Personal Insurance
What factors should I consider when purchasing automobile insurance?
- Ask about the amount of liability coverage that makes sense for you.
- Ask about optional coverage like substitute transportation, towing and labor reimbursement and loan/lease “gap” coverage.
- Don’t base your decision solely on price. Other factors like service and claim response are extremely important in selecting the right insurance.
- Rely on your agent to find the right coverage for the right price.
Does my insurance policy cover a friend if I loan him/her my car?
Yes. As long as you have given him/her permission to use your car.
What is collision physical damage coverage?
Collision is the loss you incur when your automobile collides with another vehicle or an object. If your car is older, it may not make sense to carry collision protection. Talk to your agent to learn more.
What is comprehensive physical damage coverage?
Comprehensive provides coverage for fire, theft, vandalism, glass and several other perils.
How can I lower my automobile insurance rates?
There are several things you can do to lower the cost of your automobile insurance.
- Consult with your independent agent who works with many companies and can provide you with comparative rates.
- Change your deductibles. By raising your deductibles you may be able to lower the cost of your automobile insurance 5-15%. AYour collision deductible may be waived if you are not at fault for an accident and the responsible party is identified.
Look for discounts that you may be entitled to including those for multiple cars, carrying a homeowner’s policy with the same insurance agency, anti-theft devices or alarms , low mileage, good students and several others.
What is homeowner’s insurance?
Homeowners insurance can also include condo-owners and renters.
The typical homeowner’s policy has two main sections:
- Coverage for the physical property of the insured – both the building and your personal property.
Make sure you understand what is covered. An independent agent will assist you in reviewing what perils you are covered for (such as fire, theft, windstorm) and what perils a basic homeowners policy would not cover (such as floods, earthquakes, wear and tear among many others).
- Personal liability covers the insured from claims made by people who may have been hurt on your property.
What do I need to know when purchasing homeowner’s insurance?
Many factors are important to consider:
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The estimated replacement cost based in part on the type of structure and the square footage of living area. Your agent will assist you in determing the proper amount.
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The age of the structure
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Any recent improvements and renovations to the home, especially in regard to the roof, electrical, plumbing and heating.
Ask your agent about insuring your personal property. Most homeowner’s policies use a standard formula to determine the value of your possessions. If you own high-value items, you may need additional insurance.
What is “actual cash value”?
When “actual cash value” is used in a policy, a policy owner is entitled to the depreciated value of the damaged property.
What is “replacement cost”?
When “replacement cost” coverage is used in a policy, a policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current market rates.
Be sure you understand the limitations of your replacement cost coverage. To make sure your home is never underinsured many homeowner’s policies will insure up to 125% or more of the estimated replacement cost of the home.
Should I purchase earthquake coverage?
Direct damage due to earthquakes is not covered under the standard homeowner’s insurance policy.
You may want to consider adding an earthquake endorsement to your homeowner’s insurance policy.
Mortgage providers in the New England area rarely if ever require this. This endorsement will cover damages due to earthquakes, landslides, and other earth movements.
Should I purchase flood coverage?
The US Government runs the National Flood Insurance Program. Your mortgage holder would require you to carry this coverage if they deem you to be in a flood zone. Even if it is not require it makes sense to investigate the possibility of buying flood insurance. Talk to your agent.
Commercial Insurance
What is fire legal liability coverage?
Fire legal coverage provides coverage if you rent a business space and are held responsible for fire damages to that rented space. It does not apply to all business risks.
What does 80% co-insurance mean?
Insurance carriers require that an insured party insure at least 80% of the property’s value in order to collect a partial loss in full.
Can other people drive my business vehicle?
Yes. Other people may drive your vehicle with your permission. It’s important they’re listed on your policy if they’re regular drivers of the vehicle.
How does an audit work?
At the end of the policy term, the insurance company may review the policy and either charge or credit the policyholder based upon an audit of estimated figures. Examples of estimated auditable items include sales and payroll. Audits can be performed onsite by an auditor or via mail or telephone.
Why do I need certificates of insurance from sub-contractors?
An audit may require you to show proof that sub-contractors had their own insurance coverage. The sub-contractors’ certificates of insurance will prevent you from being charged for their exposure.
What is General Liability?
General Liability provides coverage if you are liable for damages to other individuals arising from your premises, general operations (ongoing and after completion), and products manufactured or sold.
What is Business Interruption/Extra Expense coverage?
Business Interruption/Extra Expense coverage provides coverage for income loss and the expense of establishing a temporary site during repairs due to damages related to fire or compensable loss.
