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AUTO
I find myself deferring
to choose a policy based on the cost of the policy.
What is the most important facet to consider in
auto insurance? Deferring
to cost-only analysis of your auto insurance needs
could be a risk. McClure insurance will help you
examine the features of a policy and its price
trade-offs through clear explanations and examples.
There are many details to consider, and sometimes
the least expensive option is not the best for
you.
My auto insurance rates
are higher than I would like. Is there a way to
lower my monthly payments? Raising
the deductible is one way to lower monthly insurance
costs, but you must be able to cover the cost
of the deductible in a claim. We at McClure Insurance
can work with you to find the best the best deal
for your dollar.
My neighbor sometimes
needs to use my car. Is she covered under my policy?
Yes. Friends and coworkers
using your vehicle are covered under your insurance.
Terms to Know
- Collision physical
damage Damages
incurred to the vehicle from a collision with
another car or object.
- Comprehensive physical
damage Damage
incurred by means of direct physical damage.
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HOME
The term “homeowner’s
insurance” seems ambiguous.
What does this include? Homeowners
insurance is both a protection of personal property
and protection of personal liability if something
were to happen on your property.
I’ve heard varying
advice on flood and earthquake coverage.
Should I purchase these? While
it is valuable to discuss your individual situation
with an insurance specialist, if you live in designated
flood or earthquake zone, you should most-likely
be covered.
Terms to Know
- Actual
Cash Value The
depreciated value to which the homeowner is
entitled.
- Replacement
Cost The amount
to which the policy owner is entitled to replace
the insured item.
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| COMMERCIAL
My business sub-contracts
work. Do I need
to verify their insurance coverage? Yes.
If they offer proof of insurance you are not responsible
for them.
I drive a business vehicle.
Who is covered under this plan? What if it’s
a rented vehicle? As
long as other drivers have your permission, they
can also drive your vehicle. Rented vehicles are
only covered with the proper policy in place—call
us to learn more.
Terms to Know
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- Fire
legal coverage Protected
from responsibility in rental business spaces
if fire damage.
- Named
Insured
Those named on the declaration
page of a policy.
- First
Named insured Name
of the person responsible for policy payments
as well as the main contact for requesting changes
or a cancellation.
- Additional
Insured
A
person with a tied relationship to the name insured
who is added prior to payment of claim.
- 80%
Co-Insurance Policy
requirement to cover at least 80% of the property
value in insurance so as to be able to collect
(at least) partially on the claim.
- Audit
The process
where an insurance company reviews the policy
and charges or credits the policyholder accordingly.
- General
Liability Whether
it is an ongoing project or in the post-completion
stage, general liability covers damage incurred
from products or services at which you no longer
have direct control, as well as injury to individuals
on your property.
- Products/
Completed Operations Liability
protection from products or procedure.
- Business
interruption/ extra expense coverage
Due to loss of production
time, this policy covers time spent to relocate,
repair and more.
- Replacement
Cost The present
cost to repair property.
- Actual
Cash Value The
cost of replacement minus depreciation.
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LIFE
Life insurance seems
subjective. How do I know a good amount to invest?
Life insurance is wholly
dependent on the situation of the individual,
including income and family organization. Often
life insurance is valued at about six to eight
times the annual income of the individual insured.
I have a family. Should they each have life insurance
as well? Before
considering policies for the whole family, the
primary source of income(s) should be fully covered.
Beyond that, in only in special situations is
it really necessary for other members of the family
to have a life insurance policy. McClure Insurance
can offer more detailed descriptions in accordance
with your situation.
I’m aware of a few
of the things that life insurance can pay for.
Are mortgage payments included? Yes.
Policies of this nature can be used to pay for
a variety of options, including paying-off a mortgage.
Terms to Know
- Cash value insurance
These policies generate cash value that can
offer a financial solution while carrying the
policy.
- Term insurance These
policies have coverage during the length (term)
of the policy but do not, usually, generate
any cash value during the period that they are
in force.
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GENERAL
I find insurance difficult
to understand) where can I turn to find out more?
In person of course, call
us and we’ll arrange to meet! If you enjoy
reviewing information online here are links to
insurance industry resources:
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