Cheap Insurance Rates in Connecticut
It’s good to now the basics before buying auto and home insurance in Connecticut. Here are some things you should know that will help you through the process of comparing quotes and offers.
There are various types of automobile insurance coverage policies. The type that is the absolute least coverage every driver should carry is liability. It will cover liability in case of bodily injury of another driver if you were the person at fault in any accident. Their claims might include medical expenses, pain, suffering and lost wages.
Liability coverage also compensates the property damage caused by you. This includes damage to walls, fences, other outdoor structures and of course, their vehicle.
If you want coverage for your car in the event of an accident, you would take out a collision coverage policy. Such damage might include colliding with another car, a single vehicle accident or hitting an immobile structure. This is called collision coverage. Most often, you will pay a deductible and the insurance company will cover the remaining amount.
A comprehensive coverage policy will provide coverage on automobile damage caused by something other than a collision. The coverage is for theft, explosion, flood, vandalism, an object falling on top of it, wind damage and replacing broken glass. This policy carries a deductible amount in most cases.
Then there are the specialty policies such as full glass, which compensates you for safety glass breakage. You may pay an extra premium if you want a no deductible policy.
Towing coverage is usually an add-on to another policy. It pays the expense for towing your automobile to the garage where you can have it repaired.
Rental reimbursement coverage will pay for a car rental in case of your car being disabled. For this compensation, you must have either collision or comprehensive insurance coverage.
An uninsured/underinsured auto insurance policy pays in the case of bodily injury to you. It also covers relatives living in your residence, your passengers (when hurt in an accident in which an uninsured driver is operating the other car), hit-and-run incident or a driver who has insufficient liability insurance. The minimum amount in Connecticut is listed as $20,000 per person with an upper limit of $40,000 per accident.
There is an underinsured motorist conversion policy that covers you when injured by an underinsured driver for the amount of damage his insurance does not pay. It is optional to take out this coverage and it is not decreased due to payments from the at-fault operator’s liability insurance or other sources.
Homeowner’s Insurance in Connecticut
The homeowner’s policy will pay the actual replacement value of the house and contents. With the actual cash value (ACV) policy, a certain amount is deducted based on the current cost to replace it minus depreciation.
If your policy indicates full replacement cost, it will reimburse you for the actual dollar amount required to replace the home and personal property that is damaged. This coverage does not take out a deductible amount due to depreciation. It is limited to the maximum dollar amount indicated in the policy.
There may be coverage for additional living expenses (ALE). You will be reimbursed for temporary shelter and food as well as any required living expenses incurred while your home is unavailable as a result of fire, flood or another disaster that renders your home unlivable.
Liability coverage is taken out to guard you from financial loss in case of being sued and judged to be legally responsible for injury to another party or property damage.
Other insurance terminology definitions:
- Appraisal – Your home insurance property claim is evaluated by someone who is authorized to determine property value or damaged property value.
- Deductible – What you must pay towards the loss. The insurance company pays the balance.
- Depreciation – The reduction in property value due to wear and tear over time.
- Inflation protection – It may be more to pay the costs of rebuilding or repairing a damaged property because prices have increased. This protects you against insufficient insurance policy limits.
- Loss of use – Coverage that provides for essential cost of shelter necessitated by having to live elsewhere, following a disaster, until the home is restored.
- Market value – The current value of your building(s) and land.
- Peril – Flood, fire, theft or wind damage are covered by an all-risk policy. Any exclusion must be clearly stated in the policy.
- Personal property – Tangible property that is not stationary. Some examples are jewelry, electronics and furniture. Land is, as you would expect, excluded.
- Property damage – Physical damage to any of your property.
- Renters insurance – Covers your tangible property that is damaged or destroyed by perils. It covers personal liability and additional living expenses. Coverage can be for replacement value of possessions or the actual cash value, including the cost of depreciation.
Health Insurance in CT
For Low Income Health Insurance in Connecticut we found The HUSKY Plan to be a good place to start in your search for family health insurance. With programs like this you’ll be glad to know your children are covered at an affordable price. HUSKY Plan currently provides a great hand for Connecticut’s hard working families.
You can learn more by visiting Husky Health or call: 877-284-8759
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