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Frequently Asked Questions

What is included in my Homeowner’s Insurance policy? What should I keep in mind before buying a policy?
Your homeowner’s insurance covers your house, permanent fixtures and fittings, garden walls, gates, fence, pool, and your personal belongings.

This policy protects you from specific types of home-related accidents and incidents. The most common types are fire, theft, and vandalism. In case you are unable to stay in your home due to accidents or other incidents, the policy provides additional living expenses, such as hotel expenses.

It also provides liability protection. Ideally, the amount of coverage should be sufficient to replace your home and property. If you stay in a flood or earthquake-risk area, you should separately purchase flood/earthquake insurance, because homeowner’s insurance doesn’t cover floods and earthquakes. 

Can I increase or decrease the amount of insurance on personal items in my home?
Your personal property coverage usually reflects 50 percent of your home insurance coverage. It may be increased or decreased.

Can I lower my home insurance premium?
Yes, you can lower your homeowner insurance premium by asking for discounts on your current policy, holding multiple insurance policies with your insurance carrier, and raising your deductible. 

What happens to me if I drive without auto insurance?
If you are involved in an auto accident and found to be driving without car insurance or proof of financial responsibility, you will be subject to penalties specific to the laws of your state. That could include a fine, or even loss of driving privileges. If you are uninsured and in an accident that involves property damage or injuries to people, you will be required to pay on your own for any damages assessed by a court.

What do I do if I meet with a car accident?
First, you need to notify the police. You should also exchange information with the other driver(s) involved in the accident. Next, you should immediately contact your insurance company, and do what the insurance company advises you to do. 

What is Term Insurance and how does it differ from Life Insurance?
There are two main types of life insurance policies. Term Insurance pays out a sum if the holder dies during the fixed period of the policy. Life Insurance also offers a lump sum payout to beneficiaries should the policy holder die during the period of the policy, but if he/she survives that period then he/she will receive the payment. Life Insurance is also seen as an important investment option. The payments for Life Insurance are greater than Term Insurance.

Why do different people pay different levels of premium?
The amount you pay depends on the level of risk you provide to your insurer. The price you pay for life insurance depends mainly on your age, health, lifestyle, and occupation. So if you are older, have health problems and smoke, and happen to work in a dangerous environment, you will have to pay more for life insurance than someone who is younger, healthier, a non-smoker, and in a low risk occupation.

What is Limited-pay Life Insurance?
Limited-pay life insurance is a type of insurance where all the premiums are paid over a specified period after which no additional premiums are due to keep the policy alive. 

Are the proceeds of life insurance policy taxable?
Generally they aren’t subject to income taxes. However, they may be subject to estate taxes such as inheritance tax. Please check with your financial advisor.

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Koski & Co. Insurance Agents
9875 Sunset Drive
Miami, FL 33173
Phone: (305) 595 2127