Provisions on Various Insurance Policies Essay

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Insurance Considerations

Discuss the basic types of homeowners policies that are used today. When is each type most appropriate?

Homeowners insurance policies are for people who own or are buying their own home and for people who rent a home or apartment. A homeowners policy can also include a personal liability policy, often referred to as an umbrella policy, that extends the liability limits of other policies in case a court awards higher amounts than a policyholder's limits. Personal property riders for expensive property can be added to a homeowners policy to cover items and belongings that are higher risk for damage or theft. Special riders can also be purchased to cover natural disasters that may be excluded from homeowners policies, such as earthquake, flood, or tornado; minimally, a homeowner should be sure that their property is not underinsured.

Discuss the pros and cons of purchasing the rental car damage waiver.

Some personal car insurance policies extend to rental cars without additional cost. The coverage on the rental car reflects the full coverage on a personal vehicle on the personal insurance policy. The same deductibles on the car insurance policy apply to the rental car. Moreover, when traveling from state to state, the insurance laws of the state in which the car is being driven apply.

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It is important to recognize that car insurance policies do not cover the time that a rental car is being repaired -- should that be needed -- but the car rental service will charge the renter for that time. This is one reason to consider not getting a waiver to the insurance the car rental company offers. However, some states do permit this type of charge to be covered by personal automobile insurance. If the car is rented with a credit card or as part of a vacation rental package, there may be special coverage provisions or limitations that need to be reviewed. The main thing is make sure that any losses will not devastate your personal finances.

3) What aspects of the course have you found most useful in evaluating your own loss exposure?

Developing an understanding of the importance of an umbrella personal liability insurance policy has been the most useful as this was new to me.

4) Discuss the major general liability loss exposures of business firms. Provide examples of each.

The risks to a business can be sufficiently great as to be financially devastating. The general liability policy….....

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"Provisions On Various Insurance Policies" (2014, May 04) Retrieved July 8, 2025, from
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"Provisions On Various Insurance Policies" 04 May 2014. Web.8 July. 2025. <
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