Personal Lines of Insurance
Personal lines of insurance are offered to individuals and families rather than organizations and businesses. We offer property and casualty insurance, which includes automobile, homeowner and renters insurance.
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MUÑOZ + MUÑOZ
+1 (914) 337 6353
Auto + Motorcycle Insurance
Personal auto insurance is designed for the needs of consumers, either as an individual or a family. It protects your personal assets if you are in an auto accident by providing the funds to fix your vehicle, pay for medical expenses or pay for liability charges if you caused the accident.
Obtaining personal auto insurance is relatively easy, but you will need to provide some basic information before you ask for a quote.
- The Vehicle Identification Number, or VIN
- The names, ages and basic details of all of the primary drivers
- The make and model of the car
Although certain information is necessary to get a quote, providing more details will result in an accurate estimate. For example, if you are a student in college with good grades, then you can ask about a good student discount. The quote can include discounted rates that apply to your account, but you will need to provide proof after the company insures your vehicle.
Regardless of vehicle ownership, clients are still exposed to liability or other expenses resulting from operations of vehicles by another on its behalf. Vehicular operations may result in third party liability claims and/or physical damage to the vehicle leased, owned, or operated by the client. This is why employing Muñoz + Muñoz expert understanding of Vehicle Insurance for Nonprofits is so vital.
A homeowner’s insurance policy is a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage and both are within one premium.
The cost of homeowner’s insurance often depends on what it would cost to replace the house and with additional endorsements attached to the policy. The insurance policy is a legal contract between the insurance carrier (insurance company) and the named insured. It is a contract of indemnity and will put the insured back to the state they were in prior to the loss. Typically, claims due to floods or war are excluded from coverage, amongst other standard exclusions (like termites). Special insurance can be purchased for these possibilities, including flood insurance. Insurance is adjusted to reflect the cost of replacement.
Anyone with an insurable interest in the property should be listed on the policy. Most homebuyers borrow money in the form of a mortgage loan, and the mortgage lender often requires that the buyer purchases homeowner’s insurance as a condition of the loan, in order to protect the bank if the home is destroyed.
*TIP: Flood Insurance is NOT covered under the Homeowners policy.
Apartment + Rental Coverage
Is Renters Insurance Necessary?
There are many reasons people choose to rent rather than buy a home. Whether you are a college student, you are saving up for a down payment on a house, or you simply like the flexibility of apartment living, it is a good idea to become familiar with renters insurance and how it can protect you.
If you’re considering purchasing a renters insurance policy, you may have some questions. Do you really need this coverage? Is it worth it? How can you get the best deal? An agent in the Muñoz + Muñoz network can answer all these questions and more. A local member agent can assess your unique coverage needs, help you compare policies from several insurance companies, and help you make an informed choice.
Statistics about Tenants in the United States
- In 2010, the U.S. Census found that approximately 35% of all homes in America were renter-occupied.
- In 2012, a poll conducted by ORC found that only 31% of tenants in this country carry renters insurance.
- The average renter owns $20,000 worth of personal belongings.
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 accidentally 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.
Now look at your most valuable items. What if they were stolen? Could you afford to replace them? Statistically speaking, apartment residents report burglaries more frequently than people living in houses. Renters insurance allows you to be prepared so that you will not be faced with undue financial burdens in their wake.
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 Muñoz + Muñoz 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 Muñoz + Muñoz Agent Can Do for You
Every member of the Muñoz + Muñoz 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.
Your Muñoz + Muñoz agent may even be able to show you ways to get discounts on your premiums by adding another policy such as car insurance.