What is the difference between a company agent like State Farm, Farmers or Allstate and an Independent Insurance Agent?
The single company agents, such as State Farm, only represent that company, while the Independent Insurance Agent represents several companies. The advantage enjoyed by the Independent Agent in representing several companies is that he can shop his clients needs with all of his companies to pick the best for his client while the State Farm, et al agents are limited to only one company, which is like a “one size must fit all”.Back to TopAre floods covered in a homeowner or dwelling fire policy?
No! Flood claims are not covered by homeowner or dwelling policies. Flood insurance is a special coverage which is backed financially by the federal government. The rates vary based on the location of the property, specifically including the “flood zone” as determined by the Corps of Engineers. The policy forms are standard.Back to TopDo property and automobile policies have a payment grace period like life and health policies?
No.Back to TopIf my home is insured for 100% of the cost to replace it will I still be out any money?
That depends on your policy. In most situations all of the funds you will receive for your dwelling would be required to rebuild it but you will also be faced with the cost to tear down and remove the damaged, burned structure. Most homeowner policies provide an additional coverage called debris removal. There is a limited amount of coverage provided on most policies.Back to TopMy home is quite old and I have been told that if it suffers a substantial amount of damage I may have to repair under new city construction codes. Is this true?
Yes, that is the case in most cities. Most homeowner policies contain a coverage called ordinance or law. This coverage is included in most policies as additional insurance and on many policies can be increased.Back to TopMy husband and I own an automobile and a pick up truck which he currently drives to and from his office job. My husband has always wanted to start his own plumbing business. Can he use the pick up coverage for it on our Personal Auto Policy?
No. You need to delete the pick up from your Personal Auto policy and cover it on a Commercial Auto policy.Back to TopI inherited several rare collectables from the estate of my aunt who, during her working years, traveled the world, and collected from every place in the world. Will these items be fully covered under my homeowner policy?
There is a real problem in trying to collect for the full value of rare and expensive and unique items under your standard homeowner policy. The question is what is the items value. Then you may say “I want these items fully insured but I don’t know how to determine their value”. It may sound like a “smarty” answer to say that if you have a problem determining the value of an item that is safe in your home in an undamaged condition, just think about the problem you will have determining its value if the home burns and it is destroyed. The answer is to get it appraised. Appraisers may be difficult to locate but we found a web site that may help you called www.appraisers.org
.Back to TopIf an insurance company advertises a lot, can I assume it is a better company than one my agent placed me with that I have never heard of?
No. Most Independent agents represent companies that do some television advertising but also represent many very good companies that do not do much, if any, television advertising. There are several ways you can check on a company. You may contact the State Insurance Board, call the Better Business Bureau or look them up in the Best’s Insurance Rating Guide.Back to Top