What is comprehensive insurance?
Is a term used to describe any type of insurance that covers property damage caused by events outside the control of the insured.
Single-Ply Insurance - Is a policy that only covers a single claim at a time. If the property is damaged several times over a short period of time، each claim would be paid separately under a single-ply policy.
Multi-Policy Insurance - Is a type of insurance where separate policies are purchased to cover different hazards. For example، if the house were covered under homeowners' insurance and the garage was covered under auto insurance، then both policies would be combined together to create a multi-policy policy.
Umbrella Policy - An umbrella policy is designed to replace (or add upon) the coverage provided by the underlying insurance policies listed on the declarations page of the umbrella policy. There are two types of umbrella policies: Excess of Loss and Deductible.
Excess of Loss Policies do not have deductibles.
Deductible - A deductible is a cost that is paid by an insured before the insurer starts paying claims. For example، say you have $100،000 of home owners insurance and $50،000 of auto insurance. Your deductible for home insurance is $500، while your auto insurance deductible is $1،000. You might pay those deductibles out of pocket، or you could choose to purchase an additional $200،000 of coverage called a Co-Insurance Clause. In this scenario، you would pay 20% of the costs associated with your home insurance policy، but the remaining 80% of the costs would be shared between you and your auto insurance company.
