P & C Insurance stands for Property and Casualty Insurance. This includes policies for needs like home, auto, and umbrella insurance.
With rising costs, it may be wise to check your P&C policies to see that you have proper coverage for your property and adequate coverage for liability.
Most states require auto insurance to operate a motor vehicle on public roads. The state of Texas requires a base coverage of $30,000 per person and $60,000 per accident in bodily injury as well as $25,000 in property damage liability. While this is the state mandated requirement, it may not be in your best interest to have the lowest base coverage.
Why is that? With the ever-increasing technology in vehicles and the rising price tags on those vehicles, a simple collision can rack up a hefty bill very quickly. Not only that, but a basic injury can escalate to lawyers being involved. It’s always wiser to have higher limits on your liability than lower ones. You just never know what can happen in the blink of an eye. Auto insurance has three parts for coverage. We’ve already discussed liability. There is also uninsured or underinsured motorist coverage, and comprehensive and collision coverage.
- Uninsured/underinsured motorists is coverage for cases like hit and runs, the at fault driver not having coverage, or even instances where the damage caused by the incident exceeds the other party’s limits of liability.
- The comprehensive and collision coverage is what people mean when they say they have full coverage auto insurance. It is the coverage for hitting someone or something.
Lastly, when shopping around for auto insurance with standard insurance carriers, one of the factors included in calculating your premium is prior insurance history. Higher limits will get you a better rate among many carriers.
Unpacking Your Home Insurance Policy: What’s Covered and Why
- Dwelling: This is the coverage for your home itself. For example, if your home burns down, then this is how much you will get to rebuild.
- Other structures: This is the coverage for buildings that are not attached to the home, such as the fence for your yard, the shed in the back, or if you have a detached garage.
- Personal Property: This is for all of your stuff, i.e. Furniture, clothing, appliances, and gadgets.
- Note there are some categories that have sub limits like jewelry, artwork, and collectibles that should be listed on the policy so you have proper coverage.
- Loss of use: This is coverage for you so you and your family can live somewhere while your home is being repaired or rebuilt in the event of loss that makes the home uninhabitable.
- Liability: This is if something happens to someone while on or from your property.
It’s usually best to bundle these common types of policies with the same company (aka carriers, since often you will get a discount. With Goosehead it’s not always best to do so, because we have so many carriers we can customize your account to have the best coverage and price.