Auto Insurance cover also includes damages incurred on the insured as a result of accidents caused by uninsured or underinsured persons. The insured’s cover will take care of the costs that the other person cannot cover, for example medical expenses. The covers are as follows:
· Uninsured motorist bodily injury – This covers the insured, the members of the insured’s household and passengers for bodily injuries, damages or death caused by a driver who is not insured. It also applies to hit-and-run incidences. The insured’s policy will cover all medical expenses and within the limit of the policy.
· Underinsured Motorist Bodily Injury – This covers the insured, the members of the insured household and passengers for bodily injuries, damages or death due to negligence of an underinsured person (has insufficient insurance). Should the coverage of the underinsured person not meet the insured’s damages, the policy of the insured will cover the difference up to the limit in the policy. The cover will pay the difference between what the under insured’s cover and the bodily injury cover. If the accident’s costs exceed the limits on the insured’s cover, one will be have to cover the difference on their own.
· Uninsured Motorist Property Damage – This covers an insured’s car when property damage is caused by a negligent uninsured party. If one does not have a Collision cover, this cover pays for repairs to a certain extent. If one has Collision cover, then this cover pays for collision deductible amount. The amounts and conditions vary in different states. However, the cover cannot replace Collision coverage.
· Underinsured Motorist Property Damage – This covers an insured’s property when damage if caused by a negligent underinsured party whose limits are unable to cover the costs of damages sustained. If one does not have a Collision cover, this cover pays for repairs to a certain extent. If one has Collision cover, then this cover pays for collision deductible amount. The amounts and conditions vary in different states. The cover cannot replace Collision coverage.
Final Four Steps to Buying a Home
Buying a home can be exhilarating, but it is also a serious process. If you’ve taken the first steps to become preapproved and you’ve found the perfect house that you can afford, then it is time to take the final four steps to buying a home.Reverse Mortgages
With the current economic difficulties, a lot of homeowners are finding themselves defaulting on their monthly mortgages or worse in danger of foreclosure. Retirees and senior Americans particularly are one of the hardest hit sectors of the population. With rising healthcare cost and the value of their pensions dropping making the next mortgage payment is becoming more and more difficult.Advantages and Disadvantages of Reverse Mortgages
As the term implies, Reverse Mortgages are funds which are released to a home owner based on the equity they have made based on their mortgage payments. In typical mortgages, payments are made on a predetermined amortized payment to the lending entity. Reverse mortgages release these equity built thru years of monthly payments to their homeowners. In this type of loan, homeowners are not obliged to make payments only that when the owner dies all rights are transferred to the lending institution.