|
Best Insurors > Personal Insurance > Frequently Asked Questions
Frequently Asked Questions
- What is Uninsured/Underinsured Motorist coverage?
- What is Personal Umbrella insurance?
- Do you have an in-home business?
- Does my homeowners policy cover damage from a hurricane?
- Does my homeowners policy cover jewelry?
- Should an automobile policyholder carry collision coverage on an older vehicle?
- Is sinkhole damage covered on my homeowners policy?
1. What is Uninsured/Underinsured Motorist coverage?
Uninsured/Underinsured Motorist coverage provides coverage to the insured if the driver who is at fault in an auto accident does not have an automobile liability policy or does not have an adequate limit. Uninsured/Underinsured motorist coverage covers you and your passengers when the negligent party has insufficient or no auto insurance coverage. It is required coverage in some states.
Back to top
2. What is Personal Umbrella insurance?
Personal Umbrella insurance provides the insured with liability protection from claims. Personal umbrella insurance provides personal liability protection above and beyond what standard auto and Homeowners policies may provide. If you have concerns about claims filed against you in which you may be responsible for their injury or damages and your assets are greater than the limits of your other current insurance coverage, then Personal Umbrella insurance may be right for you.
Back to top
3. Do you have an in-home business?
If so, it is most likely not covered by your standard homeowners' policy. There are many exclusions in a Homeowners policy regarding in-home businesses. For example, loss recovery on all computer equipment in the home is normally capped at $2,500 and does not cover business interruption. In-home business insurance is very specific to the type of business you have. Please contact Best Insurors for more detailed information.
Back to top
4. Does my Homeowners policy cover damage from a hurricane?
Yes, but it usually has a separate deductible of 1%, 2%, 5% or more of the total insured value of your property. For the specific amount of hurricane coverage and deductible that your homeowners' policy has, please refer to your homeowners' policy or contact Best Insurors for assistance. There are also restrictions as to when you can change the deductibles on the hurricane section of your homeowners' policy. A good general rule is if a hurricane is headed toward your home, you cannot add or change the coverage.
Back to top
5. Does my homeowners' policy cover jewelry?
Jewelry is covered for theft only, subject to the limitations in your homeowners' policy. Many homeowners' policies carry a maximum insured limit on all jewelry in a home up to $1,000. To purchase additional coverage on higher risk items such as jewelry, furs and fine arts, an Inland Marine policy should be considered.
Back to top
6. Should an automobile policyholder carry collision coverage on an older vehicle?
What coverage you carry is the individual policyholder’s choice. When making a decision on coverage types and amounts, a policyholder should take into account the value of the item to be insured and the amount of risk the policyholder is willing to accept. The policyholder should also consider the premium he or she is paying for the coverage and what the insured value would be if the vehicle is a total loss.
Back to top
7. Is sinkhole damage covered on my homeowners' policy?
In most cases yes, but as in most insurance policies, coverage and exclusions are different from policy form to policy form. You should consult your policy or call Best Insurors for more information.
Back to top
|
