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- What is the advantage
of having a broker over an agent?
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How can I save money on my
insurance?
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Is my jewelry fully covered
by my homeowners policy?
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How much insurance should I
purchase for my house?
- How much liability
coverage is enough?
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I serve on several non-profit boards, do I
have coverage for this exposure under my
homeowners policy?
What is the advantage of having a broker
over an agent?
A broker represents many insurance companies
whereas an agent only represents one. A broker work for the
client's best interests an agent works for the company.
Usually when a client has had numerous claims an insurance company
may cancel their insurance at renewal, since an agent can only
place coverage through one insurance company, they are unable to
replace coverage. A broker represents many markets and
should be able to accommodate the client by placing the coverage
for the client.
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How can I save money on my insurance?
You need to consider what you want your
insurance policy to do for you in time of need: the claim.
Would you prefer to save a nominal sum of money up front and not
be covered for a loss? For example, saving $300 up front may
mean owing $5,000 when you have a claim because you are not
covered or important coverages aren't available to you. At
Jamison, we can show you ways of saving premium up front without
jeopardizing important coverage.
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Is my jewelry fully covered by my
homeowners policy?
Most prospects don't realize that homeowners
policies offer only $1,000 in coverage for jewelry. Plus
this limit is also subject to the policy deductible.
Although most of our markets offer $5,000 in jewelry coverage,
this usually is not enough. The solution is to purchase a
valuable articles policy so you can insure specific jewelry items
for an agreed amount.
Top
How much insurance should I purchase for my
house?
One of the biggest mistakes is insuring your home for what it cost
to sell it (market value) rather than the cost to rebuild it
(replacement cost). A homeowner policy is designed to cover
the cost to reconstruct your home should it be destroyed.
You want to be sure your homeowners carrier assists you in
determining the replacement value of your home before you have a
loss. Also, be sure your policy includes "replacement cost"
on your home even if it exceeds the limits on your policy. Top
How much liability coverage
is enough?
You need to decide how much you have to lose if you are sued.
Every insured's needs vary upon your own requirements, therefore
you should select a limit that provides adequate financial
protection for your assets: your home, personal belongings, and
investments. Be sure your policy provides additional
coverage for the cost of litigation.
Top
I serve on several non-profit boards, do I
have coverage for this exposure under my homeowners policy?
Your homeowners policy may provide limited coverage for bodily
injury or property damage as respects to your service as a board
member. However, vital coverage for such things as breach of
duty are not covered under your homeowners policy. You
should ask if the non-profit has a Director & Officers policy
(D&O). Check the limit to be sure it is adequate. If
there is no policy, you should strongly recommend that they secure
one.
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