FAQs
NOTE: None of the statements on this page is intended to contradict any language that appears in your policy, or alter your contract in any way.
Car Insurance
I’m a good driver with a clean record. Why do my insurance premiums keep rising?
The short answer is that that’s how insurance works. In technical terms, auto insurance premiums increase based on the countrywide or statewide pool of losses that the insurer experiences. The losses experienced by a few policyholders within the insurer’s group of customers are paid for by all policyholders within the group. Other reasons for rising insurance costs include the rising costs to settle losses, such as vehicles repair costs and medical expenses. The increasing number of lawsuits also adds to insurer rate increases. Still, your own good driving record can help you control insurance costs.
How can I reduce my premiums?
At Griffin-Owens, we have a number of ways to help our customers lower their car insurance rates, including discounts for having both your auto and homeowners insurance with us, having more than one car, having vehicles with passive occupant restraints (such as airbags), and having a good student covered on your policy. We can also help you consider other ways of custom-fitting your coverage to your needs to reduce costs — for example, we can help you calculate your cost savings from setting higher deductibles for your comprehensive and collision coverage and other options.
Do our teenage kids need auto insurance when they have a learner’s permit?
Parents need to have insurance on any car that their children between the ages of 16 and 24 drive. As you probably know, insuring a teenage driver can be rather expensive, since drivers under age 25 pose the greatest risk to insurers because of their higher likelihood of being involved in at-fault accidents.
Generally, the least expensive option is to add your teenager to your existing auto insurance policy once he or she gets a permanent driver’s license. Although this can still be a somewhat costly prospect, your teen might be able to take advantage of certain discounts as a driver on your policy (for example, safe-driver and multiple-car discounts for which you are eligible). The only way to determine your most cost-effective option is to speak with your insurer. At Griffin-Owens, we can help you sort through your choices and find the insurance solution that works best for you and your family.
If I rent a car while on vacation, do I need to buy the insurance offered by the rental company?
No. As long as the vehicle is a replacement for your covered personal auto, and you carry physical damage coverage, you do not need to purchase additional coverage. If you are renting a moving truck or an additional vehicle for your household, you may need the additional coverage offered by the rental company. Just give us a call or check your policy for more information.
Home Insurance
I live in a condo and hear that I need ‘additions and alterations’ coverage. What is this?
The term refers to any permanent improvements that one makes to one’s condo or co-op unit. Many people assume that their condo association’s policy covers interior improvements like kitchen appliances, floor coverings, cabinets, bookcases, and light fixtures. However, in most cases, such policies do not.
How much insurance should we buy for our house?
When you’re trying to find an appropriate amount of coverage, be careful. At Griffin-Owens, we can help you avoid the most common consumer mistake: insuring your home for its market value only (that is, what it would sell for), instead of what it would cost to replace it. Our homeowner policies are designed to cover the costs of reconstructing your home should it be destroyed. Therefore, you should select an amount of insurance that represents the actual replacement value of your home.
Is my jewelry covered under my homeowner’s policy?
You have some coverage for jewelry on your policy, similar to the coverage provided for other types of personal property. This means that if you have a fire in your home and your jewelry is destroyed or damaged, your homeowner’s policy will coverer the loss. You may be asked to show proof that you owned the item, and you may also be required to provide an appraisal. For this reason, if you have valuable jewelry, you should keep the documentation in a safe place.
Your homeowner’s policy limits coverage for the theft of jewelry to the amount shown on your policy. Also, there is a per-item limit of $1,500. If you have items for which the replacement cost would be greater than $1,500, you may wish to consider insuring those items to value on a Personal Articles or Inland Marine Policy. Those policies also broaden the coverage to provide “All Risk” coverage for the items. This essentially means that if you lose the item or it is damaged, your policy will pay to replace it. If you have jewelry that you would like to have insured to value, please give us a call or drop us a note by clicking here.
Is my daughter’s property (including her computer) covered while she’s at college?
The short answer is yes. If your child is a student living on campus in a dorm, or is renting a room off campus, he or she will be covered on your policy. As long as they are a dependent on your taxes and are a member of your household, your homeowner’s policy will extend coverage to them. If they rent an apartment in their own name, it may be advisable for them to purchase a Tenant’s Insurance policy. The cost for this type of insurance is usually less than $200 per year, and it provides additional living expense coverage, personal property and liability coverage.
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