Q: How much insurance coverage do I need on my home?
A: First, ask yourself how much it would cost to build your home at today's construction prices, less land value. Two-thirds of all American homeowners with insurance protection could not replace their homes from an insurance settlement. Next, estimate the replacement cost for the contents of your home. Finally, determine how much protection is enough if you're sued. I can help you with these calculations.
Q: How can I compare similar policies from different companies?
A: Not all companies offer the same degree of protection for your dollar. For example, inflation protection varies among companies. Be sure the level of coverage on your home and contents reflects the impact of inflation. Also, compare the coverage for personal liability and medical payment coverage. Ask yourself these questions:
A: First, ask yourself how much it would cost to build your home at today's construction prices, less land value. Two-thirds of all American homeowners with insurance protection could not replace their homes from an insurance settlement. Next, estimate the replacement cost for the contents of your home. Finally, determine how much protection is enough if you're sued. I can help you with these calculations.
Q: How can I compare similar policies from different companies?
A: Not all companies offer the same degree of protection for your dollar. For example, inflation protection varies among companies. Be sure the level of coverage on your home and contents reflects the impact of inflation. Also, compare the coverage for personal liability and medical payment coverage. Ask yourself these questions:
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1. Are my household contents and and other personal belongings covered under the actual cash value (depreciated value) or for their replacement value?
2. Does my personal liability coverage protect me against libel and slander lawsuits, or just bodily injury and property damage? |
Q: When should I review my coverage?
A: In most cases, about two or three months prior to renewal. That way, any changes will be effective at renewal. You should also review your coverage after you've made any significant home improvements or purchased expensive personal property.
Q: What happens if I'm involved in an accident while driving a car I rented?
A: The liability section of your policy provides the same level of protection, no matter what car you're driving. But, if you don't have collision or comprehensive coverage on your own car, you will be responsible for damage to a rental car. The solution is to purchase collision and comprehensive damage insurance at the rental car counter.
Q: I had a minor fender-binder. Should I file a claim?
A: Filing a small claim can be a costly mistake. For example, let's say the repair cost of your fender-binder was $932. If your policy has a $500 deductible, you'll collect $432. But, your premium can increase drastically. You can actually lose more money by filing a claim, due to premium increases. It can be even worse- the insurer can refuse to renew your policy, forcing you to buy more expensive coverage.
A: In most cases, about two or three months prior to renewal. That way, any changes will be effective at renewal. You should also review your coverage after you've made any significant home improvements or purchased expensive personal property.
Q: What happens if I'm involved in an accident while driving a car I rented?
A: The liability section of your policy provides the same level of protection, no matter what car you're driving. But, if you don't have collision or comprehensive coverage on your own car, you will be responsible for damage to a rental car. The solution is to purchase collision and comprehensive damage insurance at the rental car counter.
Q: I had a minor fender-binder. Should I file a claim?
A: Filing a small claim can be a costly mistake. For example, let's say the repair cost of your fender-binder was $932. If your policy has a $500 deductible, you'll collect $432. But, your premium can increase drastically. You can actually lose more money by filing a claim, due to premium increases. It can be even worse- the insurer can refuse to renew your policy, forcing you to buy more expensive coverage.