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Physician Home and Auto Insurance

When it comes to insurance products, there are many different types of policies that physicians need:

  • Disability insurance to protect your income
  • Term life insurance to provide financial protection for your dependents
  • Health insurance to cover your own medical expenses
  • Malpractice insurance to protect your personal finances and your medical license

But there are two other types of insurance that physicians need as well:

Home insurance and auto insurance.

While these types of policies are not unique to medical professionals, it’s essential to know what they entail, what they cover, what they don’t cover, and how much coverage you should buy.

Whether you’re about to purchase a brand new home or need coverage on a new vehicle, here’s our guide to physician home insurance and physician auto insurance, plus some tips on how you can save money on both.


Why Every Physician Needs Home Insurance

Home insurance for physicians

For most physicians, their home is their most significant investment and greatest asset. Whether you have a small townhouse or a sprawling single-family home, it’s crucial that you have home insurance to protect it.

If you have a mortgage, your mortgage lender will require you to carry homeowners insurance.

Why?

Because until you make your final mortgage payment, the lender owns an interest in your property.

Yet even if you don’t have a mortgage, you should continue to carry a homeowner’s insurance policy until the day you sell it. Without such a plan, you’re putting your home and personal finances at serious risk.

Learn more about the 6 Benefits of Physician Mortgage Loans After Residency.

Homeowners Insurance Has Multiple Components

Home insurance is more than just protection for your house.

There are multiple components to every homeowner’s insurance policy, and they provide different types of coverage for different kinds of damages and occurrences:

  • Dwelling Coverage: This protects the actual home itself. It covers the costs of making repairs due to structural damage, vandalism, and certain natural disasters.
  • Personal Property Coverage: This provides replacement costs for your belongings inside your house.
  • Personal Liability Coverage: Liability insurance covers damages caused by you, a family member, or a pet living on your property.
  • Medical Payments Coverage: This coverage pays for medical costs if a guest or visitor suffers an injury in your home.
  • Additional Living Expenses: You can collect additional coverage for living expenses if your home suffers damage and you need to pay for alternative housing while repairs or renovations are being made.

Review Your Policy Annually

Once you do purchase a plan, be sure to review your coverage amount every year and increase it as needed.

You will want to purchase additional coverage if and when:

  • You make additions or major renovations
  • The real estate market increases your property value
  • You make any major purchases for personal property that you keep within the home

No matter where you live, how much you mortgage, or how long you intend to live in your house, every physician should carry a homeowner’s policy at all times.

Without it, you might have to shell out hundreds of thousands of dollars to make repairs, replace lost items, or cover medical costs for injuries that occur on your property.

Still need to obtain a mortgage? Read about the 5 Best Physician Mortgage Loan Companies of 2023


How Much Does Home Insurance Cost?

The cost of home insurance varies depending on where you live, the size of your home, and the amount of money you need to cover the value of it and your personal belongings.

As of July 2023, the average annual rate for a homeowner’s policy in the U.S. was $1,820 per year, which is just over $150 a month. However, policies in some states cost far more, while others charge well below the U.S. average.

The states with the highest average annual rates are:

  • Oklahoma: $4,365
  • Texas: $3,875
  • Nebraska $3,710
  • Arkansas: $3,020
  • Kansas: $2,955

Some of the states with annual rates far below the national average include:

  • Hawaii: $490
  • Vermont: $815
  • Delaware: $875
  • Maine: $1,020
  • California: $1,300

If you live in a state with a high annual insurance rate, don’t skimp on coverage just to save on premiums. It’s important to protect your home and personal property with the proper amount of coverage, regardless of what it costs.

Tips to Save Money on Premiums

There are a variety of different ways that you can reduce your monthly home insurance premiums without sacrificing coverage:

  • Opt for a higher deductible. Higher deductibles typically mean lower premiums.
  • Make your home more disaster-resistant by upgrading your roof, installing storm shutters or storm-resistant windows, and upgrading heating, plumbing, and electrical systems to reduce the risk of fire and water damage.
  • Install home security and sprinkler systems.
  • Pay premiums annually as opposed to monthly.
  • Take advantage of loyalty and claims-free discounts.

Tips for Purchasing the Right Homeowners Insurance

Purchasing homeowner’s insurance isn’t complicated, but there are some things to remember when choosing a policy and carrier.

Comparison Shopping is Key

Before purchasing a plan, do some comparison shopping. Compare rates and policy terms from different insurance companies to make sure you’re getting the best coverage for your premiums.

Know What’s Not Covered

Once you select your policy, be sure that you understand what it covers and what it doesn’t. By knowing exactly what’s not covered, you can protect yourself with other types of policies for added protection.

For example, a homeowner’s policy covers certain types of natural disasters, but not all of them.

It does not cover flood damage. You’ll need flood insurance for that.

Property damage caused by earthquakes is also not covered. You’ll need specific earthquake insurance.

To learn more about flood and earthquake risks in your state, visit the FEMA website.

Depending on your policy terms, your insurance may not cover property damage from water that comes in from outside your dwelling. For example, interior damage caused by a burst pipe inside your home may be covered, but damage caused by a leaky roof or water seeping into your basement might not be.

Be Sure to Buy Enough Coverage

Because there are multiple parts to homeowners insurance, you can select different coverage amounts for each, depending on your needs.

You’ll want the dwelling portion of your policy to cover what it would cost to rebuild your home from the ground up if it was completely destroyed by a fire or storm.

Your personal property coverage should equal the replacement costs of all your belongings, assuming a worst-case scenario in which everything you own is destroyed.

While they vary from carrier to carrier, all insurance companies have policy limitations and caps on how much protection they offer, including coverage for medical, additional living, and personal liability expenses.

To further protect yourself against damages your policy doesn’t cover, you can purchase additional umbrella insurance for any exceeding costs.


What Type of Auto Insurance Do Physicians Need?

Auto insurance for physicians

There are three main types of car insurance that all physicians should protect themselves with:

  • Liability coverage: For medical expenses and repair costs for the other person’s vehicle if you cause a car accident
  • Comprehensive coverage: For repairs or damages that result from anything other than a car accident
  • Collision coverage: For repairs on damages incurred during an accident

Except for New Hampshire, all states legally require drivers to carry auto insurance. In all insurance-mandatory states except Florida, all drivers must have a minimum of liability coverage and must maintain a minimum amount of coverage, which varies by state.

It’s recommended that physicians opt for full coverage, including liability, comprehensive, and collision, to cover any and all repair expenses and medical costs for injuries sustained in an accident.


How Much Does an Auto Insurance Policy Cost?

Auto insurance rates vary based on a variety of different factors. Here’s a look at the nine key considerations that car insurance companies take into account when quoting policy rates:

The Type of Car You Drive

Your vehicle’s year, make, and model directly affect your rates. Some cars are more expensive to insure because they are more expensive to repair. The more unique features your vehicle has, the pricier it will be to cover.

Where You Live and Park Your Car at Night

Car insurance rates are usually higher in urban areas that are more densely populated. That’s because there is a greater chance of accidents and a higher risk of theft and vandalism.

The states with the highest rates are:

  • Delaware
  • Louisiana
  • New York
  • Georgia
  • Maryland

The states with the lowest rates are:

  • New Hampshire
  • Maine
  • Ohio
  • Virginia
  • Idaho

Your Age

Insurance providers deem younger drivers a higher risk because they have less experience behind the wheel. You’ll get lower rates as you age and gain more driving experience.

The Type of Coverage You Choose

Full coverage insurance, which typically refers to comprehensive coverage plus collision, costs more than if you choose liability or collision only.

The Amount of Coverage You Choose

The more coverage you need, the more you’ll pay. While you’ll probably have to carry the minimum amount as required by state law, you always have the option to pay for more coverage.

The Deductible You Select

Selecting a higher deductible can bring your premium rates down. Opting for a smaller deductible will cause rates to rise.

Your Driving History

You’ll pay lower rates if you have a clean driving record. Insurance companies reward “good drivers” with lower rates because they perceive you as a lower risk. The longer you’ve been driving without car accidents or claims, the lower your prices will be.

How Many Insurance Claims You’ve Filed in the Past

If you have a history of filing claims, expect higher rates. The more accidents you have, the more you’ll pay.

Your Credit Score

Auto insurance companies factor in your credit score as another way to determine your risk level. Data shows drivers with good credit scores are less likely to file claims.


Tips for Purchasing the Right Car Insurance

When it’s time to buy a new plan, take the time to compare car insurance policy terms and quotes to make sure you’re getting the best coverage possible.

There are many ways that healthcare professionals can reduce the cost of car insurance coverage and lower their premiums. Most providers offer auto insurance discounts that you can take advantage of, like for:

  • Signing up for a telematics program
  • Installing anti-theft devices in your car
  • Insuring multiple cars (reducing the premium per car)
  • Paying premiums annually as opposed to monthly

It’s also a good idea to review your policy regularly. Shop around from time to time and get quotes from other carriers. That way, you’ll know if your current provider is still offering the best rates and value.


Physicians Can Save Money by Bundling Home and Auto Insurance

Insurance companies want your business, and most will reward you with discounts if you bundle home and auto insurance together.

Even medical students and residents who haven’t yet purchased a home may be able to bundle their auto insurance with renters insurance to save a few dollars per month.

Ask your insurance agent if bundle discounts are available to policyholders.

With so many insurance carriers to choose from, it takes time and effort to obtain and compare quotes and policies on your own. That’s why so many physicians rely on LeverageRx agents to do it for them.

Contact LeverageRx now, and we’ll do the legwork to save you both time and money. Our agents are available to provide you with policy options in your state, obtain quotes from leading insurance carriers, and help you find the policy that’s right for you.


Conclusion

While no one enjoys having to pay monthly premiums, it’s imperative that you protect yourself with home and auto insurance. If you’re ready to insure a new car, find a new policy for your home, or bundle policies together, contact LeverageRx now.

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