Personal

Personal Insurance Coverage

Homeowner's Insurance

Protect your house — and your possessions — with homeowners insurance from Progressive. For homeowners, insurance protection is an important aspect of homeownership.

What is homeowners insurance?

home_insuranceHomeowners insurance compensates you for losses to your home and your possessions inside it, so purchasing a homeowners insurance policy provides added security for your investment. Homeowners insurance also protects you if you're legally liable for someone's injuries on your property, as well as from financial losses caused by storms, fire, theft and other events outlined in your policy.

Different companies offer different homeowners insurance coverages, so choosing the right policy means finding the right mix of coverages to meet your needs.

Generally, a standard homeowners insurance policy protects the following:

  • The physical structure of your home
  • Structures on your property (storage sheds, pools, boathouses, etc.)
  • Your personal property and belongings inside your home, up to specified limits
  • Your liability or legal responsibility for any injuries and property damage you or your family members cause to other people
  • Injuries to your household pets while inside your home
  • Additional living expenses if a fire or other insured disaster leaves you temporarily unable to live in your home.

Often, for an additional fee, you can select optional homeowners insurance coverages, including:

  • Higher limits of liability for property damage or bodily injury
  • Replacement cost for personal property
  • Protection for valuables (jewelry, watches, fur, etc.)
  • Additional coverage for electronics or computer equipment.

What about townhouses?

If you own a townhouse, you can insure it with a homeowners insurance policy or an association master policy, depending on your situation. Some townhouse associations have master policies, in which case you should purchase a tenant homeowners insurance policy to insure your personal property. Other townhouse associations do not have master policies, which is when you should purchase a homeowners insurance policy for your unit. Check with your association to determine which type of policy you should purchase for your townhouse.

Auto Insurance

Everyone who drives needs car insurance. In fact, most states require it by law. When you buy car insurance, you are buying what is called a policy. Your policy is based on a variety of factors including what kind of car you drive as well as what kind of insurance you want. Auto insurance policies are actually a package of different types of insurance coverage.

The first step in understanding an auto insurance policy is to learn the various types of coverage insurance companies offer. Some of this coverage may be required by your state and some of the coverage may be optional.

  • Liability - This coverage pays for accidental bodily injury and property damages to others. Injury damages include medical expenses, pain and suffering and lost wages. Property damage includes damaged property and automobiles. This coverage also pays defense and court costs. State laws determine how much liability coverage you must purchase, but you can always get more coverage than your state requires.
  • Collision - This coverage pays for damages to your vehicle caused by collision with another vehicle or object.
  • Comprehensive - This coverage pays for loss or damage to the insured vehicle that doesn't occur in an auto accident. The types of damages comprehensive insurance covers include loss caused by fire, wind, hail, flood, vandalism or theft.
  • Medical Coverage - Pays medical expenses regardless of fault when the expenses are caused by an auto accident.
  • PIP - Personal Injury Protection (PIP) is required in some states. This coverage pays medical expenses for the insured driver, regardless of fault, for treatment due to an auto accident.
  • Uninsured Motorist - Pays your car's damages when an auto accident is caused by a driver who doesn't have liability insurance.
  • Underinsured Motorist - Pays your car's damages when an auto accident is caused by someone who has insufficient liability insurance.
  • Rental Reimbursement - This type of coverage will pay for a rental car if your car is damaged due to an auto accident. Often this coverage has a daily allowance for a rental car.

Renter's Insurance

Renters Insurance Provides Liability Coverage

You're hosting a party. You've taken great care to send out invitations, clean and decorate your place, prepare food and drinks for your guests and queue your stereo with all your favorite party songs. As your guests start arriving, you begin to think you may well be hosting the event of the season. Then it happens. One of your guests who may have had one too many cocktails trips over an ottoman and falls to the ground, landing heavily on his wrist.

As he cries out in pain, you stop the music and attend to your injured guest. Suddenly, the party's over and you find yourself in the hospital waiting room. The doctor soon confirms what you had suspected; your friend has broken his wrist.

Even though there was no way you could have foreseen this unfortunate event and it may have been attributed to your guest's clumsiness or inability to better handle his alcohol, the fact is you are liable for the safety of your guests the moment they enter your home. If you had a renters insurance policy, you would have the liability coverage you need to help pay for your injured guest's medical bills.

Most renters insurance policies provide coverage for accidents and injuries that occur in your home, as well as accidents that occur outside of your home that are caused by you, your pet or your property. (Please note this does not include car accidents.) The liability coverage contained in most renters insurance policies includes legal defense costs, if you are taken to court over such an accident. You can typically select between $100,000 and $500,000 of liability coverage.

What About My Landlord's Homeowners Policy?

There is a common mis-perception among renters that they are covered under their landlord's homeowners insurance policy. However, this is not the case. Most landlords' policies only cover the common areas of the building and its infrastructure.

Why You Need Renters Insurance

Not only does renters insurance provide liability coverage, it also provides coverage for your belongings from theft and damage and destruction from fire, lightning, smoke, windstorm or hail and vandalism while living in a rented complex. You may think that you don't have enough stuff worth insuring. But if you look around your home and start taking a mental inventory of your furniture, computer and electronic equipment, clothing, CD and DVD collections, your bike, etc., the cost to replace all your personal property really adds up. In addition, some renters insurance policies will even cover your living expenses if you're forced to live elsewhere due to a covered loss.

Renters Insurance Is Affordable

Renters insurance policies typically only cost between $15 and $30 a month (NAIC.org). When you consider all the protection you get with a renters insurance policy, renters insurance is very good value.

 

Motorcycles, 4-Wheelers, ATVs and UTV’s

Motorcycle Insurance

Build a customized policy to fit your needs. Our program Accessory coverage, Comprehensive and Collision coverage, loss settlement options, Bodily Injury and Property Damage Liability, Medical Payments, Roadside Assistance. To see all of your options, start a motorcycle insurance quote.

Coverage for Different Types of Bikes

Progressive motorcycle insurance covers many types of bikes, so even if you’re looking for specific coverage—like scooter insurance, motocross insurance, dirt bike insurance, moped insurance, classic motorcycle insurance, or trike insurance—a motorcycle insurance policy is what you need.

ATV Insurance

We know you love your all-terrain vehicle, or ATV, whether you're a rancher, hunter, or trail rider. We also know that you want to be covered if your ATV is stolen or badly damaged, and proper ATV insurance coverage can help protect your investment.

Many states require ATV insurance for vehicles operated on state-owned land, and your homeowners policy might not cover you if you ride off your own property. That's why ATV insurance coverage is especially important.

Comprehensive

In most circumstances, Comprehensive ATV insurance coverage pays for damage to your ATV if it's caused by an event other than a collision. For instance, if your ATV is damaged by fire, theft, vandalism, flooding, or an animal, Comprehensive coverage will likely apply. You just pay the deductible you selected, and your ATV insurance will cover the rest.

Collision

Collision pays for significant physical damage to your ATV if you hit another ATV, a tree, a parked vehicle, a big rock, a stump, a fence post, or other obstacle. You just pay the deductible you selected, and your Collision coverage will pay for the rest. Due to the rough nature in which many ATVs are used, Collision does not provide coverage for scrapes, scratches, minor dings/dents, and other cosmetic/non-structural damage.

Bodily Injury & Property Damage Liability

ATV insurance coverage offers Bodily Injury and Property Damage Liability to pay for injuries to people or damage to property caused by your ATV. Liability coverage also protects your assets, up to the limits you choose.

Uninsured/Underinsured Motorist

If the person at fault for an accident doesn't have insurance — or doesn't have enough insurance — Uninsured/Underinsured Motorist Bodily Injury will pay for injuries and damages you suffer that the at-fault party is legally liable for, such as medical treatment and lost wages. You simply select the amount of ATV insurance coverage you want, and you're protected up to those limits.

Boats and Personal Watercraft

Our boat and personal watercraft insurance (watercraft insurance) policy provides boaters with specialized coverage designed for your boat or personal watercraft. Insurance options range from personal effects replacement to fuel spill coverage, which means you can relax on the water knowing you're protected.

Tips to Choosing Watercraft Insurance

Watercraft insurance protects several kinds of boats and PWCs, which means watercraft insurance policies can differ based on what you have. Here are a few tips to help you find the right boat or watercraft insurance:

Look beyond your homeowners policy.

Your boat or personal watercraft may be too big or too expensive to be covered through a homeowners policy, which means you may need watercraft insurance to protect it. We accept boats up to 50 feet long and up to $250,000 in value, as well as personal watercraft up to 15 feet long and $27,000 in value. Even if your boat is eligible for watercraft insurance coverage under your homeowners policy, you still may want specialized coverages that you just can't get with a standard homeowners policy.

Consider specialized coverages.

Watercraft insurance coverages go beyond the scope of a standard homeowners policy to include Roadside Assistance, which covers towing of your boat or personal watercraft for free, as long as your trailer is covered; On-Water Towing, in case you're stranded on the water; and Uninsured Boaters coverage. You can also choose Fuel Spill Liability and Wreckage Removal coverage with our watercraft insurance. Without these watercraft insurance coverages, you may end up getting stuck with the bill for cleanups and removals. Personal Effects and Fishing Equipment coverages are also available.

If you travel, make sure your watercraft insurance coverages go with you.

Some insurance companies limit where you can go with your watercraft and still be covered, or they charge you extra if you travel. With our watercraft insurance policy, you can follow the sun because you're covered at no extra charge on all inland lakes, rivers and navigable waterways of the continental United States and Canada, including ocean waters within 50 miles from the coast of the U.S. or Canada.

Think about replacement costs.

Boats and personal watercraft depreciate just like cars do. A homeowners policy will only pay you actual cash value for your boat or personal watercraft, which could make it difficult to replace if it's destroyed. But with watercraft insurance, you have that option and more. With Total Loss Replacement, we'll replace your boat or personal watercraft with a brand new model if the loss is within the first five model years. We also offer Agreed Value coverage no matter how old your boat is.

Life Insurance

Whole Life, Term Life, Universal Life, Short Term Disability, Key Person Policy, and funding for Buy Sell Agreements; What do all these life insurance terms mean and how can they help you?

Life insurance may be one of the most important purchases you’ll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children’s education, protect your spouse’s retirement plans, and much more.

If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What’s more, there is no federal income tax on life insurance benefits.

Most Americans need life insurance. To figure out if you need life insurance, you need to think through the worst-case scenario. If you died tomorrow, how would your loved ones fare financially? Would they have the money to pay for your final expenses (e.g., funeral costs, medical bills, taxes, debts, lawyers’ fees, etc.)? Would they be able to meet ongoing living expenses like the rent or mortgage, food, clothing, transportation costs, healthcare, etc? What about long-range financial goals? Without your contribution to the household, would your surviving spouse be able to save enough money to put the kids through college or retire comfortably?

The truth is, it’s always a struggle when you lose someone you love. But your emotional struggles don’t need to be compounded by financial difficulties. Life insurance helps make sure that the people you care about will be provided for financially, even if you’re not there to care for them yourself. To help you understand how life insurance might apply to your particular situation, we’ve outlined a number of different scenarios below. So whether you’re young or old, married or single, have children or don’t, take a moment to consider how life insurance might fit into your financial plans.

Term insurance, the most affordable type of insurance when initially purchased, is designed to meet temporary needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

Permanent insurance by contrast provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

How much life insurance do I need?

Determining how much life insurance you need requires a careful examination of your current and future financial obligations (i.e., a combination of (a) what would it cost to help your surviving family members meet immediate and ongoing needs like funeral costs, taxes, food, clothing, utilities, mortgage payments, etc. and (b) future obligations like college and retirement funding) and the resources that your surviving family members could draw upon to meet those obligations (i.e., your spouse’s income, savings and investments, other income producing assets, and any life insurance you might already own).

The difference between the two (your financial obligations minus the resources your family has to meet those obligations) is the approximate amount of additional life insurance you need. If this sounds confusing, don’t worry. You’re not alone. That’s why most people turn to a qualified insurance professional when they want to figure out how much insurance they need.

What type of policy should I buy, term or permanent?

It’s impossible to say which is better because the kind of coverage that’s right for you depends on your unique circumstances and financial goals. But generally speaking, term offers the greatest coverage for the lowest initial premium and is a great solution for people with temporary needs or a limited budget. Permanent insurance may make more sense if you anticipate a need for lifelong protection and like the option of accumulating tax-deferred cash values. Also, it doesn’t have to be either one or the other. Oftentimes, a combination of term and permanent insurance is the right answer.

What are the various kinds of permanent insurance?

There are four main types. Whole life insurance is the most traditional form of “permanent” insurance. With it, the face amount (the death benefit) and the premium (the amount you pay for protection each year) are fixed at the time you buy your policy and stay the same even as you age. You also get a guaranteed rate of return on your cash values. Of course, any guarantee relies on the claims paying ability of the issuing insurance company. By contrast, the cash value in universal life is linked to interest rates, and the cash value of variable life and variable universal life is linked the performance of the underlying investment options you choose to invest in and fluctuate with market conditions. These two types of insurance products are offered via a prospectus, as such, you should always request a copy of a current prospectus, as it contains information you need such as the investment objectives, risks, and charges and expenses of the investment. The cash value of universal and variable policies is not guaranteed, although some policies set a minimum death benefit. With universal policies (universal life and variable universal life) you can reduce or increase the amount of the death benefit and vary the amount or timing of premium payments, subject to certain limitations. If you’re having a hard time understanding the differences between these policies, don’t despair. You can learn more about permanent life insurance by contacting Stokes-Farnham.

Commercial Insurance - Greer, South Carolina
A 6514-A State Park Rd. Travelers Rest, SC 29690 M 864-834-7206
Copyright © 2022 Stokes-Farnham Insurance Agency.

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