Insurance Coverage Types
In the United States, insurance coverage has become a necessity of risk management for the majority of Americans today. As the number of risks that are naturally present in daily life continues to escalate, more and more individuals are realizing that insurance coverage is imperative to protecting your life, the lives of your family, and your property.
Controversy often surrounds insurance, as many Americans feel that the state of insurance in the U.S. has been greatly altered by insurance companies. At its foundation, insurance coverage is a form of protection against loss, certain risks, and other unforeseen events. In general, policyholders purchase insurance policies in the hopes that they will never be forced to access them.
Unfortunately, due to the thousands of negligent individuals in the United States, insurance coverage has become essential to daily living. When a car accident or another unexpected tragedy occurs, insurance policies have been the saving grace in countless personal injury cases. In Connecticut, having ample insurance coverage is crucial in the protection of yourself and your family members.
If you or a loved one is experiencing issues with your insurance company or the insurance company of a negligent party responsible for your injuries, the CT personal injury attorneys at Jonathan Perkins Injury Lawyers are here to help guide you throughout the litigation process.
Complete a Free Case Review today to learn more.
Types of Insurance Coverage
In the United States, there is an ongoing debate in regard to which insurance coverage policies are more important than others. For instance, a single man with no children will likely require less coverage than a married man with several children. The types of insurance coverage that one chooses to purchase will depend largely on their lifestyle, their occupation, and their family members.
The following are the most common general types of insurance coverage:
In the U.S., there are literally thousands of different auto insurance companies to choose from. The policyholder of an auto insurance policy is given protection against serious financial loss when an accident occurs, such as a motor vehicle collision. In general, auto insurance includes property, medical, and liability coverage. The premiums paid each month determine the extent of coverage for the individual or individuals under the policy. When an auto accident occurs, auto insurance plays a significant role in recovery for both parties involved. Gap insurance is also available, which covers the any excess monetary responsibilities for auto loans that your standard auto insurance policy does not include.
What is Liability Coverage?
If you and another vehicle are involved in a car accident, and you were at fault, bodily injury coverage protects you against any claims made by others hurt in the accident. Bodily damage may include medical bills, lost wages, and pain and suffering.
Property damage liability protects you against claims made by other parties whose property was damaged in an accident that you were at fault for. Property damage could include damage to a person’s home, dents and mechanical damage to the other vehicle, or the load being carried by a truck.
Although Connecticut law requires drivers to have insurance some motorists will still drive without it and others may simply not have enough coverage. Having this type of insurance can help you avoid having to pay out of pocket for damage done to your property or serious injuries you may have suffered
If your car is struck by another vehicle collision coverage ensures that any damage done to your car is covered under your insurance policy, it will also cover damages if your car collides with another object such as a highway divider, tree, or parking structure.
This type of coverage can protect motorists from other dangers that could cause damage to your vehicle such as vandalism, fallen tree limbs, broken windows, and so on. It may also cover damages done to your car if you hit an animal.
Most commonly disability insurance, long-term disability insurance, and workers compensation, accident and unemployment insurance protects workers against work-related and non-work-related injuries that may keep the policyholder from working full time or, in some cases, keeps the policyholder from working at all. The financial support given in accident and unemployment insurance provides support to pay for things like credit cards and mortgage loans.
According to the Centers for Disease Control and Prevention (CDC), almost 60 percent of the country has private health insurance. Health insurance policies help to cover the expenses of medical treatment. Dental insurance is another kind of health insurance that covers the costs of dental treatments. Public health insurance such as Medicare and Medicaid are also available to eligible individuals in the U.S. Health insurance has played a significant role in accident victim’s ability to seek the medical care that they need, regardless of price restraints.
Liability insurance is an incredibly broad type coverage that protects certain individuals from certain legal claims. Liability insurance does not cover intentional acts, as only negligence is insured. Liability insurance covers both the legal defense against a policyholder and the payment on behalf of the insured in the case of a court verdict or settlement. Some of the more common types of liability insurance include homeowners’ insurance, professional liability insurance, and public liability insurance.
When a fatal accident of some kind occurs, life insurance provides monetary coverage to the deceased’s family or any designated beneficiaries. In addition, life insurance often covers the insured individual’s burial, funeral, and family expenses. The two options for beneficiaries are commonly being paid in a lump sum cash payment or in the form of an annuity, where a series of future payments are made.
Property insurance is another broad form of insurance coverage which provides protections against any type of damages at risk in the property. Some of the most common forms of property insurance include flood insurance, aviation insurance, earthquake insurance, home insurance, fire insurance, fidelity bond, and crop insurance, to name a few. Generally speaking, property insurance covers any damages that may occur to some form of property in which the policyholder owns.
There are several different types of homeowner’s insurance, but most commonly this type of insurance is used to cover any structural damage to your home and damage to possessions inside your home.
However, home owners may also include two additional types of insurance to cover personal injuries and medical expenses:
Comprehensive Personal Liability
If an accident occurs in a home you own, such as a slip and fall, this type of coverage can protect against claims made by the injured party.
Similar to comprehensive personal liability, this type of coverage may cover medical expenses after an accident occurred in your home. The coverage is limited per person and per accident, but it may also cover medical expenses for accidents caused away from your home such as dog bites at a local park.
Renters should also consider renter’s insurance as it may also cover property losses, personal liability, or medical expenses.
CT Personal Injury Attorneys
When an accident occurs, the victim is forced to make decisions quickly that may have a significant impact on their lives, as well as the lives of their loved ones and family members. At Jonathan Perkins Injury Lawyers, we understand the pressures that accident victims are under. With this in mind, our CT personal injury lawyers make it their priority to guide you throughout each step of the legal process. As we make you feel comfortable with your case in our hands, you will be able to focus all of your time and attention on recovering.
With years of experience, Jonathan Perkins Injury Lawyers is able to create a relaxed, dependable atmosphere for our clients. Personal injury law is what we do best and we are determined to achieve the compensation that you deserve. When a negligent act of another causes damages to an innocent individuals, we believe that the careless party must pay.
To get started with our CT personal injury attorneys, complete a Free Case Review today.