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Curtis Miller Insurance Agency

1800 Blizzard Drive
Parkersburg, WV 26101

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Does Life Insurance Protect Home Belongings?

Residents of Parkersburg, WV may be interested in using their life insurance policies to protect their property or other elements of their home. We at Curtis Miller Insurance can help you understand whether this is possible and what you can do to protect your family with these policies.

Life Insurance Covers Loss of Income, Not Belongings

A life insurance policy is put into place to protect a family after the death of the policyholder. These policies do not come into play until after the person passes away, though, so an individual cannot use a life insurance policy to pay for damages to a home or their property.

However, they could create a payout plan designed to protect certain elements of their property, though these won’t be available until after their death. These payouts will be given to the beneficiary and provide them with cash to help protect their property.

How Payouts Can Protect Property

While life insurance can’t be used to cover liability or property damage, per se, the payout of a life insurance policy can be used in any way that the beneficiary sees fit. This technicality is important to understand because, in essence, an individual cannot use a life insurance policy, while alive, to pay for these damages.

However, if a person passes away and their policy pays out, the beneficiary can use this money to replace damaged goods or to pay a mortgage on a piece of property. The exact usage will all vary depending on what the individual who earned the policy wants to do with the money.

Understand Your Rights

The confusion between various types of life insurance and home property insurance may require a little help to better understand. So if you live in Parkersburg, WV and plan on buying life insurance, please contact us at Curtis Miller Insurance. We can help you better understand your policies and buy one that suits the needs of you and your family.

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