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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.
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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.
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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.
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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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