What are the different types of coverage in an insurance policy?

In Arkansas, there are five main types of coverage included in an insurance policy. The first type of coverage is property damage, which covers damage to a person’s property, including their house, car, and other belongings. Property damage may be caused by an accident, fire, theft, or vandalism. The second type of coverage is liability coverage, which covers legal costs if the insured person is held responsible for causing an accident or injury to another person. This coverage can also help pay for medical expenses and lost wages if the person injured sues. The third type of coverage is personal injury protection, which covers medical expenses and lost wages if the insured person is injured in a car accident. The fourth type of coverage is collision coverage, which pays for repairs to a person’s car if it is damaged in an accident. This coverage also provides compensation for rental cars while a person’s car is being repaired. The fifth type of coverage is comprehensive coverage, which covers damage caused by non-accident related events, such as theft, vandalism, or natural disasters. These five types of coverage make up the majority of an insurance policy. It is important to take the time to read through the details of an insurance policy to make sure it provides the level of coverage needed.

Related FAQs

What is a collateral source rule?
What is a first-party insurance claim?
Can an insurance company deny a claim?
What is a no-fault claim?
How long does it take to process an insurance claim?
What are the time limits for filing an insurance claim?
What is an insurance lien?
How do I negotiate a settlement with an insurance company?
What is an insurance deductible?
What should I do if I disagree with an insurance company's decision?

What are the different types of coverage in an insurance policy?

Related FAQs

Related Blog Posts