Assessing Your Home Insurance Coverage
Tell us a little bit about your company and its foundation.
Compass Insurance Agency was established in 2009 and has a veteran managing partner Jack Hoedeman. Jack comes from a line of insurance agents, his father, brother uncle and cousins all work in the insurance industry. Jack is following in his father’s footsteps who started an insurance agency in 1969. Having 141 years of combined family experience in home insurance coverage has allowed Jack to create a well-rounded agency following the motto “Pointing you in the right direction”.
What are some of the services your company provides?
Compass Insurance Agency is a risk management agency, meaning they look at all of the risks a client faces, and manages those risks by offering business, health, life, and home insurance coverage. Some of the partner companies are; Citizens, AAA, Foremost, Liberty Mutual, Michigan Millers, Safeco, Travelers, and Wolverine Mutual. These relationships are enhanced by its blend of national, super regional and Michigan based insurance companies giving the agents the best tools to match customer’s needs with company product offering. Compass Insurance Agency adheres to the highest ethical standards supported by the Trusted Choice accreditation. Trusted Choice® agencies are defined as: insurance and financial services firms whose access to multiple companies and commitment to quality service enable them to offer our client competitive pricing, a broad choice of products and unparalleled advocacy.
Please briefly explain the idea of home insurance coverage to our readers, what it is, why it was created, etc.
Home insurance coverage is designed to protect the homeowner from sudden and accidental loss arising from a covered peril.
We’ve all heard the commercials about saving money and how many minutes it will take. Most people don’t have the time to call 10 places to get quotes, but you sure don’t want to rush through the process when you are protecting your most valuable assets either. Instead you should call an independent agent, take 30 minutes to provide your information, and they can take the time to shop 10 companies for you, while also ensuring that you get the proper coverage. You really get the best of both worlds; personal service, a choice of companies and great prices.
What is the deductible and how does the insurer decide on the amount?
The deductible is designed for the customer to “self-insure” that amount of the claim. This helps to reduce the number of claims that are filed which in turn helps to keep the cost of insurance down.
Do most property protection policies include dwelling, other structures, and personal property?
Home insurance is highly regulated by the state of Michigan. The standard home policy is referred to as an HO3 policy. HO3 policies include coverage for the structure, a minimum of 10% for detached structures, and a minimum of 50% for personal property.
What does the personal liability part of my policy cover? Will the insurer pay for medical expenses as well?
Liability coverage is designed to protect an insured from lawsuits arising from the negligence of the insured. A home insurance policy will defend an insured in court and if they are found negligent, pay the settlement up to the liability amount listed in the policy.
Do you have any more tips for someone who is out their home insurance policy?
Sit down with an independent home insurance agent to review the cost and coverage that would best suit the insured.