Insurance Questions and Answers

Insurance Claims Business Insurance
Auto Insurance Renter's Insurance
Home Insurance Flood & Disaster Insurance
Life Insurance Insurance and Your Credit Score

Insurance Claims

How does your company assess my insurance needs?

Our staff of insurance professionals takes the time to talk to you about your personal and family situation, and your financial goals. We represent the best insurance carriers, and we can tailor coverage to fit your needs.

You can schedule reviews of your coverage at any time, especially if your situation changes. We will always find the best products to fit your insurance needs.

How do I file a claim?

The best way to file a claim is to contact the insurance company directly. All provide a toll-free number, with claims service coverage that is usually available 24 hours a day, 7 days a week. Have your policy number available, plus all information related to the incident, including names and addresses of all parties involved, photos, list of damaged property, and the police report, if available. Feel free to call us at 847-295-3030 if you have any questions.

What happens after I file a claim?

It is the responsibility of the insurance company to settle and pay your claim as quickly as possible, and it is the goal of Hill and Stone Agency to assure that this is done fairly and smoothly, with little or no additional stress for you.

A claims professional from the insurance company will contact you and review your claim. They will explain the claims process further, and may ask for additional information about the claim.

An insurance adjustor may need to come and look at your property to assess damage. Or they may ask you to provide the company with one or more estimates of repair that you have obtained.

A check will be issued to you as the insured, after the insurance company reaches a final determination on the estimated cost of repair and/or replacement.

Sometimes differences arise between estimated cost and actual cost once repair work begins. Every effort is made to resolve the differences, and the insurance company may issue you a supplemental check.

Hill & Stone monitors the progress of your claim along the way. We welcome your calls if you have any questions or concerns regarding the resolution of your claim.

Will filing a claim increase my premium cost, or result in cancellation of my policy?

Rest assured, one claim is not a cause for concern from insurance companies. But a pattern of claims, or instances of gross negligence, such as a car accident with a charge of reckless driving or driving under the influence, can result in a significant premium increase or even policy cancellation.

How do I get a copy of my policy declarations?

You insurance company may have policy declarations available online.  However, due to individual state regulations, some states prohibit the display of this information online.  Call or e-mail your insurance company directly for the declarations page, or contact us for assistance.

Can I file a claim online?

Check with your specific insurance carrier on availability of different methods for filing a claim.  In some cases, how you file a claim may be regulated by the state in which you reside.

Can I pay my premiums online or via credit and/or debit card?

Most companies provide different options and schedules for paying your insurance premiums, including credit cards, automatic deduction from a checking or savings account, online bill pay, etc. Your insurance carrier will provide you with this information.

 

Auto Insurance

What factors are considered in determining the price of an auto policy?

For most companies, some of the factors considered in the cost of an auto policy include:

The cost of an auto policy can be discounted if the vehicle has certain features. For example, the presence of anti-theft devices generally lower the overall cost of auto insurance. Driver attributes which often lead to discounts include a good driver record and good student discount (for households with high school or college age drivers). "Accident forgiveness" options may also be available, along with multiple-policy discounts.

Am I covered if I loan my car to someone else?

Auto insurance usually “follows the car”. Under most policies, your vehicle is covered if you allow a friend or relative to drive the car. You do not need to explicitly state your permission; the other person only needs to have a reasonable belief that they have your permission. However, the best way to know what your policy specifically covers is to review the policy itself or ask us to review it for you.

Do I need to buy insurance from a rental car company if I have my own auto insurance policy?

That depends.  Check with your insurance company regarding the type of coverage specifically allowed by your policy when you drive a rental car.

How does my automobile policy protect me when I'm driving in other states or another country?

Your policy will adjust in other states if you have the minimum coverage required by the state where you reside.  You are covered by your car insurance policy only in the United States, U.S. territories and possessions, and Canada. 

If I rent a car or truck am I protected from loss by my Business Auto Insurance policy?

That depends. A Business Auto Policy will not cover rental vehicle losses unless you have amended the policy specifically for this purpose. You can get protection in situations where you rent vehicles for your business if you add Hired Auto Liability and Physical Damage coverage.

For more information, please visit our Auto Insurance page.

 

Homeowner Insurance

Are natural disasters covered by my Homeowner policy?

Natural disasters such as hurricanes and tornadoes are covered in a homeowner policy. Others, like earthquakes and floods, are not covered. We can help you review your homeowner policy to see if any additional coverage is needed for natural or man-made disasters.

Do I need Flood Insurance if I do not live near any body of water?

Homeowner policies specifically exclude damage from floods. Your home may be far from a body of water, but it is exposed to flood damage if it was built in a flood plain. Check out the National Flood Insurance Program website for a flood risk indicator relevant to your property address. The National Flood Insurance Program site also has a “quick quote” table of premiums to give you an idea of the cost of flood coverage.

Hill & Stone can help you assess your need for Flood Insurance. We also offer more information about flood insurance here.

Does my homeowner policy cover my possessions when they are not in my house?

A standard homeowner’s policy covers 10% of the limit for Coverage C of a homeowner’s policy, or $1,000, whichever is greater. This coverage is useful for protecting you while you travel. It also applies to covering your son’s or daughter’s possessions when they go off to college. There is no limitation for property carried on vacation or stored in a storage unit (except whatever the contents limit is on the property).

Check with your insurance company directly to see the details of your Homeowner coverage. Or ask one of our Hill & Stone professionals to assess your property protection/replacement needs to determine if your present coverage is adequate.

Do I need homeowner's insurance if my condominium association has a master policy for the complex?

The association master policy covers the structure, so you don't need to worry about that type of insurance. However, you do need insurance coverage for your own possessions and for legal liability related to your own unit. You should also make sure that your existing coverage matches up well with your condo association's master policy.

Is my boat covered under my Homeowner's policy?

Your boat might be covered under your Homeowner insurance, but there are limitations. You may be able to amend a Homeowner policy to include boat coverage, or a separate policy may be needed. Car insurance coverage does not extend to boats.

For more information, please visit our Homeowner's Insurance page.

 

Renter's Insurance

Is Renter's Insurance expensive?

No, renter's insurance is very affordable. Most policies start at just over $150 per year. These policies provide liability protection as well as protection for your personal possessions.

Do I need Renter's Insurance?

If you rent a residence, your personal possessions, such as furniture, clothes, jewelry, computers, etc., are not covered by your landlord’s policy. Your landlord’s policy covers only the structure itself. Depending on the policy, the landlord should also be covered against personal liability if a tenant or guest falls due to the owner’s (the landlord) negligence.

If you live in a rental unit, you need to cover your possessions against theft, fire, or other damage. A Renter's policy can also provide personal liability coverage. This is especially important because a fire caused by your negligence could damage some of the other units in the building and the property inside those units. Liability coverage will normally cover legal obligations to other parties, if applicable. Check your individual policy details with your insurance company, or call us for a policy review.

Do I need Renter's Insurance if my roommate already has it?

Yes, if you are not related to your roommate. Typical policies only provide coverage for you and any relatives that are living with you.

Flood & Disaster Insurance

I'm not near any body of water. Is there any particular reason why I would need flood insurance? Doesn't my homeowner policy provide flood coverage?

Homeowner policies specifically exclude reimbursement for damage caused by flood. Your home may be a significant distance from a major body of water but still is exposed to flood risk if your home was built in a flood plain. The National Flood Insurance Program has a flood risk indicator on their website. All you have to do is enter your property address and you will get an indication of the degree of flood risk you face. Our agency can get flood coverage for you. For an indication of the cost, the National Flood Insurance Site also has a 'quick quote' table of premiums to give you an idea. If you would like a free custom quote for your home, just let us know by clicking the 'Ask a Question' link on this page.

Are natural disasters such as flood, earthquakes and hurricanes covered under my homeowner policy?

Many natural disasters, such as hurricanes or tornadoes, are covered in a homeowner policy. Others, like earthquake and flood are not. Let us know if you have any concerns about your protection from loss due to natural or even man made disasters; we'll be happy to review your insurance program and let you know what, if any, changes you might want to consider.

Is my boat insured if I have an auto or homeowner policy?

If you have a homeowner policy your boat might be covered but there are limitations. Automobile policies do not extend coverage to boats. Boat coverage can sometimes be increased by modifying a homeowner policy but a separate boat policy may be needed.

 

Business Insurance

What kind of insurance do I need for my business?

That depends on the type of business you have. All businesses require liability to protect against acts of owners or employees for which the business may be considered legally liable.

Another important type of business insurance is Business Property Insurance. This insurance covers equipment, inventory, and real property in the event of fire, theft and other misfortune. Product Liability insurance applies to businesses that manufacture or distribute a product. Businesses that own or lease autos will probably need Business Auto Insurance.

Business Interruption Insurance can pay your suppliers, employees, and other costs you incur if your business is interrupted due to loss from fire, tornado, hurricane, etc.

Professional service providers, such as lawyers and doctors, often need special liability protection.

As your business grows, your insurance needs will change. Please contact us to discuss a Business Insurance policy, or to review your existing one. For more information, please visit our Business Insurance page. 

 

Life Insurance

How do I know what type of life insurance is best for me?

There are many Life Insurance products. Hill & Stone professionals can assist you in determining what type of Life Insurance is right for you. Life insurance is essential for the continued economic well-being of your family and loved ones when you die.

There are two categories of Life Insurance – Term Life and Whole Life – and we can explain how each works in detail. Your personal financial goals are also taken into account when assessing your Life Insurance needs. For example, Whole Life insurance accumulates cash value during your lifetime, which you may want available as a cushion to draw upon in the future.

Whether you want Whole Life or Term Life, we will work with you to develop just the right Life Insurance protection for you.

Do I need to have a physical exam to purchase a Life Insurance policy?

We can answer that question based on the types of Life Insurance products that we find to fit your needs, after reviewing your situation with you. The individual requirements for Life Insurance may vary by underwriter and type of product. To qualify for the best rates, a complimentary physical exam may be required.

 

Insurance and Your Credit Score

Can my credit score benefit me?

A credit-based insurance score helps insurers quote the fairest, most appropriate rate for every customer. In some instances, a large number of customers have received a rate decrease on their insurance premium based on their credit score.

If I have a good overall credit score, does that mean I have a good insurance score?

Insurers do not look at credit in the same way that banks and financial institutions do. Insurers only consider items from your credit report that are relevant to loss potential. Some of the more common items are: delinquencies or late payments, when your credit history was established, and thetypes of credit cards and loans you have.