Frequently Asked Questions
Long Term Care policies are extremely important, but they are not for everybody. We will qualify you to ensure that it matches up with your assets! Median nursing home costs in Texas are $139/day, with the lowest being $125/day and the highest $304(SeniorAdvice.com). For long-term stays, this expense is not covered on regular health policies. Drawing down assets may be the only alternative without a Long Term Care Policy.
You can get Medicare Part B on your 65th birthday (3 months before your birth month and 3 months after your birth month). You can do that by going to www.medicare.gov, click on 'Sign Up/Change Plans', and click 'Apply for Medicare Online' to begin the process. Once you receive your Medicare Number, you can call us and we can discuss all the options afforded to you with Medicare Supplements and Part D Prescription Drug Plans.
You can get Medicare Part B on your 65th birthday (3 months before your birth month and 3 months after your birth month). If you become disabled, you may obtain Medicare benefits as well. You can do that by going to www.medicare.gov, click on 'Sign Up/Change Plans', and click 'Apply for Medicare Online' to begin the process. Once you receive your Medicare Number, you can call us and we can discuss all the options you can have with Medicare Advantage Plans.
If your property is located in a coastal county, for example, Galveston, Brazoria, Matagorda, Chambers etc., you are required to have a Wind policy by your mortgage company. The reason is that most insurance companies do not offer Wind coverage in these counties, therefore, you must have a stand alone Wind Policy!
EVERYONE IS IN A FLOOD ZONE!!! Even if you are in a preferred zone, you are in Flood Zone X! And even properties in this Flood Zone get flooded. As a matter of fact, in the continental United States, more floods occur in X Zones!
Many people do not understand that a Flood Loss is not covered on your HomeOwners Policy. A flooding event (rising waters, tidal surge, inundation of two of more adjacent properties) is covered on a separate Flood Policy with FEMA. A Home policy will not cover a flooding event! You must have a separate Flood Policy for this loss! Flood Policies are very important in our area due to our coastal proximity.
Remember, when you are dealing with a Replacement Cost Policy (most insurance policies), the insurance company is agreeing to REBUILD your home after a loss(fire, hurricane, etc.). This will be at today's prices for building materials (labor, brick, wood, concrete, trip charges, etc.).
Auto Liability limits are there to protect your net worth! It is very important to keep your net worth(savings, retirement, equity, checking, etc.) below your AUTO LIABILITY LIMITS! It will affect your premium, but, please do not focus on that! This coverage can, and will affect your savings that you have worked very hard to obtain. For example, if you have an at-fault accident, and have a $500,000 verdict against you, but you only carry $30,000 limits, then your assets are in jeopardy of being lost to the injured individual!
If you want to lower your monthly premium, or buy more coverage for less money, one way is to carry a higher deductible. A higher deductible also may make sense if you believe that your chances of making a claim are remote enough to warrant assuming extra financial risk.
It depends on the type of policy you own. But in general, unless you buy additional coverage, you won't be compensated for losses due to floods, earthquakes, nuclear accidents, wars, intentional damage, and normal wear and tear. Other exclusions may also apply.
A home can require a tremendous investment of money, time, and energy. Homeowners insurance is designed to protect that investment by insuring the actual structure or structures and the personal possessions in and around them, as well as providing liability protection for the residents. Through homeowner's insurance, you can protect yourself and your family from enormous loss in the event of damage or destruction to your home and property. Most likely, if you have a mortgage on your home, you are required to carry homeowner's insurance.
You can purchase additional coverage, through an endorsement to your existing policy or with a separate policy, to extend the limits of coverage for specific items.
After an accident or theft recovery, if the insurance company decides your car is "totaled," it means the estimate of repairs exceeds the car's value. At this point, the insurance company will likely send you a check for your car's value. It gets to keep your car unless you make arrangements to buy it back "as is".
If you were not at fault in the accident, you will make a third-party claim to the at-fault driver's insurance company. Because you are the claimant, the insurance company typically will issue the check directly to you. It's your responsibility to pay the repair shop, and the lender if you have a car loan. If the other driver doesn't have insurance, your uninsured motorist coverage will take effect.
If your car was stolen, be prepared to wait. Most insurance companies will impose a waiting period to see if the police recover your car. If your car is still missing after the waiting period, usually 21 days, you should receive a settlement soon after. If your car is recovered during the waiting period, the insurance company will want to see a repair estimate before deciding how to proceed.