Making Insurance Make Sense

Simple definitions of common insurance terms

 

Personal Injury

Provides coverage for OTHER THAN bodily injury or property damage. This includes false arrest, detention, or imprisonment; malicious prosecution; wrongful eviction; slander; libel; and invasion of privacy.  In today’s online world, a harsh review or Facebook comment can lead to a lawsuit.  Without this coverage, your homeowners liability would not respond.

 

Deductible

Simply put, this is the amount of a loss that you will be responsible for before the insurance company pays out.  For example, if you file a claim for $5000 and have chosen a $1000 deductible, the insurance company will pay the difference of $4000.

 

Replacement Cost on Contents

An optional endorsement that would pay to replace your personal property or contents after a covered loss.  Without this coverage, the insurance company would pay you a depreciated value on your contents (think Craigslist vs Boston Interiors).

 

Special Personal Property

An optional endorsement that increases the types of losses that would be covered for your personal property.  Without this coverage, losses such as water damage to contents from an ice dam would not be covered.

 

PIP – Personal Injury Protection

A mandatory coverage on all Massachusetts auto policies.  It is a ‘no-fault’ coverage meaning that your own insurance company will pay it out when you are injured as a driver or as a pedestrian, regardless of who is at fault.  This coverage will pay medical expenses (in conjunction with your health insurance) as well as lost wages.

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