Verne Hart Insurance | Insurance FAQ

This page is here to help you with many of the Frequently Asked Questions and Hot Topics in the Insurance Industry.

IF MY VEHICLE IS PARKED IN MY GARAGE AND IS DAMAGED, DOES MY HOMEOWNERS INSURANCE COVER IT?

Motorized vehicles are specifically excluded from your homeowners policy. Therefore, your vehicle would not be covered. However, motorized vehicles which are used for the maintenance of your home are covered. A lawn mower would be an example.

DOES MY HOMEOWNERS POLICY PAY OFF MY MORTGAGE IN THE EVENT OF MY DEATH?

No! The homeowners policy and life policy are two separate contracts. In many cases, you can buy a mortgage insurance policy at a reasonable cost. Ask your agent for a quote.

DOES MY AUTO POLICY COVER MY PERSONAL PROPERTY WHILE IT IS IN MY CAR?

It's not likely that it does. There are a few endorsements on auto policies that pickup personal property, but as a general rule it falls under your homeowners policy. With certain limitations, your homeowners policy will likely cover your personal property anywhere in the world.

IS THERE A NEED TO CARRY INSURANCE ON VEHICLES NOT BEING DRIVEN ?

Yes. The State of Ohio sends out 280,000 random letters each year, asking owners to provide proof of liability on registered vehicles. You are not necessarily exempt just because the vehicle isn't being driven or because of mechanical breakdown.

WHAT IS THE DIFFERENCE BETWEEN A FINANCIAL RESPONSIBILITY BOND AND AN SR-22 FILING?

A financial responsibility bond and as SR-22 are both designed to prove to the state that a person is in compliance with Ohio motor vehicle laws. However, an SR-22 itself, does not provide any actual coverage. It is simply a piece of paper that attaches to an auto policy. A financial responsibility bond, on the other hand, provides the state minimum liability limits on a secondary basis. Bonds are usually designed to cover operators who do not own any vehicles.

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