Miami Valley Insurance Agency is the premier source for home and auto insurance as we go to great lengths to find the ideal coverage for you and your family. Below are examples of the types of home and auto insurance policies we typically write.
Five Types of Auto Insurance.
1. LIABILITY INSURANCE
Liability insurance covers you in the event you are in a covered car accident and it is determined the accident is a result of your actions. Liability insurance will cover the cost of repairing any property damaged by an accident as well as the medical bills from resulting injuries. Most states have a minimum requirement for the amount of liability insurance coverage that drivers must have. lt is always a good idea to have liability insurance.that is above your state’s minimum liability coverage requirement, as it will provide extra protection in the event you are found at fault for an accident, as you are responsible for any claims that exceed your coverage’s upper limit. You wouldn’t want to run the risk of having to pay a large amount of money because your policy limit has been exceeded.
2. COLLISION COVERAGE
If there is a covered accident, collision coverage will pay for the repairs to your car. If your car is deemed a total loss (where the cost to repair it exceeds the value of the vehicle) in an accident, collision coverage will pay the value of your car.
If your car is older, it may not be worth carrying collision coverage on it, depending on the value. On the other hand, if you have a more expensive car or one that is relatively new, collision insurance can help get you back to where you were before any damage to your car. Note: If you have a lienholder, this coverage is required.
3. COMPREHENSIVE COVERAGE
What if something happens to your car that is unrelated to a covered accident – weather damage, you hit a deer, your car is stolen – will your insurance company cover the loss? Liability insurance and collision coverage cover accidents, but not these situations. These situations are covered by Comprehensive (other than Collision) coverage.
4. MEDICAL PAYMENT COVERAGE
While Comprehensive coverage may be something you don’t need to purchase, Medical payment coverage is an optional coverage, and is very affordable. The costs associated from an accident can quickly add up, and in order to cover those costs Medical payment coverage is available. With this coverage, your medical bills along with those of your passengers will be paid, no matter who is at fault for an accident.
While Comprehensive coverage may be something you don’t need to purchase, Medical payment coverage is something you should. The costs associated from an accident can quickly add up, and in order to cover those costs Medical payment coverage is available. With this coverage, your medical bills along with those of your passengers will be paid, no matter who is at fault for an accident. Note: This coverage is not available in all states.
5. UNINSURED /UNDERINSURED MOTORIST PROTECTION
While state laws mandate that all drivers should be insured, this is unfortunately not always the case. Another issue that can arise is that while a driver may have liability insurance, many states have relatively low minimum coverage requirements that may not be enough to cover all the expenses of an accident. So, if someone is legally responsible for damages related to an accident, you won’t receive any payment if they do not have coverage or you will receive less than you need to cover the cost of damages if your damages exceed their coverage amount. This is the type of situation where Uninsured and Underinsured Motorist Protection would help with expenses.
Savings tip: It’s usually relatively inexpensive to add uninsured/underinsured motorist protection to your car insurance policy, especially considering the amount of protection it offers.
Forms of Homeowners Insurance Policies
For the broadest homeowners’ coverage, you need the “Comprehensive Form” Just like a “Special Form”, a Comprehensive Form is an open-peril policy form that can financially safeguard you against all perils unless your policy specifically excludes them in writing.
The following are typically excluded from coverage under a Comprehensive Form policy.
- Earth movement (like an earthquake, landslide, or mudslide)
- Water damage
- Damage from or infestation of birds, vermin, rodents, and insects
- Neglect, deterioration, and general wear-and-tear
- Settling, shrinking, bulging, or expanding of your home’s foundation
- Your pets and other animals
- Mold, fungus, and rot
- Intentional loss
- War, government action, and nuclear hazard
- Ordinance or law
- Smog, rust, and corrosion
Here’s the most important benefit with a Comprehensive Form, in addition to the broader coverage; in the event of a claim, the burden of proof is on your insurance company to prove that your claim is not covered because of one of the exclusions in your policy. If the insurance company can not point to a specific exclusion in your policy, no matter how obscure the claim may be, your policy will cover you.
The Special Form policy is the most common type of homeowners’ insurance, namely because of its broad range of coverage and general affordability. It covers all the perils mentioned in the Broad Form policy – but it also goes further than that.
Because a Special Form doesn’t limit coverage only to named perils, it often can provide more financial protection than a Broad Form. That means that your typical Special Form can financially protect you against all perils unless your policy specifically mentions them in the exclusions – and if it doesn’t, you’re covered.
The Special Form policy typically insures your home and attached structures (like a garage or deck), as well as your belongings and your personal liability if you accidentally injure someone or damage their property.
What you are and aren’t covered for will depend on your specific policy, so it’s always wise to go over everything with your insurer. Earthquakes and floods are generally excluded from coverage on most Broad Form policies.
A broad form policy is a more common type of homeowners’ coverage. It covers all the perils in a Basic Form policy, plus:
- Falling objects
- Weight of ice, snow, or sleet
- Freezing of household systems like AC or heating
- Sudden and accidental tearing apart, cracking, burning, or bulging of pipes and other household systems
- Accidental discharge or overflow of water or steam
- Sudden and accidental damage from artificially generated electrical current
The Broad Form typically covers not only your home’s structure, but your belongings and sometimes even your personal liability as well. It’s important to note, though, that because the Broad Form is a “named peril” policy, any damage caused by events other than those listed on your policy will generally be excluded from coverage.
A basic form homeowners’ policy is just that – basic. It will usually financially safeguard against 10 named perils.
- Fire or smoke
- Hail and windstorms
- Damage from vehicles
- Damage from aircraft
- Riots and civil commotion
- Volcanic eruption
You can sometimes get coverage for the belongings inside your home in addition to the structure itself, but the items you want coverage for generally must be specified at the time you purchase your policy. Floods and earthquakes aren’t typically covered, and neither is your personal liability if you’re sued by someone who gets injured on your property.
Umbrella insurance refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies.
When an insured is liable to someone, the insured’s primary insurance policies pay up to their limits, and any additional amount is paid by the umbrella policy (up to the limit of the umbrella policy).
DWELLING FIRE FORM
A Dwelling Fire Form 3 (DP-3) is the best insurance coverage that you can purchase for residential rental properties. Unlike DP-1 and DP-2 policies, which are ‘named perils only’, the DP-3 dwelling policy form provides what is known as ‘all risk’ or ‘open perils’ coverage, which means that just about everything is covered unless it is specifically excluded in the language of the policy itself. DP-3 policies are more expensive than their DP-1 and DP-2 cousins, but the extra money is well-worth the additional coverage afforded to you as a property owner.
DP-3 policies contain all of the same coverage as the DP-1 and DP-2, but as mentioned above, they also cover most other causes of loss unless the policy specifically says it doesn’t.
Also, claims and losses are automatically settled on a ‘replacement cost’ basis and coverage against vandalism and malicious mischief (VM&M) and and water damage (‘accidental discharge’) are also included. DP-1 policies are written on a Actual cash Value basis. This means if your Kitchen cabinets are damaged your claim payment would be the cost new minus depreciation. This can subtract a substantial amount of money from your claim payment. Many DP-1 policies excluded coverage for water damage coverage and vandalism or malicious mischief.
This policy type is specifically for renters, since it covers only belongings and personal liability -not the building structure, which the landlord buys insurance for. Belongings are typically covered against the same perils as a Broad Form homeowners insurance policy.
A Tenant’s policy, more commonly known as renters’ insurance, will also usually cover additional living expenses should you need to stay elsewhere temporarily while your apartment is getting fixed up.
This type of policy is designed specifically for condo owners and financially protects belongings and personal liability. A Condo Form policy, also known as condo insurance, also typically extends to the walls, floors, and ceiling of the unit too.
The same incidents covered under a typical homeowners’ insurance policy generally apply to Condo Form coverage too. The rest of the condo’s structure is usually covered by a policy purchased by the homeowner’s association.
MOBILE HOME FORM
The mobile home form is essentially the same as a Special Form, but is designed specifically for mobile or manufactured homes, which don’t fall under regular homeowner’s insurance coverage.
Speciality Insurance consists of specific coverage for speciality items, such as; boats, golf carts, ATVs, motorcycles, snowmobiles, motor homes, travel trailers, etc.
If you have specific items you would like to covered, please contact us and we will find the best coverage for you.
Speak to an agent for help at 937-473-2171 or get a free quote online in just a few minutes.
Below is a gallery of images consisting of some of our Home and Auto clients. Click on the thumbnails to see large photo.