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Home Insurance-Clear Explanation

Confused about your Home Insurance? Here are some basics. Real Estate symbol

Most homeowner’s policies contain a variety of coverages Here is a brief explanation of just some of the coverages to help you when considering your choices in purchasing insurance for your home.

Home (Definition: The building structure)

Replacement Cost  Most homeowners’ policies will pay to rebuild your home if it was completely destroyed. In addition to the structure, coverage includes the wiring, plumbing, heating and air conditioning.  Policies are issued for the amount it would cost to rebuild your home.  Your agent can assist you with determining the correct insurance value as land and unattached buildings are not included in this amount.  It is important to note that there are claim payment penalties for homes that are greatly under insured.

Coverage Typically losses covered by a homeowner’s policy are for fire, windstorm, hail, lightning, theft or vandalism. Other damage may be covered, but generally these policies do NOT cover flood or earthquakes.

Deductible  You can choose from a variety of deductible amounts.  A deductible is an amount of money that you pay first for any loss.  Many people choose between $1,000 and $2,000, usually the higher your deductible, the lower your premium.

Personal Property  (Definition: Contents-Imagine shaking your house upside down, what falls out is considered contents.)

Replacement Cost   Covering your contents for replacement cost versus actual cash value is recommended.  Like it sounds, replacement cost is what you pay to replace an item; actual cash value is what the item is worth after depreciation.  For example: if your sofa is destroyed in a fire, replacement cost on contents coverage would allow the company to reimburse you the cost of a new sofa.  Actual cash value coverage limits the company payment to the amount your old sofa was worth if you were to sell it.

Liability (Definition- Cost for damage/injury to others  you are legally obligated to pay.)

Liability  Homeowners policies include coverage for injury or damage to others when you are sued or determined to be legally liable.  Examples include; injury if someone falls on your icy sidewalk, your dog bites a neighbor or damage if your child breaks a friend’s expensive Chinese vase. Consider your assets when deciding on a liability limit, For many people  $500,000 adequate, but other limits are available.

 Contact us today to help you determine the insurance protection that best fits your needs.

Hired and Non-Owned Auto Coverage

If employees use their vehicle for business, it  may leave a huge coverage gap.

If an employee uses their own vehicle at work or runs an errandDriving in summer for their employer,  the company could be held financially responsible in case of an accident. Usually a business auto policy only protects against loss involving company-owned vehicles and an employee’s personal auto policy  excludes business use. This can present a coverage gap. Even if a business rarely uses non-owned autos, it only takes one serious accident to create a significant loss for the business

How Non-Owned Automobile Coverage eliminates coverage gap

If your company has a business auto policy, make sure it includes coverage for hired and non-owned automobiles. Non-owned autos are vehicles owned by others (such as an employee) that are used for business purposes for their employer.

If your business does not own any automobiles, it is possible to purchase coverage for only losses involving use of Hired and Non-owned vehicles. The ‘hired’ portion would cover your business for liability purposes when renting a vehicle for business use. The ‘non-owned’ portion would cover employees using their own auto in the business.

Make sure your limit for Hired and Non-owned coverage is enough to cover large court judgments.  Non-owned coverage will protect both the business and the employee for liability, but this does not cover the damage to the employee’s auto.

Contact us for solutions designed specifically for your needs.

 

 

Excerpts from: Insurance Publishing Plus, Inc. 2014

Auto Insurance-Michigan IS Different

Confused about your Auto Insurance?  Michigan IS Different!

Here is a brief explanation of available coverages for you to consider regarding decisions on your auto insurance in Michigan

Mandatory Coverages

  • Bodily Injury Covers payments you are legally liable to pay for injury you cause to others. 
  • Property Damage Covers payments you are legally liable to pay for damage you cause to other’s property.
  • Property Protection Covers up to $1,000,000 for damage you cause to other’s property in the State of Michigan.      
  • Personal Injury Protection (PIP) The broadest no-fault medical coverage in the U.S.; PIP provides payment for injury to you or your household members including unlimited lifetime disability.
  • Excess/Coordinated or Primary/Full PIP An important consideration with PIP coverage is whether your policy is listed as Excess or Primary. Excess PIP  indicates you are covered by another medical policy that covers auto related accidents first. If this policy is not applicable, a deductible will apply.
  • MCCA Michigan Catastrophic Claims Association Contribution to state fund for medical expenses and disability as a result of an auto accident related catastrophic loss.

 Optional Coverages

  • Limited Property Damage Mini-tort Covers up to $1000 for damage you cause to another vehicle.
  • Uninsured Motorists Covers you when someone without insurance is legally responsible for your injuries.  
  • Underinsured Motorists Covers you when someone with low insurance limits is legally responsible for your injuries.      
  • Comprehensive Covers your vehicle for damage NOT from a collision. Example: fire, theft, wind, vandalism, etc.  
  •  Collision There are 3 types for you to choose from:

Broad If you are less than 50% at fault for an accident, (as shown in the police report) you do not pay deductible.
Standard/Basic You always pay your collision deductible.
Limited NO collision coverage unless someone else is more than 50% at fault (as shown in police report)

  •  Rental Reimbursement Covers specified amount to rent a vehicle while yours is being repaired due to a covered loss.     
  • Towing Covers specified amount in the event you need towing or road service.    
  •  Lease/Loan Gap Provides payment for the difference between the amount you owe the loan/lease company and actual cash value of a covered vehicle in the event of a total loss. This is important as many times the amount of the loan or lease is much higher than the value of the vehicle.  
  • Additional Endorsement for Rental Car This provides for gaps in coverage for a car you rent.

 

 

Ten Commitments To Our Customers

Being a company in a highly competitive industry, we take great pride in separating ourselves from the pack. We differentiate ourselves by holding our staff accountable to our ten commitments. These are our business values and on what we base all our customer services.

Ten Commitments

  1. We will always offer you the best possible coverage at the best possible price.
  2. We pledge to offer you professional advice from the most knowledgeable staff in the area.
  3. We will return all phone and e-mail communication the same day, and make every effort to avoid “phone tag”.
  4. We will issue proofs or certificates of insurance the same day we receive the request.
  5. We will report all claims to the company the day they are received.
  6. We will assist you with all aspects of a claim.
  7. Policy changes will be sent to the company the same day we receive them.
  8. We will issue binders and evidence of insurance the same day the transaction in finalized.
  9. We will provide notary service to our customers, free of charge.
  10. We will do all these things with the friendly attitude you deserve.

It is with these tenets of high standards that we create the service experience that keeps our customers happy and coming back year after year.

Welcome to Cobb Hall

Who We Are

We are the largest independent Agency in Livingston County serving Michigan, national and international risk.  Our success is not a result of selling more policies, rather by the extremely capable people that make up Cobb-Hall. Most of our people possess advanced technical education and industry designations in their respected areas of specialization. Unlike many of our competitors, we offer all the insurance and risk management services but not by general practitioners’. We have teams and departments that specialize in Employee Benefits, Life, Health Group, or Business Teams serving Main Street USA to complex multi National Accounts to our Personal Insurance Team writing Auto, Home, Boats, Yachts, and Personal Risk Management.

What Cobb-Hall Does

Cobb-Hall provides employee benefits, health, life, disability, 401k programs and long term care. Homeowner’s, auto, boat, life, health, disability and financial planning are some of its personal insurance services. Business insurance plans include commercial property, general liability, workers’ compensation, auto, employment practices liability, pollution liability, and directors and officers liability.

Your Trusted Insurance Resource

Cobb-Hall Insurance provides extensive Business and Personal Insurance. Whether your business needs commercial property, general liability, workers’ compensation, auto, employment practices liability, directors and officers liability insurance, or something specialized, Cobb-Hall Insurance is your largest independent Livingston County Insurance provider. If you’re looking for personal insurance, including homeowners, auto, boat, life, health, or disability, Cobb Hall is your trusted insurance resource.

At Cobb-Hall we constantly re-engineer our operations to meet the complex demands of our customers and the market, while utilizing the latest in communications technology. Our high-speed computer network and internet connectivity allows our agents to respond quickly to our customers. It also provides direct online rating and policy issuance with some of our companies.