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FAQ
INSURANCE FAQ
Why do I need to buy insurance?
What factors affect the insurance premiums I pay?
Where you keep your car directly affects your chances of having an accident or becoming a victim of theft or vandalism. The likelihood of encountering these problems increases in larger, more densely populated cities, while such incidents remain relatively low in rural areas. Additionally, the time and efficiency of police response and law enforcement, local road and traffic conditions, and the quality of local medical services can affect regional insurance rates. Some insurers even factor in the litigation rates in a given area (how many lawsuits are filed, go to trial, out of court settlements, and their amounts). Do all states require some kind of Liability insurance? No. Although not every state requires Auto insurance, some have “financial responsibility” laws mandating all drivers to be able to pay for any damage or injury they might cause. However, Liability insurance is still the best way for you to meet your state's financial responsibility requirements. By law, all states offer UM and UIM policies, including no-fault states. In fact, some states require all motorists to carry this coverage in order to gain protection from inadequate insurance coverage of other drivers. How do I keep my insurance company from canceling my policy? Besides maintaining a clean driving record, consider investing in special safety and security features for your car. If you've been in an accident, consider taking a defensive driving course. What happens when I loan my car to someone? Is that person covered by my policy? Am I still covered? Yes. Liability and coverage for Physical Damage (i.e. Comprehensive and Collision) always follow your car. Plus, if the driver of your car is insured, his/her policy will also be available to cover the cost of damages and injuries. The same rules apply when you borrow someone else's vehicle; your own insurance follows you no matter whose car you're driving. But the vehicle owner's policy is the key coverage in the event of an accident. Am I covered for natural disasters or “Acts of God”? Comprehensive insurance, which covers you for fire and theft, generally covers you against damage by flood, earthquake, hail, and other natural perils, except when your car is overturned (which is technically considered a collision). If you have specific concerns about the safety of your vehicle in natural disasters, contact us for information on catastrophic coverage. How can I challenge my insurers if they refuse to cover a claim? Usually, insurers that refuse to cover a claim have a strong legal reason for doing so — even if you disagree. First, contact us if you feel you're being treated unfairly. Your agent is your strongest advocate in insurance matters. But if it's a legal problem, you might have to hire a lawyer. Return to topHOMEOWNERS INSURANCE Who decides on the type of insurance, the mortgage company or me? You do. The mortgage company collects a set amount from you each month in order to protect their investment. This money is put in escrow and covers your insurance and taxes. However, the policy is still yours and you might select the insurance you feel offers the best coverage at the best rates. What exactly does a Homeowners policy cover? “Exact” coverage is impossible to define because there are different policies and about 900 insurance companies writing Property/Casualty business in the United States. However, 80% of Homeowners policies are based on a standard form. All Homeowners policies cover two important areas: Property and Liability. Property insurance covers your structures and possessions. Personal Liability, as its name implies, means you're legally obligated to pay money to another person for actions caused by you, your family, or your property. That liability extends to medical payments to others for injuries caused by you or your family. Are floods, earthquakes, and other natural disasters covered? Most catastrophes are covered. Flood and earthquake damage, however, are not covered by a standard policy and both perils are more common than many people realize. We can advise you on such normally excluded conditions as floods and earthquakes. Are there exclusions I should know about? Exclusions listed and defined in your policy might include neglect, intentional loss, “earth movement,” general power failure, and even damage caused by war. If you fail to take care of your property (e.g., a leaky roof), you might not be covered. Obviously, if you intend to lose an object or damage your property, there's no coverage. One other exclusion that can be costly is the Ordinance or Law exclusion. Building codes established by governmental bodies that drive up the cost of rebuilding or repairing after a loss occurs might not be covered by your insurance policy. Thus, if you discover when replacing damaged property that current law demands higher grade or more expensive materials than those you're replacing, the new materials might not be covered fully. Return to top How expensive is renters insurance? Renters insurance is typically available for as little as $100 a year. Does my landlord's insurance protect me? Generally, no. The property owner's insurance covers the building itself and seldom a tenant's possessions or liability. Clarify this with your landlord before signing a lease. Return to top
Yes. Your chance of suffering a loss begins with the first day of business. If you suffer a loss and have no insurance or have improper or insufficient coverage, your insurance agent can do little, if anything, to help you. Also, many states and local jurisdictions require businesses to have insurance to begin operating. And if you rent space for your business, your landlord probably requires you to obtain adequate insurance. I don't have any major business assets. Why do I need insurance? Every business has some property. When you think about it, your business is your property. Just like your home and your car, your business needs to be protected from loss, damage, and liability. In addition, your business is your source of income, so you need protection from the potential loss of that income. Does insurance coverage vary for different businesses? It can. Many small businesses opt for package policies that cover the major Property and Liability exposures as well as for a loss of income. A common package policy used by many small businesses is called the Business Owners Policy (BOP). Generally, BOPs provide more complete coverage at a lower price than separate policies for each type of insurance needed. We can help you decide which policy or policies are right for your business. You can also purchase additional coverage for perils or conditions otherwise excluded (e.g., flood protection) as endorsements to a standard policy or as a separate, second policy called a Difference in Conditions (DIC) policy. We can advise you of the best policy (or policies) to protect you and your business. What if Someone Sues my Business? No business can afford to be unprepared for a lawsuit. Liability insurance protects your business assets when the business is sued for something the business did (or failed to do) that contributed to injury or property damage to someone else. Liability coverage extends not only to paying damages but also to the attorney's fees and other costs involved in defending against the lawsuit - whether valid or not. We can advise you about the best liability protection covering all types of situations that may arise in your business. What Types of Property Do I Need to Insure? Your business may not possess all of the following types of property, but you can use this list to make sure that you have considered all of the property categories and any insurance coverage that may be warranted:  Furniture, equipment, and supplies Inventory Money and securities Records of accounts receivable Improvements and betterments you made to the premises Machinery Boilers Data processing equipment and media (including computers) Valuable papers, books, and documents Mobile property such as automobiles, trucks and construction equipment Satellite Dishes Signs, fences, and other outdoor property not attached to a building Intangible property (good will, trademarks, etc.) Leased equipment To establish the amount of insurance you need on each, we can help you review the types of property you own and their uses. How Much Life Insurance should I purchase? There are many and varied needs for funds upon the death of an individual, and all must be taken into account to arrive at a proper amount of insurance. For simplicity, some authorities recommend a good rule of thumb to be five to ten times your annual income. We can advise you about your needs and goals, and illustrate how each item translates into a given amount of funds needed at the time of death. What is a Major Medical Health Policy? This is the most common form of individual or group health insurance is a major medical health policy. It provides benefits for sickness or injury, regardless of whether the care is provided at a doctor's office, clinic, or hospital. The types of sickness and injury covered are typically broad, although there are always limitations. Major medial policies normally have an annual deductible and a lifetime maximum amount of benefits that will be paid. What Type of Care does Long Term Care Insurance Coverage? Each policy also has specific benefits that it will cover. Possible covered services include: Why is Disability Insurance Important? You work hard to give your family what they need. That's why your income is one of your most valuable assets. If a total disability took away your ability to work, your income would stop but the bills never would. With Disability Income Protection, you'll have the reassurance that you're prepared for the unexpected. We can help you obtain a Disability Income Policy designed to give you peace of mind.
Valeri Agency 6309 60th Street
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How does where I live affect my premium? 
I'm just getting my business started. Do I need insurance immediately? 
