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Personal FAQs
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-AUTO POLICY FAQs-
- Am I covered by my existing insurance when I rent a car or should I purchase the additional damage waiver that the rental car company recommends? What if I borrow someone's car?
- Am I covered when I rent or borrow a truck?
- The lines at the RMV are so long, is it possible to complete my business
- What should I do if I'm going to travel
-HOMEOWNER FAQs-
- How much homeowners insurance is enough?
- What is the difference between actual cash value, replacement cost and modified or functional replacement cost?
- What kind of perils am I protected against?
- Do I need to carry additional insurance if I have a nanny or au pair?
- Do I need additional coverage for certain personal property?
1. Am I covered by my existing insurance when I rent a car or should I purchase the additional damage waiver that the rental car company recommends? What if I borrow someone's car
If you are a named insured on a Massachusetts auto policy then the coverage that you purchase for a vehicle travels with you when you rent or borrow a car. So, if you have collision and comprehensive coverage and are involved in an accident or the vehicle is damaged then your policy would respond as if it were your car. Your liability limits will also travel with you. This only applies to the named insured (owners) listed at the top of the policy, not all drivers listed. Additionally, any auto insurance that the lender of the car has, for that vehicle, will also follow it, regardless of the operator. This applies to occasional usage only. Someone who has access to your vehicle on a regular basis should be added to your policy.
Also note that any "loss of income" charges that a rental contract may make you responsible for are not covered. We recommend calling us to discuss before renting a car.
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2. Am I covered when I rent or borrow a truck?
Your policy does not provide coverage for a rented or borrowed truck. If you are renting a truck, you should check with the rental company regarding the purchase of collision and comprehensive insurance. If you are borrowing a truck, make sure you determine whether or not the owner has purchased collision or comprehensive coverage. If the owner does not have insurance, you may be personally liable for any damage to that truck which is the result of your negligent operation.
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3. The lines at the RMV are so long, is it possible to complete my business without going there?
We offer many Registry of Motor Vehicle services in our Wellesley office. However, certain transactions must still be completed at the RMV.
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4. What should I do if I'm going to travel outside the United States?
If you are planning to travel to Canada in the future, please be sure to contact our office for a Canada card to show proof of automobile coverage.
The Massachusetts personal auto policy only applies in the United States, its territories, possessions and Canada. If you plan to travel or rent a vehicle outside of these areas you must purchase insurance from the rental agency.
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1. How much homeowners insurance is enough?
Most people find that "enough" means a sufficient amount to rebuild their home. Remember that the foundation and the land are not covered under the policy and therefore will not figure into an insurance settlement. When determining the replacement cost of your home, do not use the sales price, the tax assessment or the value the mortgage company calculated. All these can vary greatly from the construction costs.
You should also evaluate your personal belongings and ask us about the options for covering these items. Most homeowners' policies include personal liability protection. Be sure to speak with your agent concerning your liability coverage needs.
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2. What is the difference between actual cash value, replacement cost and modified or functional replacement cost?
Replacement Cost is the amount to repair or replace the damaged property using materials of like kind and quality, without deduction for depreciation. Depreciation is the loss of value that develops as an item ages or wears.
Actual Cash Value is the replacement cost of an item, less the amount for depreciation. A new option available to consumers is modified or functional replacement cost. At the time of a loss, modified replacement cost will restore the home to a functional condition. This may mean that unique features in your home prior to a loss will be replaced with items that serve the same function, but are not aesthetically the same.
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3. What kind of perils am I protected against?
Remember that policies vary but Homeowners insurance usually covers damage to both structures and personal property caused by:
- Aircraft
- Explosions
- Falling objects
- Fire
- Freezing of a household system
- Lightning
- Riot or civil commotion
- Smoke
- Theft or vandalism
- Vehicles
- Weight of ice, snow or sleet
- Windstorm or hail
Most likely your coverage is even more comprehensive than the above list.
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4. Do I need to carry additional insurance if I have a nanny or au pair?
If you have an au pair or regular household help, you may need Workers' Compensation insurance. Employees are not covered by a Homeowner's policy.
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5. Do I need additional coverage for certain personal property?
Computers (especially if used for business), Silverware, Jewelry, Stamp or Coin Collections, Furs and Guns.
While there is no special limitation for antiques or fine arts, many clients choose to schedule this type of property to get broader coverage, including breakage in some instances.
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