Courtesy of iii.org If you rent a house or apartment and experience a fire or other disaster, your landlord’s insurance will only cover the costs of repairing the building. To financially protect yourself you will need to buy renters or tenants insurance. Renters insurance protections Like homeowners insurance, renters insurance includes three key types of financial protection: Coverage for personal possessions Liability protection Additional living expenses (ALE) The big difference is that renters insurance doesn't cover the building or structure of the apartment—that's the landlord's responsibility. The following questions will help you choose the right coverage when you are shopping around for renters insurance or discussing your needs with an insurance professional. Coverage for personal possessions Coverage for your personal property is a key component of renters coverage, protecting you from theft, fire and a host of other unfortunate events. 1. …
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Professional Liability Insurance and You
Courtesy of iii.org Do you or your business provide professional services or advice to other businesses or individuals? Could your counsel or service lead to losses by your client for which you could be held responsible? If so, you’ll likely want to purchase professional liability insurance, also known as errors and omissions insurance (E&O). Claims not covered by general liability insurance that are covered by professional liability insurance include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice. What types of businesses need professional liability insurance? In some states, professional liability insurance is required, especially for attorneys and doctors. Legal and medical malpractice insurance policies are special types of professional liability insurance. Other professionals that should consider professional liability insurance include: Accountants Architects Engineers Graphic designers Information …
Protect Against Uninsured and Underinsured Drivers
Courtesy of iii.org One in eight drivers on U.S. roads was without auto insurance in 2019, according to a report released today by the Insurance Research Council (IRC). At-fault drivers who don’t comply with state insurance requirements raise insurance costs for everyone else. Insured drivers paid more than $13 billion in 2016 (about $78 per insured vehicle) for protection against at-fault drivers who have inadequate coverage for medical costs and property damage they inflict on others. “Keeping auto insurance affordable is more difficult when a significant number of drivers refuse to carry their fair share of the costs,” said David Corum, vice president of the IRC. While countrywide the uninsured motorist rate was 12.6 percent in 2019, these rates varied substantially across states, ranging from 3.1 percent in New Jersey to 29.4 percent in Mississippi. Although the uninsured motorist rate increased only 1.2 percentage points nationwide from 2015-2019, several states …