Category: Personal Lines Insurance

From the rooftop to kitchen range, we’ve gathered some homeowners insurance basics. Learn how it helps you to protect one of your biggest investments—your home! Download the PDF version:  Know Your Homeowners Insurance.pdf Disclaimer: This brochure is provided for informational purposes only. The information provided herein is not intended to be exhaustive, nor should it be construed as advice regarding coverage. Eligibility for coverage is not guaranteed and all coverages are limited to the terms and conditions contained in the applicable policy. © 2020 MyTPG.com  All rights reserved. Homeowners Insurance Basics: What Protection Does it Offer? A standard homeowners insurance policy insures the home itself and the things you keep in it. It is typically a package policy, which means it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. Let’s take a look at each aspect of coverage in more detail: Homeowners Insurance Basics Part I: Property Protection Dwelling: This offers protection as a result of damage to the structure of your home, including fixtures, plumbing and heating, due to a covered loss like fire or hail storm damage. You need enough coverage for the cost of rebuilding or repairing your home, less the cost of the land. Other structures: This includes coverage for detached structures, such as a garage, garden shed and fixtures attached to land such as a driveway, sidewalks, patio, fence and swimming pool. Personal property: This covers the contents and personal items in your home such as furniture, clothing and sporting goods. It also extends to your personal belongings anywhere in the world. To determine your property’s value, we’ll provide you with a home inventory checklist to help you quickly and easily itemize your belongings. We recommend insuring your personal property for its replacement cost value. Replacement cost value ensures that you can replace yesterday’s purchases at today’s prices. Loss of use: In the event that a covered loss forces you from your home, such as because of a fire, loss of use provides a safety net for additional expenses over and above your normal living expenses while you are unable to live in your home, up to the policy limit. Homeowners Insurance Basics Part II: Liability Protection This portion of your policy covers against lawsuits for bodily injury or property damage that you or family members may cause to other people. It pays for both the cost of litigation and any court awards, up to the limit of your policy. It covers you whether you are at home or away. In the event that a visitor is injured in your home, medical payments coverage allows the person to submit medical bills directly to your insurance company. The benefit is that expenses are paid to the injured person up to the policy limit without a liability claim being filed against you. Additional Considerations Disasters Damage caused by many disasters is covered in a standard homeowners insurance policy, but floods, earthquakes and other specific types of occurrences are generally excluded. Since policies can vary widely, the best way to be sure about specific exclusions is to read your own policy. Vacant Property If your home is left vacant due to a move or new construction, you are vulnerable to losses from vandalism and other mishaps. Please check with us to learn more about the coverage options available to protect your property. Download the PDF version:  Know Your Homeowners Insurance.pdf […]

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Common Auto Insurance Terms: Auto insurance can be confusing at times. Policies often contain a variety of terms that can be difficult to understand, especially for someone without a background in insurance. The following is a list of common auto insurance terms to keep in mind the next time you meet with your insurance broker: Accident report form: Sometimes referred to as a police report, this form contains important information about an auto accident, such as circumstances that led to an accident, the parties involved and details regarding the citations given. Download the PDF version: Know Your Terms-Auto Insurance.pdf This Know Your Insurance document is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2020 MyTPG.com All rights reserved. At fault: This term refers to the degree to which a party caused or contributed to an accident. This term is often used to determine whose auto insurance company pays for specific portions of damages incurred as the result of an accident. Automobile liability insurance: This refers to a type of insurance that provides coverage when a party causes an accident and either physical or property damage occurs. Bodily injury liability coverage: This type of insurance provides coverage for injuries or deaths to people involved in the accident other than the insured driver. This coverage kicks in if an insured person is legally liable for an accident and also provides coverage for defense costs if the insured is sued. Claims adjuster: A claims adjuster is a representative from an insurance company who investigates and settles claims. This person’s job is to ensure that all parties involved in an accident receive fair compensation. Collision coverage: A form of auto insurance that provides for reimbursement for loss to a covered vehicle due to its colliding with another vehicle, object or the overturn of the automobile. Comprehensive coverage: This coverage pays for any repairs not directly related to a collision. This includes damages from fires, thefts, windstorms, floods and vandalism. Covered loss: A covered loss is any damage to yourself, your vehicle, other people or property covered by your insurance policy. Declarations page: Sometimes referred to as an auto insurance coverage summary, this is a document provided by an insurance company. These documents list the following for policyholders: The types of coverage elected Specific limits for each coverage The cost of each coverage Specific vehicles covered by the policy Types of coverage for each vehicle covered by the policy Deductible: A deductible is the portion of a covered loss that a policyholder agrees to pay out of pocket. Endorsement: Any change, addition or optional coverage added to an insurance policy. An endorsement may require additional premium. Garaging location: A garaging location refers to the primary location you park your car when it’s not in use. Limits: Limits refer to the maximum dollar amount of protection purchased by the policyholder for specific coverages. State laws often require drivers to have a minimum level of coverage. Loss: Refers to direct and accidental damages to a person or property. Medical payments coverage: Coverage that pays for reasonable medical expenses and death benefits to a policyholder and any passengers injured in the event of an auto accident, regardless of fault. Motor vehicle report (MVR): MVRs are official records held by states that detail a driver’s licensing status, violations, suspensions and other infractions incurred over the last several years. These forms are often used to determine premiums. Named insured: The primary person the insurance policy is issued to. No-fault automobile insurance: This type of coverage is used to compensate victims of accidents without having to prove who caused the accident. Non-owners policy: This policy provides liability and add-on coverage for someone who does not own a vehicle. Personal injury protection coverage: Sometimes referred to as PIP, this coverage pays for medical expenses, and, in some states, lost wages and other damages, if a person is injured in an auto accident, regardless of who is at fault. This coverage often covers pedestrians struck by vehicles as well. Premium: A premium is the amount a policyholder pays to an insurance company for coverage. Primary use: Primary use refers to how a policyholder mainly uses his or her vehicle. Primary use options often include work, business, pleasure or farm use. Principal driver: The principal driver is the person who drives the insured vehicle the most. Property damage liability coverage (PD): If an insured person is legally liable for an accident, PD coverage pays for damage to others’ property resulting from the accident. PD also pays for legal defense costs if you are sued. Rental reimbursement coverage: This coverage reimburses you (up to a set daily amount) for a rental car if your car is being repaired due to damage covered by your auto insurance policy. Uninsured/underinsured motorist coverage (UM): This coverage helps pay for medical bills, pain and suffering related to bodily injuries caused by a driver who is uninsured or underinsured. Vehicle identification number (VIN): This is a unique 17-character sequence containing both letters and numbers that identifies a vehicle. If you need clarification on any terms or conditions when meeting with your insurance broker, don’t hesitate to ask. Doing so ensures that you fully understand your policy and get the coverage you need. To discuss your auto insurance needs, contact TPG Insurance Services today. Download the PDF version: Know Your Terms-Auto Insurance.pdf […]

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What Is a Hit-and-run? When you’re involved in a vehicle collision and the other driver takes off without exchanging insurance information, this is commonly referred to as a hit-and-run. These incidents can leave you feeling frustrated and wondering what to do next. This article will examine what information to collect and who to contact following a hit-and-run. Download the PDF version:  Auto Insights – What to Do After a Hit-And-Run Accident.pdf This flyer is for informational purposes only and is not intended as professional advice. © 2019 MyTPG.com. All rights reserved. WHAT TO DO AFTER A HIT-AND-RUN Here are three things you should do in the event of a hit-and-run: 1. Record All Pertinent Information Write down as much of the other vehicle’s information as possible, including its license plate number, make and model, and color. Note the time and location of the hit-and-run. Be sure to record the direction the car was headed post-incident. It’s also important to take pictures of the scene and any damage to your vehicle. If there were any eyewitnesses, gather their names and contact information. 2. Call the Police Once all important information has been gathered, call the police immediately to file an accident report. When the police arrive, provide them with a description of the vehicle and the incident as well as names of any eyewitnesses. Not filing an accident report within 24 hours may result in you being considered “at-fault” by your insurer, which may affect the cost of your insurance premium. 3. Contact Your Insurance Company Once you contact your insurance company, the claims process will begin. If covered under your policy, your insurance company can assist you in towing your vehicle as well as finding a rental car. Safety First In the event of a hit-and-run, never try to follow or apprehend the fleeing driver. What’s more, leaving the scene could cause you to miss eyewitness accounts and may leave law officials questioning who’s really at fault. For more questions regarding your auto insurance coverage, contact your insurance agent for more guidance on the terms of your policy. Download the PDF version: Auto Insights – What to Do After a Hit-And-Run Accident.pdf […]

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