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• Asset Protection: More coverage generally means you will have less to pay out of your own pocket if disaster strikes. You must determine the amount you can financially afford to lose. Depending upon your determination, more insurance may be the answer.  You need enough liability coverage to protect yourself from lawsuits resulting from your possible negligence.
• Lender Requirements: Your lender may require you to cover the house for at least the amount of the mortgage. You are not required to purchase insurance from the insurer recommended by your lender.
• Policy Requirements: Insurers may impose some conditions for replacement cost protection, including insurance of the property to value.

• Owners: To protect both your house and personal property.
• Tenants: To protect your personal property.
• Everyone: Protection against liability for accidents that injure other people or damage their property.

• Type of Construction: Frame houses usually cost more to insure than brick.
• Age of House: New homes may qualify for discounts. Some insurance companies offer limited coverage or may not insure older homes.
• Local Fire Protection: The number of fire hydrants and fire departments and the availability of water are some factors that determine your area’s fire protection class. If you reside in an area without fire protection, you will pay more for fire insurance.

Renters insurance and homeowners insurance are similar – both protect your possessions – with one key difference. Homeowners insurance also protects the structure – the building itself. Renters insurance primarily covers belongings. You also generally get some liability coverage, but the policy doesn’t protect the apartment. The building’s landlord will have their own insurance to cover damage to the building.

Renters insurance isn’t legally required. However, it’s not unusual for landlords to require renters insurance as a condition of signing a lease. They are allowed to do this, so when you’re filling out a rental application be ready to buy renters insurance if you haven’t already.

Compared to other types of insurance, renters insurance is relatively cheap. The cost depends on the collective value of the property you’re insuring, where you live, and the type of policy you buy. The Insurance Information Institute reports the average renters insurance policy costs $300 a year

Car insurance rates depend on a number of factors. These include:

• Personal details like age, sex, and marital status
• Where you live
• Average annual distance driven
• Your vehicle
• Your credit
• Your coverage amount and type

In most states, some level of car insurance is required. The minimum amount of coverage may just be liability insurance, or it may include uninsured/underinsured motorist or additional medical coverage.

Yes. The market value of your car and the history of other drivers with the same make and model play a factor in your auto insurance rates. Certain safety features may not automatically qualify you for cheaper car insurance, but they can prevent you from getting into accidents, saving you money indirectly.

Your insurance needs depend on the specific characteristics of your small business. For starters, not all industries face the same kinds of risks. The hazards a construction contractor may experience are often a far cry from those of a marketing consultant. Every business owner needs General Liability Insurance and Commercial Property Insurance, at the very least. If you own a small business in a low-risk industry, you may be able to cut premium costs by purchasing these fundamental coverages through a Business Owner’s Policy.

Workman’s Comp Insurance, known today as “Workers’ Compensation Insurance,” is one of the few small business insurance policies regulated at the state level. Though where you live determines your insurance obligations, most states require employers to carry the coverage as soon as they hire their first employee. As you may already know, Workers’ Comp ensures your business can take responsibility for the occupational injuries its employees suffer. This small business insurance policy can pay for employee medical expenses, replacement wages, and your legal expenses if your work-injured employee decides to forgo benefits and sue your business instead.

Though you may not experience a loss or lawsuit as soon as you open your doors for business, the reality is that you don’t know what the future holds. A devastating accident or disaster may be years down the road or just a day away.

Plus, business insurance is a necessity if you need to get a business license or sign a commercial lease. If you offer professional services, clients often won’t work with uninsured businesses because it leaves them no recourse if they experience losses as a result of your work.Finally, your state may require you to carry specific types of insurance, such as Workers’ Compensation Insurance (if you have employees).

A standard boat policy typically covers damage resulting from a collision, fire, lightning, theft and vandalism, and it may cover losses even if they occur on land. Protection typically extends to the boat itself as well as things such as motors and attached equipment like anchors.

Boat insurance generally also includes liability protection that may help pay for expenses you incur after an accident involving your watercraft. 

Your home state will have its own minimum RV insurance requirements. Your state’s Department of Motor Vehicles can provide details.

Insurance requirements for motorhomes, trailers, and fifth wheels that are financed or leased can be different from the insurance required for a recreational vehicle that you own outright. So that you don’t have to pay the full cost of an RV that is involved in an accident or other claim, you may be required carry a certain level of coverage. Once you’ve paid for the RV in full, you may be able to change your coverage options to suit your preferences.

Unlike auto insurance, not all states require that you carry insurance on your ATV. However, many states do require some coverage if you are using your ATV on public land, in state parks or in public parks. Additionally, you may be required to purchase certain coverage if you are financing your all-terrain vehicle.