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Auto Insurance:
Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

Auto insurance provides property, liability and medical coverage:

  • Property coverage pays for damage to or theft of your car.
  • Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
  • Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.

An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements.

Most auto policies are for six months to a year. Your insurance company should notify you by mail when it's time to renew the policy and to pay your premium.


Life Insurance:
Your family counts on you every day for financial support: food, shelter, transportation, education, and much more. You and your spouse have plans for your future and dreams for your family: another child, a bigger home, a new business, college education, travel, retirement…

Life insurance is all about making sure your family has adequate financial resources to make those plans and dreams come true, if you were to die prematurely.

And just as your spouse and children (as beneficiaries) count on you, you count on your spouse. That's why coverage for your spouse is also important. If he or she were to die unexpectedly, you would feel similar financial strains. This is especially true today, with so many "double income" families.


Health Insurance:
Health insurance is one of the components of a sound financial plan. It provides financial security for your family by providing financial resources for health expenses in times of life's uncertainties.

Most people, especially with dependents, need health insurance. To determine how much health insurance you need, start by considering the typical medical expenses you and your family incur (i.e., doctor visits, medical tests, prescriptions). Don't forget to plan for the unexpected. To evaluate your specific needs, you should contact a professional health insurance agent.


Homeowners Insurance:
Homeowners insurance is a package policy. This means that 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.

Here are a few things to keep in mind

While disasters are generally covered, floods and earthquakes are the most significant exceptions. You need special policies to insure for these events. And don't expect insurance to pay for things that happen because you haven't maintained your home. Such costs are all on your shoulders.

The most common policy today is called Homeowners-3 (HO-3). If your home is destroyed by a fire, for example, this type of policy covers the cost of rebuilding it up to a certain specified amount. Check with your agent or a local builder periodically to make sure this is enough to meet your need . . . and that it is not more than you need. Homeowner's policies include liability protection against lawsuits. You may want at least $300,000 to be safe, more if you think you need it.

Your household items and personal effects are usually insured for 50% to 70% of what you have on your house's structure. The best way to make sure this is sufficient is to conduct a "home inventory." Whatever way you choose to record your belongings - written list, photos, video, or audiotape - just do it! Any record, even one that's incomplete or less than perfect, is better than relying on your memory. And be sure to store your inventory record outside your home, either in a safe deposit box or at a relative's.

If you have valuable possessions like jewelry, consider a "special personal property endorsement or floater" to insure their full value with no deductible. It even covers items if you simply lose them. Another feature you'll want to consider for your personal property is a "replacement cost endorsement." Otherwise, you'll only get market value on older items.


Renters Insurance:
HomeBasic renter insurance will provide coverage to you, in the event that your belongings are lost. The range of causes can include:

  • fire
  • water damage (broken pipes)
  • burglary

This insurance will also cover damage caused by you, to the landlords property. For instance, if you host a party, and one of your guests breaks a hole in the wall.

Several things to consider:

  • Your inventory
    Take a look around your dwelling. Make note of all items of value, and especially of those items with high value/high replacement cost. It might be good to catalog all of your possessions in a table or spreadsheet for easy future reference.
  • Deductibles
    With any type of insurance policy, you'll have to decide how much your deductibles are going to be. In general, the higher the deductible, the lower your premium will be.
  • Replacement Cost and Actual Value
    Basic policies begin with coverage for the actual cash values of your covered belongings. Example: a 10 year old TV would be covered for its initial cost, minus the depreciated cost. A 10 year old TV is really not worth much today, so in the end, you wouldn't get much cash for it. If you have items like this, it may be better to opt for replacement cost coverage instead. With this coverage, you would be reimbursed for the total current cost of a new TV. A thing to remember is that replacement cost coverage is more expensive, but perhaps worth the extra cost.
  • Loss of use coverage
    If, for some reason, you aren't able to live within your apartment, your coverage will take care of expenses that are incurred through food and lodging.
  • Specialty Items
    If you have very valuable items that come with difficult replacement, you might want to consider a "floater". Items that might be included: antiques, jewelry, special electronic equipment, etc. A floater policy is essentially a separate policy from your general coverage, and it is designed for these special items. Compared to the replacement cost of these items, this coverage is relatively inexpensive.

Agricultural Insurance:
Farming and ranching are hybrid risks, combining all of the exposures arising from their personal activities as well as the commercial operation of the farm/ranch itself. As a result, most insurers offer products specifically designed for a farm/ranch operation which cover both aspects. Items to consider are property coverages for the dwelling and farm buildings; inland marine coverages on equipment for the farm/ranch operation, accounts receivable and personal items; liability coverage for farm/ranch and personal exposures; automobile physical damage and liability coverage for both; boiler and machinery/equipment coverage for the farm/ranch; crop/hail and similar insurance; coverage for silos and grain storage elevators and contents; and coverage for livestock.

PACKAGE POLICY:

  • FARM COMBINATION COVERAGE
    Combines appropriate coverage forms to provide protection comparable to that previously available under ISO's Farmowners-Ranchowners Policy. Eligibility and premium discounts require that property coverage apply to all farm dwellings, farm personal property, and other farm structures owned by the insured (except those specifically excluded by agreement). Liability insurance must apply to the premises and operations associated with all covered farm property.

    Farm combination coverage is not available for: farms not operated by the insured (except those that are operated under the insured's supervision and those operated under contract management); vacant or unoccupied farms; farms where the principal purpose is to supply commodities for manufacturing or processing to the insured for sale to others or to operate freezing or dehydrating plants or poultry factories; farms with dwellings with more than four families; farms on which farm dwellings are used for business purposes other than permitted incidental occupancies.

  • FARMOWNERS POLICY
    Using the modular concept, property insurance is developed by use of basic, broad, special or tenants forms that are also applicable to homeowners policies. Coverages for farm buildings and farm personal property are provided by use of either scheduled or blanket coverage forms. Liability insurance is effected by use of personal, farm personal and/or commercial general liability coverage forms. Various endorsements are available for optional coverages.

  • AGRICULTURAL OUTPUT POLICY
    Designed for big business agricultural activity that includes work from production through processing to wholesale distribution. Feed and fertilizer manufacturers, grain elevator operators and seed processors are examples. A running mate for the commercial output policy, this program provides similar protection for agricultural suppliers, cultivators and processors. The complete range of property insurance coverage is available basically and by way of options. The program is distinguished from the farmowners program, which is applicable to owner-operated farms.

 

 

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Powers Insurance Agency
704 West Elm, Hwy. 3, PO Box 188, Pocahontas, IA 50574
712-335-4233 ~ 800-731-4233

All text and original graphics copyright © 2005 Powers Insurance Agency

 


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