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When most people think about insurance, the first thing that comes to mind is usually either car insurance or health insurance. However, although these are the most common types, many other kinds of insurance policies are also available, some of which you may never have considered. Hummel Insurance Services has been helping clients understand the insurance industry's confusing language and multitude of coverage possibilities since 1944. Here, their experienced insurance agents will explain the different types of coverage.

Car Insurance

Car insurance is very common, and most people understand the difference between liability coverage (which protects you against lawsuits if you injure other motorists or damage their property) and collision and comprehensive coverages (which reimburse you for your expenses after an accident, theft, or vandalism). However, some people don't realize "car insurance" is also available for other vehicles, including motorcycles, scooters, mini-bikes, RVs, dune buggies, quads, and other recreational vehicles.

Home Insurance

car insuranceHome insurance is actually a bundle of coverages that protect you against liability (in the case of accidents or negligence), the cost of repairing storm or fire damage to your dwelling or outbuildings, living expenses while your home is uninhabitable, and losses due to theft or vandalism. Home insurance does not cover rental properties, however, so a separate renter’s insurance policy is a good idea for those who lease their home.

Farm Insurance

Farm insurance, like home insurance, is a bundle of coverages that protect your agro-business. Dwelling, outbuilding, and liability coverage protect you against lawsuits and damage to buildings, while crop insurance policies cover damage to crops by insects, hail, fire, floods, and other perils. You can also buy coverage to shield you against income loss when prices drop. Livestock insurance covers the accidental death of livestock due to drowning, shooting, or loss of electricity.

Life Insurance

Life insurance pays your beneficiary a specific amount after you pass on. It is crucial if you have a dependent family or large debt obligations. Term life policies cover only a specific time period (e.g. five years), while whole life policies usually last for the life of the insured and include an investment segment that accumulates over time and can be withdrawn upon retirement (or when otherwise needed, usually with a penalty).

Hummel Insurance Services, the leading independent insurance agent in Oakland, IA, offers invaluable advice, superior customer service, high-quality insurance products, and affordable pricing. Visit their agency website to request a quote, or call (712) 482-6424 to speak to a friendly expert about your insurance needs.  

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