Covering all issues involving insurance
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If a contractor classified himself as a grading and hauling contractor, but applied as a concrete finisher, is he still covered under his policy?
Answer: I can’t say for sure if this will affect the contractor’s coverage, but I would recommend that the error be corrected as soon as possible. If the insurance company decides that there was a deliberate attempt to conceal information, or to mislead in any way, the coverage could certainly be considered null and void and the policy could be cancelled. It could not only impact the ability of the insured to collect on a claim but also on his ability to get insurance in future.
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Since I do not own a car, I do not have car insurance, but a few times a year I rent a car. I would like to know what insurance the rental company has and if it's necessary to get all the optional coverages? What am I responsible for in case I get in an accident or if I find the car dented/hit?
Answer: If you have a “gold” or "platinum" credit card, you can often completely waive the insurance provided by the car rental agency. Many gold cards have a yearly fee attached, but the cost of insurance on a rental vehicle for more than 2 or 3 times a year can be considerably more than the fee for the credit card. So if you rent frequently, definitely look into a gold credit card.
You can also find gold cards without a fee, but be sure that they still provide you with the coverage to waive rental car insurance.
If you waive insurance at a rental agency and you find the car has been damaged, you are likely responsible for the full cost of repair. Always check the car out carefully at the rental location before you drive off the lot.
Always have some kind of insurance if you are driving a rental vehicle. If you are in an accident with another vehicle and without insurance, the financial impacts could be devastating. So, please don’t travel without insurance, and look into that gold card to save yourself some money.
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I am in the process of purchasing a commercial building to rent out. I was hoping you could help me with a few ideas on what kind of insurance I should carry on the building as the landlord. In the bottom of the commercial building I am renting an antique store. In the top of the building are 2 apartments that I will rent and the occupants of the apartments will again be responsible for their own stuff. So I guess I just need insurance for the building itself, and I was hoping you could help me with what kind of coverage I should have.
Answer: As the owner of a commercial property, you should be looking at a comprehensive insurance policy for the structural components of the building. This is fairly straightforward, and you might want to consult with a broker that is familiar with putting insurance on properties that have tenants.
If the structure of the building fails and your tenants are hurt, you will be liable. This is just one reason that you will want to have liability insurance as well. You could even find yourself named in a suit if someone hurts himself or herself within the store. Good liability insurance is a must for any business venture.
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I was involved in an auto accident while using a friend’s car. It was a hit-and-run. How will this affect his insurance?
Answer: In most cases, a claim will result in an increase in premiums. However, if you were the driver and not your friend, whether his claim will be paid or not depends on his coverage for “occasional drivers.” If his policy stipulates that occasional drivers have to meet certain age or other criteria, or if occasional drivers are excluded, he could be denied coverage.
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I would like to see a rating of an insurance company. The particular company heads their letter with A+ but I think there is more to the rating system than that. Could you please suggest a way I can look that information up online? Answer: You can find the financial ratings of companies through one of the many rating companies. We provide you with links to the top rating companies in our section Ready to Buy Car Insurance? on this site. However, if you want more than financial ratings, you’ll have to look elsewhere. You can look to the Better Business Bureau to provide you with customer complaint ratings. There are also many sites on the web that post customer complaints against companies. This should provide you with some additional information about any company that you are looking to deal with.
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Can I insure the inside of my car, which holds about $ 3000 worth of tools?
Answer: Yes, you can. You can get a special endorsement on your existing car insurance, to cover the value of the tools. It’s probably wise to do this, as carrying that amount of tools in your car would be unusual and, in case of a claim, you could find that you have a problem with your insurance. If you get a special endorsement or rider, you should have an easier time if you ever do have a claim.
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My job just stopped my short-term disability coverage. I am concerned that if I should get sick, I would not be able to pay my bills. How could I get some insurance to help me in that time? Answer: It’s very easy to get your own short-term disability insurance. In fact, if you want to start the process of getting a few quotes, check out our section on short-term disability. At the top of the page, you will find links to trusted sponsors. Follow these links and get a few quotes online – it can save you a lot of time and effort. While you may not be happy about having to purchase your own short-term disability insurance, it may work to your advantage if you ever have to collect it. In fact, when you pay your own premiums out of your own pocket in the U.S., your benefits when you claim are normally tax-free. It can make a big difference in how much money goes into your pocket in case of a claim.
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How do I get liability insurance for the directors of a non-profit organization?
Answer: All this takes is a bit of research. You don't tell me which state you are in, or I might be able to refer you to a program or association. However, you can find what you need on your own! You might want to look at our section on liability insurance, and follow some of the links to trusted sponsors. These links should take you to insurers who offer liability insurance. You can also speak with an insurance broker. Try to find one that has worked with non-profit organizations before, as such a person will likely be able to help you more quickly. Do be aware that liability insurance for directors can be expensive, depending on what your non-profit does, and what powers the directors have. If you have a volunteer association in your state, you might be able to get your insurance cheaper either through them or as a member of that association.
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I’m thinking about putting in a wood stove in my home for heat because of the rising heating oil prices. I’ve installed a stove before but my insurance company tells me that it has to be put in by a professional at significant cost to me. So do I have to pay for installation, or can I do it and then get a professional to come and inspect it?
Answer: This will be something that you will have to sort out with your insurance company. Each company will have their own unique underwriting requirements in order to give you insurance on your wood stove. For instance, if this particular company has had a problem with claims from stoves installed by homeowners rather than professionals, they may decide to refuse you coverage if you install yourself.
I’d speak with a company representative directly at your earliest convenience.
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I have recently been put on medical leave from my employer for back problems. My doctor says I will not be able to return to work. In the meantime, I am having problems with my ex-employer threatening me that he will cancel my state-continued insurance that I have through the company, for assisting a co-worker with unemployment benefits. My question is, does he have any right to cancel my insurance?
Answer: If your insurance is state-continued, your employer should not be able to terminate your coverage. But given your situation and the fact that your LTD benefit is likely your primary (if only) source of income, you should get some legal advice to be sure. Most lawyers will give you a half-hour of free time. I’d take advantage of that.
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Do you offer insurance for snakes/lizards? Answer: I’ll take this opportunity to tell you that we don’t sell insurance of any kind – even interesting kinds. What insuranceguide101.com does is give you information on a variety of insurance products, to help you decide what you need to buy and what might be a waste of your money. If you need pet insurance, why not start with our section on Pet Insurance, and follow the sponsored links to a few potential insurers? This could help you to get some quotes for the insurance you need. While we can't guarantee that all insurers will offer a policy for an exotic pet, such pets are becoming more popular -- so someone out there must be insuring them.
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I have dental insurance through my employer. How do I find a dentist in my area that accepts our plan?
Answer: We can’t help you locate a dentist, but I’m sure that your insurance company can provide you with a list of dentists in the plan. You should also be able to check with your employer on this question.
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I have an American Eskimo dog that is 3 years old. She has a cataract. I want to know if there are any insurance companies out there that will insure her. I know that some human insurance companies will insure a person with a pre-existing condition as long as they haven't been treated in a certain period of time or for a higher premium.
Answer: I would expect that there may be companies who will insure your dog, despite a pre-existing condition, and in the same way that “human” health insurance works: the pre-existing condition may be excluded entirely; it may be covered only after a waiting period or a period without treatment; or, it may be covered at a higher premium. If you haven’t found such a company yet, I would advise you to do some more research and perhaps include your local veterinarians, who will be the most familiar with pet insurance.
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When the HOA fees include earthquake insurance (structural only, of course), is there any law or standard regarding who would be required to pay the large deductible in the event of an earthquake and subsequent damage?
Answer: This depends completely on the “fine print” of the policy and how the condominium itself is set up. In most cases, one way or the other, you (as one of the owners) are paying the deductible, whether through a special assessment or through savings that the HOA has. I would advise you to read the condominium’s bylaws and amendments, to understand how decisions about large pay-outs have been made in the past that might affect you. If you are buying into this property, you can request the bylaws as well as a copy of the insurance policy for the condominium. Ask for it as part of the conditions before you make any offer.
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Readers Question:
I need some info on this type of insurance. I am purchasing a condo and I’m getting conflicting info on getting contents coverage or not. I need some info explaining the pros and cons objectively.
Answer:
If you don’t have contents insurance and anything happens to the things you own inside your unit, you will have no coverage. This means that any replacement of your belongings will be at your own expense. This is the reason to have this insurance.
The con of condo insurance is that actually claiming on damage to items that are part of the unit is very tricky. In most cases, insurers will deny a claim up front, and will leave you to fight with them. Why? Well, most condos are a combination of internal finishes that “belong” to you (because they aren’t original to the unit) while other finishes belong to the condominium (because they ARE original to the unit). This legal nightmare creates a situation where insurance companies will be very hesitant to pay. They’d prefer to see if another insurance company or the condominium itself will pay.
However, the exposure to your belongings is more than sufficient reason to get the insurance. If you have a 2-bedroom condo unit, you are likely looking at a minimum of $30,000 of personal belongings. If you have expensive furnishings or other expensive items, it could be much more. Whether you will have to fight to have carpet or finishes in the unit replaced or repaired, you will definitely want your personal items protected.
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