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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?
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
Car Insurance Questions
I've never been in an accident before. What am I supposed to do if I have an accident?
Why should I call the police before talking to the other drive?
What should I do in the case of a hit and run?
Is it true that as long as the accident is not my fault, I don't have to pay for it?
But that's not fair! What can I do about it?
What are the most basic forms of auto insurance available?
What other forms of auto insurance are worth considering?
What if the other driver is insured but the policy is for a minimal amount of damage?
What is full coverage insurance?
How can I lower my auto insurance premium on a new car?
How can I lower my auto insurance premium on an old car?
Do I really need to purchase additional insurance for a rental car?
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.
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.
Car Insurance Questions
I've never been in an accident before. What am I supposed to do if I have an accident?
First, always stop driving and park in a safe location. Second, call the police and inform them of where you are. (Do this as soon as possible even before consulting with the other driver) Third, exchange information with the other driver(s). Fourth and last, contact your insurance company, inform them of the accident and wait for further instruction.
Why should I call the police before talking to the other drive?
Immediately phoning the police is a safeguard and will protect you against a number of dangers, including the proverbial uninsured motorist who begs for sympathy. While you might be a kind and compassionate person, if you forgive an uninsured motorist then you're paying for someone else's mistake. A policeman at the scene of the accident will take the law out of your hands and put it back where it belongs.
What should I do in the case of a hit and run?
Always be on guard but use discretion. Many drivers will attempt a hit and run so immediately look for the license plate number. Follow the other car if you suspect they are trying to run away, but never endanger your life beyond reason. Be aware that you can phone the police and simply describe the color, make and shape of the car, as well as the street you're on.
Is it true that as long as the accident is not my fault, I don't have to pay for it?
Wrong. Though if someone has collision with you, you are not responsible for their vehicle, if they have no insurance then you DO have pay your damages out of your own pocket. (Or accept whatever charity they give you) Now you see why driving with no insurance is illegal!
But that's not fair! What can I do about it?
While your first thought might be to clobber the guy who hit you, think instead about uninsured motorist coverage. This protects you completely, even in the event that an uninsured motorist hits you and drives away never to be found. There are also different types of uninsured motorist policies including protection against injury, property damage and the wellbeing of other passengers in your car.
What are the most basic forms of auto insurance available?
Aside from protection of uninsured motorists, there is also liability insurance which covers both bodily injury and property damage for the other driver in the case that the collision is your fault. Practically every state requires every licensed driver to at least have liability insurance. Driving without insurance or even carrying an outdated insurance card is against the law.
What other forms of auto insurance are worth considering?
In the event of an accident where death or serious injury occurs, medical bills will need to be paid by someone. There are policies which cover medical bills to the driver as well as his or her passengers. There is also physical damage insurance, collision insurance and comprehensive damage which cover minor breaks or scratches that result from incidents not involving a collision, such as vandalism or hailstones.
What if the other driver is insured but the policy is for a minimal amount of damage?
Some states have this problem, because they set the legal limit for coverage somewhat low. This is another reason why a safe driver should consider uninsured motorist--or more specifically—under-insured motorist coverage. This will protect you and your car from motorists whose policy will not cover a major accident over a certain amount of dollars.
What is full coverage insurance?
There's no official meaning to full coverage except that it usually encompasses both collision and comprehensive coverage as well as liability. You will hear the term full coverage often when you're financing a car as many lienholders (banks or in-house financing car dealerships) will require proof of all major forms of insurance, including liability, collision and comprehensive. This is a protection for them, knowing that if the car is significantly damaged, someone will still pay for it.
How can I lower my auto insurance premium on a new car?
Some ways might include: shopping for another auto insurance company, asking for discounts to stay on or purchasing additional policies with the insurance company. Another practical way to save money is to raise your deductible and risk paying more in a minor collision in hopes of lowering your yearly premium costs. This is a gamble, but if you're a good defensive driver it might be worth considering.
How can I lower my auto insurance premium on an old car?
If you are driving around a quaint little vehicle that needs a new paint job and has too many miles on it, then you might be paying too much for your car insurance. While an old car still requires liability insurance, regularly paying for collision coverage might prove to be more expensive in the long run.
Do I really need to purchase additional insurance for a rental car?
Possibly. The best thing to do is to ask your insurance company what they cover in car rental insurance. Usually the car rental service will offer you liability insurance (in the event the accident is your fault) or even collision and comprehensive insurance (any other damage the rented vehicle suffers). If your policy doesn't cover rentals then expect to pay the rental company a hefty amount if their car comes back damaged.
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