Insurance 101:Find the Right Coverage

What you need to know about insurancebut didn’t know how to ask.

Auto Insurance | Homeowners Insurance | Renters Insurance | Life Insurance

Auto InsuranceIf you live in Tennessee you HAVE to have car insurance.

• Car insurance provides financial protection for the policyholder, his or her vehicle and other third parties that are involved in an accident or other motor vehicle relat-ed incident.

• Car and other motor vehicle policies include passengers, pedestrians, drivers of other vehicles and, in cases for which the vehicle is not owned outright, the bank or lender that has a lien on the property. When discussing your vehicular insurance needs with an agent, make sure that all of your vehicles are covered appropriately.

Replacement Cost

• This type of insurance pays out the cost of replacing the damaged property without deducting for depreciation but limited to a specific max

Auto InsuranceWhat’s Covered:• Collision/Comprehensive• Medical Expenses• Uninsured/Underinsured Motorists

Components of Your Policy• Premiums• Deductibles• Declarations

Homeowners InsuranceWhen you purchase homeowners insurance you are protecting two different things: the structure of your home and your personal belongings.

Homeowners Insurance typically covers you from losses incurred by:• Fire• Wind• Hail• Water Damage (excluding floods)• Explosions• Theft

Homeowners InsuranceLook closely at the kinds of coverage available before settling on a policy. Be sure to consider the pros and cons of replacement cost, extended re-placement cost, and actual cash value coverage.

Before you start collecting quotes, you’ll need to know how old your fur-nace is, the square footage of your home, and what kind of roof and sid-ing it has.

Don’t forget to ask your agent about discounts for alarm and detection systems!

Renters InsuranceYes, you really need it. And here’s why:

• Your possessions are worth more than you think (the av-erage renter owns about $30,000 worth of stuff).

• Your landlord’s insurance doesn’t cover your belongings

• It protects you from personal liability or damages you may accidentally cause to a property

Renters InsuranceAnd here’s the good news: it’s not as pricy as you think. For the price of a pizza, you can rest easy knowing that your property is safe.

In fact, it’s one of the cheapest forms of insurance available. For just pen-nies per day (renters insurance typically costs about $20 a month) your personal possessions and electronics are covered from theft, fire, flood-ing, and more.

Be sure to ask your agent about possible alumni discounts!

Life InsuranceWhy life insurance is important:

• Life insurance provides families with financial security in the event that a spouse or parent dies unexpectedly.

• Life insurance benefits can be used to pay off a mortgage, fund education expenses, or pave the way for retirement.

• It can also be a key factor in estate planning.

If someone relies on your income or your contributions to the household, then you need life insurance.

Types of Life Insurance Available in Tennessee

Term life insurance provides the easiest and most affordable way to protect your family. With term life, the insurance company calculates the premium on the probability that the insured will pass away within a stated term (typically 5, 10, 20 or 30 years) and the premiums are guaranteed for the length of the term.

Universal Life Insurance gives policyholders greater flexibility with the low-cost protection of term life insurance and the bonus of a saving element.

Whole Life Insurance is a form of permanent life insurance with guaranteed pre-miums, benefits, and cash value, in perpetuity. These kinds of policies may be great for re-tirement planning purposes.

Get Insured Today!For a deeper look at insurance, to learn more about coverage options, and for helpful tips

from industry professionals, download our new eBook,Insurance 101: Everything You Need to Know!

For a free quote, contact Royce Williams Insurance. We’re happy to help.

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