Resources

What is Flood Insurance?

Homeowners flood insurance benefits or separate flood insurance policies help you repair or replace property and personal belongings if they are damaged or lost in a natural flood. It can be purchased separately or as an additional benefit to some homeowners insurance plans. While homeowners and renters insurance plans can cover water damage done from a broken pipe or other such means, it doesn’t cover damage done from flooding caused by storms, hurricanes, or other floods triggered by natural causes.

Driving Without Insurance: What are the Potential Costs?

When it comes to auto insurance, inexperienced drivers sometimes assume it’s a good financial bet to skip the insurance policy and take the risks, thinking they can be careful enough not to cause an accident. 

About 12.6% of motorists in this country are uninsured, according to a 2014 study by the nonprofit research organization Insurance Research Council (PDF). 

Actual cash value (ACV)

The value of a car considering the age, mileage, make, model, and overall condition of the vehicle.

Appraisal

An estimate of the value of a vehicle or property, or the extent of damage from an accident at the time of loss. Usually conducted by an impartial appraiser.

Bodily injury liability coverage

Pays damages for injury or death resulting from a covered accident for which you are at fault. May also provide you with funds for a legal defense. 

Carrier

In order to understand what your car insurance company is really telling you, you need the right terminology. All of those big words that they use on your policy and when they discuss how much you have to pay won't help you at all if you don't know what they mean. You need to understand not only the terminology but the different kinds of insurance that you can get, too. That way you'll get what you need at a price that you can afford, and you won't find that you aren't covered for something you thought that you had coverage for in the event of an accident, theft, or other problem.