AUTO
How much auto insurance coverage do I need?
The more coverage you have, the less it will cost you if
you get in an accident. While there's no hard and fast rule about the amount of auto insurance
coverage you should have, most states require that you carry only a minimum level of auto insurance
coverage. However, be aware that most auto insurance companies
advise against carrying only your state's minimum auto insurance requirements. Why? Because if
you're involved in a serious accident, the costs will significantly exceed your auto insurance
coverage- making you liable for thousands of dollars out of your own pocket! Don't skimp on your auto
insurance coverage. You'll need it to protect you if you're ever involved in an accident.
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What is property damage coverage?
Property damage coverage is much like it sounds: it
helps you pay for damages to another person's property (such as a fence, car, or home) if you cause an
accident. This form of auto insurance coverage can also help protect you in the event of a
related lawsuit. Property damage coverage is thus one of the most important types of auto insurance
coverage in your auto insurance policy.
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Does my driving record affect my auto insurance
rates?
Typically, if you have violations on your record, you
can expect your auto insurance rates to go up. It
generally lakes 3 years for auto insurance rates to go back down after a
violation. However, this time frame can be longer for
more severe incidents. Whether or not you were found at-fault in an accident
will also have a large impact on your insurance rates.
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HOME
How much home insurance do I need?
Asset Protection: More coverage generally means you will
have less to payout of your own pocket if disaster strikes. You must determine the
amount you can financially afford to lose. Depending upon your determination, more insurance may be
the answer. You need enough liability coverage to protect yourself from
lawsuits resulting from your possible negligence. Lender Requirements: Your lender may require you to
cover the house for at least the amount of the mortgage. You are not required to purchase insurance
from the insurer recommended by your lender. Policy Requirements: Insurers may impose some conditions
for replacement cost protection, including insurance of the property to value.
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What does personal property insurance coverage
include?
In general, the contents of your home and other personal
belongings owned by you or family members who live with you are covered under the policy
equal to 50 percent of the value carried on your dwelling. However, high-valued personal property
such as jewelry and cameras should be listed on the policy so that you are adequately
protected.
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Does my homeowner insurance policy cover flood
damage?
Generally, homeowner insurance policies do not offer
protection against flood losses. Flood insurance is available through the federal government's
National Flood Insurance Program. It may be purchased through any licensed property/casualty
insurance agent or through many private insurance companies that are now writing flood insurance
under arrangements with the Federal
Insurance Administrator.
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UMBRELLA
What is a personal umbrella liability policy?
The personal umbrella liability policy is designed to
increase your liability protection. This single policy
acts as an "umbrella" over all of your other personal
liability policies " home, auto, boat, RV, etc. -- so
you have a higher personal liability limit than what would
otherwise be available. In certain circumstances, an
umbrella policy may provide personal liability coverage that is
otherwise excluded from your other policies. For example, an umbrella policy provides coverage anywhere
in the world, whereas your auto policy usually provides coverage in the US and Canada only.
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How do I know if I need a personal umbrella liability
policy?
It used to be that the only people who needed personal
umbrella liability policies were wealthy individuals who had sizable amounts of personal assets that would be
at risk in a lawsuit. However, in today's society you are seeing more and more individuals with modest incomes
and assets often being the subjects of large lawsuits. Since they are even less able than a wealthy
individual to pay large damage awards, they recognize the need to have coverage limits greater than what can
be obtained from their homeowner or auto policies.
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Isn't my basic homeowners or automobile liability
insurance enough?
Usually it is. However, jury awards can often reach
millions of dollars in liability lawsuits. Umbrella
policies are designed to help protect your current assets and your
future earnings.
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BUSINESS OWNERS POLICY
What does a business owners policy cover?
Policies that combine protection from all major property
and liability risks in one package. (They also sell
coverages separately.) One package purchased by small and
mid-sized businesses is the business owners policy
(BOP). Packagepolicies are created for businesses that generally face
the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their
policies to meet the special risks they face.
BOPs include:
- Property insurance for bUildings and contents owned
by the company - there are two different forms, standard and special, which provides more comprehensive coverage.
- Business interruption insurance, which covers the
loss of income resulting from a fire or other catastrophe
that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
- Liability protection, which covers your company's
legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
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WORKERS COMPENSATION
I am starting a business and need workers'
compensation insurance. What do I do?
You can get insurance through any insurance agent or
broker who handles business insurance, through a direct writer of insurance, or through the Insurance Rating
Bureau, (617) 439-9030.
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I worked as a subcontractor, and had money deducted
for workers' compensation coverage by the general
contractor. Can they do that?
Yes, but only if it is provided for in the contract they
have with you, or otherwise explicitly provided. General contractors have legitimate concerns about whether you
have we insurance since they can be found liable for
claims against them by a subcontractor or their employees.
Therefore, you may find that the general contractor
requires you to provide proof of coverage, or that you agree to come
under their workers' camp policy with such costs passed
on to you.
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I'm self-employed, the sole proprietor of my company
which is not incorporated; Do I need to get workers' compensation insurance for myself?
No, as the sale proprietor of an unincorporated business
you would not need to insure yourself. However, as a
sole proprietor, you do have the option to elect coverage for
yourself. For more information, call us.
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