Can my liability insurance cover damage I cause to a rental property?

Generally, it does not cover damage you cause to a rental property you live in. However, renters insurance includes liability coverage for accidental damage to a rental home. Homeowners insurance may cover damage to a rental unit you own, depending on the policy.

What happens if I don’t pay my insurance premium on time?

If you miss a premium payment, your insurer may allow a grace period to make the payment. If the payment is still not made, your policy may lapse, resulting in a loss of coverage and potential financial risks.

What happens if another driver files an insurance claim against me?

Your insurer investigates the claim, determines liability, and may pay the settlement if you're found at fault, which could increase your future premiums.

What are the ethical concerns of using Big Data in insurance?

Ethical concerns include data privacy, potential discrimination, and biased algorithms. Insurers must ensure data protection, transparency in decision-making, and fair pricing models. Regulations like GDPR and CCPA enforce strict compliance in handling personal data, preventing misuse and ensuring consumers’ rights are protected.

What is the difference between a high and low deductible?

A high deductible means lower monthly premiums but higher out-of-pocket costs when filing a claim. A low deductible means higher premiums but lower out-of-pocket costs per claim.

How do I file a claim for earthquake damage?

To file an earthquake damage claim, contact your insurance company immediately after the event, document the damage, and provide any necessary information or assessments.

Can third-party insurance cover passengers?

Yes, in most cases, third-party insurance covers passengers in the affected vehicle if the insured is at fault. However, coverage depends on local laws and policy terms, so it’s best to check with the insurer.

What types of risks are typically covered under facultative reinsurance?

Facultative reinsurance is often used for large, unique, or high-risk policies, such as aviation, marine, energy, infrastructure projects, and high-value property insurance.