What is comprehensive insurance?
Replacement Cost Coverage - When replacing a structure or building with the same general use، the replacement cost should always be used for valuation purposes. This means that the value of the building being replaced should be determined by what it is worth today. As an example، let's say you own a building that is valued at $150،000. However، if that building now stands empty، its true replacement cost would be $300،000 since it could easily sell for three times its original price.
Collateral Value - Collateral value refers to how much money the insurance company owes the owner for a destroyed or lost asset. For example، let's say your car was totaled in a collision and your insurance company agrees to pay you $10،000 towards the repair costs of your vehicle. This means your collateral value would be $10،000.
Personal Accident Protection - Personal accident protection is commonly referred to as PAP. PAP provides reimbursement for medical expenses، funeral expenses، and legal fees incurred as a result of bodily injury. If you are involved in an automobile accident where you incur these expenses، you may be able to collect some monetary compensation.
Homeowners' Insurance - A homeowner's insurance plan covers damages to your property caused by certain risks، such as fire and lightning. It also includes liability coverage which provides financial protection for injuries that arise from property damage.
Auto Insurance - An auto insurance policy provides financial protection for individuals who may get injured while using their personal vehicles. An auto insurance policy generally covers losses resulting from accidents that happen on public roadways or private property.
Health Insurance - A health insurance plan covers many things، including emergency room visits، prescription drugs، hospital stays، doctors' office visits، and dental work.
