Unexpected surprises have a way of happening. Sometimes these surprises are good, but they can also be not-so-good. At times, they might cause injury, property damage or financial loss -- and that’s where personal insurance comes in. With the right personal policies in place, Massachusetts residents can protect themselves from a variety of potential perils.
The term “personal insurance” distinguishes insurance policies that are designed for individuals from ones that are meant for businesses. Most insurance policies that are written for businesses are commercial insurance policies.
Because people face a wide variety of potential risks, insurers offer lots of different types of personal policies. A few common kinds of personal policies that many people can benefit from are:
Some other personal policies that certain individuals may want to include might be boat insurance, long-term care insurance, travel insurance and wedding insurance. These are just a few examples of the many different types of personal policies that people may purchase.
(Some of these insurances are also available through commercial policies. When written for an individual, though, they’re typically regarded as personal policies.)
Because anyone can have something unexpected happen to them, most people can benefit from having personal coverage. The exact policies that a particular individual might want depend on the person’s circumstances. A 50-year-old doctor in Boston, MA who owns a summer home, boat and RV will have different insurance needs than a 22-year-old recent graduate in Amherst, MA who is just getting started in their career and renting an apartment. Almost everyone faces some risks, though, and they might want insurance to protect against the risks they’re exposed to.
Personal policies generally don’t cover businesses, including home-based businesses. In a few rare cases, a home business may receive some coverage from a homeowners, auto, or other personal policy. Even when a personal policy offers some protection for a home business, however, the coverage provided is often minimal and limited. Often, home business owners elect to get a separate commercial policy that’s better suited to the needs of a business.
Personal policies’ premiums vary a lot. Each type of personal coverage has its own considerations that must be taken into account and its own range of premiums. To find out how much a specific personal policy would cost, people can contact their independent insurance agent.
How long it takes to get a personal coverage also varies. Some personal policies have simple applications that can be filled out in minutes, and quotes are provided almost instantly. Other policies have involved applications that must be reviewed by underwriters before a quote is furnished. These personal policies can take several days, or even a few weeks, to purchase.
For help assessing their personal insurance needs, Massachusetts residents should contact an independent insurance agent. A knowledgeable independent agent is able to help determine what personal coverages are appropriate, obtain quotes for different policies and assist with the selection of policies from the quotes provided. Because independent agents are free to compare quotes from different insurers and are familiar with the insurance-buying process, they make finding affordable personal coverage quick and easy.