Good morning. I’d like to ask some questions about your insurance policies.
Of course. Please sit down. How may I help you?
I bought a house recently and would like to insure it and its content.
I see. Here’s a pamphlet about our home insurance policy. We’ve named our policy ”umbrella”. May I ask how much you paid for your home and where you live? These are the two main thing that decide how much your premiums are.
I understand. I live in the Oakfield area and paid $100,000 for my home.
Let me just check that on my computer. Oaksfield is a low risk area, so your premiums will probably be around $100 a month. The other thing to take into account is deductibles.
In this pamphlet it says that the minimum amount for deductibles is $2000. What does that mean exactly?
It means That the first $2000 of any claim you make must be paid by you. The insurance policy covers any amount above that, up to the agreed limit.
Oh, I see. That’s fine. What is the advantage of having higher deductibles?
If you have higher deductibles, your premium are lower, because you will pay more of the claim and we will pay less.
It seems that I should do some calculations before deciding. I presume that the insurance period can be for as long as we agree.
We initially sign one-year policies with our policyholders. These are renewable after the first year.
If I have a claim, how long does it take to make a settlement? I’ve heard that with some insurance companies, it can take months.
That is of great concern to out clients. We aim to satisfy all claims within a month, but we can’t guarantee that.