What Types of Personal Policies Do Insurance Companies Offer?
While most people face some risks that call for insurance, the combination of risks that people face is far from uniform. In order to meet people’s diverse risk mitigation needs, insurance companies offer many different types of personal policies. Some of the more common ones are:
- Homeowners Insurance
- Car Insurance
- High-Value Homeowners Insurance
- Condo Insurance
- Renters Insurance
These are just a few of the many different types of personal policies that insurance companies offer. For help finding a specialized policy or deciding between two different common policies, residents should talk with an insurance agent who specializes in personal property and casualty policies. Such an agent will know what options are available, and they’ll be able to make informed recommendations.
How Are Personal Policies’ Premiums Determined?
Insurance companies consider many different factors when setting premiums for personal policies. The exact factors considered depend on what type of personal policy is being underwritten, and they can vary from one insurer to the next. Giving allowances for these variables, some items that might come under consideration include:
- Where covered property is located
- What sorts of security measures are in place to protect property
- How large or valuable property is
- The age, gender and marital status of a policyholder
- The claims history of a policyholder
An independent insurance agent can help residents find out how much a particular type of personal policy would cost them. Whereas captive agents generally can only offer policies from a single insurance company, independent agents are normally free to offer policies from several different insurers. Seeing different insurers’ policies provides a more comprehensive view of what coverages are available and how much they cost.