Personal Insurance
Homeowners Insurance:
Who decides on the type of insurance, the mortgage company or me?
You do. The mortgage company collects a set amount from you each month in order to protect their investment. This money is put in escrow and covers your insurance and taxes. However, the policy is still yours and you might select the insurance you feel offers the best coverage at the best rates.
What exactly does a Homeowners policy cover?
"Exact" coverage is impossible to define because there are different policies and about 900 insurance companies writing Property/Casualty business in the United States. However, 80% of Homeowners policies are based on a standard form. All Homeowners policies cover two important areas: Property and Liability.
Property insurance covers your structures and possessions. Personal Liability, as its name implies, means you're legally obligated to pay money to another person for actions caused by you, your family, or your property. That liability extends to medical payments to others for injuries caused by you or your family.
Are floods, earthquakes, and other natural disasters covered?
Most catastrophes are covered. Flood and earthquake damage, however, are not covered by a standard policy and both perils are more common than many people realize. We can advise you on such normally excluded conditions as floods and earthquakes.
Are there exclusions I should know about?
Exclusions listed and defined in your policy might include neglect, intentional loss, "earth movement," general power failure, and even damage caused by war. If you fail to take care of your property (e.g., a leaky roof), you might not be covered. Obviously, if you intend to lose an object or damage your property, there's no coverage.
One other exclusion that can be costly is the Ordinance or Law exclusion. Building codes established by governmental bodies that drive up the cost of rebuilding or repairing after a loss occurs might not be covered by your insurance policy. Thus, if you discover when replacing damaged property that current law demands higher grade or more expensive materials than those you're replacing, the new materials might not be covered fully.
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Auto Insurance:
How does where I live affect my premium?
Where you keep your car directly affects your chances of having an accident or becoming a victim of theft or vandalism. The likelihood of encountering these problems increases in larger, more densely populated cities, while such incidents remain relatively low in rural areas.
Additionally, the time and efficiency of police response and law enforcement, local road and traffic conditions, and the quality of local medical services can affect regional insurance rates. Some insurers even factor in the litigation rates in a given area (how many lawsuits are filed, go to trial, out of court settlements, and their amounts).
Do all states require some kind of Liability insurance?
No. Although not every state requires Auto insurance, some have "financial responsibility" laws mandating all drivers to be able to pay for any damage or injury they might cause. However, Liability insurance is still the best way for you to meet your state's financial responsibility requirements.
By law, all states offer UM and UIM (Uninsured Motorist & "Under Insured" Motorist) policies, including no-fault states. In fact, some states require all motorists to carry this coverage in order to gain protection from inadequate insurance coverage of other drivers.
How do I keep my insurance company from canceling my policy?
Besides maintaining a clean driving record, consider investing in special safety and security features for your car. If you've been in an accident, consider taking a defensive driving course.
What happens when I loan my car to someone? Is that person covered by my policy? Am I still covered?
Yes. Liability and coverage for Physical Damage (i.e. Comprehensive and Collision) always follow your car. Plus, if the driver of your car is insured, his/her policy will also be available to cover the cost of damages and injuries.
The same rules apply when you borrow someone else's vehicle; your own insurance follows you no matter whose car you're driving. But the vehicle owner's policy is the key coverage in the event of an accident.
Am I covered for natural disasters or "Acts of God"?
Comprehensive insurance, which covers you for fire and theft, generally covers you against damage by flood, earthquake, hail, and other natural perils, except when your car is overturned (which is technically considered a collision). If you have specific concerns about the safety of your vehicle in natural disasters, contact us for information on catastrophic coverage.
How can I challenge my insurers if they refuse to cover a claim?
Usually, insurers that refuse to cover a claim have a strong legal reason for doing so - even if you disagree. First, contact us if you feel you're being treated unfairly. Your agent/broker is your strongest advocate in insurance matters. But if it's a legal problem, you might have to hire a lawyer.
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