Sometimes when you have damage on a car or your home, you need to use all the money your receive to repair the damage. At other times, you might prefer pocketing the money and leaving the hail or water damage alone. Before you try this maneuver, you need to find out if keeping the cash is an option for you.
If you do not own your car outright, you can forget about taking the cash settlement and running with it.
Although people tend to confuse insurance agents with brokers, the two are different. The difference isn't just academic; it can have a substantial impact on your car-insurance issues. Here are three major differences between agents and brokers and what the differences mean to you.
What They Do and Who They Represent
Both insurance agents and insurance brokers act as intermediaries between you and the insurance company. However, the agent's duties are mainly administrative.
Although you can get car insurance coverage as a foreign driver in the U.S., your rates are likely to be higher than a comparable citizen or permanent resident. This isn't an arbitrary decision from insurers; there are valid reasons for it. Fortunately, there are also steps you can take to manage these rates.
Here are two reasons why foreign drivers tend to attract high rates:
Lack of Data on Driving History
There is a misconception that comprehensive car insurance covers "everything." Unfortunately, there are some car-related losses that even comprehensive car insurance won't cover. It's good to know what these losses are so that you can buy appropriate coverage for them. Here are five examples of such losses:
Don't expect your insurer to come to your rescue if your personal belongings are stolen or damaged in your car. Car insurance covers things permanently attached to your cars, such as side mirrors and radios.
Living in an owner-occupied rental property, such as a duplex, comes with its own insurance challenges. Just like any home owner, you want to make sure that your investment is protected. A regular policy aimed at single family residences isn't sufficient, though. The following guide will walk you through the types of insurance you need.
Home owners policy
A standard home owners policy is still necessary to protect the main dwelling and to provide you with the contents coverage for your part of the residence.