 |
[back to top] |
Dwelling on “residence premises” AND structures attached. Also, includes construction materials--to be used for this dwelling.
Covers other structures on the residence premises set apart from the dwelling by a clear space.(ie. detached garage, in ground pool, etc.) This includes structures connected to the dwelling by only a fence, utility line, or similar connection.
Coverage for a claim made or suit is brought against any insured for damages because of bodily injury, personal injury, or property damage where the insured is legally liable.
Pays for the medical expenses incurred or medically ascertained within 3 years from the date of the accident causing bodily injury. Medical expenses mean reasonable charges for medical, surgical, x-ray, dental, ambulance, hospital, professional nursing, prosthetic devices, and funeral services.
|
[back to top] |
About 900 insurance companies write home insurance policies in the United States. However, a majority of homeowners policies are based on a standard form, and all homeowners policies cover two important areas: property and liability. In addition, most policies cover you for additional living expenses should your home not be habitable for a period of time due to a loss by a covered peril.
About 5-7 days before your closing, the mortgage company will need what is called a binder (proof of home insurance coverage) and a paid receipt.
To keep your premiums to a minimum, we recommend that you carry a minimum $500 deductible. Turning in a number of small claims may result in an increase in premium or even a non-renewal. Your home insurance should be used for the large catastrophic losses.
The agent should complete what we call “A Replacement Cost Estimator”. This computer program takes into account the year your home was built, what type of home you have, how may square feet, how many bathrooms, etc. Once all the data is entered, the program will give us an approximate value that we should insure your home. Please keep in mind that what you purchased or what the home is assessed at has nothing to do with what it may cost to totally rebuild your home with today’s cost of construction.
Since that land will still be there at the time of the loss, the value of the lot is not included in the total value of the dwelling.
Since many companies now have a cap on Guaranteed Replacement Cost on the dwelling, it is very critical that both the agent and insured go over the replacement cost estimator.
Most catastrophic losses are covered. However, floods are not covered. A separate policy would be required to cover floods.
Some companies will not even write a home insurance policy for a home that has a trampoline. If you do have a trampoline, please make sure your agent is aware of that exposure.
Most companies do have a surcharge for wood-burning stoves.
A personal umbrella gives you additional liability coverage that goes over your underlying liability limits. The minimum umbrella is 1 million. The costs of an umbrella do vary but the average cost is about $150 a year. Our agency highly recommends that every homeowner carry at least a one million dollar personal umbrella.
Yes, within certain limits. Both inventory and business property is covered as personal property used for business purposes. However, like all personal property, there are monetary limits on reimbursement. Also, keep in mind that personal liability protection in your homeowners policy does not extend to business liability. Check with your agent concerning your business insurance needs.
Yes, to a percentage. Contents that are stored away from home in a temporary location normally have up to 10% of your personal property limit on your homeowners policy.
No. You should advise the tenant that he should have a renters policy.
Yes. You have up to 10% of your personal property limit for contents that are stored off the premises. Be sure though to call your agent and let them know an address of where the contents are being stored along with more specifics about the building where the contents are being stored.
You most likely will have special limits on these items. You should talk to your agent about the advantages of adding a rider on your homeowners policy for these items.
Making claims do affect your rates. Even more importantly, making two or three claims within a three-year period could possibly end up in a cancellation of your homeowners policy. A homeowners policy should be looked at for catastrophic losses. Having your deductible at least at $500 will eliminate you from filing small claims that could hurt you in the future.
Always talk to your agent before filing a claim to see if it is to your best interest to file a possible claim
|
[back to top] |
Liability protects you against damages for which you may be held legally liable if your car injures or kills someone.
protects you against damages for which you may be held legally liable if your car damages the property of others.
pays for medical expenses for you and others injured while riding in your car regardless of who is at fault.
pays for damages caused by bodily injury to you and your family when the damages are the fault of another driver who has no bodily injury liability insurance.
protects you and your family against the driver who has bodily injury liability limits coverage, but at inadequate limits.
pays or the loss to your car caused by accidents other than collision or upset. (ie. windshield replacement, deer claims, vandalism, fire, or theft)
pays for the loss to your car caused by upset or collision with another vehicle or object.
Pays for towing of your car and any labor required at the scene when your car becomes disabled.
pays for the car rental when your car is damaged and you have made a comprehensive or collision claim.
This endorsement will pay the difference between the unpaid balance on your lease or loan agreement in the event of a loss. Annual cost for this endorsement is $15-$25 a year.
You may need to purchase separate insurance to cover theft of a special stereo, CB radio or telephone in your car.
Even if they are factory installed, you need to buy separate insurance for special furnishings, carpeting, paint, murals, or other customizing of your car, truck, or van
|
[back to top] |
The youthful driver is added at the time they receive their driver’s license. At that time you should contact you agent. Your agent will need their driver’s license number, date of birth and the vehicle they will be driving.
Your agent can provide you with an insurance card for Canada showing proof of insurance.
Your coverages on your auto policy apply to the rental car within Continental United States.
GAP coverage provides coverage in the event of a total loss for an amount due under the terms of a loan/lease contract.
Students are required to maintain a 3.0 or higher grade point average. Proof of grades is required.
|
[back to top] |
