Your Insurance Questions Answered
Explore our comprehensive FAQ directory for all insurances.
What is professional liability insurance?
Also known as errors and omissions (E&O) insurance, it protects businesses against claims of negligence, mistakes, or failure to deliver services as promised.
What is liability car insurance vs. full coverage?
Liability Insurance: Covers damages and injuries you cause to others in an accident. Full Coverage: Includes liability insurance plus collision and comprehensive coverage for your own vehicle.
What is auto insurance?
Auto insurance is a contract between you and an insurance company that provides financial protection against losses from accidents, theft, or other incidents involving your vehicle. It covers property damage, liability, and medical expenses, depending on the policy.
What does full coverage car insurance cover?
Full coverage typically refers to a combination of liability, collision, and comprehensive insurance. It covers damage to your vehicle, damages you cause to others, and non-collision incidents like theft, vandalism, or natural disasters.
What is collision coverage?
Collision coverage pays for repairs or replacement of your vehicle if it's damaged in an accident with another vehicle or object, regardless of who is at fault.
How much car insurance do I need?
The amount depends on your state's minimum requirements and your personal financial situation. Consider higher coverage limits to protect your assets, especially if you own significant property or savings.
What affects auto insurance rates?
Factors include your driving record, age, credit score, type of vehicle, location, coverage amounts, and prior insurance history.
How much is car insurance per month?
Costs vary based on factors like age, driving history, vehicle type, and location. On average, it can range from $50 to $200 per month.
What is an auto insurance score?
An auto insurance score is a numerical rating based on your credit history and other factors. Insurers use it to predict the likelihood of future claims, which can affect your premium.
Why is car insurance so expensive?
High premiums can result from factors like a poor driving record, expensive vehicles, high-risk locations, or lack of prior insurance. Insurance rates also reflect the overall costs of claims and repairs in your area.
Why did my car insurance go up without an accident?
Rates can increase due to changes in your credit score, adding drivers to your policy, moving to a higher-risk area, or overall industry cost increases.
How does an auto insurance deductible work?
A deductible is the amount you pay out of pocket before your insurance covers a claim. For example, if you have a $500 deductible and $2,000 in damage, you pay $500, and insurance pays $1,500.
What is UM/UIM coverage?
Uninsured/Underinsured Motorist (UM/UIM) Coverage: Protects you if you're in an accident with a driver who has no insurance or insufficient coverage to pay for your damages.
Why is auto insurance important?
It provides financial protection against accidents, theft, and liabilities, ensuring you can cover costs associated with damages or injuries. Additionally, most states require a minimum amount of auto insurance.
How to get cheaper auto insurance?
Shop around for quotes, maintain a clean driving record, bundle policies, improve your credit score, opt for a higher deductible, and inquire about discounts.
How to switch car insurance?
Compare new policies, choose the best fit, align the start date of the new policy with the end date of the old one to avoid coverage gaps, notify your current insurer, and ensure your lender (if applicable) has updated proof of insurance.
What information do I need to get car insurance quotes?
Personal details (name, address, date of birth), driver's license number, vehicle information (make, model, year, VIN), driving history, and desired coverage levels.
What is home insurance?
Home insurance, or homeowners insurance, is a policy that provides financial protection against losses and damages to your residence and assets within it, as well as liability coverage for accidents that may occur on your property.
How much homeowners insurance do I need?
You should have enough insurance to cover the cost of rebuilding your home at current construction costs (replacement cost) and enough to replace your personal belongings.
What are examples of commonly covered and not covered homeowners insurance situations?
Covered: Fire, theft, vandalism, and certain natural disasters like windstorms. Not Covered: Floods, earthquakes, mold, slow leaks, and wear and tear. Separate policies or endorsements may be needed for these.
What is an 'All Perils' deductible?
An 'All Perils' deductible applies to all covered losses except those specifically excluded. It means you'll pay the same deductible amount for any type of covered claim.
How much does homeowners insurance cost on average?
The average cost varies by location, home value, coverage amounts, and risk factors but typically ranges from $1,000 to $1,500 annually in the United States.
How does my mortgage pay for my insurance?
If you have an escrow account, your mortgage lender collects funds as part of your monthly payment to cover insurance premiums and property taxes, then pays them on your behalf.
What does homeowners insurance cover?
Standard policies typically cover the structure of your home, personal belongings, liability protection, and additional living expenses if your home is uninhabitable due to a covered peril.
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