Q: What type of factors affect my homeowners insurance premium?
A: Some of the many factors that are taken into consideration are the home features and characteristics (eg. age of the home, type of exterior construction and style of the house, type of roof, interior features such as number of bathrooms and other rooms), the location of your home, credit history, and claims history.
Q: Am I required to have homeowners insurance if I own a home?
A: If you finance your home, most lenders will require you to have some type of home insurance coverage to protect the structure. If the lender doesn’t require it, you can legally own a home without homeowners insurance.
Q: What types of coverages do I have for a standard homeowners policy?
A: A homeowners insurance policy has four basic types of coverage. They include coverage for the actual structure of your home and other structures on your property, coverage for your personal belongings, liability protection, and additional living expenses in the event that you can no longer live in your home due to a covered loss.
Q: If the unexpected happens, will I get the full value of my belongings back?
A: That depends. There are two different types of coverages for your personal belongings. The standard coverage is calculated on an actual cash value basis. Actual cash value is what you would pay for a similar item at today’s cost, minus depreciation. In most cases you can add full replacement cost on the policy which would help replace the item at today’s cost.
Q: How much auto insurance coverage do I need?
A: The amount of insurance coverage that you need varies based on individual preferences and needs. A few things to consider are: How much can you afford to pay out of pocket? Do you make payments on your car? What type of vehicle do you drive? What is the current value of the vehicle?
Q: What is covered by an auto insurance policy?
A: An auto insurance policy could have many different kinds of coverage but some of the most common coverages include liability coverage, uninsured and underinsured motorist coverage, medical payments, comprehensive, collision, rental reimbursement, and emergency road service. Other options could include new car replacement, disappearing deductibles, accident forgiveness and much more.
Q: Am I required to have auto insurance?
A: Most states require you to carry at least liability coverage. If you have a loan on your vehicle, the loan company may require you to carry full coverage (comprehensive and collision coverage to help fix any damage to your vehicle).
Q: How much life insurance do I need?
A: A popular approach to buying insurance is based on income replacement. In this approach, a formula of between five and ten times your annual salary is often used to calculate how much coverage you need. Another approach is to purchase insurance based on your individual needs and preferences. The first step is to determine your unique income replacement needs.
Q: What types of life insurance are available?
A: We offer a variety of insurance product options including fully underwritten term and whole life, instant issue product with no medical exams, and a reduced death benefit option for final expenses.
If you have any family or friends that could benefit from a review with us, we would love to speak to them. As a way of saying thank you, we will send you AND the person you referred a $5 Starbucks gift card. Have the person call and mention the code words Thanks a latte!