What is Personal Insurance?

Personal insurance is an integral part of every person’s life. It can help protect you and your loved ones from unexpected financial hardship and offer peace of mind when things go wrong. Personal insurance is the collective name for insurance products available to cover your personal belongings.

For example, it protects your car (car insurance) or your home and personal possessions (home insurance), or the activities you carry out, such as your holiday (travel insurance). It can also cover the variations within these categories, such as young driver insuranceconvicted driver insurance, or non-standard home insurance. Some of these products are required by law, and some are optional.

What are some Personal Insurance products?

There are several personal insurance products available to consumers today. They can cover health insurance, car insurance, home insurance, and life insurance. Some may also include features such as roadside assistance and pet insurance. Before choosing an insurer, it is essential to research the different options and figure out which ones would best suit your needs.

Here are four types of personal insurance that you may be interested in:

  • Auto Insurance – This coverage protects you and your vehicle against damage or theft. It can include liability, collision, medical payments, and more.
  • Homeowner’s Insurance – This policy covers your home and its contents if it is damaged or stolen by someone other than you (for example, if a neighbor damages your fence). You might also need this coverage if you rent out part of your house via Airbnb.
  • Life Insurance – Life insurance provides financial protection for the person who purchases it (the policyholder) in case they die prematurely. There are two main types of life policies: permanent life assurance and term life assurance. Permanent life assurance guarantees payment regardless of how long the policyholder lives; term life assurance pays out only until the age of 100 or when the beneficiary dies, whichever comes first. 
  • Health Insurance – Health insurance offers peace of mind by protecting families against expensive healthcare bills should an illness or injury cause significant expenses beyond what would be covered under traditional healthcare plans. Coverage ranges from comprehensive cancer coverage to dental care reimbursement and mental health benefits.

With policy extras such as breakdown cover, legal expenses, and protected no-claims bonus, there are many options to create the perfect policy for you. For example, a Home insurance policy can protect your home, its buildings, contents, possessions, and valuables. Plans can be taken out on a buildings-only, contents-only, or buildings & contents basis, depending upon exactly what you’re after. In addition, you can include accidental damage coverage, as the name suggests, any accidents and add optional extras such as legal expenses coverage.

What's the difference between Personal and Commercial Insurance?

Commercial insurance and personal insurance share similar traits. For example, they can help cover you and your investments. In addition, insurance is there to help protect you financially in case something unexpected happens, whether that’s a property, car, or other valuable. You may be wondering what the difference is between commercial and personal insurance. Though both types of insurance help defend against loss, they serve different purposes. These are some of the significant differences between personal insurance and commercial insurance:

Named Insured

The named insured is the entity the insurance is covering and is a point of difference in personal vs. commercial insurance coverage. For a personal insurance policy, the named insured will be a person, a couple, or a family. It protects you and your family. Meanwhile, for commercial insurance, the named insured will be an entity. Depending on your business structure, the named insured will probably be your business. However, a business insurance policy may have more than one name as the named insured.

The Type of Property

When considering personal vs. commercial insurance, consider the type of property that needs to be covered. For example, your homeowners’ insurance will likely cover your house and its contents with a personal insurance policy. However, a commercial insurance policy protects the structures related to your business. This could be an office or a warehouse. Contents coverage for a commercial insurance policy can also help protect your inventory, furniture, machinery, or other business property.

Auto Insurance

While auto insurance is crucial for anyone on the road, personal and commercial insurance coverage differs. A personal auto insurance policy will help cover you, your vehicle, and anyone who may be involved in an accident. A commercial auto policy is required for any vehicles you use for business purposes. If you have large tucks or specialty vehicles, you may need a particular insurance policy to protect you adequately. The auto insurance requirements vary from state to state, so it’s vital to check those with an agent for commercial and personal auto insurance coverage. 

Why work with Armor Insurance for your Personal Insurance needs?

Armor Insurance is an independent insurance agency that has worked with various reputed insurance carriers for several years. We strive to get you the best coverage at a reasonable rate. An independent insurance agent can access many markets to provide the necessary policies. This access to choices can mean lower rates, less restrictive policies, and better coverage. In addition, working with a qualified insurance agent at Armor can often provide ways to cover potential gaps in coverage using plans that work alongside your already-established insurance.

If you’re interested in finding out more about our services or if you need some advice on how we might be able to help protect you and your loved ones, please don’t hesitate to contact us today.

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