Travelers Insurance Company has been in business since 1853. That is very impressive. The insurance company formed because there were much fire threats. Travelers saw the need for insurance protection; therefore, Alexander Wilkin and sixteen other entrepreneurs got together and formed the insurance company. In 1864, Travelers started providing life insurance and insurance for accidental injuries to individuals traveling by rail or by steamboats. The company’s headquarters is in Minnesota, but you will find their primary agencies in New York City, St. Paul, Minnesota, and Hartford, Connecticut. Travelers Insurance Company is rated the 2nd biggest commercial property casualty insurance underwriter. The company is the 3rd largest personal insurance issuer in the United States.
Part of Travelers specialty is Homeowners Insurance and Auto Insurance.
Travelers Insurance provides complete coverage for your home. Part of the coverage includes the physical structure (dwelling) of your home. This insurance helps to pay for repairs to the home due to fire, or any other type of damages. Please be warned that not all hazards such as hurricanes or extreme flooding get covered. A separate policy gets purchased for storms and floods. The physical structure of your home includes damages to the floors, roof, doors, cabinets, appliances, light fixtures, and other things that are part of the dwelling. There are exclusions to every policy. Travelers Insurance Company is no exception to the rule. Wear and tear or deterioration do not get covered. Damage due to mold does not get covered.
A part of the Homeowners policy is the other structure of the home. The other structure includes the garage, shed, or any other property attached to the house. If you have installed a new fence or a new garage, increase your policy for sufficient coverage.
Under your Homeowners policy, there is coverage for personal property. This includes your clothing, jewelry, computers, and cell phones. If your jewelry is expensive, they will have to be appraised first and listed individually on your policy. Once the jewelry gets valued, you will have coverage up to the appraisal amount, and there is no deductible. If you do not list your expensive jewelry separately, you will have a $1,000 limit if your jewelry gets stolen. Please remember to pay for the personal property replacement cost endorsement.
The other part of your Homeowners coverage is additional living expense coverage. The coverage helps you pay for living expenses when your house gets damaged, and you need to live somewhere else during the interim. The insurance company will calculate your costs based on your home coverage. For example, if your house gets covered for $500,000, you will be given a place to live similar to what you were accustomed while living in your home. The insurance company would pay rent from $3,500 to $4,500. On the other hand, if your house is worth $150,000, you would be living in much smaller quarters for a monthly rent of $1,500 to $2,000 per month. Additionally, the policy will most likely pay only expenses above and beyond your regular expenses. For example, if the hotel does not have a kitchen, and you have to buy food for $300 per week, the insurance company will only reimburse you for what you typically spend on food while living in your home. If your weekly groceries are $145, you will only get $145 and not $300.
Types of auto insurance Travelers provide includes liability, collision, comprehensive, medical payments, uninsured/under-insured motorists, and personal injury protection.
If you are in a car accident, and you hurt someone or cause damage to their property, your policy will cover the damage and the company will also represent you in a lawsuit.
If your car gets hit by another car, or if you hit another car, your policy will pay for the damages. If your car rolls over and gets damaged, it would also be covered. You will only need such coverage if you are financing your car, or if the car is a leased vehicle.
Comprehensive auto insurance is if a collision does not cause damages to your vehicle. If the damage is because of a hit by a deer or other animal, or if the car is stolen, vandalized, or gets damaged due to storms or natural disasters, the policy will cover the damages.
Coverage involves payments for injuries for people in the vehicle. It does not matter who is at fault.
Uninsured and Underinsured Motorist
This type of coverage pays for medical costs to injured passengers resulting from an accident who do not have insurance or insufficient insurance.
The insurance is sometimes called “No Fault” insurance. The driver’s medical expenses get paid, and payments for loss of wages gets covered and other damages. The person at fault in the accident does not matter.
Breakdown of Auto Insurance Coverage for Texas
- Most coverage for bodily injury includes $100,000 per person and $300,000 per accident.
- Property damage is $50,000.
- Coverage for the uninsured motorist is $100,000 per person and $300,000 per accident. The underinsured motorist gets combined with the uninsured motorist.
- Personal injury protection is $2,500.
In conclusion, please read your insurance policies carefully to see what is covered to avoid any confusion down the road.