Frequently Asked Questions
We know first hand that insurance can be confusing. This is why we've created an easy-to-read library of answers to commonly asked questions.
https://www.streetsmart.insurance/rental-car-coverage/
- Stay Safe: Ensure everyone's safety before anything else. If necessary, contact emergency services.
- Mitigate Damage: If you can do so safely, take steps to prevent further damage, such as covering broken windows or turning off water valves. If needed, contact an emergency service company for professional mitigation.
- Document the Damage: Take photos and videos of the damage before starting repairs or cleanup. This becomes crucial evidence for your claim.
- Contact your Insurance Company: Report the claim as soon as possible, ideally within 24 hours. Be clear and concise when explaining the incident and damage.
- Make Repairs: Once satisfied with the settlement, use the funds to repair the damage as per the agreement. Keep all receipts for future reference.
- Stay at the Scene: Unless in immediate danger, remain at the scene of the accident and ensure everyone's safety. Exchange information with the other driver(s) involved, including names, contact details, and insurance information.
- Contact the Authorities: File a police report, even for minor accidents. This documentation protects all parties involved.
- Notify your Insurance Company: Report the accident to your insurance company as soon as possible. Avoid admitting fault or discussing details with the other driver's insurance company without notifying yours first.
- Document the Damage: Take photos and videos of the damage to your vehicle and any other involved vehicles. Note any injuries sustained.
- Secure a Rental Vehicle/Get Vehicle Towed (if necessary): Contact your insurance company to discuss temporary transportation options while your car is being repaired. If your car is not drivable, arrange for towing through your insurance or a reputable service.
- Cooperate with Adjusters: Both your and the other driver's insurance company may send adjusters to assess the damage. Provide them with honest and accurate information.
- Repair your Vehicle: Once the claim is settled, you can proceed with repairs at an approved shop. Keep all receipts for future reference.
- Dog bites can lead to hefty medical bills, averaging over $49,000 in the US!
- Homeowners' insurance typically covers liability for injuries, but high costs might cause:
- Increased premiums: Owning certain breeds can be seen as higher risk, leading to pricier coverage.
- Policy exclusions: In extreme cases, insurers might exclude specific breeds altogether.
Scenario: You're involved in an accident with a driver who only has $50,000 in liability coverage. Your medical bills and lost wages total $275,000.
Without Excess UM/UIM:
Your regular UM/UIM covers $250,000, leaving a $25,000 gap you'd have to pay out of pocket.
With Excess UM/UIM:
Your regular UM/UIM covers $250,000.
Excess UM/UIM steps in to cover the remaining $25,000, ensuring you're fully compensated for your losses.
Key takeaway: Excess UM/UIM bridges any potential gaps in your coverage, protecting you from financial hardship when accidents happen with drivers who don't carry enough insurance.
1. Impact of Mileage: The more you drive, the higher your risk of accidents, so insurance companies typically charge higher premiums for higher mileage. Conversely, driving less can lead to lower premiums due to a reduced risk factor.
2. Verifying Mileage: You can estimate your annual mileage based on your driving habits or use your car's odometer reading. They can also tap into third-party resources like Carfax. This data aggregator partners with many auto mechanics and body shops, collecting mileage information that insurance companies can access with your consent.
3. Sometimes this data can be wrong so some carriers will accept written statements from you attesting to your annual mileage and/or photos of your odometer in your vehicle.
Remember, honesty about your mileage remains crucial, along with comparing quotes and exploring options.
For your home insurance, forget "market value," think replacement cost. It's the magic number ensuring you have enough coverage to rebuild your beloved brick and mortar haven in case of disaster, not just its current market whims.
Why replacement cost? Here's the hidden logic:
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Market Value vs. Reality: Imagine a fire sweeps through your neighborhood. While nearby houses might retain their market value, yours needs complete reconstruction. Market price reflects location, school districts, and other factors irrelevant to rebuilding costs. Replacement cost focuses on the actual bricks and mortar needed to bring your home back to life.
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Inflation Bites: Construction costs fluctuate. What seems affordable today might be a budget-breaker tomorrow. Replacement cost insurance factors in inflation and rising material costs, ensuring your coverage keeps pace with reality.
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No Bulk Discounts: Unlike builders constructing multiple homes simultaneously, rebuilding yours is a one-off project. Replacement cost accounts for the lack of bulk discounts on materials and labor, ensuring you're not left short when facing real reconstruction costs.
Think of replacement cost as a future-proof investment in your home's security. It guarantees peace of mind, knowing you're covered for what truly matters: rebuilding your home, not just its market value on a fickle day.
This document is provided by the NJ MVC (DMV). Search for your writing company on this PDF.
https://www.nj.gov/mvc/pdf/vehicles/insurance_codes.pdf
https://www.streetsmart.insurance/why-is-my-home-being-inspected-for-insurance-purposes/
1. Roof wreckers: Strong winds can turn those leafy limbs into battering rams, damaging shingles, gutters, and even causing leaks. This can lead to costly repairs and potential claims on your insurance, raising your premiums in the long run.
2. Pest party crashers: Overhanging branches create a welcome mat for unwanted guests like squirrels, raccoons, and even insects. These critters can damage your roof, attic, and siding while seeking shelter or food, leading to further repair costs and potential insurance claims.
3. Falling for trouble: Dead or diseased branches are like ticking time bombs, waiting for a gust of wind or heavy snowfall to send them plummeting. They can damage your property, injure people or pets, and result in hefty insurance claims. Regular trimming and maintenance are crucial to prevent this scenario.
Remember, an ounce of prevention is worth a pound of (expensive) cure. Regularly trimming overhanging branches keeps your home safe, your wallet happy, and your insurance company content.
No-fault means you file personal injury claims with your own insurance, even if you're not at fault. Personal Injury Protection (PIP) is mandatory to cover medical bills and lost wages, regardless of who caused the accident.
Claims example:
- You're rear-ended at a stoplight.
- Even though the other driver is at fault, you file a PIP claim with your own insurance to cover your medical bills and lost wages.
- This is subject to your limits and deductibles/coinsurance
1. Assess driver risk: This is the primary reason. Insurance companies need to consider the driving histories and demographics of all potential drivers who have access to your car to accurately assess the risk associated with your policy. This includes young drivers, who generally have higher premiums due to their inexperience.
2. PIP coverage (personal injury protection): As you mentioned, PIP coverage under your auto policy can extend to household members. To ensure they collect enough premium to cover potential PIP claims, insurance companies need to know who resides in your household.
It's essential to provide accurate information about all household members who might have access to your car, as this helps insurance companies provide you with the appropriate coverage and pricing.
1. Higher risk of damage: Empty homes are more susceptible to vandalism, theft, and water leaks because no one's there to catch and address problems quickly. Think broken windows, burst pipes, or squatters causing havoc.
2. Slower detection and repair: Even minor issues can snowball into major ones when a vacant property goes unnoticed. Imagine a slow leak turning into a moldy mess before anyone discovers it!
3. Increased liability exposure: Vacant properties attract curious trespassers, especially children. Unsecured pools, broken stairs, or even attractive nuisances like abandoned toys can lead to injuries and costly lawsuits. The lack of supervision further amplifies the risk.
In short, vacant homes pose a multi-pronged challenge for insurers. They're more likely to suffer damage, take longer to repair, and expose the owner to potential liability claims, justifying the higher premiums.
Link to www.ddnj.net
Here are the common reasons why your insurance company might request a physical damage inspection on your car, even without a claim:
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The inspection helps the insurer pinpoint any pre-existing damage not mentioned on your application. This is crucial, as they're only responsible for covering damage that occurs after your policy starts.
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Insurance fraud is a real issue. Inspections deter potential fraudsters and ensure you're not claiming compensation for pre-existing damage.
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Certain coverage types, like classic car insurance or comprehensive coverage with high limits, often require inspections to assess the car's value and condition more accurately.
What to Do:
If your insurance company requests an inspection, there's no need to worry. Here is a link to locate an inspection location with Carco.
Click the renewal link below but make sure to get your certificate in the Client Center first! Disregard the section where it asks for bond information.
https://www.njconsumeraffairs.gov/renewals/Pages/HIC.aspx#A
- Stay Safe: Ensure everyone's safety before anything else. If necessary, contact emergency services.
- Mitigate Damage: If you can do so safely, take steps to prevent further damage, such as covering broken windows or turning off water valves. If needed, contact an emergency service company for professional mitigation.
- Document the Damage: Take photos and videos of the damage before starting repairs or cleanup. This becomes crucial evidence for your claim.
- Contact your Insurance Company: Report the claim as soon as possible, ideally within 24 hours. Be clear and concise when explaining the incident and damage.
- Make Repairs: Once satisfied with the settlement, use the funds to repair the damage as per the agreement. Keep all receipts for future reference.
- Stay at the Scene: Unless in immediate danger, remain at the scene of the accident and ensure everyone's safety. Exchange information with the other driver(s) involved, including names, contact details, and insurance information.
- Contact the Authorities: File a police report, even for minor accidents. This documentation protects all parties involved.
- Notify your Insurance Company: Report the accident to your insurance company as soon as possible. Avoid admitting fault or discussing details with the other driver's insurance company without notifying yours first.
- Document the Damage: Take photos and videos of the damage to your vehicle and any other involved vehicles. Note any injuries sustained.
- Secure a Rental Vehicle/Get Vehicle Towed (if necessary): Contact your insurance company to discuss temporary transportation options while your car is being repaired. If your car is not drivable, arrange for towing through your insurance or a reputable service.
- Cooperate with Adjusters: Both your and the other driver's insurance company may send adjusters to assess the damage. Provide them with honest and accurate information.
- Repair your Vehicle: Once the claim is settled, you can proceed with repairs at an approved shop. Keep all receipts for future reference.
- Loss runs are a record of all claims filed against an insurance policy. They can be used to assess the risk of insuring a property or business, and to determine the appropriate premium.
- To get loss runs, you can contact your agent or carrier. They will be able to provide you with a copy of your most recent loss runs.
- Loss runs need a recent valuation date, typically within 30, 60, or 90 days of the application date, to ensure accurate risk assessment by carriers.
Utica First Business Risk Protection empowers your small business to secure key contracts with confidence. Skip the hassle of navigating complex legal documents and ensure compliance with construction agreements, job proposals, and subcontractor agreements. Get the right contracts in place faster, minimize risk, and focus on building your business.
Think of it as your legal "cheat code" for landing contracts and protecting your livelihood. Start here
If you hire a subcontractor where the owner is excluded from their policy, not only can their payroll be picked up and included in your policy audit they also can be entitled to claim benefits under your policy.
Always verify that the owners are included in the policy! This box should be checked “N” at all times.
- Report the Incident: Immediately inform your insurance company of the alleged or potential claim. Don't admit fault or make any promises to the third party involved.
- Cooperate with your Insurance Company: Provide your insurer with all necessary information and participate in their investigation. Be truthful and transparent.
- Settlement or Defense: Depending on the situation, your insurance company may agree to settle the claim or provide legal defense in court. Trust their guidance and cooperate with their chosen tactics.
- Post-Claim Review: Once the claim is resolved, discuss any lessons learned with your insurance company and consider risk management strategies to prevent similar incidents in the future.
- Protect your business: Unlisted drivers mean potentially no coverage, leaving your business financially liable for accidents.
- Accurate risk assessment: Insurance companies need all driver info to set fair premiums and avoid surprises later.
- Compliance matters: Many states require full disclosure of drivers on commercial policies. Omissions can lead to fines and penalties.
- Peace of mind: Knowing everyone's covered means less worry and more focus on running your business smoothly.
- Seek Medical Attention: If injured at work, seek immediate medical attention. Inform your supervisor or employer about the injury as soon as possible.
- Report the Injury: File a formal workers' compensation claim with your employer or their insurance provider. Follow the specific procedures outlined by your workplace.
- Cooperate with Medical Evaluations: Scheduled medical evaluations are standard. Participate actively and disclose any relevant information to ensure accurate assessment of your injuries.
- Return to Work: Work with your doctor and employer to develop a plan for safe and timely return to work. This may involve modified duties or temporary leave.
- Put Preventive Measures in Place: Collaborate with your employer to identify and address potential hazards in the workplace to prevent future injuries.
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IRS Online EIN Verification:
- Website: https://www.irs.gov/businesses/small-businesses-self-employed/lost-or-misplaced-your-ein
- This tool allows you to verify the validity of your EIN, but it won't reveal it if you don't already know it. You'll need the full nine-digit number to use this service.
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IRS Business & Specialty Tax Line:
- Phone: 800-829-4933
- IRS representatives can access your EIN information directly after verification of your identity.This is likely the most reliable option if you've forgotten your EIN.
- A "ghost" workers' compensation policy is primarily used for contractual compliance when no employees are present and the owner does NOT want to cover themselves.
- Think of it as a temporary measure, not a comprehensive solution.offers a certificate of insurance but no actual benefits.It meets specific contractual requirements.
- Crucially, the owner is excluded from coverage under this policy. This means they would be personally liable for medical expenses and lost wages in the event of a work-related injury.
- This policy is still subject to audit for payroll and subcontractor costs.
Here are the common reasons why your insurance company might request a physical damage inspection on your car, even without a claim:
-
The inspection helps the insurer pinpoint any pre-existing damage not mentioned on your application. This is crucial, as they're only responsible for covering damage that occurs after your policy starts.
-
Insurance fraud is a real issue. Inspections deter potential fraudsters and ensure you're not claiming compensation for pre-existing damage.
-
Certain coverage types, like classic car insurance or comprehensive coverage with high limits, often require inspections to assess the car's value and condition more accurately.
What to Do:
-
If your insurance company requests an inspection, there's no need to worry. Here is a link to locate an inspection location with Carco.
If you have a policy with Selective Insurance and you need help with a subcontractor agreement you are in good hands! Get a digital version here!
- Stay at the Scene: Unless in immediate danger, remain at the scene of the accident and ensure everyone's safety. Exchange information with the other driver(s) involved, including names, contact details, and insurance information.
- Contact the Authorities: File a police report, even for minor accidents. This documentation protects all parties involved.
- Notify your Insurance Company: Report the accident to your insurance company as soon as possible. Avoid admitting fault or discussing details with the other driver's insurance company without notifying yours first.
- Document the Damage: Take photos and videos of the damage to your vehicle and any other involved vehicles. Note any injuries sustained.
- Secure a Rental Vehicle/Get Vehicle Towed (if necessary): Contact your insurance company to discuss temporary transportation options while your car is being repaired. If your car is not drivable, arrange for towing through your insurance or a reputable service.
- Cooperate with Adjusters: Both your and the other driver's insurance company may send adjusters to assess the damage. Provide them with honest and accurate information.
- Repair your Vehicle: Once the claim is settled, you can proceed with repairs at an approved shop. Keep all receipts for future reference.
- Protect your business: Unlisted drivers mean potentially no coverage, leaving your business financially liable for accidents.
- Accurate risk assessment: Insurance companies need all driver info to set fair premiums and avoid surprises later.
- Compliance matters: Many states require full disclosure of drivers on commercial policies. Omissions can lead to fines and penalties.
- Peace of mind: Knowing everyone's covered means less worry and more focus on running your business smoothly.
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Use the link below to access our Client Center:
- Minimum earned premium sets the least an insurer receives, even if you cancel early. Think of it as a "non-returnable deposit" for protection.
- It covers their costs from setting up your policy, even if you barely used it. Like paying a restaurant's setup fee even if you leave after appetizers.
- Check for it before buying, especially for short-term coverage, to avoid surprise fees from cancelling quickly.
- Pro rata cancellation refunds your unused insurance premium fairly, like pro-portionally sharing a pizza.
- Short-rate adds a penalty on top, like paying extra for leaving a restaurant early.
- Choose pro rata for fairness, short-rate if switching or cancelling late.
Use the link below to access Certificates of Insurance:
https://www.streetsmart.insurance/client-center-certificates
- Not all insurance companies offer billing options and would need payment in full so depending your needs you would use a Premium Finance Company
- They act as third-party lenders, advancing the upfront cost of your insurance premium in exchange for monthly payments, with interest, similar to financing any other large purchase.
- They will pay the insurance policy on your behalf and you will pay them back with interest.