vehicle repair costs that may exceed the at-fault driver’s own policy limits.
You also have the option to purchase uninsured motorist property damage coverage (UMPD), which pays for damage to your car. However, many drivers carry collision and comprehensive coverage instead, which pays for damage to your car in this situation, as well as other instances where your car could be damaged, such as a hailstorm or a collision with an animal.
Uninsured motorist coverage is optional in most states, although you may have to sign a waiver saying you choose not to purchase it. Twenty states and the District of Columbia have mandatory requirements for uninsured or underinsured motorist coverage. A handful of states, including Nevada and Texas, have passed laws and begun to develop and implement online auto insurance verification systems to identify uninsured motorists.
In this economy, it makes sense to rent. If you do, play it safe. Protect the things your landlord won’t cover.
If you rent an apartment, house, condo, or even a dorm room, you may think you don’t need insurance. But if fire, theft, or vandalism damages your property, your landlord’s insurance policy will only cover the building itself, not your personal belongings.
You have probably invested a lot of time and money into your personal effects, and it’s up to you to take care of them. Having a Renters Insurance (or Tenants Insurance) policy can pay for the cost of replacing your belongings if they are damaged due to a covered accident, or if they’re stolen.
Depending on your policy, your insurance will pay to replace items using one of two methods: Actual Cash Value (ACV) or Replacement Cost.
With ACV coverage, your belongings are insured only for the amount in which they are currently worth, while Replacement Cost will pay for the expense of replacing the items with brand new ones.
Since guests probably come to your home from time to time, it’s advisable to add the optional “Liability Coverage” to your Renters Insurance policy. This will safeguard your assets from injury claims if someone becomes injured while at your home.
If a fire or other damage makes your residence, your Renters Insurance may compensate you for the cost of renting a temporary place to live.
Our agents are dedicated to helping you to get the proper coverage at an affordable rate.
Homeowners Insurance Basics
Insurance is something most people don’t even want to think about until they need it the most. But, understanding what is and isn’t covered in your homeowners insurance policy can mean the difference of being able to rebuild your home and replace your personal belongings. Homeowners need to do annual insurance policy “check ups” to make sure they keep up with local building costs, home remodeling and inventories of their personal belongings.
The typical homeowners insurance policy covers damage resulting from fire, windstorm, hail, water damage (excluding flooding), riots and explosion as well as other causes of loss, such as theft and the extra cost of living elsewhere which the structure is being repaired or rebuilt.
Your policy also covers your legal liability (up to policy limits) if you, members of your family or even your pets hurt other people or their property, not just in your house, but away from it, as well. Click here for more information on general liability coverage and umbrella policies.
When you insure your home, you are really insuring two distinct things:
- The structure of your home
- Your personal belongings
Three ways to insure the structure of your home:
- Replacement Cost. Insurance that pays the policyholder the cost of replacing the damaged property without deduction for depreciation, but limited to a maximum dollar amount.
- Extended Replacement Cost. An extended replacement cost policy, one that covers costs up to a certain percentage over the limit (usually 20%). This gives you protection against such things as a sudden increase in construction costs.
- Actual Cash Value. This covers the cost to replace your home minus depreciation costs for age and use. For example, if the life expectancy of your roof is 20 years and your roof is 15 years old, the cost to replace it in today’s marketplace is going to be much higher than its actual cash value.
Tips for Insuring Your Home to Value
You should insure your home for the total amount it would cost to rebuild your home if it were destroyed. That’s not the market value, but the cost to rebuild. If you don’t have sufficient insurance, your company may only pay a portion of the cost of replacing or repairing damaged items. Here are some tips to help make sure you have enough insurance:
- For a quick estimate on the amount to rebuild your home: multiply the local building costs per square foot by the total square footage of your house. To find out the building rates in your area, consult your local builders association or a reputable builder. You should also check with your insurance agent or company representative. (Note: This is only an estimate and shouldn’t replace annual coverage reviews).
- Factors that will determine the cost to rebuild your home: a) construction costs b) square footage of the structure c) type of exterior wall construction—frame, masonry or veneer d) the style of the house (ranch, colonial) e) the number of rooms & bathrooms f) the type of roof g) attached garages, fireplaces, exterior trim and other special features like arched windows or unique interior trim.
- Check the value of your insurance policy against rising local building cost EACH YEAR. Check with your insurance agent or company representative if they offer an “INFLATION GUARD CLAUSE.” This automatically adjusts the dwelling limit when you renew your policy to reflect current construction costs in your area. However, you still should keep up with local building costs by checking in periodically with your local builders association.
- Check the latest building codes in your community. Building codes require structures to be constructed to minimum standards. If your home is severely damaged, you might have to rebuild it to comply with the new standards requiring a change in design or building materials. These generally cost more.
- Do not insure your home for the market value. The cost of rebuilding your home may be higher or lower than the price you paid for it or the price you could sell it for today.
- Most lenders require you to buy enough insurance to cover the amount of your mortgage. Make sure it’s also enough to cover the cost of rebuilding.
- Advise your insurer and increase the limits of your policy if you make improvements or additions to your house.
Two ways to insure your personal belongings:
- Replacement Cost Coverage. Insurance that pays the dollar amount needed to replace damaged personal property with items of like kind or quality without deduction for depreciation.
- Actual Cash Value. Insurance under which the policyholder receives an amount equal to the replacement value of damaged property minus depreciation. Unless a homeowners policy specifies that property is covered for its replacement value, the coverage is for actual cash value.
Here are a few things to keep in mind when you’re insuring your stuff:
- Check the limits of your policy on personal items, such as jewelry, silverware, furs and computer equipment. If the limits are too low, consider buying a special personal property endorsement or a “floater.” An endorsement is an addition to your policy. A floater is a form of insurance that allows you to insure valuable items separately.
- Make an inventory of everything you own in your home and in other buildings on the property. Write down major items you own along with all available information, such as (a) serial numbers (b) make and/or model numbers (c) purchase prices (d) present value (e) date of purchase. Click here for more on home inventories.
- Document your inventory. Take either still or video pictures and attach receipts to the inventory when available. Store the inventory and visual records AWAY from your home—perhaps in a safe deposit box.
- Update the inventory when you make major purchases.
The most important thing you can do to safeguard your home and property is to understand that your insurance policy is a contract and you need to know what’s in it. Your insurance agent or company representative will be able to walk you though it and answer any questions.
Looking for home coverage? Why do you need homeowners insurance?
It’s really all about protecting yourself financially if an unexpected event occurs to your home or possessions.
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and its contents.
Homeowners insurance is a package policy. This means that it covers both damages to your property, and your liability or legal responsibility for any injuries and property damage that you or members of your family cause to other people. This includes damage caused by household pets.
It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Your agent will go over your policy with you to make certain that you know exactly what’s included and what is not.
Basic Protection Covers:
- Your home
- Other buildings or structures on your property
- Your personal belongings – furniture, clothing, appliances, etc.
- Additional living expenses
- Your personal legal liability
- Special features you may add to your policy for greater protection include:
- Home Replacement Guarantee
- Replacement Cost of Contents
- Abrupt Collapse
No matter whether you live in a house, townhouse or condominium, you need an insurance policy that will protect your investment and provide you with the means to fix or replace your dwelling and your possessions.
We offer specialized coverage to help protect and restore your valuable assets in the event of a loss. An important factor in protecting your home or property is making sure your assets are insured to value.
Auto Insurance protects you if you have an accident with your vehicle. If you’re involved in an accident and you don’t have car insurance, you’re looking at high out-of-pocket costs, injury liability, and even serious legal issues.
Keeping your vehicle insured is an important protection for you and your family. It’s simply the responsible thing to do, and it’s an essential financial decision that you can’t drive without. Auto Insurance helps to reduce or cover property damage costs, replacement parts for your car as the result of an accident, medical expenses from injuries, roadside assistance, and much more.
When you are shopping for auto insurance, one of our exceptional agents will guide you through the maze of options. Buying the best protection for you and your family is a good way to save money and stay within your budget. Palmdale Insurance Professionals experienced agents can help you determine the amount of coverage and the auto insurance options that are right for your needs.
We don’t believe in “one size fits all” insurance coverage.
That’s why our agent will work directly with you to put together the best and most affordable package, designed with your needs in mind, to ensure your safety.
- Types of coverage include:
- Comprehensive Auto Insurance Coverage
- Collision Auto Insurance Coverage
- Medical Expense Coverage
- Family Compensation Coverage
- Liability Car Insurance
- Property Damage Liability
- Bodily Injury Liability Coverage
- Uninsured and Underinsured Motorist Coverage
- Personal Injury Protection or No-Fault Insurance
- Towage and Labor Coverage
Although no one expects to be involved in a collision, accidents do happen every day. It’s important to have the proper vehicle insurance coverage that offers major protection for you and your passengers.
Should you be at fault in an auto accident that results in injury to another individual, their family or property, you want to know that you are covered for expenses related to all involved. If a driver or property owner decides to take legal action, you’ll want a company that will work for you to mitigate the damages.
Having the right car or truck insurance coverage can be a financial lifesaver, and your insurance carrier will play a vital role in managing a fair settlement
For our client’s motorcycles aren’t just transportation, they’re a way of life. We know motorcycle insurance because we love motorcycles too. Let us help you save money and protect your bike.
What is Motorcycle Insurance?
Motorcycle insurance provides financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise from the actions of the motorcycle driver.
Motorcycle insurance may also offer financial protection against theft of the motorcycle and damage sustained by things other than traffic collisions.
Motorcycle Insurance Coverages
There several different types of motorcycle insurance coverages. Some may be required by law. Others are optional. The main coverages are:
Accessory Coverage – Covers loss, theft, or damage to motorcycle accessories like saddlebags, custom handlebars, and OEM electronics.
Comprehensive Physical Damage Coverage – Covers physical damage or loss of the motorcycle that is not the direct result of a moving vehicle collision.
Collision Coverage – Pays for damage to an insured motorcycle when it hits or is hit by another car or object, or if the motorcycle overturns.
Bodily Injury Liability Coverage – Pays damages for bodily injury or death resulting from an accident for which you are at fault and provides you with a legal defense. This includes passengers riding your motorcycle.
Property Damage Liability Coverage – Pays damages for physical damage resulting from an accident for which you are at fault and provides you with a legal defense.
Medical Payments Coverage – Pays medical expenses of the parties riding on the motorcycle involved in a motorcycle accident.
Personal Injury Protection Coverage – This is an extension of motorcycle insurance available in some states that covers medical expenses and, in some cases, lost wages and other damages. PIP is designed to be paid without regard to legal liability.
Uninsured/Underinsured Motorist Coverage – Provides for a motorcycle operator to receive damages for any injury he or she receives from an uninsured, negligent driver. The coverage pays the difference between what the uninsured or underinsured driver can pay and what the injured operator would be entitled to as if the uninsured motorist had proper insurance.
Motorcycle Roadside Assistance Coverage – Roadside assistance and breakdown coverage assist operators whose motorcycle has suffered a mechanical failure that leaves the operator stranded.
A condo is a great alternative to living in an apartment or a house and can offer more space, more living area, and more amenities. But since a condo is a special kind of residence, it requires its own unique type of insurance policy.
Condominium Associations have strictly written agreements about your duties as an owner. Your condominium insurance policy covers your personal property and any additions, alterations, and improvements you make to your unit that is your responsibility, based on the condo association agreement. Condominium insurance protects your belongings and mitigates any liability.
Condo insurance already provides coverage for your personal property and much more. For a few more dollars, you can elect to carry “Full Value Personal Property” coverage, which ensures that you are reimbursed the full replacement cost value of anything that was damaged, without factoring in depreciation.
Be sure to consult your HOA agreement to determine what the Association policy covers, and what you are responsible for. If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy.
Optional “Loss Assessment Coverage” is also available to protect you against certain assessments that may be levied by the association. You would be compensated for additional living expenses incurred should you need to move from your home in the event of any damages that are covered by your policy.
Your condo insurance policy protects you and your family members against bodily injury, property damage liability claims, and any litigation that may result, subject to the limits you select. In addition, you can select “Medical Payments Coverage” which will pay for medical expenses incurred by a visitor who is injured at your residence, no matter who is to blame. You choose the limit.
Many people supplement their condo insurance coverage with “Personal Umbrella Liability Insurance” for even greater protection. If you have special valuable items such as jewelry, art, antiques or collectibles, ask about our “Valuable Articles” option which provides broader coverage and no deductible in the event of a covered loss.
With “Condo Insurance Services”, you can extend your protection past that of what your condo community provides. It helps pay for the replacement of your personal belongings while offering basic liability to cover bodily injury or property damage.
Condo Owners Insurance covers any damage done to the inside of your unit. For any interior damage, your insurance may be used to pay for the expense of fixing or replacing items like drywall, flooring, light fixtures, and more.