What is Personal Insurance?

Individuals are exposed to numerous hazards on a daily basis. Personal Lines Insurance policies protect individuals and their assets from the financial burden associated with a loss.

The term “personal insurance” distinguishes insurance policies written for individuals, from policies written for businesses or organizations. Policies written for businesses may be called “business insurance“ or “commercial insurance” policies.

Who in Massachusetts Needs Personal Coverage?

While Massachusetts’s residents have diverse insurance needs, most individuals could benefit from several different personal lines policies. Without insurance coverage, one is unnecessarily exposed to hazards from which they may not be able to recover.

For instance, without personal lines coverage a residential fire or a personal liability suit would be financially devastating for most people. At the very least, an individual’s financial situation will be significantly affected by a non-covered event. In the most severe cases, these events have forced people to file bankruptcy.

While Personal Lines coverage won’t bring back property that’s lost in a disaster or eliminate the emotional toll accompanied by a lawsuit, they will provide financial and legal protection against covered losses.

What Types of Personal Coverage Are Available?

Insurance companies offer many different types of personal policies in order to meet varying coverage needs. The more common personal policies include:

• Homeowners Insurance, Condominium Insurance and Renters Insurance
• Term Life and Whole Life Insurance
• Auto Insurance, Motorcycle Insurance and RV Insurance
• Watercraft Insurance and Off-Road Vehicle Insurance
• Personal Umbrella Insurance

There are Personal Line insurance policies for nearly every scenario.  Ask one of or Personal Lines Professional about one of the above policy types, or inquire about other policies such as wedding, event, or a collector vehicle policy.

What Are Endorsements?

Endorsement are an add-on provision to enhance an insurance policy’s coverage.  Nearly all insurance policies can be amended by adding an endorsement.  Some endorsements provide narrowly defined coverage, such as Disappearing Deductible or Accident Forgiveness. Others endorsements provide packaged coverage, such as increased Substitute Transportation limits, Guaranteed Replacement Cost for new vehicles along with increased Towing and Labor limits. 

How Can Residents Get Personal Insurance Policies?

Selecting a personal policy is an involved process. First, determine your individual needs, appropriate coverage limits, and your appetite for risk.  Then compare carrier rates to find the best combination of coverage and value.  As an independent agency, we can compare policies from multiple different insurance companies to save you time and money.  You also have the advantage of working with an experienced agent that can provide recommendations to help you make an informed decision.