What Is Personal Lines Insurance and Why Do I Need It?

In today’s fast-paced world, many surprises come flying at us daily. Sometimes it seems like once you’ve gotten your finances in order, you are back at square one due to a major and unforeseen event. If you’re trying to protect yourself or your family from this stressful situation, we recommend looking into personal lines insurance.

If you’re wondering, “What is personal lines insurance?”, we’ve got all the answers you need in this helpful guide. At TCE Insurance, we provide the highest level of customer service and financial protection for each client. If you’re looking for a personal lines insurance broker in the New York area, contact us today to request a free quote.

What Is Personal Lines Insurance?

When we talk about personal lines insurance, we’re referring to any type of insurance that covers someone financially in the event of injury, death, or property loss. Personal lines insurance protects individuals and their families from covering an unanticipated loss they’d otherwise be unable to afford. Such insurance lines allow people to own homes and cars without breaking the bank.

Casualty insurance also falls under the personal lines category. This type of insurance protects individuals held legally responsible for someone else’s injuries or property damage.

How Does Personal Lines Insurance Work?

As with many insurance policies, personal lines coverage requires the insured party to pay premiums to their insurance company. In return, the payer gets a legal guarantee to cover the expenses of certain losses they may face in the future.

The level of coverage the insurance company provides depends on how much you can pay in premiums. The more you pay, the more coverage you’ll ultimately have.

Your insurance agent can help you tailor your policy’s deductibles and coverage to find a sensible balance between the cost of premiums and the level of coverage. Premium amounts will also vary depending on where you live.

Personal lines insurance can protect you from unexpected financial issues, but it won’t cover every risk you might encounter. Depending on how you set up your policy, your provider can reduce your liability and the amount of money you’ll pay out of pocket when such instances occur.

What Kinds of Personal Lines Insurance Can I Get?

What is personal lines insurance? The term refers to policies designed to aid people with substantial, unforeseen expenses. Different types of this insurance apply to different circumstances.

Some examples of personal lines policies are:

Flood Insurance

Those who purchase a home in an area that gets a lot of flooding due can use this insurance to protect their investment. This type of insurance also guards against expensive property loss.

Life Insurance

Do you want to ensure you won’t become a financial burden to your loved ones once you pass away? Choosing a life insurance policy that will help defray funeral and burial costs will make things much easier on them when you’re gone.

Auto Insurance

Your auto insurance covers you if you’re at fault in an accident involving injury or property damage. Most states legally require all drivers to have some level of liability auto insurance.

Renters Insurance

You can’t buy homeowner’s insurance for a property you don’t own. Fortunately, renters insurance can help you protect your belongings from fires, flooding, or other issues while renting a house, apartment, or townhouse from someone else.

Health Insurance

A comprehensive health insurance policy protects you and your family from bearing the weight of a steep hospital bill or other pricy medical expenses.

Can Anyone Get Personal Lines Insurance?

If an individual poses too much risk to the insurance provider, the company may deny coverage for certain situations. Some examples where a person may not be able to get a personal line insurance policy are:

•  Someone who is terminally ill attempts to get a life insurance policy

•  A person with many moving violations or someone at fault for multiple accidents who wants auto insurance

An insurance provider may cover a high-risk applicant in such instances. Generally, they’ll increase the premium to balance the risk.

Call TCE Insurance Today

What is personal lines insurance? It’s a safety net for you and your family, protecting you from losing your savings when unexpected problems arise.

TCE insurance is proud to offer our clients the highest level of protection. Click the link to learn about our life and health insurance options. Call (718) 571-8385 today to reach one of our agents in Staten Island or Hauppauge, NY.