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Frequently Asked Questions

Below are some of our frequently asked questions. If you have any other questions or concerns, please feel free to contact us.

  1. What is Renters / Condo Insurance?
  2. What is Home Owners Insurance?
  3. What is Personal Automobile Insurance?
  4. Are there different kinds of disability income insurance?
  5. What is disability income insurance?
  6. What is life insurance ?
  7. Do I have flood coverage on my homeowner’s policy?
  8. How soon after my son/daughter gets licensed do I need to inform you?
  9. How do I take my car off the road and cancel the insurance?
  10. What is Business Owners Insurance ?
  11. What is Personal Umbrella Policy?
  12. How can we contact you ?
  13. I was in a car accident and found at fault. I do not agree with the surcharge, how do I appeal this?
What is Renters / Condo Insurance?
Renters / Condo Insurance protects your personal property against damage or loss and it protects YOU if someone is injured while on your property. When purchasing Renters Insurance, please keep in mind: personal property can be replaced on either a ‘Cash Value or Replacement Cost’ coverage. Actual Cash Value – this will reimburse the renter for the cost of the personal property at the time of claim – minus the deductible. On the other hand, if you had Replacement Cost Coverage, you would be reimbursed the full value of a new sofa (like kind), after you purchase the sofa and submit your receipts. The difference in premium is minimal between purchasing cash value vs. replacement cost – always choose replacement cost coverage. 

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What is Home Owners Insurance?
For most people, their home is their greatest asset. For this reason alone, you should take consideration in making sure your home is adequately insured. We at Platinum Insurance Agency will work with you to consider your best coverage at the lowest prices. The Home Owners Insurance Policy is made up of several basic coverage including: Dwelling, Personal Property, Personal Liability, Medical Payments to Others. Many additional endorsements can be added to your basic Home Owners Insurance Policy to increase or broaden the coverage. 

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What is Personal Automobile Insurance?
In Massachusetts, the Personal Automobile Insurance Policy is extremely complex and you need to fully understand it in order to adequately protect yourself. Auto insurance in the state of Massachusetts is broken down into 2 main parts: Compulsory Auto Insurance and Optional Auto Insurance.

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Are there different kinds of disability income insurance?
In general, disability insurance can be split into two types: private insurance (individual or group policies purchased from an insurance company) and government insurance (social insurance provided through state or federal governments). 

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What is disability income insurance?
Disability income insurance is insurance that pays benefits when you are unable to earn a living because you are sick or injured. Like all insurance, disability income insurance is designed to protect you against financial disaster. Most disability policies pay you a benefit that replaces part of your earned income (usually 50 percent to 70 percent) when you can't work.

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What is life insurance ?
Life insurance is a legal contract between an insurance company and a policy owner and is governed by state law. Under the terms of the policy contract, the policy owner pays premiums in exchange for the promise of payment of a specified amount of money to a named beneficiary when the insured dies. The policy itself contains provisions specifying the rights and obligations of the parties under the contract. The specific purpose of life insurance is to replace the economic loss resulting from a person's death using money from a pool of funds to which many people contributed a relatively small amount 

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Do I have flood coverage on my homeowner’s policy?
No, coverage for flood is not included in your homeowners insurance policy. You can purchase a separate policy for water/flood damage. 

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How soon after my son/daughter gets licensed do I need to inform you?
You have 60 days from the date of license issue to inform us.

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How do I take my car off the road and cancel the insurance?
You can now cancel plates online with Registry of Motor Vehicles. You can print out the plate return/cancellation receipt. Simply send that to our office and we can cancel your policy accordingly. 

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What is Business Owners Insurance ?
There are three types of insurance you need in order to protect your business. Property, Liability, and Worker's Compensation Insurance. Most small to medium size businesses can purchase what is known as a BOP (Business Owners Policy) - this is an insurance package policy that provides both property and liability coverage at an affordable premium. Larger businesses need to purchase a Commercial Package or Commercial General Liability Policy. This type of insurance policy 'pieces' together the individual needs for a larger business. 

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What is Personal Umbrella Policy?
A personal umbrella policy provides excess liability coverage. Excess coverage is not unnecessary coverage. Rather, ‘excess’ refers to coverage for losses that exceed the coverages of basic insurance policies. People buy personal umbrellas to cover their assets against major liability claims and the associated defense costs. At one time, most people who purchased personal umbrella policies were relatively wealthy, but today personal umbrellas are among the standard portfolio of coverages purchased by most middle-class insurance buyers who recognize their risk.

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How can we contact you ?
You can contact us by Phone or Fax.

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I was in a car accident and found at fault. I do not agree with the surcharge, how do I appeal this?
Shortly following your accident, you will receive a surcharge notice. Complete the back of the form and return back to the Division of Insurance to request a hearing. You will be notified by the Division of your hearing date at which time you can attend the hearing and state your appeal.

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