FAQs

General

What questions should I ask when applying for insurance?

Why do insurers ask so many personal questions?

Must I disclose all my personal information?
A: You will be asked a number of questions when applying for an insurance policy. Generally, the agent will ask for your name, date of birth, gender, marital status, address, etc., in order to see what type of policy is best suited for you.

Insurance companies offer different programs for different people. An adult with a clean driving record and good credit will generally pay less. Additionally, the kind of vehicle you drive, whether you drive to work on a regular basis, the age of the other drivers in the household, and other relevant information is required to secure the best rate for you.

Q: Is it better to shop online as opposed to using an agent?

A: The policyholder receives personal attention and a lot more information when working with an agent. A local independent agent is of great help in the event of an accident, when making changes to the policy or if there is an urgent need to secure policy information. You will also receive competitive pricing as many independent agents deal with several companies.

Auto

Q: Is automobile insurance available for everyone?

A: Yes, in most states registered vehicles are required to carry liability insurance. The minimum coverage may vary from state to state. We have coverage for new drivers, drivers with international licenses, drivers with permits, drivers with DUIs or other major violations, high risk drivers, and young drivers.

Q: I have a car with very high mileage, do I need to carry insurance?

A: Yes, since most states require registered vehicles to have the state required minimum liability coverage, a car with high mileage would have to carry at least the minimum liability coverage. These laws were enacted to ensure that victims of automobile accidents receive compensation when they suffer a loss through no fault of theirs.

If the cost of repairing the damage to an older car is greater than its value, your insurer will usually just “total” the car and pay you for the car’s market value less the deductible. If the car is very old and has very high mileage, then many people choose not to have physical damage coverage.

Q: How does collision physical damage differ from comprehensive physical damage coverage?

A: A collision loss is defined as loss you incur when your automobile collides with another car or object. e.g. If you hit somebody’s property or another parked car, the damages to your car will be covered under your collision coverage.

Other direct physical damage losses that you incur like fire, theft, vandalism, broken glass, hailstorm, etc. are covered under the comprehensive physical damage coverage.

Q: What are the different factors that can impact on the cost of my car insurance?

A: Different factors affect the cost of the car insurance. Your age, driving record, marital status, credit, where the car is garaged, whether you drive to work, etc. are all factors that determine price for car insurance.

Homeowner

Q: How much insurance do I need to have on my home?

A: Generally, clients are advised to insure their home for the amount it would cost to replace the home in the event of total destruction. It is also important to add an inflation cost to cover for any increase in reconstruction costs.

Q: What factors help in keeping my premium low?

A: Premium on the home can differ significantly and this is because sometimes, homes are insured with the bare minimum coverage to keep costs down. So it is important when comparing quotes, to make sure that you understand the coverage that is offered and compare the coverage offered by each quote.

There may be discounts that are available to you, e.g. A home security system, sprinkler system, dead bolt locks, multi policy with the same insurer, claims free. Find out from your agent if you qualify for any of these discounts.

Q: What does homeowners insurance cover?

A: A typical homeowner’s policy has two important sections. Section 1 covers the insured property and Section 2 provides Personal Liability coverage for the insured. A lender will require you to have homeowner’s insurance to protect the property.

Q: What should I consider when purchasing homeowners insurance?

A: Homeowners insurance offers several options. Here is a checklist of items to be considered when purchasing homeowners insurance:

Make sure that coverage on your house equals 100% of the replacement cost. If the policy limit is less than 80% of the replacement cost of your home, any payment made by your insurance company will be less than the full replacement cost of your home and you will be responsible for the balance. You have to also make sure that you have adequate coverage for personal property and personal liability.

You have to decide on what optional coverages you may need, e.g. Sewer back up, scheduled items like jewelry, fur, replacement cost of property, etc.

We will be able to guide you to make sure you have the right coverage.

Q: When is my personal property covered?

A: Personal property is covered anywhere in the world, property in transit, lying outside your home, in your vehicle, etc., unless the property is specifically excluded from the policy.

Q: What are the coverage limits in a standard homeowners policy?

A: Your dwelling and other structures on your premises are protected up to the extent of your homeowners insurance policy limits. It is protected on an all risks basis, meaning that unless the policy specifically excludes the manner in which your home is damaged or destroyed, there is coverage. The policy limits are predetermined by you at the time of securing the policy, coverage for other structures is generally up to 10% of the dwelling limit.

Medical payments vary between $1,000 and $5,000 per person injured and personal liability coverage is also determined by you at the time the policy is issued.

Q: Is earthquake or earth movement coverage included in my policy?

A: Earthquake or earth movement coverage is not automatically included in a standard homeowners policy. Earth movement in a broad sense includes earthquake and volcanic activity. By way of endorsement, this coverage can be added to the policy at an additional charge.

Renters

Q: Do I have to buy renters insurance?

A: Renters insurance is for those who live in an apartment or a rented house to protect your possessions and you. In a standard renters policy, your personal property is protected as well as damage and theft. You will also get temporary living expenses in the event you cannot live in your place due to damage to your rental. Personal liability protection is also very important.

Q: what kind of protection does my renters policy provide for my personal property?

A: You have named perils coverage, which means that the policy only pays when your property is destroyed or damaged by any of the ways specifically described in the policy. Here are some of the perils:

  • Riots, Vandalism or Malicious Mischief
  • Fire, Lightning, Windstorm, Hail
  • Smoke, Freezing, Weight Of Snow or Sleet
  • Explosions, Aircraft, Vehicles
  • Theft, Falling Objects
  • Sudden and Accidental Damage from Artificially Generated Electrical Current

Renters Insurance has many benefits and protects your property wherever you are.

Q: Is my roommate covered under my renters policy?

A: Only you and relatives that live with you are covered under a standard renters policy. If your roommate is not your relative, each of you will need your own renter’s policy to cover your individual personal property as well as for liability protection for each of you.

Q: Why do owners and apartment complexes require tenants to have renters insurance?

A: Owners of apartment complexes or of the home you rent buy insurance policies for liability protection and to cover their building and personal property. However, these policies do not cover any of the tenant’s property or liability. It is to your own advantage to protect your personal property and also have personal liability protection as the landlord’s policy does not extend to the tenant. Your policy will also be liable for any damage caused by you or your unit to the property or people in the other units.

Life Insurance

Q: Is it advisable to purchase life insurance and if so how much should an individual have?

A: Individuals purchase a life policy for various reasons. For e.g. The death benefit of a life policy will help a family and young children to continue living the same lifestyle that they were used to in the event of an untimely demise of a parent who has been the main bread earner or in the case of a whole life policy, there can be money available for retirement or to meet an urgent financial need.

The amount of life insurance is generally 6 to 8 times the annual earnings. However, it is important to take into account the following:

  • The number of people who are financially dependent upon you
  • If you are married, what is your spouse’s earning capacity?
  • Are there any special life insurance needs like estate planning, children’s education or mortgage protection?
  • The amount of death benefit available from your employer

Q: Do other family members require life insurance?

A: It is critical that the primary bread earner or earners income is protected. Once this is done, the non-earning spouse or children can get some life insurance. The cost of life insurance is much lower when it is purchased at a young age or prior to the onset of health conditions that could make it not only very expensive but it could also disqualify an individual from securing a life policy.

Q: How does one decide whether a Term Life Insurance Policy is better than a Whole Life Policy or Cash Value Life Insurance?

A: This is an individual decision and is based on your personal circumstance. If the amount of life insurance is very large, a term policy may be appropriate as the premiums are lower, unless the premium for the whole life policy is affordable. Again, your need for the life policy may be short term or long term or to meet a specific need.

Contact us at 703-820-3100 and we will help you explore the various options and help you decide on the kind of life insurance that would best suit your needs.

Q: How can an existing Life Insurance Policy be used to repay an outstanding mortgage loan?

A: An existing life insurance policy can be used to pay off a mortgage loan in the event of the insured’s death or to meet any other debt. Sometimes, you may have a Mortgage Protection Term Life Policy, in which case this policy will cover the mortgage loan.

Umbrella Insurance

Q: What is a Personal Umbrella Liability policy and do I need it?

A: This policy is designed to protect you by offering increased liability protection. This policy acts as an umbrella over all of your personal liability policies, e.g. Auto, home, recreational vehicle, etc. and it gives you a higher personal liability limit.

In the past, only people with sizable assets would get umbrella liability policies to protect their personal assets from the risk of a lawsuit. However, today more and more people feel the need for additional protection as they may not have the money for the extra protection beyond what they have on their auto and home policies.

A personal umbrella policy protects you, your spouse and all other relatives living in your household for usually up to $1 million and higher limits are available. This means safeguarding your possessions, your savings and your future earnings.

Contact us for more information on Personal Umbrella Policies.

Q: What is a Valuable Items Insurance Policy?

A: A valuable items insurance policy is designed to protect your most precious and expensive items like jewelry, art, expensive musical instruments, etc. from a broad range of hazardous circumstances like loss or theft. This can be a standalone policy or added as an endorsement to your homeowners policy.

Q: What is Wedding Insurance and do I need it?

A: Wedding insurance is designed to protect you and your family from a wide range of potential disasters you face on your most special day.

Whether it is a large formal wedding or an intimate ceremony, it is a good idea to make sure that you have insurance so you are prepared no matter what surprises come along your big day.

Many places that you might rent for the ceremony or the reception will require you to carry liability insurance and name them as an “additional insured.” This insurance protects you in case there is a mishap resulting in personal injury or property damage.

It is a good idea to secure Wedding Insurance and protect yourself from unknown changes that may occur and cause financial loss to you.

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Falls Church, Virginia 22041
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