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Understanding The Different Types of Auto and Home Insurance

Navigate the different types of auto and home insurance with the help of SelectQuote

There’s a lot to know when it comes to auto insurance and home insurance, and with the amount of options out there, it can be hard to know how much and what coverage is right for you. Below is an overview of the different types of coverage you might need for your auto and home insurance policies. 

Types of Homeowners Insurance

There are four basic types of home insurance coverage.

Dwelling

Dwelling coverage is a main component of most home insurance policies and helps cover the costs to repair or rebuild the physical structure of your home in the event of a loss in which you have no control, such as fire, wind, vandalism and theft. 

Personal Property Coverage

Personal property coverage helps protect your personal belongings like furniture, clothing or electronics in the event of a covered damage or theft. 

Personal Liability

Personal liability insurance helps cover bodily injury and property damage sustained by others for which you or covered residents of your household might be legally responsible for. 

Loss of Use & Additional Living Expenses

Loss of use & additional living expenses coverage can pay for lodging, meals, animal boarding and other expenses in the event that you are unable to stay in your home due to a natural disaster or other unpredictable events over which you have no control.

Types of Auto Insurance

There are six main types of auto insurance coverage.

Bodily Injury Liability

Bodily injury insurance covers medical, rehabilitation and funeral expenses sustained by all injured passengers if you are at fault in a car accident. 

Property Damage Liability

If you are at fault in an accident, property damage liability coverage covers parts and labor for car repairs, property inside the other party’s vehicle and any items you may have hit. This type of coverage, however, does not cover damages to your own vehicle. 

Personal Injury Protection (PIP or No-Fault)

Regardless of who is at fault, personal injury protection covers most medical expenses, including hospital, rehabilitation and in-home assistance costs. It also covers lost wages and funeral expenses incurred by you and/or your passengers. 

Uninsured/Underinsured Motorist Protection

Uninsured/underinsured motorist protection covers medical expenses, rehabilitation and funeral costs incurred by you and/or any other passengers if you are hit by a driver with either no or not enough coverage. Lawsuit settlements caused by uninsured/underinsured or hit-and-run drivers can also be covered under this coverage. 

Collision

If you are at fault in an accident, collision coverage pays for any damages to your vehicle, up to and including your vehicle’s cost. 

Comprehensive

Comprehensive plans cover damages to your vehicle from an event that’s out of your control, such as a natural disaster, vandalism, theft or other unpredictable events. 

How much auto and home insurance do I need?

There’s no single rule of thumb when it comes to how much auto and home insurance coverage you need, but our coverage quiz can help give you an idea of what type and how much coverage might be right for you. 

SelectQuote Can Help Find the Cheapest Home and Auto Insurance Policy For You 

Getting a free auto insurance or home insurance quote is as easy as getting connected with SelectQuote. We’ll get to know more about your needs, ensuring we’re looking for the kind of coverage that’s right for you.

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