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Types of Coverage Comprehensive Insurance
Covers Theft, Fire, Flood or damage by animals.
Minimum coverage required by states covers injury to people that someone may hit and fixes their vehicle to a certain amount. Collision Insurance
Covers damage to your vehicle that resulted in a collision required if you have a loan on a vehicle.
Covers any negative equity a person may have in a vehicle and when the vehicle gets totalled the gap insurance covers the difference of the loan and the amount the vehicle is worth. How Insurance Companies determine Rates
Age, Gender, Marital Status,Vehicle, How much you drive, Where you live, most importantly your driving record. Helps protect the value of your property inside the rental.
Helps you out if your rental is inhabitable.
Provides liability insurance for risk of injury. Why have renters insurance? Gives you back the value of your property from situations such as:
Specific cases of water damage
What if you had such a situation happen to you right now? What valuables would you lose?
How much value would be lost?
Where would you go if you're rental was inhabitable? Renters insurance gives you money to cover the amount of value lost.
Can also provide hotel stay until you are able to return to your rental. According to San Antonio Business Journal:
Renters are twice more likely to be burglarized than home owners
An Allstate Insurance survey reveals:
"53 percent of college-aged adults in San Antonio have no rental insurance coverage for their belongings even though some college students may own as much as $10,000 worth of items in their homes or apartments" Statistics Did You Know? The landlord has no insurance protecting your valuables from damage
If the landlord is at fault for damage, they have no legal responsibility to help you find a place to live while your rental is uninhabitable.
Renters insurance does not cover flood damage. This is usually a separate form of insurance, even when discussing homeowners insurance.
You can be sued if someone is hurt in your home and finds you at fault. Liability insurance protects you if someone sues you for injury that occured in your rental.
This can be added to your policy without a drastic change in price.
In a college atmosphere, could you find this coverage useful? What's the cost? Most policies are around $15 to $20 a month.
By keeping track of the value of your property, you can tailor the policy to your needs and keep costs lower.
Added costs such as scheduling specific valuables can add a few more dollars to the total amount of the policy. Why Have Auto Insurance?
State Law requires it
Protects your investment
Protects you while driving
Protects others around you that are driving
Percentage of people uninsured in States around Washington
One and seven people in the United States have no Auto Insurance.
GIECO Helps Cover Losses from Huricane Katrina
GIECO's profits helped cover losses
of $3. 4 billion for "Mega-Catastrophy"
claims from Hurricane Katrina of it's
parent company Berkshire Hathway. Problem Many do not posses basic insurance litteracy
45% of respondents said they were confident
making insurance decisions and more than
60% failed to correctly answer basic questions
about their insurance coverage
Possible Solutions Manditory Insurance Education
Public Service Campaign
Added Regulation of Insurance Practices Group Soultion
Increased Education for College Freshman
Educate About Different Types of Insurance
Personal Liability Insurance Car Insurance Under the law, you’re required to have a car insurance liability policy with limits of at least 25/50/10. This means:
$25,000 for injury to another person
$50,000 for injuries to all other persons
$10,000 for damage to another’s property
If you’re stopped by a law enforcement officer, you must present an insurance identification card showing that either the car is, or you are, insured. If you do not carry proof of insurance and you are stopped by law enforcement, the state of Washington considers it a traffic infraction. You will receive a $450 fine and it may go on your driving record. The courts could add other fees to your fines, such as a public safety and education assessment, which is 70 percent of all fines.