Insurance (Frequently asked Questions)

We have compiled some Insurance FAQ’s for the most commonly asked insurance questions.

It used to be that the only people who needed personal umbrella liability policies were wealthy individuals, who had sizable amounts of personal assets that would be at risk in a lawsuit.
However, in our very litigious society, even individuals with modest incomes and assets are often subjects of large lawsuits. Since those with modest incomes are even less able to pay damages than a wealthy individual, Greene Insurance Group recognizes the need to provide coverage limits greater than what can be obtained from their homeowner insurance or car insurance policies.

Standard renter’s policies cover only you and relatives that live with you. If your roommate is not a relative, each of you will need your own renter’s insurance policy to cover your own property and to provide you liability coverage for your own actions.

The personal umbrella liability policy is designed to increase your liability protection. This single policy acts as an “umbrella” over all of your other personal liability policies – home, car, boat, RV, etc., so you have a higher personal liability limit, than what would otherwise be available. In certain circumstances, an umbrella insurance policy may provide personal liability coverage that is otherwise excluded from your other policies. For example, an umbrella insurance policy provides coverage anywhere in the world, whereas your car insurance policy usually provides coverage in only the US and Canada.

If you live in an apartment or a rented house, renters insurance provides important coverage for you and your possessions in Scottsdale, AZ. A standard renters insurance policy protects your personal property in many cases of theft or damage, and may pay for temporary living expenses if your rental is damaged. It can also shield you from personal liability. Anyone who leases a house or apartment should consider this type of coverage.

A renters insurance policy provides named perils coverage. This means that the policy only pays when your property is damaged or destroyed by any of the ways specifically described in the policy. These usually include:

  • Fire or lightning
  • Windstorm or hail
  • Explosions
  • Riots
  • Aircraft
  • Vehicles
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Falling objects
  • Weight of ice, snow, or sleet
  • Accidental discharge or overflow of water or steam
  • Freezing
  • Sudden and accidental damage from artificially generated electrical current
  • Volcanic eruptions (but this doesn’t include earthquake or tremors)

Renters insurance coverage applies to your personal property no matter where you are in the world. This means you’re covered when you are on vacation as well as at home.

Owners of apartment complexes buy insurance policies for their liability in order to cover their buildings and personal property. However, these policies do not cover any of the tenant’s property or liability. By requiring their tenants to have renters insurance, the apartment owner is assured that the tenants will not mistakenly believe the apartment complex owner’s policy will provide coverage for a tenant’s property or personal liability. Although this type of requirement benefits the apartment complex owner, there are benefits for the renter as well. At Greene Insurance Group we recommend you purchase renters insurance regardless of what your landlord requires.

“Rule of thumb” suggests an amount of life insurance equal to 6 to 8 times annual earnings. However, many factors should be taken into account when determining the right amount of life insurance for you and your family.

Important factors include:

  • Income sources and amounts other than salary earnings
  • Whether or not you are married and, if so, what is your spouse’s earning capacity
  • The number of individuals who are financially dependent upon you
  • The amount of death benefits payable from social security and an employer-sponsored life insurance plan
  • Whether any special life insurance needs exist – (mortgage repayment, education fund, estate planning need, etc.)

Calculating the correct amount of life insurance to buy in Arizona is not as simple as it appears. We recommend contacting Greene Insurance Group at: 480-657-2800 to help determine the right amount of coverage you need. As an independent agent, Greene Insurance Group has unbiased advisors that will help you avoid buying too much, show you appropriate and optional coverages for your need, and recommend a company that will best serve your interests in Arizona.

There are a number of factors you should consider when purchasing any product or service, and insurance is no different.

Below is a checklist of things you should consider when you purchase homeowners insurance:

  • Determine the amount and type of insurance you will need. The coverage limit of your house should equal 100% of its replacement cost. If your policy limit is less than 80% of the replacement cost of your home, any payment from Greene Insurance Group will be less than the full cost to replace your home – you’ll have to pay the rest out of your own pocket. Also, decide if the personal property and personal liability limits are adequate for your needs.
  • Decide which, if any, additional endorsements you want to add to your policy. For example, do you want the personal property replacement cost endorsement, an earthquake endorsement or a jewelry endorsement?
  • Once you have decided on the coverage you want in your homeowners insurance policy, please consult us at Greene Insurance Group. Greene Insurance Group will be able to help you determine if there are any gaps in coverage that you might not have been aware of, explain the details of the policy’s exclusions and limitations, as well as recommend an insurance company that will live up to your expectations.

There are a number of things you can do to lower the cost of your homeowners insurance. The easiest thing to do is request a comprehensive review of your policy and your needs from Greene Insurance Group.

It’s not surprising to find quotes on homeowners insurance that vary by hundreds of dollars for the same coverage on the same home. When you shop, be careful to make sure each insurer is offering the same coverage.

Another way to lower the cost of your home insurance is to look for any discounts that you may qualify for. For example, many insurers will offer a discount when you place both your car and homeowners insurance with them. Other times, insurers offer discounts if there are deadbolt exterior locks on all your doors, or if your home has a security system. Be sure to ask Greene Insurance Group about any discounts that you may qualify for.

Another easy way to lower the cost of your homeowners insurance is to raise your deductible. Increasing your deductible from $500 to $1000 will lower your premium, sometimes by as much as ten percent.

The typical homeowners policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. Almost anyone who owns or leases property has a need for this type of insurance. Usually, homeowners insurance is required by the lender to obtain a mortgage.

Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. When “actual cash value” is used, the policy owner is entitled to the depreciated value of the damaged property. Under the “replacement cost” coverage, the policy owner is reimbursed on an amount necessary to replace the article with one of similar type and quality at current prices.

A number of factors can affect the cost of your car insurance in Arizona – some of which you can control and some that are beyond your control.

The type of car you drive, the purpose the car serves, your driving record, and where the car is garaged can all affect how much your car insurance will cost you in Scottsdale, AZ.

Even your marital status can affect your cost of insurance. Statistics show that married couples tend to have fewer and less costly accidents than those who are single.

Most states have insurance laws that require drivers to have at least some car liability insurance. These laws were enacted to ensure that victims of car accidents receive compensation, when their losses are caused by the actions of a negligent individual.

Often times the cost of repairing the damages to an older car is greater than its value. In these cases, your insurer will usually just “total” the car and give you a check for the car’s market value less than the deductible. Many people with older cars decide not to purchase any physical damage coverage.

Collision is defined as losses you incur when your car collides into another car or object. For example, if you hit a car in a parking lot, the damages to your car will be paid under your collision coverage.

Comprehensive provides coverage for mostly other direct physical damage losses you could incur, including theft. For example, damage to your car from a hailstorm will be covered under your comprehensive coverage.

By using an independent agent such as Greene Insurance Group, the policyholder receives more personalized service. Having direct contact with Greene Insurance Group can be very important when purchasing insurance, and absolutely necessary when filing a claim. Greene Insurance Group is able to deliver quality insurance in Scottsdale, AZ with competitive pricing and local, customized service.

When you apply for an insurance policy at Greene Insurance Group, you will be asked a number of questions. For example, Greene Insurance Group might ask your name, age, gender, address, etc. You will also be asked a series of other questions which will be used to determine how likely you are to make a claim.

When Greene Insurance Group is deciding whether or not to offer car insurance to a potential customer, we want to know about your previous driving record, whether they have any recent accidents or tickets, and what type of car will need to be insured.

Greene Insurance Group offers a variety of programs for different customers. Adults with good driving records will generally pay less for car insurance, than young drivers with traffic tickets. In order to determine which program you qualify for, Greene Insurance Group will need basic information about you.

In addition to your age, gender and driving experience, information about the car you drive, and your driving record, is also needed to determine a fair price. For example, a large luxury car costs more to repair or replace than a compact car. Also, someone in Scottsdale who commutes 30 miles each way is more likely to be in an accident, than someone who commutes via bus and only drives on weekends.

Additional Information.

Click a link below for additional information.

Helpful Insurance Information

Greene Insurance Group has compiled a list of useful insurance industry related links and resources.

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Insurance Glossary

Understanding Insurance Terms – Online Insurance Glossary We at Greene Insurance Group know the language used by the insurance industry can be confusing. We want to make sure that you clearly understand your options and know precisely what you’re paying for. Here are some terms we use for types of coverage. There are also a …

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How do I cancel my prior insurance?

How do I cancel my prior auto, home or other insurance? If you would like, you may use our pre-printed letter. Follow the steps below to open and print the document. Click the Cancellation document below to open in a Word Document file. Print the cancellation letter and fill in your name, policy information and cancellation dates in the provided fields. Fax, email or mail in the cancellation letter to your prior insurance company. (You may have to call your prior insurance company for their fax..

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