Q: What are the advantages to using an agent to purchase insurance?
A: By using an agent to purchase insurance, the policyholder receives more personal service. An agent with whom there is direct contact can be vital when purchasing a product and absolutely necessary when filing a claim. A local, independent agent is able to deliver quality insurance with competitive pricing and local personalized service.
Q: What does homeowners insurance cover?
A: The typical homeowners policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. Almost anyone who owns or leases property has a need for this type of insurance. Usually, homeowners insurance is required by the lender to obtain a mortgage.
Q: What is the difference between "actual cash value" and "replacement cost"?
A: 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 an amount necessary to replace the article with one of similar type and quality at current prices.
Q: Is flood covered under my homeowner's policy?
A: NO - Flood coverage is a separate policy.
Q: What factors can affect the cost of my automobile insurance?
A: A number of factors can affect the cost of your automobile insurance - some of which you can control and some that are beyond your control.
The type of car you drive, the purpose the car serves, your driving record, and where the car is garaged can all affect how much your automobile insurance will cost you.
Even your marital status can affect your cost of insurance. Statistics show that married people tend to have fewer and less costly accidents than do single people.
Q: Why would I want to buy renters insurance?
A: If you live in an apartment or a rented house, renters insurance provides important coverage for both you and your possessions. A standard renters policy protects your personal property in many cases of theft or damage and may pay for temporary living expenses if your rental is damaged. It can also shield you from personal liability. Anyone who leases a house or apartment should consider this type of coverage.
Q: What is a personal umbrella liability policy?
A: The personal umbrella liability policy is designed to increase your liability protection. This single policy acts as an "umbrella" over all 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.
Q: How do I know if I need a personal umbrella liability policy?
A: It used to be that the only people who needed personal umbrella liability policies were wealthy 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.
Q: Who is required to provide Workers' Compensation coverage?
A: Any employer who employs three or more employees.
NOTE: Every executive officer selected or appointed and empowered in accordance with the charter and bylaws of a corporation is considered an employee of such corporation. For example, a corporation with two officers and one employee would be required to provide Workers' Compensation coverage. Any employer in which one or more employees are employed in activities which involve the use of or presence of radiation is required to have coverage.
Insurance products offered through Gateway Insurance Services, Inc. are:
NOT A DEPOSIT • NOT FDIC-INSURED • NOT GUARANTEED BY THE BANK
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • MAY GO DOWN IN VALUE
