*** All questions answered below are answered in general terms. Each company that we represent has its own, different set of rules and guidelines. Please call us for specifics on your particular policy or any other questions you may have. (314) 892-7600.
Water back up and sump pump failure coverage is an endorsement of the homeowner insurance policy that provides coverage to property damaged by water that backs up into the home through pipes, drains, sewer, water-service, sump pump and any other type of fluid transfer system from the house. It is important to understand the water back up and sump pump failure coverage is an endorsement to the homeowners insurance policy. This coverage does not come standard. You have to add the coverage and in most cases, pay an additional premium, otherwise you do not have coverage for this type of loss.
Theft coverage for jewelry is included on most homeowners and renters insurance policies. However, the coverage included on an unendorsed homeowners or renters insurance policy can be very limited. If you want to cover a piece of jewelry for it's true value than you need to do one of two things:
1) Specifically schedule the piece of jewelry onto your homeowners or renters insurance policy
2) Buy a separate inland marine insurance policy for that piece of jewelry.
In both cases you will need to get the jewelry appraised and give the appraisal to your insurance professional.
This is one of the questions asked most often of insurance agents and the unfortunate answer is "It Depends". There are so many factors that go into how much homeowners insurance you should have. In an effort to not get too technical on you, I would say that as long as your policy is written and insured at Replacement Cost you are doing well. That doesn't mean you have the absolutely correct amount but you are in the ball park. Determining the amount of homeowner insurance appropriate for your home is something I would recommend you leverage your insurance professional for.
"Rule of thumb" suggests an amount of life insurance equal to 6 to 8 times annual earnings. However, many factors should be taken into account when determining the right amount of life insurance for you and your family.
Important factors include:
- Income sources and amounts other than salary earnings.
- Whether or not you are married and, if so, what is your spouse's earning capacity.
- The number of individuals who are financially dependent upon you.
- The amount of death benefits payable from social security and an employer-sponsored life insurance plan.
- Whether any special life insurance needs exist - (mortgage repayment, education fund, estate planning need, etc.
Comprehensive (a.k.a. Comp or Other Than Collision) and Collision are physical damage insurance coverages on a personal or business auto insurance policy. Collision coverage provides reimbursement for damage to your vehicle after you've been in a car accident in which there is no fault or you are at-fault. Comp provides reimbursement for a set of named perils that include, fire, hit an animal, falling object, car gets struck by lightning and more. Comp will often be provided in conjunction with full glass coverage but is technically a separate part of the auto insurance policy.
A parent's Homeowners insurance policy does provide some coverage for a student while away at school, but only limited coverage. The student does have to be enrolled full-time, as defined by their particular school. They also need to have been a resident of your household before moving out for school, provided the student is 24 or under and your relative or 21 or under and in your care. Typically, these three essential coverages are extended:
- Personal Liability (covers for legal defense costs and damages from an accident that they are responsible for)
- Medical Payments (no fault medical payments/expenses because of bodily injury to another caused by insured)
- Personal Property (the limit is 10% of coverage C limit for personal property on homeowners policy or $1000, whichever is greater. Please check with us to verify the information on your particular policy.
In the state of Missouri, auto insurance follows the car. If you give a friend permission to take your car to the store and he/she is involved in an accident, coverage will be based on the policy for that vehicle - not the driver. Each state has their own laws though, so know what your state says. Insurance companies require that policy holders declare all drivers in a household, and it can cause problems in the event of a claim if a household driver was not disclosed to the insurance company. After the insurance pays the claim, the company may have the right to cancel the insurance on renewal because the policyholder misrepresented themselves when applying for coverage.
Car rental companies charge daily fees for Collision Damage Waiver (CDW) coverage (which means their insurance will pay for all damages covered in your rental agreement). Rental car coverage under a private passenger policy varies state-by-state. In some states, your current Auto insurance coverage may already provide adequate coverage protection for you, even if you are renting a vehicle. So, you may want to contact your agent prior to renting a vehicle just to check into which coverage you currently have. Please feel free to contact us to review your current coverage or to talk about adding coverage to your current policy.
The quick and easy answer to this is yes. You should have more insurance coverage than the state mandated minimum auto coverages. But it all depends on your interpretation of what insurance is for. If you believe that insurance is in place to protect you for your "Worst Day" than the state minimum is never going to protect you against that "Worst Day"