Ask Us a Question
Question:
If I lose a stone from my diamond ring, do I have any coverage for this?
Answer:
It is important to know that there is limited coverage for jewelry, furs, guns, paintings, coin collections and other valuables on homeowners or renters policy and this coverage would only apply if it is a loss due to a peril such as fire or theft. Therefore if you have item of considerable value they should be scheduled to insure adequate protection. The cost for scheduling items is minimal. If the ring is scheduled under a personal articles endorsement you would have coverage to replace a stone. A deductible may or may not apply depending on the policy.
Question:
What can I do to lower my health insurance premiums?
Answer:
A higher deductible plan or a Health Savings Account may lower your premiums. Call us and set an appointment so we may review your current policy and discuss your options.
Question:
I am a farmer with several types of health and accident policies. How do I know if I have adequate protection for myself and family?
Answer:
A major medical policy will provide comprehensive coverage thereby eliminating the need for separate policies and may even save premiums. In addition to a major medical policy I recommend the purchase of a disability income policy. In the case of an accident of illness this policy would provide monthly income necessary to hire help to keep the farm going or pay ongoing expenses.
Question:
What is an annuity? Is it a good way to provide retirement income?
Answer:
An annuity is a written contract between you and an insurance company. In return for your premium, the company will pay you an annuity, which is a series of payments made at regular intervals. Annuities may either be set up as immediate or deferred. Immediate annuities provide income payments that start shortly after you pay the premiums. Deferred annuities provide income payments that start at a later date. The main reason to buy deferred annuities is to accumulate money on a tax-deferred basis, which can then provide income at a later date. It is an excellent way to provide for retirement income.
Question:
How much money can I save on my auto insurance if I increase my deductibles?
Answer:
This varies by company. You may save up to 20% on your comprehensive premium by increasing your deductible from $250.00 to $500.00. You can save approximately 35% on your collision insurance premium by increasing your deductible from $250.00 to $500.00.
Question:
Why do I need to carry Liability insurance when I rent? The landlord of the building carries liability insurance to cover anything that happens on premise.
Answer:
The landlord should carry liability insurance which covers him in the event something occurs for which he is legally liable. If something happens at your house or apartment and you are legally liable, you can be held responsible for the incident. Without liability insurance you would have to pay these expenses out of pocket which may cause you a financial hardship. You can protect yourself with a renters policy which provides both the protection for liability and loss of personal contents. Best of all, renters policies are available at a minimal cost.
Question:
I had a fire in my apartment and my landlord sued me for damages. Is it possible to purchase an insurance policy that would have paid for the damages even though I am just renting?
Answer:
Yes tenants homeowner policy (renter’s policy) will in most cases provide you with liability coverage that will pay for damage caused by the fire. The policy also provides coverage for your personal property and additional living expenses such as a hotel room should your apartment be uninhabitable. The policy will only cover accidental damages. Intentional damage would not be covered.
Additional Questions?:
Please contact our office at 605-225-4270.
