Q: How do I know how much insurance I need for my home?
A: There are certain factors that you need to consider regarding the mount of insurance you must pay for a specific period of time. The physical structure of your property as well as its location are vital factors that are considered in determining the premium. Your home’s builder may help out in assessing the cost by defining the amount of materials used.
Q: I have liability coverage on my auto policy, why do I need it on my home policy too?
A: The liability coverage in your home insurance policy is different from that in your auto policy in terms of the specific aspects of your legal responsibility. While your auto policy provides you protection of liability against vehicle-related incidents, your home policy covers your liability against damages or loss caused by your ownership and occupancy of a property.
Q: What happens when I have a claim?
A: Claims must be duly reported via a 24/7, toll-free hotline. An gent from our end will get in touch with you at the soonest possible time, an hour or less, to get the details of your claim. If emergency repairs are required in your claim, it will also be arranged immediately. All claims are finalized no more than a day after the company has been notified. You will also be kept updated on the progress of the project.
Q: How can I keep my insurance costs down?
A: The best and only way to lower down your insurance costs is to install security systems. Fire alarms, smoke detectors, and fire extinguishers will help reduce the amount of your premium.
Q: My daughter is going away to college. Is there special insurance I can buy for her personal belongings?
A: Since your daughter is a dependent and a student, her properties and personal belongings are covered by your homeowners’ policy. The amount of coverage, however, depends on the policy type that you paid for.
Q: What is personal property?
A: Personal property in terms of home insurance policies is defined as anything usual to the ownership and maintenance of your home. This includes your home furnishings, appliances, and clothing. Mostly, personal property pertains to the contents of your home. To be sure though, whether your personal items are covered or not, you must check your policy statement carefully.
Q: What are shared common areas?
A: Shared common areas pertain to those specific spots in your condo unit that is covered by the corporate policy purchased by the structure’s owners. Generally, they are areas outside your occupied unit including parking lots, recreation centers, and the lobby. To be sure, check out your condo’s corporate contract.
Q: Does my home policy insure my valuable possessions such as jewelry or artwork?
A: Yes. Such personal items are given limited coverage in our home insurance policy. To give the above-mentioned possessions an absolute protection, you may consider buying a Personal Articles Floater.
Q: Do all types of security systems I add to my home earn a premium discount?
A: Not really. The specific security devices as defined in the policy statement are the only ones that can award you with discounts. Adding steel bars in your windows is not considered for a lower premium but installing a security monitoring system is.
Q: If I do not have an inventory of my personal property, will I still be covered?
A: Yes you will be covered but your claim, in case of one, will be slightly delayed if you do not submit an inventory record. The inventory record that you submit is also significant in terms of recovering stolen items.
Q: Do I get a discount for combining my home and auto insurance?
A: Yes. <<companyname>> has a promo that will give you sufficient savings in both your home and auto policies on top of our very competitive rates. To get further details, please contact us.
Q: How do replacement cost & replacement cost guarantee differ?
A: Replacement cost pertains to the current value of your property and not its original value, when it was purchased. Replacement cost guarantee, on the other hand, pertains to the repair and maintenance cost of your building, regardless whether it exceeds your coverage limit or not.
Q: What should I do if I have a claim?
A: In case of a claim, call your <<companyname>> agent as soon as you are able to.
Q: During a break-in at my home, my car was vandalized
A: If you have enrolled in a bundled insurance that covers both your home and your auto, you will only have to pay the higher deductible. That’s an additional feature that getting more than one policy with us carries on top of the special discounts that we generously give out.
Q: I bought a stereo in the U.S. What if it gets stolen?
A: Items such as that will be covered for as long as you have declared them in your record. Imported merchandise that comes with legal documents are covered. This is where keeping the receipts come into play.
Q: Are we covered if our pipes freeze while on vacation?
A: This particular coverage that pertains to water damage is all about the destructions caused by ruptured pipes and other water-related installation inside your home. If you have not been away for more than five days when the incident happened, you will be covered. Then again, the normal water coverage also applies to homeowners who have been on vacation for more than five days when the incident happened for as long as they have someone checking the pipes and the water supply system regularly since they have been away. When planning for a long vacation, make sure to ask someone check on your water supply, shutting it off and draining all the pipes as well.