Insurance is a complicated subject. To help, we’re answering some of the questions we get asked most often, right here on our blog. Read on to learn more about home, auto, and farm insurance.
Home insurance covers your house, other structures on the property, and your belongings if they are damaged by named perils in your policy. These perils often include fire, weather, vandalism, and theft. Home insurance also provides liability protection if someone is injured on your property.
The difference between homeowners and renter’s insurance is that renter’s insurance only covers your possessions and your liability in the event someone is injured while visiting. Unlike homeowner’s insurance, renter’s insurance doesn’t cover the property or the dwelling because they aren’t owned by the policyholder.
The cost of home insurance varies depending on the replacement cost value of your home and possessions, the location of the home, the types of materials that make up the building structure, the age of the home, and a number of other factors.
Comprehensive auto insurance covers damage to your vehicle from incidents other than collisions. Comprehensive auto coverage typically includes theft, vandalism, broken windows, damage from hitting an animal, damage from falling objects, flood damage, and damage by natural disasters, like tornados or hurricanes.
Auto insurance is usually not tax deductible. If your car is used exclusively for business, you may be able to claim your auto insurance premium as a tax-deductible business expense along with the rest of your auto expenses including gasoline, maintenance, registration, parking, and tolls.
Your auto insurance policy may or may not cover flood damage depending on the type of insurance you selected. If you have collision insurance only, you will not be covered for flood damage. If you have comprehensive auto insurance, you will be covered for flood damage to your vehicle.
Farm insurance can cover farm dwellings, buildings, machinery, livestock, and liability. No two farms have the same insurance needs, which is why Grange Insurance offers a Farm and Ranch program with a variety of coverage and deductible options to get you the protection you need for your farm or ranch.
If we haven’t answered your question above, be sure to reach out to speak with one of our independent insurance agents who can help you get the right coverage for your needs.
The content available via Grange.com is for informational purposes only and may not be used for any other purpose. Content provided or expressed on Grange.com, including that of third parties, may not reflect Grange Insurance Association’s (GIA) policies or conform to any agreement you may have with GIA and its subsidiary companies. Please contact a licensed insurance agent to obtain particular advice.