Insurance FAQs
Yes, they do. According to regulatory associations, there is a direct correlation between credit scores and individuals getting into accidents, and cancellation policies due to non-payment. Therefore, premiums are higher for lower credit scores.
All insurance carriers cover rental cars differently. Some may give a small amount of coverage and some do not. Don’t assume the car is covered; give your Extraco agent a call to find out for sure.
Your homeowners insurance does not cover the loss of your car, even though it was, “in your house”. You typically must have a form of comprehensive physical damage coverage on your automobile insurance policy for it to be covered.
Basic homeowners policies have limited coverage for jewelry. Depending on the value of the jewelry, you may want to purchase a Personal Articles floater, which provides additional coverage for jewelry higher in value. Contact your Extraco agent to see how much is covered under your policy.
It is a fact that most homes are underinsured. During every renewal, ask your Extraco agent questions about what is covered under the policy as well as optional coverages like flood, fire, etc. Then choose a deductible that’s right for you. The higher the deductible, the lower the premium. A high deductible is fine, but make sure you have the money for out-of-pocket expenses if something should happen.
Every homeowners policy is unique, but in many cases, you need extended insurance to cover things like by-laws, earthquake, flood, and intentional acts. These optional coverages do not come standard on most policies. Also, standard wear and tear is not covered and typically isn’t coverable.
When you purchase a condominium, you are not purchasing the building; you are purchasing a unit inside the building. You are also most likely a part of a condo corporation that fixes external structural damages. Homeowners insurance covers the structure as well as the contents inside the home.
Coverage that protects you and the people in your car in the event another driver hits you with inadequate insurance coverage or no insurance coverage at all.
Collision insurance covers damages to your car when your vehicle collides with another car or object. For example, if you hit a car in a parking lot, the damages to your car will be paid under your collision coverage.
Comprehensive insurance coverage provides coverage for direct physical damage losses to your car other than collision, including theft. For example, damage to your car from a hailstorm will be covered under your comprehensive coverage.
Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. When "actual cash value" is used, the policy owner is entitled to the depreciated value of the damaged property.
Under the "replacement cost" coverage, the policy owner is reimbursed on an amount necessary to replace the article with one of similar type and quality at current prices.
General insurance helps us protect ourselves and the things we value, such as our homes, our cars and our valuables, from the financial impact of risks. Risks such as fire, storms, theft, car accidents, illness, or travel. It can even protect us from the costs of legal action against us. We have the ability to choose the types of risks we wish to cover by choosing the right kind of policy with the features we need.
