Insurance other than life insurance is commonly referred to as general insurance. It comprises insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. Professionals can avail of a type of it called professional indemnity insurance. Under this contract, the insurance company agrees to compensate the insured for a loss that may occur in exchange for payment of premium.
Not all general insurance is necessary under law. The main ones are:
1. Home insurance covers home and property from loss caused by theft, fire, earthquake, flood, or other disaster.
3. Renters Insurance coverage provides protection to tenants for loss caused to property owned by tenants and stored in rented property.
3. Medical Insurance is a contract between the insured and the insurance company. The insured pays the premium and the insurance company pays the medical expenses of the insured.
4. Auto Insurance provides protection against claim for bodily injury or damage caused by the operation of a vehicle. Operating a vehicle without auto insurance is illegal.
5. Travel Insurance covers any contingencies during travel.
6. Professional indemnity insurance - Provides protection to professional from claims of professional negligence. Professional indemnity insurance is a licensing requirement in some states for certain professions.
Most general insurance policies provide standard coverage. Some insurance companies may provide customized coverage. Some form of coverage is required for every family. Everyone should have insurance in today's world.
Comparison shopping will allow you save thousands in insurance.
In a certain case study of a profile, the insurance quotes site used presented many quotes as usual. The interesting thing was that the difference between the highest and lowest quote was over $2,000.
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