Frequently Ask Question
An IIA is an agent who represents several different insurance Carriers rather than just one. (Companies ex. Progressive, travelers etc.)
IIA have access to a multitude of different carriers for different types of insurance. This gives us the opportunity to “shop the market” and find you the best savings based on your specific insurance needs.
They are often a percentage value of the property, 1% or 2%, rather than a flat line deductible amount, like $1,000 or $2,000. Some Companies offer flat deductibles for wind and hail though. As the name suggests, it is the amount you pay when you have damage resulting from a wind or hailstorm.
Uninsured/underinsured motorist coverage will step in to cover any medical expenses, lost wages from time off and other injury relates expenses. It is used in a case when the other driver involved in an accident, if they were the cause of the wreck, does not have any insurance or does not have enough insurance to cover the expenses.
Replacement cost will cover the value of your property without regard to depreciation. If you have a total loss on a home worth $200,000, they’ll pay you what it is worth minus your deductible. ACV will factor in depreciation on the property. Similar to car insurance claims, you get paid what the car is worth at the time of the accident not when you bought it, thus you will receive less of a claim’s payment.
Liability limits are there to protect you in case of an at fault accident or someone tries to sue you after an accident. Most people have split limit liability that looks like this: 50/100/50 or 100/300/100. The first number is “per person injuries” meaning if someone is injured, the insurance will pay up to that amount per person. The second number is “total per accident” meaning the insurance company will only pay up to that number total on the accident. The third number is “property damage coverage”. It will only cover up to that amount of property damage. You can learn more about this on one of our blog posts Here.
If you have your home escrowed like most Americans, yes. Your mortgage will include your insurance payment, so a lower insurance premium will result in a lower mortgage payment.
You can call the carrier company (Progressive, Travelers, etc) who has your insurance. They often have a claims department line listed on your policy pages. You can also call J Bentley @ 622-3300 and we can get the claims process started for you.
If you select a higher deductible, you will be responsible for paying more out of pocket. However, you’ll typically pay a lower policy premium. The opposite is true if you select a lower deductible option: because the insurer will pay a larger portion of any loss, you’ll typically pay a higher policy premium.
If your home becomes uninhabitable due to a covered loss, we pay for those extra costs of housing, eating expenses, etc. up to the applicable limit. You will find that number in your homeowner’s declarations pages under “Loss of Use”.