Personal Insurance

As an individual, you carry risks of accidents, damage, illness, or death related to the property you own. In general, personal insurance is designed to protect you from financial risks too great to otherwise cover on your own. 

Personal liability refers to events or accidents that may result in financial loss, property damage, or bodily harm to another party, for which you are found legally responsible. Personal liability claims could result in coverage of legal fees, medical bills, and other costs. Personal insurance can help you avoid paying out of pocket for these types of incidents. Personal insurance often falls into a few categories, including auto, home, and life.

• Auto Insurance: A basic reason to carry an auto insurance policy is to cover the cost of repairing or replacing an expensive asset. (And in many cases, it is required by law.) However, auto coverage extends beyond the vehicle itself. Auto insurance policies generally also consider bodily injury or death in relation to the party at fault. These policies can not only pay for medical expenses, but for legal defense costs in cases involving litigation. 
• Homeowners Insurance: As the name would imply, a homeowners policy is designed to protect the policyholder against various situations involving the structure and events that happen on the property. Typically, a homeowners policy includes coverage of the buildings and the contents inside against destructive events like natural disasters. Similar to auto policies, home policies also tend to cover your legal liability for injuries or property damage to others caused by the home or its residents.
• Renters Insurance: Renters will not need a homeowners policy, because the building itself will be covered by the landlord’s policy, but can obtain insurance to protect personal property within the structure. Rental insurance can also protect the policyholder in the event someone is injured on the property.
• Personal Umbrella Insurance: An umbrella insurance policy is essentially extra coverage that extends beyond the limits of other existing policies, thus umbrella coverage is sometimes referred to as “excess liability insurance.” It is an extra layer of security for people at risk of legal action or damages in at-fault accidents. Umbrella policies can also help mitigate libel, vandalism, slander, and invasion of privacy. 
• Boat Insurance: Our policies protect watercraft and boating equipment while also including liability coverage for you and your family.

Individuals deciding what kind of personal insurance policies they need can use a few key questions to help understand their needs. For example:

• What assets are most important to you and are you most worried about protecting?
• Are there special needs or considerations in your life that you want to address financial protection for?
• Do you have enough savings to cover expenses in the event you must miss work due to an accident or illness?
• How much financial loss and/or risk can you assume on your own?

Most personal liability insurance policies can be highly customized to fit the specific needs of individuals and their families. Pharmacists Mutual offers customizable personal insurance products with a broad range of coverage options to meet your individual needs, including auto, home, life, and umbrella policies.

Pharmacists Mutual also provides additional coverage and endorsement options such as equipment breakdown, water backup, kidnap expense, pet injury coverage, identity theft expense reimbursement, identity theft restoration, and wildfire defense.