Frequently Asked Questions
Below are answers to common inquiries that will help you determine the insurance that is best for your situation.
Do credit scores affect premiums?
Yes, they do. According to regulatory associations, there is a direct correlation between credit scores and individuals getting into accidents, and cancellation policies due to non-payment. Therefore, premiums are higher for lower credit scores.
Every time I rent a car, I’m asked if I would like to purchase rental car insurance. Is this something I need or does my existing insurance cover the rental?
All insurance carriers cover rental cars differently. Some may give a small amount of coverage and some do not. Don’t assume the car is covered; give your InsureLine Insurance Broker a call to find out for sure.
If my garage burns down and my car is in the garage, is my car covered under my homeowner’s insurance or car insurance?
Your homeowner’s insurance does not cover the loss of your car, even though it was, “in your house.” You typically must have a form of comprehensive physical damage coverage on your automobile insurance policy for it to be covered.
I have inherited valuable jewelry, if my home is broken into and it is stolen, will the jewelry be covered?
Basic homeowners’ policies have limited coverage for jewelry. Depending on the value of the jewelry, you may want to purchase a Personal Articles floater, which provides additional coverage for jewelry higher in value. Contact your InsureLine Insurance Broker to see how much is covered under your basic policy.
What factors should I consider determining if I am getting good value for my homeowners insurance premium?
It is a fact that most homes are underinsured. During every renewal, ask your InsureLine Insurance Broker questions about what is covered under the policy as well as optional coverages, like flood, earthquake, fire, etc. Then choose a deductible that’s right for you. The higher the deductible, the lower your premium. A high deductible is fine, but make sure you have the money for out-of-pocket expenses if something should happen.
What is NOT Covered on my Homeowner Insurance Policy?
Every homeowners’ policy is unique, but in many cases, you need extended insurance to cover things like by-laws, Earthquake, Flood, and Intentional Acts. These optional coverages do not come standard on most policies. Also, standard wear and tear is not covered and typically isn’t coverable.
How is condo insurance different from homeowner insurance?
When you purchase a condominium, you are not purchasing the building; you are purchasing a unit inside the building. You are also most likely a part of a condo corporation that fixes external structural damages. Homeowners insurance covers the structure as well as the contents inside the home.
What is the difference between general and professional liability insurance for my business?
General liability protects you against claims for bodily injury and property damage, such as someone tripping over a cord in the office and falling. Professional liability is insurance that protects you and your staff against negligence claims relating to your delivery of professional services; for example, offering what someone perceived as bad advice.
I own a home-based business, do I need insurance?
An extremely small business, such as a business operated by one or two people out of a home, may not need workers compensation insurance, but it often needs more property and liability insurance than is provided in a typical homeowners policy.
What basic insurance do I need for my small business?
You may need one or more of the following, depending on the type of business:
- Property Insurance
- Liability Insurance
- Business Vehicle Insurance
- Workers Compensation Insurance
- Errors and Omissions Insurance (E&O)/Professional Liability Insurance
- Employment Practices Liability Insurance (EPLI)
- Directors and Officers Liability Insurance (D&O)
- Business Identity Theft Insurance
Why do people buy home insurance?
Insurance is the best-known way to manage risks. Buying a home is expensive, so it’s a good idea to protect your investment while safeguarding against the risks your home presents. Insurance is also often required by mortgage lenders, like banks.
How do I get a quote for home (house, tenant, condo) insurance?
The easiest way to get a home insurance quote is online. You can get an online quote from us in as little as 5 minutes.
What is a home insurance premium?
A home insurance premium (in fact, any insurance premium) is the amount of money you pay in exchange for coverage. Premiums are determined on a case-by-case basis and reflect the risk associated with the property. At InsureLine, we let customers pay annually, or monthly with no interest charges.
How are home insurance rates determined?
The insurance provider will take into account your personal details (like the age, condition and location of your home), as well as your claims history and the coverages and deductibles you have requested when determining your premium.
Do I get a discount if I’ve had home insurance for more than ten years and I’ve never had a claim?
Every insurance company calculates their rates differently. Some like to offer customers all kinds of different discounts, including claims-free, age, number of years living at the same address, etc. At InsureLine, we take these factors into consideration when we are determining your monthly premium – it doesn’t show up as one price with a bunch of discounts.
Our system calculates it all behind the scenes. Because each company offers different insurance protection and different ways of calculating their prices, it’s important to make sure you are comparing apples to apples. – So that we can get the best rates for our clients.
Why do home insurance premiums increase every year?
You may see an increase due to inflation, increased building costs or an increase in the number of claims in your area across the industry, as these losses must be paid for from your insurer’s only source of income- your premiums. That said, premiums do not always increase – they can decline as well, depending on how severe losses are (or aren’t) over a period of time.
What are the benefits of insurance history?
A continuous insurance history shows your insurance provider that you’re willing to manage the risks faced in owning or renting a home. Having no gaps in your coverage also means you’re never left unprotected. And, if you’ve held continuous insurance for a number of years without making any claims, this may entitle you to lower premiums – because insurance providers will see that you do a good job of managing your risk and preventing avoidable losses.
Can home insurance be written off on taxes?
In some cases, home insurance can be written off on taxes, but be sure to double check with your accountant.