Dansard-Little Agency

Home FAQ's

Q:

What is homeowners insurance?

A:

Homeowners insurance protects your owner occupied house for loss to your house, contents, detached structures, and also provides personal liability coverage if someone is injured on your property or you are sued. Riders are available for optional coverages.                                

Q:

What optional coverages are available?

A:

  • Riders are available for items such as: jewelry, furs, guns, silverware, collectibles, fine arts and camera equipment.
  • In addition the policy can be endorsed to cover: backup of sewers and drains, identity theft, home business liability, and recreational vehicles.

Q:

Why do I need to insure my house for more than its market value?

A:

This is because homeowners policies insure for replacement cost, not market value. Over the past several years the market value has decreased substantially in most cases while the cost to rebuild has not. By insuring for replacement cost, this will allow your claim to be settled without deduction for depreciation.

Q:

What is "replacement cost"?

A:

When "replacement cost" coverage is used in a policy, a policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.

Q:

How does my credit score affect my insurance premium?

A:

Certain credit report information has proven to be an effective predictor of insurance losses and is therefore used to create an insurance score. This insurance score is developed from your credit experiences, such as bill paying history, the type and number of accounts, collection actions, outstanding debt, and the age of your accounts. Discriminatory information such as race, gender, income, or address is not used in the calculation of your insurance score.

Q:

Should I purchase earthquake coverage?

A:

Direct damages due to earthquakes are not covered under the standard homeowners insurance policy. If you live in an area that is prone to earthquakes, you may want to consider adding an earthquake endorsement to your homeowners insurance policy. This endorsement will cover damages due to earthquakes, landslides, volcanic eruptions and other earth movements.

Q:

Should I purchase flood coverage?

A:

Flood is not covered under the standard homeowners policy. If your property lies in a flood plain as determined by US Government Flood Maps, your mortgage company will require that you carry flood insurance. If you live in a flood plain but do not have a mortgage, or do not live in a flood plain, you have the option of purchasing flood insurance. There is a 30 day waiting period for flood insurance to go in effect.

DLittle Update

 15621 S. Telegraph Rd
Monroe, MI 48161
phone: (734) 241-1133 
Fax: (734) 241-9275

Monday through Friday
8:30am-5:00pm
 
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