What does a Homeowner policy cover?

A. A homeowners policy provides coverage for accidental direct physical loss to your dwelling, related private structures, and personal property. This package also includes coverage for around the world personal liability. Please refer to your policy for covered perils and exclusions.

What structures are defined as a dwelling?

A. A dwelling is defined as a home and attached structures such as porches, patios, attached garage, and decks. Refer to your policy for exclusions.

How much insurance should I have on my home?

A. The coverage amount is ultimately your choice. However, we recommend that your coverage is equal to or within 80% of the replacement cost of your home. The estimated replacement cost of your home will determine which policy options are right for you.

What is ACV (Actual Cash Value)?

A. ACV is a method of valuing insured property computed by subtracting depreciation from replacement cost. The depreciation is usually calculated by establishing a useful life of the home/item determining what percentage of that life remains. This percentage multiplied by the replacement cost equals the ACV.

What is Replacement Cost?

A. Replacement cost is the cost to replace the entire home/item. When you insure your home/item for its estimated replacement value, your insurer will reimburse you for the cost of rebuilding your home, subject to policy limitations, based on the likewise of the home/item that was lost. Replacement Cost is NOT the market value, original purchase price, include cost of land or outstanding balance of mortgage or balance due.

How do I create an inventory of my personal property?

A. Before today’s digital era you had to make a written list of your property, with technology you can now take photos or video of all your belongings in each room. It is recommended to put this information on a thumb drive and store off premises or on your cloud.

How can I save money on my insurance?

A. Lincoln County Farmers Mutual offers a 20% discount if you purchase both auto and home through our agents. Contact an agent today and ask about the Multi policy discount.

Why are you asking for my Social Security Number?

A. Providing your social security number is the most accurate way to help us identify consumer reporting information related to our applicants. Your SSN is treated as confidential information in accordance with the Lincoln County Farmers Mutual Insurance privacy policy. We take your privacy seriously!

What is personal liability umbrella coverage?

A. It today’s world lawsuits are becoming commonplace. To help protect your assets an umbrella policy provides an additional layer of liability protection designed to go above and beyond the coverage of your other insurance policies. If you’re ever sued for damages, and the verdict exceeds the highest limits of your existing policy, an umbrella policy is the added layer to cover additional expenses to protect risking your savings, your home and your business.

Who should I contact to report a loss?

A. It’s very important to let your agent know if you have had a car accident, damage to your home, or any other kind of loss. To report claims go to our “File a Claim” button to complete the information necessary or call our office during business hours. If a crime is involved you must file a police report. If this is an emergency dial 911

How do I know if I should report a claim?

A. Is the loss covered by your policy? Does the loss exceed your deductible? How do I know? Your first step would be to contact a contractor about repairs. Refer to your policy to determine if the cost of repair exceeds your deductible. Example: if you experience a loss and the contractors bid for repairs is $500 and your deductible is $1,000 there is no need to file a report. The cost for repairs is under your deductible limits. However, if the cost of repairs is $2,000, you would want to report a claim. The type of policy you have will determine the coverage available due to a loss. Refer to your policy or contact your agent to ask questions.

Why do I need to submit a Proof of Loss before I receive a settlement?

A. The Proof of Loss form is a very important document in the claims process. It’s a formal declaration used by the insurance company to determine the amount of loss/liability of the claim. This document is required to be signed and submitted to our company prior to processing settlement checks.