1. Why have a personal agent?
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A good agent/broker will have acquired vast knowledge and experience to help you make the right decision when it comes to insuring your assets. An agent will assist in evaluating exposures to loss and determining cost-effective treatment. By having your agent involved in settling your claims, you can speed up the whole processing period. And most important, the ‘Personal Touch’ when your agent is available to you to personally and immediately help with any insurance issues.
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2. What is Extended Replacement Cost Coverage?
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It is the coverage that will allow you to repair or replace your dwelling without consideration for depreciation. Should you suffer a loss to your dwelling and you do not have the replacement cost provision in your policy, the cost of repair whether small or large, will be calculated with depreciation. This could cost you far more out-of-pocket expense than the additional insurance premium you would pay to be property insured.
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3. How about Replacement Cost on Personal Property?
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“Replacement Cost” means the cost, at the time of loss, of a new article identical to the one damaged, destroyed or stolen. When the identical article is no longer manufactured or is not available, replacement cost shall mean the cost of a new article similar to that damaged or destroyed and which is of comparable quality and usefulness.
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4. Why should I make an inventory of my belongings?
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In case of loss, it is far easier to have an inventory of your property already available rather than having to put one together under the stress of the unfortunate events that have just occurred. Record in writing, any items worth replacing along with their serial numbers, date purchased and price or approximate value. Consider keeping receipts for your more valuable items. Videotaping each room of your house can make taking inventories easier. Store the video or photos with your inventory in a fire proof box or a bank safe-deposit box.
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5. My wife just inherited her great aunt’s diamond ring. Would it be covered?
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Most policies either limit the amount; or may exclude coverage for certain types of loss to valuable items such as jewelry, furs, some collectibles and others. If you want to insure such items you may need to specifically insure or schedule them. Check with us for a quote.
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6. What is “Medical Payments” coverage on an auto policy?
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This coverage pays for immediate medical expense, up to the policy limit, for you and your passengers who are injured due to a car accident, regardless of fault. It also covers the insured and qualified family members in a non-owned car.
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7. Am I covered if I drive someone else’s vehicle?
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| If you are driving someone else’s car, with their permission, and have an accident, the owner’s insurance policy would apply first. Your own policy would apply if the owner of the vehicle has no auto insurance or not enough insurance to pay the damages. |
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