Viking Insurance Agency

A. With about 900 insurance companies writing property/casualty policies in the United States, individual homeowners policies vary. However, 80 percent of homeowners policies are based on a standard form, and all homeowners policies cover two important areas: property and liability. Moreover, your policy may cover you for additional living expenses should your home not be livable for a period of time due to a covered peril. At a minimum, homeowners insurance usually covers damage caused by: Fire or lightning Windstorm or hail Explosions Aircraft Vehicles Smoke Theft or vandalism Falling objects Weight of ice, snow or sleet Freezing of a plumbing, heating, air conditioning or other such household system

Gap insurance fills the gap between what your insurance company pays and for accident or theft, and what you owe on an existing car loan. Car insurance pays out depending on your car’s current value. Because many cars lose value quickly, you may find yourself in a situation where you owe more on a loan than what the car is actually worth — for instance, you buy a $30,000 car and in one year it is valued at $22,000, but you still have $25,000 left on your own. Gap insurance covers that $3,000 difference. Gap insurance typically adds on around 5% of your total car insurance bill.

Your car insurance coverage depends on the type of policy you purchase. Different types of car insurance include: Bodily injury (BI) and property damage (PD) liability coverage for damaged caused to other people or property. Personal injury protection (PIP) to cover medical expenses and other damages. Collision and comprehensive coverage for damage done to your vehicle in collisions, and in non-collisions (i.e., fire, vandalism, or theft). Uninsured and underinsured motorist (UM/UIM) coverage protects in the event of an accident where the at-fault driver doesn’t have insurance.

Available discounts depend on your insurer. However, common car insurance discounts include various affiliation discounts, reduced rates for students, good driver/no-accident discounts, and hybrid vehicle discounts. Additionally, insurers will often offer lower rates to policyholders who bundle different insurance products together, such as homeowners insurance and auto insurance.

Yes. The market value of your car and the history of other drivers with the same make and model play a factor in your auto insurance rates. Certain safety features may not automatically qualify you for cheaper car insurance, but they can prevent you from getting into accidents, saving you money indirectly.