Homeowners Insurance, Part 1, and Auto Insurance, wrap up our Risk Management se
ID: 453128 • Letter: H
Question
Homeowners Insurance, Part 1, and Auto Insurance, wrap up our Risk Management semester with practical knowledge that most of you can use immediately. Prior to moving to Long Island, I had lived in Manhattan (and other cities prior) my entire adult life. Never owning an apartment, I had only carried renter’s insurance. When I moved into my wife's home on Long Island (where she had been for many years prior) I quickly learned about the intricacies and complexities of Homeowners Insurance. I never knew how complex this could be. Chapter 20 is anintroduction; Chapter 21 goes into more detail. Given our time constraints, I have limited our exposure to Chapter 20, an introduction. Chapter 21 is available for those of you who would like to delve deeper into the subject. I am assuming most, if not all, of you are familiar with Auto Insurance, as driving a car on Long Island is necessary for the daily activities of life. Therefore, I hope Chapter 22 is both an overview of your existing Auto Insurance policies and an introduction to options you may have not known were available.
Okay, after my long winded preface; discuss your individual or friends and family experiences with both Home & Auto Insurance. If you have none, discuss why you think both are an integral part of our lives.
Explanation / Answer
Answer: Home and auto insurance are important. First it protects us from any undue damage that may occur to the vehicle as the money is paid by the insurance company as per the policy statement and agreement. Also it provides death cover and insurance, and covers lawsuit and other fees. In the end of the policy the no claim bonus is also paid to the insurer.
These are few of the reasons that illustrates why home and auto insurance have become so important for us in the recent years. It saves a lot of money for us in terms of unwanted damages and uncertain events and put off some of the pressure from our savings.
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