Automobile FAQs

Homeowners FAQs

Automobile f.a.q.

-What should I do if I'm involved in an accident?

It's best not to admit an accident was your fault, even if you think it was.

Contact your insurance company as soon as possible, even if damages were minor

Notify the police as soon as possible.

The first priority is the condition of those involved. Call for medical help if anyone at the scene is injured.. Obtain the names, addresses, phone numbers of all persons involved, including passengers and witnesses, license plate numbers of all other cars involved.

Let the authorities determine who was responsible.

-Why would I want to buy more insurance than state law requires?

If you are found to be liable for an amount greater than the coverage limits of your policy, you must pay the difference.

-If another driver hits my car, what should I do?

If the accident is not your fault, you will make a third-party claim to the at-fault driver's insurance company. Because you are the claimant, the insurance company typically will issue the check directly to you. It's your responsibility to pay the repair shop, and the lender if you have a car loan. If the other driver doesn't have insurance, your uninsured motorist coverage (if you have one) will take effect.

Homeowners f.a.q

-What is homeowners insurance?

Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability for any injuries and property damage, you or members of your family cause to other people. This includes damage caused by household pets.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility

-What is in a standard homeowners insurance policy?

A standard homeowners insurance policy includes four essential types of coverage. They include:

1. Coverage for the structure of your home.

2. Coverage for your personal belongings.

3. Liability protection.

4. Additional living expenses in the event you are temporarily unable to live in your home because of a fire or other insured disaster.

-Can I own a home without homeowners insurance?

Unlike driving a car, you can legally own a home without homeowners insurance. But, if you have bought your home and financed the purchase with a mortgage, your lender will most likely require you to get homeowners insurance coverage.
That's because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster. If you live in an area likely to flood, the bank will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to earthquakes. If you buy a
co-op or condominium, your board will probably require you
to buy homeowners insurance.

After your mortgage is paid off, no one will force you to buy homeowners insurance. But it doesn't make sense to cancel your policy and risk losing what you've invested in your home.