| Will my Auto policy give coverage to a rental car? In the US and Canada the Liability coverage goes with you, the person. Additionally, in many cases if you have Collision and Comprehensive (Other Than Collision) coverage on your policy then that transfers to a rental also. Some insurance companies like Progressive and Infinity or if you have a Business Auto policy, your coverage will not extend to a rental. Does my Business Insurance cover a disgruntled employee? Not usually, Employment Practices Liability would need to be purchased. This coverage would pay to defend and settle a lawsuit. Take a look at how you treat, hire or speak to your employees or what you allow your employees to be exposed to, such as sexual innuendoes, dirty or ethnic jokes, swimsuit calendars or whether you pay men more than women.
What if my home/apartment/condo/business burns down, how is everything accounted for? Most experts suggest a camcorder to periodically document your belongings, keep one copy at home and another at work or safety deposit box. Photos or a written list is fine, but difficult to keep updated. Your Insurance Company will need a detailed description of each item, a purchase receipt would be desired or date acquired with its cost at that time and finally the replacement item's information may be desired. If you have Replacement Cost coverage, and you should, the Insurance Company will usually provide either the cost when purchased or the cost when replaced with a similar item, whichever one is less. If you do not have Replacement Cost coverage, then everything could be depreciated/de-valued by as much as 40 %, we do our best to avoid these kind of surprises.
What is Rental Reimbursement/Transportation Expense? This coverage activates only when your car is in the repair shop due to an accident, not when you are having regular maintenence performed on your car. This coverage is inexpensive and very much worth the cost.
What does my credit history have to do with insurance? The insurance companies declare that statistically the more responsible you are with your credit, that you are likely to be a more responsible driver or homeowner. This eventually allows for better rates to the consumer. Make sure to obtain your full credit history and make any repairs or corrections.
Why do my insurance costs go up? There are many situations that increase your cost: An insurance company merger may create a company which is only now a national or international company. This new company is now effected by floods, earthquakes, forest fires, hurricanes, tornados and terrorism. This means your insurance costs are eventually effected by these new experiences. Otherwise, an accident that you cause or a traffic violation may, but not always, increase your cost. In addition, the insurance company's costs go up each year like anyone elses with inflation, labor rate increases and costs of building or repair materials.
Does my Apartment/Condo/Homeowners policy cover my heirlooms/jewelry/silverware/baseball collection/china/artwork, etc? NO --- Your policy, with replacement cost coverage, covers your everyday items fine. But those high valued, un-replaceable or limited edition items, not really. There is VERY limited or even no coverage in your basic policy, maybe just $1,000. Additional coverage must be purchased, the cost is a low percentage of the item's value. Please send us your Question or let us know of a problem, using the form below. |
