Newspapers / Winston-Salem Chronicle (Winston-Salem, N.C.) / April 30, 1992, edition 1 / Page 13
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Making sure you have adeauate insurance li This year newlyweds will spend twenty-five billion dollars on furniture, clothes and the other goods they'll need to begin their lives together. So it figures that each new mar ried couple should sit down with an insurance agent to make sure they have adequate coverage for their possessions. A homeowner's or tenant's poli cy limits the dollar amount of cov erage for many personal belongings, including jewelry and silver. But a . personal articles floater allows you ; to insure items that need extra pro tection. A floater costs around fif . teen to eighteen dollars per thou ? sand of coverage. When you talk to your insur . ance agent, have a list of the items you want covered and their value. ; You can determine values by sales slips or appraisals. . These are some things you should know about a homeowners - insurance policy. If you have a homeowners insurance these things should be covered. Your personal property is cov ered. This includes all household contents and other personal belong ings used, owned, worn, or carried by you or your family. Incidentally, it is considered a good practice to have valuables of unusual worth, such as antiques, furs, jewelry and paintings, insured under a separate policy, because they may not be increased living expenses up to the limits stated in your policy. Much more than your property is insured when you have a home owner's policy. All forms of this package-type policy include liabili ty coverage that apply not only to the policyholder but to all members HOME ECONOMICS By Joanne j. falls Home Economic Extension Agent s covered for their full value under the limits set for personal property m homeowner's policy. I One of the features of a home owners policy is the coverage of Additional living expenses. It takes care of the increase in living expens es made necessary if your house cannot be occupied because of dam age caused by a peril you are insured against For example, if your home is badly damaged by fire and you have to live in a hotel and eat in restaurants, your insurance company will reimburse you for the necessary of his family who reside with him. These include Personal liability, Medical Payments to Others and several supplementary coverages, including physical damage to the property of others. Personal liability insurance is designed to protect you against a lawsuit that could cripple you financially. Suppose, for example, that a visitor slips and falls on your property, suffers a head injury which impairs his vision, and even tually sues you for fifty, seventy five, or a hundred thousand dollars. Or, suppose that while you are burning leaves in your back yard the fire spreads, your neighbor's property is damaged extensively, and he sues you. In either case, your insurance company will pay the legal costs of defending you. Fur theimore, if it is agreed by the par ties involved ? or decided by a court ? that you are legally liable for the visitor's injury or the damage to your neighbor's property, your insurance company will pay the damages assessed against you up to the limits stated in your policy. The minimum limit for each form of the homeowner's policy is $25,000, but larger amounts can be purchased. The two examples just mentioned deal with accidents occurring on or near your property. However, accidents occurring else where are covered in the same way if they are caused by you, a member of your family, or your pets. Many homeowners feel a moral obligation for a friend's medical expenses resulting from a minor accidental injury occurring on their property. Such expenses are paid by your insurance company under the medical payments coverage of your homeowners policy. The basic amount of protection is limited to $500 for each person, but larger amounts can be purchased. The coverage applies not only to injuries occurring on your premises, but to those occurring elsewhere if they were caused by you, a member of your family, or your pets. An important feature of this coverage is that payment is made regardless of who is at fault. This feature makes possible the prompt payment of medical bills, because there is no need to go through the time-consuming process of estab lishing legal liability. Medical pay ments coverage is somewhat similar to the coverage of personal liability. It differs, however, in thatlt is designed for the small rather than the large claim -- the minor rather than the major injury; also, payment is made without concern for legal liability. An important supplementary coverage of the homeowners policy covers minor damage that you or someone in your family might cause accidentally to another person's property, regardless of who is at f a ult ? or, as is sometimes the case, when no one is at fault. Dam age caused by children under 13 years of age is covered, whether accidental or intentional. Having trouble losing weight? Having trouble gaining weight? I have a product that will help. Call 788-0758 (0) North Carolina Public Television Program ind promotional funding provided by the I Smith Mynotds foundation. Youthful African-Americans share surprising insights as they talk about their lives ? and offer provocative ideas about how society can help them transcend the often harsh challenges they face. Black .Wednesday at 8 p.m. issues _ M W U W (-T V WUHl-TV E ? I ALJA C K O p ? I Hill-' dm Win??onSol#m African-American Youth: Unleashing the Potential ework. - ' * *2 tbi >-? a T - vtt ,a; V.d ::;]>> fi. "*'j pw ./' .. :\ ;, '''. }i?J>-.J "t'v'. . : ? ' ."? >wMj . ', . '???* ;* s * '?? ? ;;-y. /' v- ' ??? ; # :' ;..?*? .1 v .v' ; >ij v?. r* .?? '?"rmlu&'O ?>:r J \ v * ,#4< V And all the reading, writing, and arithmetic of buying a home becomes Simple. Just call 1-800-767-4HUD today and we'll send you a free 30 page booklet filled with helpful advice on choosing, buying and enjoying a home. It covers a range of topics from how to find a home that fits your needs and your budget, to what you need to do to make sure your closing happens without a single problem . This booklet really helps make buying a home simple . Call for , your free copy today. ?" Cg# HUD Homes. The Smart Move fOb ?> ? 1991 HUD
Winston-Salem Chronicle (Winston-Salem, N.C.)
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April 30, 1992, edition 1
13
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