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Q. WHY DO I NEED INSURANCE?
A. Insurance protects you against loss or damage to your property; against illness or death. Anything that’s valuable to you should be protected. Without insurance, you could be wiped out financially or put in debt for the rest of your life.
Q. HOW DO I DECIDE HOW MUCH INSURANCE I NEED?
A. If it’s a homeowner’s or flood insurance policy, you need enough insurance to replacement value of the home. It’s generally determined by the total livable square footage in your home
Q. HOW DO I DECIDE WHAT KIND OF INSURANCE I NEED?
A. You must have homeowners, flood and auto insurance. That’s the law. If you own a business building or lease office space, you should be insured. Life insurance is up to you and your needs.
Q. IS INSURANCE REIMBURSEMENT FOR LOSS DETERMINED ON WHAT I PAID FOR THE INSURED ITEM OR WHAT IT WOULD COST ME TO REPLACE IT?
A. If you have replacement cost coverage in your policies, the entire replacement value will be paid by the insurance company, less your deductible.
Q. ARE MY KIDS COVERED IF THEY DRIVE MY CAR?
A. If kids are licensed, driving with permission and listed on the policy, they are covered.
Q. WHAT DO I DO IF MY LIFE INSURANCE LAPSES BECAUSE I CHANGED JOBS OR LOST MY SOURCE OF INCOME? DO I GET ANY MONEY FROM THE OLD POLICY?
A. This has to be determined on an individual basis.
Q. DO I NEED A PERSONAL LIFE INSURANCE POLICY IF I HAVE GROUP INSURANCE?
A. Group insurance is a good idea because you get it at a lower group rate. Deciding whether to buy extra life insurance beyond the group insurance, ask yourself:
- Will you still have your group life insurance coverage if you leave your job?
- Converting your group coverage to an individual life policy could be an option, but will it be more expensive? If so, how much more? Can I afford it?
- Does your existing group policy provide enough coverage for your needs?
- If you need to apply for a new individual policy because you leave your job, are you prepared to pay higher premiums?
Q. HOW DO I KNOW I HAVE THE RIGHT INSURANCE AGENT?
A. Seeking out the right insurance agency to meet your needs is a challenge. What’s more, insurance is a very private matter. The best way to find your insurance agent is referral from a friend or business associate whose judgment you trust.
If you’re on your own, be sure TO GET TO KNOW YOUR INSURANCE AGENT BEFORE DOING BUSINESS WITH HIM/HER.
- Ask for testimonials
- How long has the agency been in business?
- Can you speak with any of their other clients?
- What are their strengths?
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