Miscellaneous Insurance
Miscellaneous Insurance' refers to contracts of insurance other than these of Life, Fire and Marine insurance. This branch of insurance is of recent origin and it covers a variety of risks.
- Personal Accident Insurance – This means insurance for individuals or groups of person against any personal accident or illness. In India this type of insurance is done by the General Insurance Corporation. The risk insured in personal accident insurance is the bodily injury resulting solely and directly from accident caused by violent, external and visible means.
- Property Insurance – Property risks relate to burglary, house breaking, theft, crop insurance, etc. Any property, movable or immovable, present or future, vested or contingent can be insured from my losses by accidents other than fire and marine adventure. The most popular in this branch is burglary insurance.
- Liability Insurance – Just as a person can insure himself against the risk of death and personal injury, or damage, determination or destruction of property, there can also be an insurance against the risk of incurring liability to third parties. The risk of liability arising out of the use of property, comes under the category commonly called "liability insurance". It includes —
- Public Liability Insurance: That is, insurance against a liability imposed by law. For example, a house owner may obtain an insurance against his liability to invitees or licensees, arising from body injury or damage to property.
- Professional Negligence Insurance: These policies give professional indemnity cover to accountants, solicitors, lawyers, from any loss or injury due to any negligence in the conduct of their professional duties.
- Compulsory Insurance: The ESI Act makes it compulsory for the employers (covered under that Act) to insure their workmen by providing certain benefits to them in the event of their sickness, maternity and employment insurance. The employees insured are entitled to (a) Sickness benefit, (b) Maternity benefit, (c) Disablement Benefit, and (d) Dependent’s benefit.
- Employer’s Liability Insurance: The liability of an employer under the modern labor laws, has considerably extended and the employers are tempted to take out insurances against such liabilities. For examples, when the employees retire, substantial amount become immediately payable by way of gratuity, commuted pension, leave salary, compensation, etc. and also the uncommitted pension becomes payable in future. Employers often take insurance policies which assure payment of such amounts, as and when these becomes payable.
- Guarantee Insurance: The main types of policies included in guarantee insurance are a) insurance for performance of contract, policies, the guarantor / underwriter insures the promise or employer against the loss arising by non-performance by the promissory or the dishonesty of the employee.
- Motor Vehicle Insurance – A policy for motor vehicle insurance is, ordinarily, a combined insurance against the damage to the motor vehicle and its accessories, death of or injury to the, occupant of the vehicle and also against the risk of liability for injury to, or the death of, third parties caused by the driver’s negligence.
Fidelity policies are the most common type of guarantee policies, taken under contracts of employment where the employee has an opportunity to be dishonest. Such policies cover the risk of losses arising by theft or embezzlement of money or securities, or by fraud, on the part of employees.
What Is Renters Insurance?
Renters insurance provides low-cost coverage for your personal belongings, so you can recover from loss, damage or theft. It also covers your personal liability. Your landlord's policy covers the building and grounds, but will not reimburse you for the costs of your personal items in the event of a loss, or cover the costs of injuries or damage that happen inside your apartment space.
Landlords insure their rental properties with homeowners or landlords insurance. These policies provide coverage for the structure of the building, any personal property the landlord owns (such as appliances and carpeting) and liability for injuries due to the property owner's negligence in upkeep or safety of the property.
But in the event that your personal belongings and valuables are destroyed in a building fire or stolen by a thief, you need to have a renters insurance policy in place to cover your losses. If you do not have such a policy, you will need to recover from your loss out of pocket.
Should I Get Renters Insurance?
Renters insurance is not mandatory in any state. In some cases, however, landlords will require their tenants to buy renters insurance, and they are perfectly within their rights to do so.
You are most likely to be required to carry renters insurance if you live in an apartment building or other type of multi-unit rental. The main reason for this requirement has to do with liability coverage for the leasing company and the other tenants. If you should accidently start a fire, your landlord and other affected tenants can receive reimbursements through your policy.
Whether or not you are required to carry this insurance, choosing to purchase a renters insurance policy is a wise decision that will protect you from devastating loss.
What if I Don't Own Anything Worth Insuring?
Many people who rent rooms in homes feel that renters insurance is an unnecessary expense. While you may not have a lot of expensive belongings, if you take the time to write down an inventory and an estimated value of everything you own, you may be surprised.
Be sure you list everything including all your furniture, clothes, dishes, electronics, jewelry, appliances, and even cosmetics. Now think about how much it would cost to start with nothing and replace everything you own. That is exactly what you would have to do if a fire or natural disaster caused you to lose everything.
What Does Renters Insurance Cover?
Renters insurance covers your personal belongings or "contents" against damage and loss, including from theft, fire, and even smoke, which can be quite destructive. Your contents insurance may provide actual-value reimbursement for your items, or, for a slightly higher premium, may cover your full replacement cost. If most of your possessions are older or worn, the more expensive policy is ideal as you will be able to purchase new items to replace everything you lost.
Your rental-home or apartment insurance will typically cover the cost of temporary housing if your home should be uninhabitable for a period of time following a disaster. It is important not to assume that your landlord will cover this cost for you, as that will depend upon the cause of the fire and the landlord's specific coverage.
Finally, your policy will provide liability insurance should you be held responsible for an injury to a visitor in your home. This coverage can be quite beneficial as medical bills can add up quickly. Even something as minor as a trip to the hospital for stitches can cost more than a full year of renters insurance coverage.
Is Renters Insurance Expensive?
In 2010, U.S. tenants spent an average of $185 per year for their renters insurance policies. At only $15 a month, this is not an unmanageable expense; most people spend more than that on pizza each month. If you are fortunate enough to never have to file a claim, the money will have still been well-spent for the peace of mind it can provide.
Can You Buy Renters Insurance Online?
While you may be able to buy renters online, there are a number of downsides. For example, if you are unsure of your particular coverage needs, you won't have an agent right there to talk to. You may end up buying too much insurance, or not enough. It can be difficult to sort through the terms of your insurance and fully understand what your renters insurance covers.
Speaking with an agent in the GRFS consultancy network can help you get the answers you need. Your agent will help ensure that your personal belongings, particularly your valuables, are adequately covered and that you fully understand the terms of your policy. Because your agent has access to policies from several different insurance companies, you can be sure that you are getting your coverage at a competitive rate.
See What a GRFS consultancy Agent Can Do for You
Every member of the GRFS consultancy network has taken a pledge to provide exceptional customer service and honest, ethical advice. Your agent will be working for you, not an insurance company, and will ensure that you are getting the best possible rate for a policy that suits your coverage needs.
GRFS consultancy member agents are located in over 22,000 member agencies with 27,000 locations all across the United States, so finding one near you will be easy. Your agent may even be able to show you ways to get discounts on your premiums by adding another policy such as car insurance. Find a local agent in your area and compare free renters insurance quotes.