FAQs 2017-07-10T10:08:35+00:00

Insurance Basics: Important Things You Should Know

These are brief responses to complex questions. Please for more information.

Home Insurance

Aside from the value of your personal belongings, your home is insured based on building costs in your area. Currently, building costs are about $125 or higher per square foot in Yamhill County, based on the construction of the home.
Yes. Most companies offer a combined discount of up to 10 percent.
It protects your personal property from theft or loss for such items as jewelry, firearms and silver. You set the limit, and there are no deductibles.
Homeowners are particularly vulnerable to lawsuits. An umbrella policy extends the coverage for your home and vehicles and protects your assets.
For the last few years, insurance companies have used a new scoring practice based on credit ratings. Your score will influence your rates. It can be confusing since each company has its own criteria. With these new practices, it’s even more important to have Hagan Hamilton research various companies and compare. Please contact our office if you would like a brochure answering frequently asked questions regarding insurance scoring.
If you rent, your landlord is responsible for the structure, but the insurance may not cover your personal property in case of fire or theft. Renter’s insurance also protects you in case someone is injured on the property while you occupy it.
The cost of your policy is based on things such as the value of your house and how vulnerable it is to fire. The Insurance Services Office has 10 protection classes that measure fire risk. Which class your home falls in can affect your insurance rates.

Auto Insurance

Yes. Passenger and driver airbags, an automated alarm system and anti lock breaks all help discount your auto insurance. Typically, the more expensive the car, the more it will cost to insure. If you are comfortable raising the deductible, that can help reduce costs. Don’t skimp on coverage, however. Although the state requires only $25,000 in liability coverage, if someone is injured in an accident and medical costs exceed $25,000 (which can easily happen today), you may be forced to sell your home to cover costs. We recommend at least four times the state recommended coverage. Remember, even though it’s auto coverage, you’re also protecting your largest asset – your home.
Companies usually offer a combined discount if you insure both your home and car with them. Also lower rates are offered for homeowners, those who have a college education and those with good credit. For seniors, participating in a 55 Alive driving course will also reduce your rates.
Encourage your children to focus on their schoolwork. Most companies offer discounts for students with a 3.0 grade point average or better. Also, having your child attend a driver’s training course that includes time behind the wheel is another way to earn a discount.

Health Insurance

Yes. Because we represent a number of different companies, our team can help match you with the right company and policy.
A Health Savings Account allows you to set pre-tax dollars aside to pay for your medical expenses. HSAs are available to individuals and groups.

Life Insurance

Yes you can. Hagan Hamilton represents many companies, there are a variety of policies that fit various needs and budgets.
Many companies will insure individuals with health problems. We represent more than 40 different life insurance companies and can help you find a policy to fit your needs.

Long-Term Care

It’s surprisingly affordable, particularly if you purchase the policy at a younger age.
This is a common misconception. Medicare actually pays very little – less than 1% – of all the long-term care claims in the country.
When you become eligible, it can cover a range of care, from in home care, adult day care, adult foster care, assisted living, and finally nursing homes.
Waiting too long to apply so that their health changes and they no longer qualify. A lot of people in their 70’s have suddenly decided they want long-term care insurance at any cost but can not get it. The early purchase locks in the lower rate and, more importantly, makes it possible for you to apply and be accepted.

Liability

CGL provides coverage for third-party bodily injury or property damage which arises from any type of business venture. It is an important coverage for any business venture, even home businesses as your homeowners liability has exclusionary language with regard to all business exposures.
Insurance underwriters need historical information, such as prior insurance and prior claims history, in order to decide if they will provide coverage for any business venture. On a new venture we need to show the underwriter that the business has a good chance of surviving. Financial information and business plans show that this new venture is going to start on a strong foundation.
In order to calculate liability premiums, the insurance companies need a basis to establish how much exposure they have to pay a potential loss.
Directors and Officers Liability provides coverage for the directors and officers individually or as a board, for claims arising out of fiduciary responsibilities and decisions made by the board.

Disability

It insures that you will receive a portion of your income if you are unable to work.

Bonds

Bonds are similar to a line of credit. When you ask for a bond whether it is for $1000 or $100,000 you will be required to provide similar information to what a bank would require for a loan of the same size.