First, determine if anyone is hurt.  If you are able, move the vehicle to the side of the road.  Contact the police.  Exchange information (registration, DL info, and insurance information).  Take photos of the damage.

Comprehensive coverage provides coverage for events outside your control that are not caused by a collision (i.e. Flooding or a tree falling on the vehicle.  Vandalism or theft).  Collision is damage resulting from an accident with another vehicle or object.

Actual Cash Value (ACV) is the value of an item taking into account depreciation (i.e. A 30-year roof valued at 20K replacement cost that is 15 years old would have an actual cash value of 10K).  Replacement Cost Value (RCV) is the cost to replace an item that is alike in kind and quality.

An HO3 is the most common type of homeowner’s policy.  It is written on an open peril basis, which means it covers any risk except for those specifically excluded from the policy.

An umbrella policy is meant to protect you from large and potentially crippling financial loss from a claim or judgment.  This type of policy covers over and above your underlying limits on your home or auto policy.

No.  Flood coverage is specifically excluded from your homeowner’s policy.  This coverage must be purchased separately.

A Commercial  General Liability policy (CGL) protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees.

 If you have this coverage on your auto policy, you can have your windshield repaired or replaced without having to pay your comprehensive deductible.

Today’s insurance companies have honed in making sure the home being insured is properly covered.  Each company uses its own method or software to determine the replacement cost of a home.

Condominium insurance is referred to as an HO6.  This policy is similar to the HO3 (includes liability, personal property, and additional living expense) but limits the building coverage from the inside walls inward.  Typically, the HO6 will compliment the “Master Condo Association Policy”.