FAQ’s

Frequently Asked Questions

At the Young Group, we know insurance coverage can be confusing so we have provided some answers to frequently asked questions below.
If you don't find the answer you are looking for, please contact our office and one of our agents will be happy to talk with you.

Auto Insurance FAQ's

Generally you will find it less expensive to insure a child on the parent’s policy rather than on a separate policy in the child’s name. Always make sure the name and title must agree on your automobile policy.

Answer:

If the operational safety of your vehicle is impaired then you should expect your insurance company to cover for new repair parts for your car. Unless your claim occurs during the first year after your car was manufactured and the part(s) to be replaced are non-safety parts, you are not entitled to new parts. In other words a 5 year old car door will not be replaced by a brand new car door.

Home Owner's Insurance FAQ's

Answer:

Named-Peril and All-Risk are the two types of Homeowners Insurance available. Named-Peril pays for losses specified in your policy. All-Risk covers losses except those specifically excluded in your policy.

Answer:

Yes if you can prove your neighbor’s tree was in such a condition that would cause a prudent person to have it removed before it damaged your property. Otherwise your homeowner’s policy provides coverage for damage to your property caused by your neighbor’s trees falling and causing said damage.

Flood Insurance FAQ's

Answer:

No. The majority of properties are eligible for flood insurance.

Answer:

There is no coverage under a flood policy for seepage of water into a basement unless your basement floods as a result of general flooding in your area.

Commercial Insurance FAQ's

Answer:

Commercial Insurance is a contract between an insurer and a business owner whose purpose is to minimize the owner’s risks against losses, whether from weather, theft, vandalism, lawsuits, accidents or any other reason. There is a cost for this “hedge,” which is referred to as a premium, so in essence, the potential for a greater (possibly devastating) loss is reduced to a smaller loss (the cost of the premium).

Life Insurance FAQ's

Answer:

There are two basic types of life insurance – term and permanent. Term Insurance provides insurance coverage for a specified period of time and benefits are paid out if death should occur within that period of time. Term insurance will expire but it can be renewed however, each time you do renew your costs will be greater due to your increased age. Permanent insurance provides insurance coverage for as long as you live. Generally your costs for this insurance are averaged and remain the same each year the policy is enforce, but the initial cost for this insurance is usually greater than term insurance.

Answer:

Various reasons including accumulation of funds for future needs such as college, retirement or to have for emergencies. Life insurance provides peace of mind to know your debts or other obligations will be paid off in the event of your death.

Renter's Insurance FAQ's

Answer:

Add up the cost of everything you would want to replace if it were damaged or stolen. This could also serve as the basis for an inventory that will make filing a claim easier. For an inventory, also record model numbers, dates and places of purchase. Take photographs or make a video of these items and place a copy of the inventory in safe place away form your home. If you rent an apartment or house you need insurance to protect your belongings. While your landlord might have insurance, it only protects the building. Your belongings are not covered under those policies