Frequently Asked Questions
1. What is Renters / Condo Insurance?Back to FAQS
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.
2. What is Home Owners Insurance?Back to FAQS
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 coverages at the lowest prices. The Home Owners Insurance Policy is made up of several basic coverages including: Dwelling, Personal Property, Personal Liablity, Medical Payments to Others. Many additional endorsements can be added to your basic Home Owners Insurance Policy to increase or broaden the coverages.
3. What is Personal Automobile Insurance?Back to FAQS
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.
4. Are there different kinds of disability income insurance ?Back to FAQS
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).
5. What is disability income insurance?Back to FAQS
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.
6. What is life insurance ?Back to FAQS
Life insurance is a legal contract between an insurance company and a policyowner and is governed by state law. Under the terms of the policy contract, the policyowner 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
7. Do I have flood coverage on my homeowner’s policy?Back to FAQS
No, coverage for flood is not included in your homeowners insurance policy. You can purchase a separate policy for water/flood damage.
8. How soon after my son/daughter gets licensed do I need to inform you?Back to FAQS
You have 60 days from the date of license issue to inform us.
9. How do I take my car off the road and cancel the insurance?Back to FAQS
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.
10. What is Business Owners Insurance ?Back to FAQS
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.
11. What is Personal Umbrella Policy?Back to FAQS
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.
12. How can we contact you ?Back to FAQS
You can contact us by Phone or Fax.
13. I was in a car accident and found at fault. I do not agree with the surcharge, how do I appeal this?Back to FAQS
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.