Auto, Home & Business insurance

A deductible is the amount you agree to pay out of pocket on a covered loss before your insurance pays its portion. The National Association of Insurance Commissioners defines a deductible as the part of an insured loss paid by the policyholder. For example, with a $1,000 collision deductible and a covered accident causing $6,000 in damage, you pay the first $1,000 and the insurance carrier pays the remaining covered amount.

Your premium is the amount you pay to keep your insurance policy in force—payable monthly, quarterly, semiannually, or annually. Premiums reflect coverage selections, limits, deductibles, location, prior claims, property characteristics, vehicle type, driving history, business operations, and available discounts.

Collision coverage pays for damage to your car caused by driving-related impacts, such as crashing into another vehicle, striking fixed objects (trees or guardrails), or single-car accidents like rollovers and potholes. It typically carries a deductible and is required if your vehicle is financed or leased.

Comprehensive coverage protects against non-collision damage and events outside your driving control, including theft, vandalism, extreme weather (hail, floods), falling objects, fire, or hitting an animal like a deer. It carries a deductible and provides complete physical protection alongside collision coverage.

Replacement cost refers to repairing or replacing damaged property with materials of like kind and quality without subtracting depreciation, subject to policy limits. Actual cash value (ACV) reflects property value after depreciation is considered, resulting in lower payouts on older property due to age and wear.

A Business Owners Policy (BOP) combines business property coverage and general liability coverage into one convenient package for eligible small businesses. Businesses can add separate coverage for commercial vehicles, workers’ comp, professional liability, cyber risks, and tools or equipment.

General liability insurance helps protect a business against covered third-party claims involving bodily injury, property damage, personal and advertising injury, and legal defense costs—such as a customer slip-and-fall on-site or employee damage to customer property during operations.

Review your coverage at least annually and whenever significant life events occur: buying/selling vehicles, moving, remodeling, purchasing valuables, adding drivers, or growing a business. Proactive reviews catch outdated limits, missing endorsements, and deductible concerns before claims happen.

Rates are shaped by personal factors (claims history, credit score shifts, lost discounts, or relocation) and macro market forces: inflation driving up repair parts and labor costs, extreme weather catastrophe losses, and escalating medical and litigated legal expenses across the industry.