Frequently asked questions about insurance.
No, you are not required to keep full coverage on your vehicle, which is the comprehensive and collision portion. However, if your vehicle is stolen, or damaged due to things like hail or wind, you would have no coverage for your vehicle since that would fall under comprehensive coverage. Also, if you rear-end someone, or hit a mailbox or a tree, for example, you would have no coverage to fix your vehicle, as that would fall under collision coverage.
I have great medical insurance. Am I required to have PIP (personal injury protection) on my policy?
Laws vary by state. Washington state does not require you to have PIP coverage and you can opt to not have it by signing a rejection form. However, if you or anyone in your vehicle is injured due to an accident, whether your fault or not, PIP coverage would pay for your medical as well as the medical for your passengers. Since WA is a no-fault state, most medical facilities/doctors would FIRST require your PIP coverage to pay for your medical expenses due to an accident. PIP can also help cover your accident expenses if you are in someone else’s car at the time of an accident. Additionally, we like our clients to know that PIP does not have a deductible.
For more information, you can contact your medical insurance provider and ask about how having or not having PIP can affect you.
Why did my car insurance rate go up when I removed a vehicle if the vehicle had storage coverage only?
The multi-car discount changed. The more vehicles you have, the higher the discount is. The discount outweighs the premium the insured was paying for the vehicle.
Can I add my son/daughter to my auto policy until they get their license? Will my car insurance premium increase?
It is best to add the young driver as a non-rated driver so the company is aware someone else will be driving the vehicles even though they have a permit. The premium will not be affected by adding them as permitted drivers. Once the young driver gets their license, we will need to add it as a rated driver, and yes, the premium will increase then.
Mosaic can with a signed cancellation form that we will send to your carrier once your new policy is put in place. If you are worried about an auto draft being pulled from your bank account before the cancellation, you will need to call your carrier and let them know to take you off EFT (electric funds transfer). At that time, you can also ask them to cancel your policy effective for the date your new policy goes into effect so there is no lapse.
An escrow account, sometimes called an impound account depending on where you live, is set up by your mortgage lender to pay certain property-related expenses. It’s like a mini savings account attached to your mortgage.
During your first year of escrow, taxes and insurance are paid at closing so that you have enough to pay taxes and insurance for the next year. After the first year, each month when you pay your mortgage, there is an allotted amount that will be taken from the mortgage payment and put into your escrow account to pay for your insurance and taxes each year. Many lenders require that you pay your taxes and insurance using escrow, so they can make sure that the bill gets paid.
Hazard insurance is coverage that protects a property owner against damage caused by fires, severe storms, hail/sleet, or other natural events. Your homeowners insurance covers these items, plus it gives you coverage for your personal property, medical payments for accidents that arise at your home, and liability insurance to name a few. Homeowners insurance also covers you on and off your property. For example, if you are visiting a vacation resort and you accidently run into someone while you are skiing, your home insurance coverage might help cover medical bills for the person you injured.
Wind is typically a covered peril on your homeowners policy. Examples of wind damages could be: shingles being torn from the roof, a tree falling on your home, an object getting blown by wind into your home (patio furniture, trampolines, etc.).
False. All tickets and accidents can affect your rates and underwriting for up to 5 years. Each carrier rates these differently. For more information on your carrier’s protocols and your specific circumstance, give Mosaic a call. We are more than happy to review your policies.
I got a ticket. When will it come off my driving record, and when will my insurance rates go back down, assuming I don’t make another mistake?
Tickets typically stay on record for 3-5 years, depending on what carrier you are with. However, it is important to know that after your tickets are removed from your record, your insurance rates might not go down. Mosaic can provide you with more information based on your specific situation. Give us a call at 425-320-4280 or email us at firstname.lastname@example.org.
If you unable to locate the owner of the vehicle (check nearby businesses and residences) , we recommend that you…
- Leave a note with your name, address, contact number, and explanation of accident.
- Take photos.
- Look for witnesses. If there are any, get their name and contact information.
Loss assessments coverage is an optional endorsement that can be added to a homeowners insurance policy or condo insurance policy. Loss assessments insurance helps cover damage to a common area or injury that occurs in shared areas when the master policy coverage limits are not enough pay for a covered loss. Any additional coverage amount that is needed can be split up and assessed to the condo/homeowners. Loss assessments may also be passed onto the building owners for the deductible on the master policy, or to pay for smaller losses that fall below the master policy deductible. Loss assessments coverage does not cover any renovations or maintenance of the building and common areas.
Having loss assessments coverage helps to cover high out-of-pocket expenses or adverse action imposed by the condo owners association (COA) for failure to pay the assessments. This coverage can help protect you if you live in a shared community or are part of a homeowners association (HOA).
Building property insurance, also known as build outs, is for the interior of your unit. It provides the replacement coverage to rebuild or repair all the attached features, such as counter tops, cabinetry, flooring, lighting fixtures, along with the interior walls, after a loss occurs.
Due to a condominium being a type of property and not a specific structure type, Mosaic is able to use a replacement cost calculating tool to help determine the amount of coverage needed to rebuild the interior of your unit. This is based on the number of stories, square footage, and quality grade of the materials used for the initial build or remodel of your unit.
If your unit is part of a condominium owners association (COA), reviewing the condo master policy will let you know what is covered on your current policy vs. what you need to cover on your individual unit. Comparing needs with policies is what we do best! Give us a call, and we will give you a free quote on which coverage you need for your specific situation.
An umbrella policy adds extra liability coverage everywhere. Umbrella insurance both broadens and deepens coverage. Deepening, meaning that the umbrella will pay over and above the limits of liability of an underlying policy. The broadening aspect refers to the common umbrella attribute of providing better coverage than an underlying policy. Mosaic highly recommends an umbrella policy since it would cover you incase you cause an injury or damage to someone, and the amount exceeds your underlying liability limits. For example, if you were to leave a bad or negative review online and were subsequently sued, the umbrella would be able to help.
An endorsement, also known as a “rider,” is an addition or change made to an original policy. This would add coverage for a loss that would usually be excluded on a homeowners or renters policy, in exchange for extra premium. For example, getting the endorsement “back up of sewer or drain” would cover damage caused by water from a drain that gets backed up due to a covered loss. If you do not have that endorsement, and your policy does not cover said loss without that endorsement, you would not have coverage and you would have to pay those damage expenses out-of-pocket.
Ordinance or law coverage is a common endorsement on a homeowners policy that would cover the extra cost of items that are damaged that may need to be upgraded when you go to fix damages (i.e., electrical, heating, ventilating, air-conditioning, and plumbing based on city codes). After a covered loss you maybe required to make significant improvements to you home to meet any new standards added since your home was originally built. That is why Mosaic always recommends ordinance or law coverage if you live in an older home. This endorsement usually covers 10% of the extra cost. Some carriers offer more coverage for more premium.
Some examples Mosaic has seen include dog bites, pet damage, cemetery mischief (i.e., if a gravestone becomes damaged or vandalized), dorm room décor becomes stolen or damaged, stolen ATM credit or debit cards, space debris damage (if anything were to fall from the sky), and damage caused by use of a drone for personal use (not business use). It is important to be aware that if you file a claim for one of your animals hurting someone, all pets in that house are affected on the insurance policy (not just the animal that did the damage).
If you are wondering about a specific recent loss you have had, give Mosaic a call and we can see if your insurance policy will cover said loss. We can also talk to you about possible future claims that you are worried about and look into what carriers have to offer to help protect you.