Three Types of Insurance You May Need

Three Types of Insurance You May Need
August 9, 2018 dtric2

Auto Insurance

Hawaii state law requires you insure your automobile and retain a valid Hawaii motor vehicle insurance identification card within your vehicle at all times.

Auto insurance covers your expenses in the event of an accident. These costs include vehicle damage and/or injuries to other drivers, passengers or pedestrians.

While some select an insurance policy based on cost, there are other important factors to consider. Take into account your finances and assets when selecting the most effective coverage for you. Keep in mind, auto insurance protects you financially in the event of an accident that results in vehicle damage, medical-related costs, as well as protecting your other personal property from liability.

Purchasing minimal coverage may impact your personal assets should you be found at fault for an accident.   Below are types of coverage to protect yourself financially:

  • Liability: Liability coverage comes in two forms: bodily injury and property damage liability. These cover damage to others and their property. They do not cover the driver or passengers.
  • Personal Injury Protection: This type of coverage will cover medical expenses related to driver and passenger injuries.
  • Uninsured or Underinsured Motorist: This covers you in the event that the person who hits your car does not have enough insurance to cover the damage — or any coverage at all.

Homeowner’s and Renter’s Insurance

Homeowner’s insurance protects your most valuable investment against damage and theft. Homeowners insurance covers for costly repairs following a storm or natural disaster.

Coverage also includes personal items in your home that are stolen or destroyed by a covered hazard. Home insurance may reimburse you for the value of furniture, electronics, appliances and clothing.

It also protects your family from financial risk, include liability from injuries that may occur on your property

Renter’s insurance covers you against damage or theft of personal items in an apartment. For urbanites, the low cost of renter’s insurance can be well worth the peace of mind that it provides.


Umbrella Insurance

In today’s society, lawsuits can potentially run into the millions. An umbrella insurance policy is additional liability insurance coverage that provides coverage for claims over and beyond the limits afforded by your existing policies. This can protect you against excess liability judgments for loss, injury or even death caused by negligent acts.

Still have questions about the different types of insurance?

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