On My Own

Heading out into the real world is exciting, but it comes with a lot of responsibility. Here are a few things to prepare for.


Renters and Auto Insurance


Renters Insurance


Whether you are renting a house or an apartment, it is important to know whether your insurance policy offers actual cash value or the replacement cost of personal property damaged by weather, fire, burglary and so on. Actual cash value will pay only what your belongings were worth at the time they were damaged or stolen. Replacement cost coverage will pay whatever it costs to replace your items, minus the deductible. Make sure you take an inventory of what is in your home so if anything happened you can more easily replace what you lost.

Auto Insurance


It’s important to protect your investments should any accidents occur. You never know when you will have a car accident (whether it’s your fault or not) or if a fire or theft will occur in your apartments. Accidents happen, but with the proper insurance, you don’t have to suffer the full expenses for them.

 

When shopping for insurance, it’s important to understand what coverage you will receive. For auto insurance, you should take into consideration:

  • Liability Insurance – usually required by law. If you are at fault in an accident, liability covers you for bodily injury and property damage. It includes paying for medical bills and lost wages as well as damage done to the other car.
  • Collision coverage – used to pay for the damage on your vehicle if you are at fault for the accident. Comprehensive coverage is used if your car needs repair from a non-vehicle incident, like from natural disaster or vandalism.
  • Medical payment – pays for your and the passengers’ medical bills after an accident, whether or not it was your fault.
  • Uninsured motorist coverage – pays for damage from a hit and run or if you are in an accident with an uninsured driver.

 

For additional information, please visit www.univest.net or call 800.220.3077 for a FREE consultation.

Insurance products offered through Univest Insurance, Inc., a licensed insurance agency affiliate of Univest Corporation, are obligations of and underwritten by unaffiliated insurance companies. They are not insured by the FDIC or any other agency of the United States and are not deposits of or guaranteed by any bank. The purchase of insurance is not a condition of any banking product or service and will not affect credit decisions.