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FREQUENTLY ASKED QUESTIONS
WHY IS MY PREMIUM SO MUCH HIGHER THEN MY NEIGHBOR WHEN WE ARE WITH THE SAME COMPANY?
Homeowner’s policies are like cars. There are different types with different options. And all of those options affect the premium. Your neighbor may have chosen a higher deductible, or chosen to buy a policy that does not provide as much coverage, or chosen to buy a lower amount of insurance.
There are other factors that affect the premium as well. Without reviewing your neighbor’s policy it is hard to tell whether they purchased a “Fiat” or a “Cadillac”.
WHY DO MY AUTO INSURANCE RATES SEEM TO GO UP EVERY RENEWAL?
There are a few reasons why your insurance rate would increase at renewal.
1) The company you’re with had to increase their rates across the board for every policyholder. When an insurance company has proved they need to raise rates with the Department of Insurance to maintain financial strength, they will increase their rates.
2) Another reason could be changes on your policy. If you’ve added a driver, a car, or moved, these can affect your insurance rate.
3) Driving record. If you were involved in an accident or got a ticket, your rates will go up.
SHOULD I HAVE MY HOME AND AUTO INSURANCE WITH THE SAME COMPANY?
Absolutely YES! If you can package your home and auto together with the same insurance company you should do it. There could be significant cost savings involved, in addition to other benefits.
DO CLAIMS AND TICKETS AFFECT MY INSURANCE PREMIUMS?
Yes. Claims for homes and claims and violations for autos do make a difference in the rating of your policy. The impact depends on the severity of the claim and if you were at fault. Tickets and accidents will impact your premiums for a three-year period while major tickets such as DUI’s and careless driving can impact your rates for ten years.
WILL MY AUTO INSURANCE COVER OTHER DRIVERS?
The most popular term in insurance is “it depends”. There is no way to make a blanket statement that will cover ALL insurance policies. To find the most proper answer for this question, you must look to your insurance policy or contact us.
Most preferred insurance policies operate under the term “Permissive Use” This means those people, that are not directly excluded from your policy and have your implied permission to use your vehicle are covered on your insurance policy.
WHY DOES IT COST SO MUCH TO INSURE MY TEEN DRIVER?
Car insurance for young drivers is expensive; very expensive. Adding a teen driver to your policy will often double your rates. There are a few ways to keep your premiums low when it comes time to add your young driver to the policy. Here are a few tips:
Good Grades – The majority of insurance companies will offer a good student discount to young drivers. These programs usually require a B average or higher. You will have to provide copies of a report card or a note from the principal. A good student discount will normally range between 10-20%.
Keep a Clean Record – One of the biggest factors with young drivers is their driving record. If they keep their record clean, your rates will drop over time. On the other hand, if they are cited for speeding, or get in an accident, you can expect your premiums to skyrocket.
CAN BEACH ASK MY MORTGAGE COMPANY TO MAKE CHANGES?
Generally not. Although mortgage companies may reach out to the insurance agency, they will only respond to inquiries from the insured.
MY MORTGAGE COMPANY PAYS MY HOME INSURANCE POLICY FROM MY ESCROW ACCOUNT, WHY AM I RECEIVING A BILL?
You are the named insured and it is your policy, therefore your insurance company will send you a copy of the bill they have sent to your mortgage company. As your agent, we follow up to make sure your mortgage company will pay the renewal premium, and we encourage you to do the same since it is your policy.
WHAT SHOULD I DO IF MY MORTGAGE COMPANY IS LISTED ON MY CLAIM CHECK?
If your mortgage company is listed on your policy as an additional interest, then they will be listed on your claims check as a payee. Contact your mortgage company to arrange for their endorsement of the check so it can be deposited.
IF MY PROPERTY IS VACANT, DO I NEED TO TELL YOU?
Yes. You are obliged to inform us of any change in occupancy. Vacant homes present an increased hazard and certain causes of loss are no longer covered, such as vandalism and water damage. If your home is vacant, let us know and we can help you find appropriate coverage to cover your home.
Beach Insurance Services is a fully licensed Agency listed under License#: 0C17390