There are many factors that determine your insurance premium as it relates to your personal situation. Coverage can vary significantly from policy to policy making it very important for the customer to know what is it they are purchasing and what may not be covered on a policy. In addition to coverage, insurance companies look at additional factors such as driving history, loss experience, credit score, years with prior insurance, profession, characteristics of home, types of vehicles, age, additional insurance policies active with carrier, city of residence, and various underwriting factors.
An umbrella policy is additional liability limits to provide excess liability coverage for your home, auto, and boat insurance. Umbrella policies are known for their value, as it picks up a large amount of protection, usually starting at $1 million, for a very low premium. These policies are typically purchased by anyone who is concerned about losing their personal assets from a claim, or if they have higher loss exposures at home, such as 3 young drivers.
An independent agency is not bound to one specific carrier, and has the rights to an existing book of business. A captive agency is one that is bound to a specific carrier, and the rights of the book of business belong to the carrier. A captive agency cannot use other outside insurance carriers to compete against their represented company.
Actual Cash Value in relation to an insurance settlement means that depreciation is factored into a settlement of a property loss. For example, a weather storm caused damage to a 10 year old roof, which needs $10,000 to be replaced. The adjusted value of the depreciated roof is $5,500, which is the settlement offer to the insured. If the insured had a $1,000 deductible, the adjuster would send a check for $4,500 to settle the claim.
Replacement Cost in relation to an insurance settlement means that depreciation is not factored into a settlement for a property loss. For example, a weather storm caused damage to a 10 year old roof, which needs $10,000 to be replaced. Since there is no adjustment for depreciation, the settlement offer to the insured is $10,000. If the insured had a $1,000 deductible, the adjuster would send a check for $9,000 to settle the claim.
An independent agency has ability to shop out an insured’s rates at any time among their represented carriers. It is recommended that most customers stay with a reputable carrier that is “A” rated or better to obtain subjective advantageous, such as underwriting exceptions, loyalty recognition, prompt service, and favorable rates. It is important for an insured to work with a trustworthy and professional agency to help handle these matters for them.
A deductible is the set dollar amount which must be paid by the insured for each benefit period or calendar year for covered services before the insurance begins making payment.
Business Insurance is required by law depending on your situation. For instance; If you have employees then you are legally obligated to carry Workers Compensation and some states require Unemployment and professional Liability Insurance. Check with your Stolly agent what kind of insurance would be right for your business.
This is your proof of coverage. This document will outline what types of liability insurance you have as well as other important policy information. You may need this document when signing contacts or work with certain clients. You can obtain a certificate by calling or emailing your Stolly Agent or Commercial Lines Account Manager.
Although many companies offer a homeowners discount for having an alarm system in place, the discount is usually relatively small in relation to the overall pricing. However, from an underwriting acceptability standpoint, this may help an insured obtain hard to find coverage, especially after a theft related loss.
In most cases, insurance follows the vehicle first so your friend’s insurance would be the primary coverage. Your policy would be secondary. Always check with your agent on your policy specifics.
The policy on rental cars differs with each insurance company, so we suggest that you contact one of our service representatives for a specific answer on your policy. However, most ‘gold’ or ‘platinum’ credit cards (Visa, MasterCard, AMEX) will cover damage to a rental car. If possible, rent the vehicle using one of these types (gold/platinum) of credit cards.
The increase in coverage reflects the increase in the replacement cost of your home. The replacement cost was originally determined at the inception of your policy. Insurance companies automatically update the replacement value of your home each year based on the building cost inflation factor for your zip code. The cost of building a home can in many cases be higher than the cost to purchase the home including the land. This is due to the fact that the cost of building materials and labor increase even when real estate value has decreased.
Mortgage companies want to make sure that their interest in the property is properly protected by insurance. At renewal, insurance companies send a copy of your policy to the mortgagee listed on the policy. Often mortgage companies sell mortgages to other companies or change addresses without notifying the insurance company. Any request for proof of coverage should be mailed or faxed to Stolly Insurance Group. We will send the proper evidence of insurance to your lender.
Although many policies share similar characteristics regarding coverages offered, it is a common myth that all insurance policies are the same. All policies are contracts of adhesion, meaning that the insurance carrier offers terms and conditions that are either accepted or rejected by the consumer. This means that customers are signing a contract that is non-negotiable making it imperative that the customer is well-informed of what they are signing. Many oversites are not realized until after a claim arises, which can put the insured in a financial hardship dealing with an uncovered claim.
This question depends on the risk tolerance of the individual as well as characteristics of the vehicle. Many people consider removing full coverage when the vehicles value drops below a certain threshold in which the customer does not feel paying premiums is worth it, and they are willing to take on the risk of a total loss. A knowledgeable agent should be able to give proper advice on deciding if to carry full coverage or not, and looking at deductible options.
All plans purposed through the Marketplace ensures that you have minimum coverage available, this means that you can not be penalized for not having insurance at the end of the year. There you can also find out if you qualify for Medicaid, or Medicare through your state.
There are several types of Major Medical Insurance Plans and all of them cover you in different ways. For instance a plan that is right for an elderly couple would not be right for a young single person. To find a plan that is right for you, call a Stolly agent and let us help you find a plan at the right cost for you.