Insurance FAQ (Frequently Asked Questions)
Welcome to our insurance FAQ Section. Get answers to some of our most commonly asked questions here. Each section is grouped by insurance type. A general section follows. If you have additional questions, please feel free to ask an policy-store.com representative, or to post a message in our insurance forum. |
|
| |
Get a Free Quote Now Fast and Easy |
|
Auto Insurance FAQ's
What do I do if I have an auto accident?
How can I lower my car insurance premium?
What should I think about when buying car insurance?
Does my personal policy cover me when I rent a car?
Home Insurance FAQ's
How do I file a homeowners claim?
How can I lower my home insurance premium?
What should I think about when buying home insurance?
Is my personal property covered away from home?
Do I need Flood insurance or Earthquake insurance?
What kind of coverage can I expect with home owners insurance policy?
What is renter's insurance and do I really need it?
How does landlord insurance work?
Why do I need a fire policy if I have homeowners insurance?
What could go wrong so that I would need construction insurance?
Umbrella insurance protects me from getting sued?
What does farm and ranch insurance include?
What is property insurance? Is that the same as homeowners insurance?
What is the difference between multi-tenant insurance and landlord insurance?
Why would I need condo insurance?
How do I know if I am paying too much for my duplex insurance?
What kinds of plans are available for mobile home insurance?
What are modular homes and what does that type of insurance cover?
Business Insurance FAQ's
How do I file a business insurance claim?
How can I lower my business insurance premium?
What should I think about when buying home insurance?
Life Insurance FAQ's
How can I lower my life insurance premium?
What should I think about when buying life insurance?
How much life insurance should I own?
What is cash value?
Health Insurance FAQ's
How do I file a health claim?
How can I lower my health insurance premium?
What should I think about when buying health insurance?
What are out-of-pocket expenses?
What are preexisting conditions?
What is coinsurance?
What is CO-payment?
General Insurance Questions
How do I know a good insurance company from a bad insurance company?
What is the difference between an agent that works for one company versus an agent who works independently?
Does policy-store.com have secure quote forms?
Will I save money by using policy-store.com?
Do you have a question that was not covered here? Please post a message in our insurance forum
Auto Insurance Questions
What do I o if I have an auto accident?
When you are in an accident. There are 4 steps to take: First, notify the police. Second, exchange information with the other driver(s) involved in the accident. Third, contact your insurance company as soon as you possibly can. Fourth, do all of the required steps your insurance company asks you to do. For more information about filing a car insurance claim, see our auto resources section.
How can I lower my car insurance premium?
There are a number of things you can do to lower your car insurance. They include, shopping around, asking for discounts on your current policy, holding multiple insurance policies with the same carrier, and raising your deductible. If you would like to get competitive quotes on your auto insurance use our auto quote section.
What should I think about when buying car insurance?
Here are some basic things to consider when purchasing car insurance. First, decide what optional coverage's you want and need. Look at your situation and don't be fooled into buying something you don't need. Secondly, analyze the companies who are vying for your business. Make sure they are reputable and price competitive. Third, purchase the amount of liability insurance that is right for you.
Does my personal policy cover me when I rent a car?
For this one, you must call your insurance company OR ask the agent from whom you are buying your new policy. Many states mandate that your insurance company provide coverage when you are renting a vehicle. Some insurance companies will only cover rental cars if you are on vacation, and not for business.
Home Insurance Questions
How do I file a homeowners claim?
It is important to realize that if you don't follow the required steps, it could result in nonpayment by the insurance company. Here are the steps you should take; 1) Notify the police in the case of a robbery; 2) Notify the insurance company as soon as you realize their has been damage or loss of property; 3) Protect your property from further damage; 4) Prepare a detailed list of the things damaged or missing; 5) Be prepared to show the insurance company the damaged goods; 6) Complete a statement, for the insurance company, that details what happened before, during, and after the loss occurred.
How can I lower my home insurance premium?
There are a number of things you can do to lower your homeowners insurance. They include, shopping around, asking for discounts on your current policy, holding multiple insurance policies with the same carrier, and raising your deductible. If you would like to get competitive quotes on your homeowners insurance use our home quote section.
What should I think about when buying home insurance?
First, purchase the amount necessary to replace your home, not your mortgage. Your coverage could be larger than the amount of your mortgage for several reasons including the cost of rebuilding. Second, determine the amount of personal liability and personal property coverage you'll need. Third, see if you'll need additional endorsements like flood insurance, earthquake insurance, or increased coverage for items such as jewelry, guns, and computers. Fourth, pick a reputable insurer.
Is my personal property covered away from home?
With the exception of specifically excluded items, your personal property is covered whenever you are away from home. It is considered your property once you have purchased it, regardless of whether it has ever been in your home or not.
Do I need Flood insurance or Earthquake insurance?
Damages due to several types of natural disasters are not covered under standard insurance policies. If you live somewhere where floods, earthquakes, etc. happen, strongly consider adding an endorsement to your homeowners policy. If you are in a specific area, such as a flood hazard zone, your mortgage company will inform you of any additional coverage that is required.
What kind of coverage can I expect with home owners insurance policy?
In general, home owners insurance can protect against natural disasters, structural damage and theft. However, some policies may consider flood and earthquake insurance a separate coverage from regular home insurance. A good policy also covers stolen jewelry, firearms, computers and other expensive electronics. The total amount insured should be for the physical cost of the home, not just the mortgage.
What is renter's insurance and do I really need it?
It is similar to a home owner's insurance in that it insures a householder and protects against accidental loss and damage. Though a renter may not own their own home, he or she still can still suffer a loss of valuables or be held responsible for accidental damages. You can insure your personal property as well as protect yourself legally with a renters insurance policy.
How does landlord insurance work?
Landlord insurance is exclusively for owners who lease out their property for extra income; thus a regular homeowners insurance will not cover it. A landlord’s insurance policy also allows a property owner to ensure multiple properties at a time. The contributing factors in deciding the amount include: where the building is located, the type of tenants renting, a history of the building as well as the type of land.
Why do I need a fire policy if I have homeowners insurance?
Some insurance companies may differentiate damage caused by natural disasters such as tornadoes or unexpected structural damages, from fires which are not “natural” happenings, in that they are usually caused by accidental grass fires, gas and electrical mishaps or even arson. Fire policies cover damage done to the property as well as the loss of personal items.
What could go wrong so that I would need construction insurance?
Plenty! The fact that a property is just beginning to be built will not protect your project or equipment from natural disasters or other unexpected damages. Also, if someone gets injured or killed while on site (employees or passerbys) the one responsible for paying damages likely will be you, the future property owner. Construction insurance is an important protection.
Umbrella insurance protects me from getting sued?
The more property you buy and business you do, the more you open yourself up to the possibility of a lawsuit. While you can't be shielded from a lawsuit, you can take steps to protect your personal and professional assets—automobiles, houses, luxuries and so on. If your assets are not protected with umbrella insurance you can bet a lawyer will be gunning for them should you ever go to court.
What does farm and ranch insurance include?
Usually as much as you need covered. You may live on a ranch or farm and therefore want need coverage on your home, your livestock, additional buildings like farms, as well as medical and liability insurance. Unexpected damages can come from many sources from natural disasters to accidental shootings to livestock drowning. Farm and ranch insurance usually takes into account everything that can go wrong on a farm.
What is property insurance? Is that the same as homeowners insurance?
The only difference between property and homeowners insurance is that property insurance is not limited to your place of residence. It can be any type of building and the policy can be as extensive as coverage from theft and vandalism, natural disaster damage including smoke, wind and hail, and liability coverage in case anyone is injured in your property.
What is the difference between multi-tenant insurance and landlord insurance?
A landlord does not necessarily rent out homes to many tenants. A landlord could simply lease out one home at a time, or have several different properties that only house one family each. A multi-tenant insurance policy protects a landlord of a large complex who leases homes to many tenants on the same property.
Why would I need condo insurance?
Condo insurance, like other forms of insurance, can include more than just basic coverage. Within your condo insurance policy, you could protect your condominium against flooding, storms and other natural disasters. In addition, you may be able to ensure your electronic appliances and other valuable belongings inside not only against inclement weather but even against dishonest or careless renters.
How do I know if I am paying too much for my duplex insurance?
Insurance on a duplex is not exactly the same as a house though policies take into account many of the same factors. Some companies specialize in insuring duplexes or multiplex homes and may be able to offer you a better rate. Remember to consider not only the premium but the total replacement cost of your policy. Being under insured is not worth it—especially if you're already paying too much!
What kinds of plans are available for mobile home insurance?
Sometimes mobile homes might be confused with recreational vehicles, which are homes built to travel. Mobile homes are more frequently known as manufactured homes and are not built for constant travel. These homes are, however, prone to damage from turbulent weather as well as vandalism and theft. Mobile home insurance protects these types of homes exclusively.
What are modular homes and what does that type of insurance cover?
Modular home insurance covers modular homes in much the same way as it would homeowners and mobile home owners—it covers vandalism and extreme weather damage such as hail and tornadoes. A modular home is like a mobile home, but differs in that the building code is set locally and not on a federal level. Modular homes are usually higher quality than mobile homes.
Business Insurance Questions
How do I file a business insurance claim?
- Contact your insurance agent and company immediately. Any burglary or theft should be reported to your local police right away.
- Read your insurance policy and be sure of your responsibilities after a loss.
- Take steps to protect your property from additional damage by making temporary repairs. Be sure to save any damaged parts in case your claims adjuster needs to see them.
- Follow the advice and instructions of your adjustor. They will probably ask that you get multiple bids (two or three) on any work. Comply with their request.
How can I lower my business insurance premium?
Carry a higher deductible. Just about any business policy will offer optional deductibles. Depending on your business type, a higher deductible could yield a significant savings. Carry a higher deductible to lower your premium. If you are a larger risk, ask your insurance company about loss control services. Some companies will offer this service and give you a credit for taking advantage of the loss control recommendations. There may also be courses that they will offer, or suggest, that can be taken to lower your premium.
What should I think about when buying business insurance?
Finding an insurance agent that you are comfortable working with and who knows his or her product might be the most important aspect of your insurance search. A professional agent who specializes in business insurance coverage will likely save you money in the long run. Talk to more than one agent.
Life Insurance Questions
How can I lower my life insurance premium?
Life insurance is based on several different factors. Among them are health, age, avocation, and occupation. In some cases you can do nothing about any of them. For example, you're a 50 military fighter pilot with high blood pressure. In other cases, lowering your weight and deciding not to jump out of air planes can lower your life insurance rates.
What should I think about when buying life insurance?
There are several factors to consider when purchasing a life insurance policy. They include; 1) How much do you need?; 2) What type of insurance do you need?; 3) How long do you think you will need the coverage?; 4)What if any 'extras' do you want included in your policy?; 5) If its term insurance, is it convertible?
How much life insurance should I own?
Opinions vary widely on this subject with some experts saying roughly 6-8 times annual earnings and some experts saying 10-14 times annual earnings. It all depends on your particular situation. For more information on how to determine how much life insurance is right for you, see our life resources section.
What is cash value?
Cash value is the interest earning section of a whole, variable, or universal life insurance policy. Part of your annual policy premium goes to the cash value and earns interest. It's actually more complicated than that, but that's a very simple explanation.
Health Insurance Questions
How do I file a claim?
See our health insurance resource section for more information.
How can I lower my health insurance premium?
Shopping around is about the best way we know of lowering your health insurance premium. But be careful. For example, if you or your wife is pregnant, a new company could list it as a preexisting condition and not cover the pregnancy.
What should I think about when buying health insurance?
The best way to answer this question is by referring you to our health insurance resource section(see buying decisions.)
What are out-of-pocket expenses?
Out-of-pocket expenses include your annual deductible, coinsurance amounts, and any expense deemed not to be 'reasonable and customary.
What are preexisting conditions?
Preexisting conditions are conditions that are excluded from coverage under a health insurance policy. Examples are endless but include things like knee injuries, back injuries, heart ailments, etc.
What is coinsurance?
The percentage amount that the insured is required to pay to 'share' in the cost of medical care. In most cases there is a limit or out-of-pocket maximum of between $2,000 and $3,000.
What is CO-payment?
The set amount you are required to pay each time a medical service is performed. The best example is an office visit where you are required to pay a $5-30(the majority are in this range) CO-pay per visit.
General Insurance Questions
How do I know a good insurance company from a bad insurance company?
Generally, third party rating services and you state insurance commission are your best sources when considering insurance. These organizations have financial records as well as claim paying performance statistics that can help you make an informed decision. You can take a look at some insurance company ratings at the Standard and Poor's web site.
What is the difference between an agent that works for one company versus an agent who works independently?
In most cases, an agent who works for one company is considered exclusive. In order to sell the insurance he/she represents he/she must be employed by the company. An independent agent, on the other hand, is free to represent as many companies as he/she wishes.
Does policy-store.com have secure quote forms?
All of policy-store.com's partners provide you with a secure quote environment. The quote forms at policy-store.com will be secured shortly.
Will I save money by using policy-store.com?
On average, we are finding that our customers save significantly by using policy-store.com. While were are not in the business of luring you with "up to X% off" type offers, our business model is working for our customers. We also offer you resources which give practical ways to save money on your current insurance policies. |
