One of the most commonly known insurance policies that protect an investment is auto insurance. With what is commonly referred to as comp and collision insurance coverage, the insured person can protect his or her vehicle from theft, loss, or damage. With comp and collision insurance, the insured pays a small deductible to pay for repairs or replacement of the vehicle for loss or damages that is covered by the policy. In addition, the insured can purchase an uninsured motorist add-on which will cover the vehicle in the event damage is caused by an uninsured motorist
Another commonly known insurance policy that protects an investment is home owner's insurance. Home owner's insurance protects the insured from damages or loss due to fire, theft, or acts of nature. A home owner's insurance policy also protects the insured for liability claims from injured parties such as in slip and fall cases. Much like the auto insurance policy, the insured would be responsible for paying a small deductible for repairs or replacement due to loss or damage covered by the policy. Additionally, add-ons can be purchased to protect the investment further with add-ons such as flood insurance coverage.
Renter's insurance is another insurance policy that can protect investments. A renter's insurance policy protects the assets of the insured who is renting a house or apartment. This coverage protects the insured from losses due to theft, fire, or acts of nature. This type of insurance coverage is often overlooked because many think that it would be covered under the insurance of the landlord. This is incorrect because the insurance policy held by the landlord only covers him or her for property owned by him or her.
Insurance policies indeed are an added expense but when they are compared to the expense of replacing or repairing damaged or lost property you will see that insurance policies are a great investment. Today we are using more and more technology and electronic devices that are quite costly initially to purchase. Insurance policies such as renters and home owner's insurance will protect the investments made for such items. With auto and home insurance you will never have to worry about being unable to replace a car or home which in itself is a large investment. If you want to protect yourself and your investments, see an insurance agent today to get more information. Each agent is specialized in one or more of the above mentioned insurance types.
by: Casey Trillbar