What happens to my insurance if I place my home in a Trust?

Insurance contracts read that an insurable interest must exist at the time of loss to have coverage. If you and/or your spouse are named insureds on your policy is there coverage for the trust? Please contact our office immediately upon renaming your deed in any manner, especially to a trust. All of our carriers require a special endorsement to afford coverage. There was a claim wherein there was a total home loss due to fire and the property had been placed in a trust and coverage was denied for the home because there was not an insurable interest at the time of loss. Contents coverage was provided by the insurance company, but not for the dwelling itself. Always contact our agency when making changes to any re-titling of property.

Do I have coverage when I rent a car?

If you have full coverage on any vehicle on your own personal policy then yes, you have full coverage on your rental as well. However, whatever deductible you have on your vehicle carries over to the rental vehicle. Also please note that while there is coverage for the damage to the vehicle and any property damage or liability, there is not coverage for Loss of Use. Loss of Use in the monetary damages the rental car company incurs during the downtime while the vehicle is being repaired. Many major credit card companies include this coverage if vehicle is rented on their card. Check with your card company.

What is Loan/Lease Gap Coverage and do I need it?

Loan/Lease gap coverage can cover the difference between the current value of your vehicle and what is owed on it when your vehicle is totaled. Some people refer that to as being upside down in your loan or lease. The moment you drive your vehicle off the lot it depreciates in value so you may want to consider gap insurance if any of the following apply:

  • You made less than a 20 percent down payment on your vehicle.
  • If your auto loan is 60 months or longer.
  • If you’re leasing a vehicle, check to see if the leasing company includes it, if not coverage through us is very affordable.