Miscellaneous Personal Insurance

What are FAIR insurance plans?

   FAIR PLANS The extensive inner-city rioting that took place in the United States in the mid-1960s led to the withdrawal from those areas of much of the availability of property insurance.  This made it very difficult for mortgage companies and lenders to operate in those areas and, thus, difficult for individuals to meet insurance […]

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Personal umbrella insurance

  Personal umbrella insurance ?Who needs umbrella insurance Some insureds need more extensive liability coverage than can be provided by personal lines policies. This need can be met through a personal umbrella policy, which has two important purposes: ■Provide additional liability insurance over and above the basic coverage provided by underlying liability insurance ■Cover some

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Personal watercraft insurance

Personal watercraft insurance 1. Boatowners and Outboard Motor and Boat Policies The homeowners policy provides only limited coverage for watercraft.  Property coverage is subject to a special limit of $1,500, and coverage may be totally excluded for certain perils.  Liability coverage is excluded for boats with motors of more than specified horsepower or boats of

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Personal inland marine insurance

  Personal inland marine insurance  The homeowners policy can cover many of the risks to which an average household is exposed.  But there are certain risks for which the insured will require additional coverage.  The homeowners forms contain exclusions and limitations for certain types of property that are particularly susceptible to loss, difficult to value,

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Mobile Home Insurance

  Mobile Home Insurance Eligibility rules for the standard homeowners policy specifically exclude mobile homes. Although mobile homes share many characteristics of dwellings, they also have unique exposures: high susceptibility to wind and fire damage and exposure to loss by collision or upset while the unit is being transported.  The dwelling policy can be used

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Earthquake insurance

  Earthquake insurance The dwelling and homeowners policies do not cover the earthquake peril.  Many insureds do not need this coverage; however, many companies are willing to offer earthquake insurance separately to insureds who want it, either as an endorsement to their dwelling or homeowners policy or as a separate policy. Earthquake insurance generally covers

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Flood Insurance ( Eligibility, Coverage, Property Not Covered, Application Procedures)

   FLOOD INSURANCE 1. Eligibility Flood insurance coverage was generally unavailable until the federal government became involved.  In 1968, Congress created the National Flood Insurance Program (NFIP) to make flood insurance available to eligible communities through federal subsidization.  The program is managed by the Federal Insurance Administration (FIA), which is a branch of the Federal

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