Progressive Home Advantage homeowners insurance, underwritten by select insurance companies, is offered directly through Progressive in all states except Alaska and Florida. Shop online or by phone, except in Hawaii and New Hampshire which are available by phone only.
Protect your apartment or rental house — and your possessions — with renters insurance from Progressive Home Advantage*. Renters insurance covers damages to your possessions when you rent rather than own your home.
If you already know what kind of renters insurance policy you need, get a renters insurance quote today!
If you rent your home, having insurance protection for yourself and your possessions is still important. Similar to home insurance, renters insurance protects you in situations that everyone can face: fire, theft, water damage and other unforeseen circumstances your landlord’s policy doesn't cover.
Renters insurance typically provides coverage, up to the limits you select, for specified items and situations, including:
Imagine going to dinner or a special family get-together, and when you return home, you're greeted by the flashing lights of police cars and fire trucks. Building fires and damage can happen anytime, anywhere, but with proper renters insurance, your personal property inside your apartment will generally be covered if it’s affected by any of the following:
Renters insurance will protect you from incidents that occur while you're at home, too, such as a toaster catching on fire or a friend slipping and falling while visiting you. Renters insurance provides coverage for your own items, and it provides coverage for other people's injuries or damages in situations for which you're liable, as well.
You can't rely on your landlord's insurance to cover your valuables — landlord insurance only covers the building structure and not your personal property.
Renters insurance, sometimes referred to as an HO4 policy, can provide the financial protection you need in case your possessions are destroyed or stolen, as well as liability protection if someone is hurt in your dwelling.
Before you shop for renters insurance, take an inventory of what you own to decide what level of coverage makes you comfortable. Then, get a renters insurance quote and choose the policy that's right for you.
http://homeowners.progressive.com/renters-insurance-quote.aspx
Protect your condo — and your possessions — with condo insurance from Progressive Home Advantage*. Different from home insurance, condo insurance is designed specifically for condos, and it covers what you keep inside of yours.
When you own a condominium, you — not your condo association — are responsible for what's inside your condo. That's why having a personal condo insurance policy is important.
Condo associations have master policies that cover the property, common areas and physical structure of your building. However, these master policies do not cover your personal property or your legal responsibility to others, and they may not cover improvements or customizations to your unit.
That's where condo insurance comes in.
As you get condo insurance quotes while shopping for a condo insurance policy, you'll typically select from available coverages, such as:
A basic condo insurance policy will cover damages to most of your personal belongings, as well as walls, floors, ceiling coverings, etc. Most condominium by-laws or trust agreements state that the condo owner owns or is responsible for everything within the unit, including permanently attached fixtures and improvements.
With condo insurance, sometimes called an HO6 policy, damage to improvements, additions and alterations of your unit are covered. Your condo insurance policy also covers your belongings and the structural parts of the building that you own.
Before you shop for condo insurance, take an inventory of what you own to decide what level of coverage makes you comfortable.
Ready to take the first step toward obtaining condo insurance? Get condo insurance quotes through Progressive today.
http://homeowners.progressive.com/condo-insurance-quote.aspx
Progressive Home Advantage homeowners insurance, underwritten by select insurance companies, is offered directly through Progressive in all states except Alaska and Florida. Shop online or by phone, except in Hawaii and New Hampshire which are available by phone only.
Source: http://homeowners.progressive.com/home-owners-insurance-availability.aspx
The homeowners insurance terms and definitions listed below will help you understand what you're buying when you shop for homeowners insurance, condo insurance or renters insurance.
You generally have three options to choose from when deciding how much home insurance you need, and each of these options provides a different level of coverage for your home:
You can determine a rough estimate of what it would cost to rebuild your home by following this equation:
Local building costs per square foot x Total square footage of your home = Cost to rebuild your home.
Your local builders association or a real estate appraiser can provide you with local building costs for your estimate.
http://homeowners.progressive.com/how-much-home-insurance.aspx
Standard home insurance coverage policies provide the following types of coverage, up to the limits outlined in the policies:
You also can purchase the following optional home insurance coverages:
A standard homeowners policy may not protect you from:
Is earthquake insurance available?
Most insurance companies offer earthquake insurance for an additional cost. This insurance generally is attached to your home insurance policy as an endorsement. If you live in California, coverage is available from the California Earthquake Authority.
These are just a couple of the key questions to ask when purchasing home insurance. You may also consider water back-up, sump pump overflow, identity theft protection and other coverages that may be specific to your situation
Homeowners insurance is designed to protect your home from what is called “perils.” A peril is your exposure to risk or something that causes loss or destruction. As a homeowner, you can typically purchase three different types of home insurance policies. They are:
Please see the following table for a breakdown of what perils are covered by the three different homeowners policies.
| Home Insurance Policies and What They Cover | |||
|---|---|---|---|
| Types of Perils | Covered Perils | ||
| HO1 | HO2 | HO3 | |
| Fire or lightning | x | x | x |
| Loss of property on premises due to fire or other perils | x | x | x |
| Vehicles | x | x | x |
| Windstorm or hail | x | x | x |
| Smoke | x | x | x |
| Explosions | x | x | x |
| Theft | x | x | x |
| Vandalism and malicious mischief | x | x | x |
| Riot or civil commotion | x | x | x |
| Aircraft | x | x | x |
| Breakage of glass constituting part of the building | x | x | x |
| Collapse of building(s) | x | x | |
| Weight of ice, snow or sleet | x | x | |
| Freezing of plumbing, heating and air conditioning systems and domestic appliances | x | x | |
| Falling Objects | x | x | |
| Accidental discharge, leakage or overflow of water or steam from within a plumbing, heating or air conditioning system or domestic appliance | x | x | |
| Sudden and accidental tearing apart, cracking, burning or bulging of a steam or hot water heating system or of appliances for heating water | x | x | |
| Sudden and accidental damage from artificially generated currents to electrical appliances, devices, fixtures and wiring | x | x | |
| All perils except for flood, earthquake, war, nuclear accident. (Check your policy for complete list of perils.) | x | ||
| Coverage for jewelry, art, antiques, etc. May also include coverage for building code upgrades and sewer backups. | Can be added to any policy for an additional charge. | ||
Protect your house — and your possessions — with homeowners insurance from Progressive. For homeowners, insurance protection is an important aspect of homeownership. Buying homeowners insurance, or home insurance, means buying protection for your home — both inside and out.
If you already know what kind of home insurance policy you need, get a homeowners insurance quote today.
Homeowners insurance compensates you for losses to your home and your possessions inside it, so purchasing a homeowners insurance policy provides added security for your investment. Homeowners insurance also protects you if you're legally liable for someone's injuries on your property, as well as from financial losses caused by storms, fire, theft and other events outlined in your policy.
Different companies offer different homeowners insurance coverages, so choosing the right policy means finding the right mix of coverages to meet your needs.
Generally, a standard homeowners insurance policy protects the following:
Often, for an additional fee, you can select optional homeowners insurance coverages, including:
To make shopping for the right homeowners insurance policy easier, take an inventory of what you own to decide what level of coverage makes you comfortable. Once you know your coverage level, get a homeowners insurance quote and choose the policy that's right for you.
If you own a townhouse, you can insure it with a homeowners insurance policy or an association master policy, depending on your situation. Some townhouse associations have master policies, in which case you should purchase a tenant homeowners insurance policy to insure your personal property. Other townhouse associations do not have master policies, which is when you should purchase a homeowners insurance policy for your unit. Check with your association to determine which type of policy you should purchase for your townhouse.
http://homeowners.progressive.com/home-owners-insurance-quote.aspx
If you drive a dump truck, you need to protect your vehicle with dump truck insurance regardless of whether you’re hauling dirt, sand, gravel, or asphalt. At Progressive, we work hard to provide the best insurance for dump trucks because we understand that your dump truck is your business and your livelihood.
Call 1-888-240-9837 for Your Free Quote
Get additional information about commercial dump truck insurance at ProgressiveCommercial.com.
Whether you have one small dump truck or a fleet of them, we can provide coverage for the following types of dump trucks:
As a dump truck operator, you’ll need to purchase Liability Insurance and Physical Damage Coverage to protect your dump truck in case you get into an accident. If you work on a for-hire basis, you’ll also want to consider purchasing Motor Truck Cargo insurance to protect the dirt, sand, gravel, stones, or other similar items you may be hauling in your dump truck.
When you purchase dump truck insurance, you’re also getting coverage for the equipment you use to protect your loads — like tarps and covers. To make sure you have the best protection for your dump truck, consider purchasing Rental Reimbursement with Downtime coverage, which assists with rental costs and even locating a replacement vehicle in case you get into an accident and aren’t able to use your dump truck.
In many cases, as a dump truck operator, you’ll be required to have a financial responsibility filing along with your dump truck insurance. When you choose Progressive’s dump truck insurance, we can file most federal and state filings for you — fast.
http://commercialauto.progressive.com/dump-truck-insurance.aspx
Protect your house — and your possessions — with homeowners insurance from Progressive Home Advantage*. For homeowners, insurance protection is an important aspect of homeownership. Buying homeowners insurance, or home insurance, means buying protection for your home — both inside and out.
Progressive Home Advantage, underwritten by select homeowners insurance companies*, offers home insurance, condo insurance and renters insurance to new and existing Progressive customers.
If you already know what kind of home insurance policy you need, get a home insurance quote today! Or, learn more about:
Homeowners insurance, or home insurance, compensates you for losses to your home and your possessions inside it, so purchasing a homeowners policy provides added security for your investment. Home insurance also protects you if you're legally liable for someone's injuries on your property, as well as from financial losses caused by storms, fire, theft and other events outlined in your policy.
Home insurance isn't your only option when it comes to protecting your belongings. When you own a condominium, you — not your condo association — are responsible for what's inside your condo. That's why having a personal condo insurance policy is important.
Renters insurance protects you in situations that everyone can face: fire, theft, water damage and other unforeseen circumstances — situations your apartment owner's policy doesn't cover.
For years State Farm Florida Insurance Company has remained one of the few Fortune 500 homeowners insurance companies still doing business in Florida. It is still by far the largest private insurance company in the state for both homes and autos covering 1 million and 2.5 million policyholders respectively.
They deserve credit for that.
After all, following the billions in claims from Hurricane Andrew in 1992, many large insurance companies simply left the State of Florida for good - and never looked back. That left Florida to deal with the problem on its own and caused it to create its own state run insurance company of last resort to help those who simply could not find coverage.
State Farm Florida Insurance Company did not follow this approach.
It has taken a prudent approach to the market that has been present in Florida since Hurricane Andrew. These steps have included:
Strict underwriting criteria for homes selected for new business
Multiline discounts for policyholders with home, auto, and life coverage
Selectively cancelling higher risk older homes closer to the coastline
This approach might have been successful during normal, reasonable periods of history. But things in Florida have been anything but reasonable in recent years:
From 1992 to 2004, no large insurance companies re-entered the Florida home insurance market - leaving State Farm on its own.
Florida hurricane claims in 2004 and 2005 caused billions of dollars in damage. State Farm Florida paid millions in claims and had to request an emergency cash infusion from its parent company to recapitalize it.
While the company was able to get significant rate increases after the 04/05 hurricanes, massive rate increases granted to most of the companies in Florida in 2005 and 2006 caused a major political uproar. Quite honestly, the public demanded rate relief because Florida home insurance was simply not affordable.
The pressure for lower rates was far worse due to outrageous property taxes and the collapse of the Florida real estate market.
The State of Florida reacted to voter pressure. But the results were not impressive.
The 2007 and 2008 legislation had a minimal effect on lowering homeowners insurance rates and shifted billions of dollars in catastrophic risk to the Florida Hurricane Catastrophe Fund - a state entity that has publicly stated that it can't meet its reinsurance obligation to insurance companies in part due to the frozen bond markets.
As a result, all companies including State Farm Florida are concerned that the Florida Cat Fund won't be there to pay them back after a major hurricane and are looking for new sources of backup reinsurance.
That, combined with other factors led the company to request a 47% rate increase a few months ago. After state regulators rejected the rate increase, the company appealed that decision in court. Recently a judge agreed with state regulators that State Farm's 47% rate increase was not justified and also rejected the rate increase.
This brings us to where we are today - a time when many Floridians have to be wondering if State Farm Florida is preparing to exit the state for good. This would not be welcome news and would cause a major shock to the Florida homeowners insurance market as policyholders scramble to find other coverage.
In today's uncertain times, you have to be ready to face realities. One of those might be that State Farm will cancel or drop your homeowners insurance coverage in Florida. If that happens there are several things you need to do to respond to this:
Shop your policy. Most State Farm Florida agents can only offer you homeowners coverage with Citizens after your policy is cancelled. Find a large independent agent who represents multiple companies in order to give you the best options for replacing State Farm Florida.
There are new Florida base regional insurance companies that have been created over the past 15 years, with many only being recently approved since the start of 2006. Some of these companies might be a good option to replace State Farm but you have to research each and every one of them. Check their financial ratings and customer service history thoroughly.
State Farm Florida insurance agents will be hurt by mass cancellations of home insurance policies. They have spent years building a book of insurance business in Florida. When they lose your home insurance business, they often lose your auto and life insurance business as well. While you can't help but be sympathetic, you need to know that it is in your agent's self interest to keep your auto and life insurance business while putting your home insurance coverage into Citizens Property Insurance. Don't accept being placed with Citizens without looking for other private home insurance companies through other agents that can also offer you auto and life insurance.
Get all the facts if you are thinking about Citizens Property insurance. Citizens has said that it does not charge enough premium to cover the risk that it takes. It too is expecting problems borrowing to pay its claims after a major hurricane in today's troubled bond markets. Major recommendations being presently considered at Citizens include raising rates, limiting coverage, and mandating certain home hardening measures. Do your home work on Citizens just like you would for any other company.
While we don't know how the final situation with State Farm Florida will play out, if you follow these steps you'll be way ahead of hundreds of thousands of policyholders that might be scrambling to get coverage all at once.
Michael Letcher is a former Fortune 500 executive and a licensed CPA. His on-line guide can help you find options if your home insurance is cancelled by State Farm Insurance Fl. Get his free newsletter by visiting =>
http://www.homeinsurancebuyers.org
There is no denying the fact that success of a business depends on the hard work of the team but one disaster can wipe out your efforts and bring down the profits to dust. So, to avoid such an instance, you need to insure your business, whether it is a small enterprise or a large corporation.
There are insurance companies, which have policies that combine protection for all major property and liability risks in one package. You can also opt for separate coverage. Such a policy is called a business owners’ policy (BOP). Larger companies may purchase a commercial package policy.
BOPs include property insurance for buildings and equipments owned by the company. If there is any loss of income due to disruption of operation and business because of accidents like fire, it can be covered under the Business Interruption Insurance.
There are liabilities, which cover the company's legal responsibility for the harm it may cause to others. It is the result of your company’s failure to do the business operations. It can also be the bodily injury or property damage caused due to defective products, faulty installations and errors in services provided.
However, BOPs don’t cover professional liability, auto insurance, worker’s compensation or health and disability insurance. Separate policies are needed for professional services, vehicles and employees. Generally, floods, earthquakes and terrorist attacks are not covered in the business insurance.
Protection Against Flood Damage
If your office is in the flood zone area, you must definitely go for a policy, which provide coverage against flood. Try to find out whether the place had been hit by flood in the past. Make sure you do something in advance to make up for the loss. Otherwise you may face trouble.
Protection Against Earthquake Damage
Earthquake is also not included in most property insurance policies such as homeowners and business owners’ package policies. Special Earthquake Insurance Policy or Commercial Property Earthquake Endorsement can cover you if you live in an earthquake-prone area. However, earthquake policies have different deductibles.
Business Interruption Insurance, which reimburses you for the lost income during a shutdown, applies only to the damage covered under your business property insurance policy. There won’t be reimbursement for the loss caused due to the closure of business because of the earthquake. For it, you must have an earthquake coverage policy.
Protection Against Terrorist Attack Losses
In the US, loss due to any terrorism is covered only for those businesses that have optional terrorism coverage. It comes under the Terrorism Risk Insurance Act 2002. Still, there are exceptions in workers’ compensation, which include injuries and deaths due to acts of terrorism.
Bajaj Allianz, ICICI Lombard in talks with American company to launch the product.
Property transactions in India will soon have an insurance cover to fall back in case something goes wrong in the deal. The country’s two large private sector insurers, ICICI Lombard General Insurance and Bajaj Allianz General, are planning to launch title insurance covers this year.
Title insurance is a cover that protects a potential owner of a property against loss from defects in title. The policy is a retrospective one, where the insured is protected against losses arising from the events that occurred prior to the date of issuing the policy. Globally, the policy is bought by investors, occupiers and financiers.
At present, none of the property transactions, be it large acquisitions or a simple sale of a land or a flat, is covered through an insurance policy by an Indian insurer.
The reason is that Indian insurance companies do not have the underwriting expertise to offer title insurance products. Indian insurers require reinsurance support to be able to offer the product.
Both Bajaj Allianz and ICICI Lombard are in talks with First American Title Insurance Company (FATIC), which will be offering reinsurance support for Indian insurers to offer the product.
FATIC is the largest title insurer globally, with a revenue of $8.4 billion in 2006.
Says Swaraj Krishnan, CEO, Bajaj Allianz General Insurance, “We have had a preliminary discussion with First American Title Insurance. We have asked them to give us the product details. We will be doing a market study, verifying the titles and will file the product with the regulator in the coming months.”
The value of the title insurance cover will be equal to the price of land that has to be acquired. The premium rates will be a function of the value of property, the nature of transaction, which means the size of the purchase, the past history of the real estate property, costs relating to title search and the legalities involved in the title search.
Howden Insurance Brokers is also in talks with real estate developers, financial institutions, law firms, insurance companies and reinsurers to culminate into the next few insurance policies being sold.
Says Anoop Mathur, vice-president of Howden Insurance Brokers, “The value at risk has grown proportionally as the land cost has increased for the real estate developers. Title insurance makes a project bankable and saleable to customers.”
According to Akshaya Kumar, chairman, Park Lane Property Advisors, consultants during due diligence discover 20-30 per cent cases have title defects in them.
Property consultants believe that the availability of title insurance products will boost private equity investment in Indian real estate since most of the institutions are very particular about clear titles.
According to accounting and business consultancy firm Grant Thornton India, private equity firms have invested nearly Rs 25,000 crore in Indian real estate and infrastructure in 2007and, according to industry estimates, the investments are set to grow in the coming year.
“Institutions do not buy even if they have the slightest doubt about the titles. More private equity funds will flow in the Indian real estate if title insurance products are available in the country,” says Anuj Puri, chairman, Jones Lang LaSalle Meghraj, an international property consultant.
Adds Anshuman Magazine, managing director, CB Richard Ellis, South Asia: “Title insurance products give a lot of comfort to international investors to invest their funds in the property markets of developing markets such as India. Since these investors do not invest directly and do joint ventures with Indian developers, the local partners will take care of title issues. But we have also seen foreign investors demanding these products before signing the agreements to develop properties.”
According to Mathur of Howden Insurance Brokers, the two Bills — Land Acquisition Amendment Bill, which has been introduced last month in the Lok Sabha, and the Resettlement and Rehabilitation Bill – will make corporates acquiring land for SEZ or other reasons buy title insurance covers.
Explains Mathur, “After the amendement of the Land Acquisition Act, 1984, the government will not be able to acquire land and make it available for companies. As a result, corporates will have to acquire the land directly from land owners at a higher price. In such a scenario, title insurance would protect project developers from any financial loss arising from any defects in title to real property.”
There are two types of title insurance policies: the owners’ policy and the lenders’ policy. Owners’ title insurance is bought by a buyer of the property. It protects the buyer from all loss or defects in a title.
On the other hand, the lenders’ title insurance is bought by lenders such as banks and financial institutions. Experience in other global markets is that all institutional lenders require title insurance to protect their interests in the collateral of loans secured in real estate.
The policy amount decreases each year in proportion to the loan paid off each year. The policy has a provision for defence cost if a title to the real property is challenged in a court of law up to the actual amount of indemnity provided under the policy.
Land records in the country are not computerised and are not easily accessible.
The deeds registration system is not guaranteed by the state government and is inconclusive; typically leaving buyers with 30 years of title deeds to assess. Besides, the level of fraud in Indian real estate transactions is very significant; and the legal process is slow.
According to insurance officials, four to five foreign title insurance companies are keen to do business in India on this product. They may set up a dedicated company in India or could provide reinsurance support to Indian insurers to offer the policy for this line of business.
(ArticlesBase SC #294603)
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Insurance is an important financial tool, but it can be tricky to know what insurance you need. Not having enough insurance can leave you at risk should anything unexpected happen, but having too much insurance simply wastes your money. Knowing what items you should insure is important, and so here are some tips on which items you should get insured:
Disability
One type of insurance that many people overlook is disability insurance. Even people with good health insurance sometimes don't have adequate disability cover. Your health is probably your most precious tool, and you cannot afford to lose it. If the worst does happen then you need some form of compensation in order to get through such a difficult time. Disability insurance is something that everyone should be insured for.
Life insurance
Life insurance is also an important type of insurance. Although it obviously gives you no benefits, if you want your family to be financially secure after you die then it is an essential thing to have. Having adequate life insurance cover will make sure that your family can support themselves after you are gone.
Property insurance
Your home is probably the biggest asset you own, and so it pays to have it insured. You need to make sure that both the property itself and its contents are fully insured for any loss, theft or damage. If you live in an area that is particularly prone to bad weather such as flooding, then this is an important type of insurance for you to get. Anyone who has a home should have his or her possessions and property fully insured.
Car insurance
Car insurance isn't just important, it is a legal requirement. Although you don't have to have comprehensive insurance, some level of car insurance is required for you to be allowed to drive on public roads. If your car is valuable then it is important to be insured for damage as well as basic theft.
Liability insurance
Perhaps the most complex of all insurance types is liability insurance. This insurance protects you from others. If you are involved in an accident or make an error that causes damage to someone's property or to themselves, then you might end up being sued. Having liability insurance will protect you from the harmful costs of compensation should they occur. The amount of cover you need depends on your net asset worth and how much you can afford to lose.
Insurance you should not get
Although many types of insurance are essential, there are types of insurance that simply aren't necessary for most people. Insurance like flight insurance or payment protection insurance is usually overpriced and unnecessary. These types of insurance cost more than the benefits they give you, and most of their clauses will be covered under other comprehensive insurance policies that you have. The most important thing to remember with any type of insurance is to shop around and get advice before you buy. If you do this then you will end up with the right level of insurance for your needs.
http://www.articlesbase.com/finance-articles/what-items-should-i-insure-53251.html
(ArticlesBase SC #1807083)
