FAQ

frequently asked questions

You can learn more from our asked questions

GENERAL INSURANCE FAQS

What are the advantages of using an agent to purchase insurance?

By using an agent to purchase insurance, the policyholder receives more personal service. An agent with whom there is direct contact can be vital when purchasing a product and absolutely necessary when filing a claim. At Risk Specialists LLC we are able to deliver quality insurance with competitive pricing along with personalized service.

What factors affect my insurance rates?

Your insurance rates are affected by a variety of factors, including your age, driving record, location, coverage limits, and more. Our team can help you understand how these factors impact your rates and provide recommendations for how to save money on your insurance.

How do I know if I have enough coverage?

Determining the right amount of coverage can be tricky, but our team of insurance experts can help. We'll work with you to assess your risks and determine the appropriate amount of coverage for your needs. We'll take into account your assets, liabilities, and other factors to ensure that you have the right coverage in place to protect yourself and your family

VEHICLE INSURANCE FAQS

What types of vehicle insurance coverage are available?

There are several types of auto insurance coverage available, including liability coverage, collision coverage, comprehensive coverage, personal injury protection (PIP) coverage, and uninsured/underinsured motorist coverage. Liability coverage is typically required by law and covers damage or injury you cause to other people or their property. Collision coverage pays for damage to your own vehicle in the event of an accident, while comprehensive coverage covers damage to your car from other causes such as theft, vandalism, or weather events. PIP coverage is designed to cover medical expenses for you and your passengers, while uninsured/underinsured motorist coverage protects you if you're in an accident with someone who doesn't have adequate insurance coverage.

What factors can affect the cost of my automobile insurance?

A number of factors can affect the cost of your automobile insurance – some of which you can control and some that are beyond your control. The type of car you drive, the purpose the car serves, your driving record, and where the car is garaged can all affect how much your automobile insurance will cost you. Even your marital status can affect your cost of insurance. Statistics show that married people tend to have fewer and less costly accidents than do single people.

What should I do if I'm in an accident?

If you're in an accident, the first priority is to ensure everyone is safe and call for emergency services if necessary. Exchange information with the other driver(s) involved, including names, contact information, insurance information, and vehicle information. Take photos of the accident scene and damage to the vehicles involved, and contact your insurance company to report the accident and start the claims process. It's important to be honest and accurate when reporting the details of the accident to your insurance company.

LIFE INSURANCE FAQS

How does mortgage protection term insurance differ from other types of term life insurance?

The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. Mortgage protection policies are generally available to cover a range of mortgage repayment periods, e.g., 15, 20, 25 or 30 years. Although the face amount decreases over time, the premium usually remains the same. Further, the premium payment period often is shorter than the maximum period of insurance coverage – for example, a 20-year mortgage protection policy might require that level premiums be paid over the first 17 years.

What types of life insurance policies are available?

There are two main types of life insurance policies: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period of time, typically 10, 20, or 30 years. It is often less expensive than permanent life insurance and may be a good option for those who need coverage for a specific period, such as until their children are grown or until they retire. Term life insurance is also a good option for those who have limited budgets but want to provide some financial protection for their loved ones. Permanent life insurance, on the other hand, provides coverage for your entire life and includes a savings component that can accumulate cash value over time. There are several types of permanent life insurance, including whole life, universal life, and variable life. These policies can be more expensive than term life insurance but can provide more comprehensive coverage and long-term financial benefits.

How much life insurance coverage do I need?

The amount of life insurance coverage you need depends on several factors, including your income, the number of dependents you have, your outstanding debts, and your long-term financial goals. A general rule of thumb is to have coverage that is equal to at least 10 times your annual income. However, it's important to speak with a licensed insurance agent or financial advisor to determine the right amount of coverage for your specific situation. Your coverage needs may change over time as your financial situation changes, such as the birth of a child, the purchase of a new home, or a change in income. It's important to regularly review your life insurance coverage and make adjustments as needed to ensure that you have the right amount of coverage for your current situation.

HOME INSURANCE FAQS

What is the difference between actual cash value and replacement cost coverage?

Actual cash value coverage provides compensation for the current value of your property, taking into account depreciation. Replacement cost coverage, on the other hand, covers the cost of replacing your property at its current value, without taking into account depreciation. Replacement cost coverage typically has higher premiums but provides more comprehensive coverage.

How can I lower my home insurance premiums?

There are several ways to lower your home insurance premiums, including increasing your deductibles, installing safety features like smoke detectors and security systems, and bundling your home insurance with other types of insurance, such as car insurance.

How much home insurance coverage do I need?

The amount of home insurance coverage you need will depend on the value of your home and belongings. It's important to make sure you have enough coverage to fully replace or repair your home and possessions in case of a disaster. You can work with an insurance agent to determine the appropriate coverage levels for your specific situation.

UMBRELLA INSURANCE FAQS

What is Umbrella Insurance?

Umbrella insurance is a type of liability insurance that provides additional coverage beyond the limits of your primary insurance policies, such as homeowner's or auto insurance. It can protect you financially in case of a lawsuit or large claim.

What does umbrella insurance cover?

Umbrella insurance can cover a wide range of liabilities, including bodily injury, property damage, and personal injury claims such as defamation, libel, or slander. It can also provide coverage for legal defense costs, which can be expensive even if a lawsuit is ultimately unsuccessful.

Can I add umbrella insurance to my existing policy?

We offer umbrella insurance as an add-on to existing policies, such as homeowner's or auto insurance. This can be a convenient and cost-effective way to increase your liability coverage without having to purchase a separate policy.

If you have any further questions or concerns about your, please don’t hesitate to contact us. Our knowledgeable and friendly insurance agents are available to assist you and provide you with the information you need

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