Frequently Asked Insurance Questions

Question: How much insurance coverage do I need?
Answer: The amount of insurace and the type of insurance you need is dependent on a lot of factors.  Do you have a family? Do you own a house? How many autombiles do you own?  We highly recommend you visit with one of our insurance professionals to discuss your individual situation and get set-up with the coverage you need.

Question: I am single, do I need life insurance coverage?
Answer: Yes.  Life insurance will fit in good with this situation if you have any debts or liablities.  Besides covering any debt you may have, it can also be used as a supplement to your retirement planning.  A permanent cash value life policy will help you save for future needs or expenses in retirement.  Also, the younger you are the less expensive the premiums will be than later on in life.

Frequently Asked Questions

Question: What is a 401 K?
Answer: A 401(k) plan is the common name for the tax-qualified, defined-contribution pension account defined in subsection 401(k) of the Internal Revenue Taxation Code. Under the plan, retirement savings contributions are provided (and sometimes proportionately matched) by an employer, deducted from the employee's paycheck before taxation.

Question: What do we mean by liability and liability limits? 
Answer: Liability covers bodily injury and property damage to others when the accident or loss is due to the insured's negligence.  Liability limits are per person, per occurrence for both bodily injury and property damage, and per property damage.  For example, $100,000/$300,000/$100,000

Question: What is medical payments coverage?
Answer: This covers necessary medical and funeral expenses for the insured, his or her family members and others in the insured auto.  Typical medical coverage runs from $1000 to $25,000.

Question: What is other than collision coverage (comprehensive)? 
Answer: This protects against almost all accidental damage, with the exception of coverage provided under collision.  Coverage includes fire, theft, hail, water, flood, vandalism, glass breakage and collision with birds or animals (deer).

Question: What is collision coverage? 
Answer: Collision coverage protects against damage done to the covered or non-owned auto by impact with another vehicle, impact with an object or by rolling the vehicle over.

Question: How is the insurable value of my home determined?
Answer: The value of your home is determined by a cost estimator.  A cost estimator is a tool agencies and companies use to find out the correct value to insure your home using a number of variables.  The variables include such things as age of home, square feet, siding, roof material, number of bathrooms, basement, attached garage, etc....

Question: What other things can I cover under my homeowners policy?
Answer: Personal property such as boats, jet-skies, ATV's, jewelry and guns are just a few things that can be added to your homeowners policy through an endorsement.

Question: Am I covered for a flood or earthquake on my homeowners policy in Nebraska?
Answer: No, but earthquake coverage can be endorsed for an additional fee.  Coverage does not apply to loss due to floods, surface waters, or waves.  Also coverage does not apply to loss due to earthquakes, including the land shock waves or earth movement from the quake.  In order for land to qualify for National Flood Insurance, the community in which it is located must meet certain requirements.

Question: What is the difference between replacement cost and actual cash value (ACV)?
Answer: Replacement cost is total coast to replace your home or roof if there was a total loss.  ACV is the replacement cost minus depreciation.  For example, if your house was destroyed by a fire and it was insured for $100,000 with replacement cost, you would receive $100,000 to replace your home.  If the same home was destroyed by a fire and the family carried ACV, they would receive $100,000 - $$30,000 (depreciation) = $70,000.

Reiser Insurance Group, LLC.  P.O. Box 89, 217 S 4th St, O'Neill, Nebraska 68763 | 402-336-1983  
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