$ave More Money with Loyola Zero Deductible Supplemental Policy

Loyola insurance company recently put in the market a new supplemental product offering that could both save you money and reduce your out-of-pocket expense should your car be damaged. This supplemental (add-on) policy is sold per vehicle, and here is how it works.

You increase your physical damage deductible to $1,000. For your information, this could save you 15-40% of your current premiums for these coverages. Let’s say that if you have a $250 deductible, raising the deductible to $1000 could save you as much as $300 per year per car. If you have a $500 deductible the savings might be $130 per year per car. The typical price for this Zero Deductible Supplement is between $100 and $150 per year per car – although it may be higher depending on other factors like the type of car you drive. This type of policy saves money on your overall Loyola car insurance budget and reduces your out-of-pocket exposure to $0. This supplemental policy will follow your car, so if you switch insurance companies there is no need to change this policy.

You can get more information and purchase this supplemental policy via a link on loyolainsurance.com. The quoting and application process are relatively quick and easy.

Loyola Homeowners, Umbrella, and Life Insurance

You should look at all your insurance costs as one budget item. While the different policies will cover different things – auto, home, life, and umbrella – in essence, they are all providing you peace of mind and protection should something bad happen. Therefore, you should consider reviewing and shopping for all your insurance needs each year. While home, life, and umbrella may not be as volatile in price, there are always opportunities to save money.

Homeowners

In most cases, Loyola insurance company will either sell a companion homeowners policy in the same company, or they will have partnered with a company to sell you a home policy. The process may not be as straightforward, but it is recommended getting a quote and comparing the packaged price.

Loyola insurance will start by asking you for basic information: address, city, and state. In addition, the following information may be required. Value of your home. Loyola may ask the market value or the price you paid.

Square footage.

Year of construction.

Exterior construction (brick, stucco, vinyl)

Wall construction (concrete block or frame)

# of Bedrooms, Baths, Decks, Porches, Fireplaces, Living units (for multi-family residences) Any custom construction?

Do you have a pool, trampoline, exotic dogs or pets, wood burning stove? (Any of which may make you ineligible, or these items may be excluded from coverage). Roofing material (asphalt, ceramic shingles) Foundation Type (slab, basement, crawl space) Is the basement finished?  Percentage?

Garage Type (# of cars, carport)

Heating Type (gas, electric, heat pump, oil)

Safety features (fire extinguishers, alarms, deadbolts, interior sprinkler system)

Basic coverages description in a homeowner policy:

Coverage A: Dwelling – The amount of coverage (value) of your home. This covers your primary dwelling and any attached structures. This does not necessarily equal the amount you paid for the home, the appraised amount, or the tax base. It is the amount for the structure(s), and should not include the value of the land.

Coverage B:  Other Structures – Covers other structures that are not permanently attached to the main structure of your home. For example, a detached garage, gazebo, storage shed or pool.

Coverage CPersonal Property – This coverage protects your personal property, whether you are in your home or away from it. The coverage applies on a named peril basis, and there can be limitations. Check your policy for details.

Coverage D: Loss of Use – This coverage would be for living expenses should your home become uninhabitable due to a loss from a named peril. It pays for living expenses that go above and beyond your normal living expenses, up to the limit on the policy. This coverage may also be referred to as “Additional Living Costs or Expenses”.

Coverage E – Personal Liability – This coverage helps you if you are sued for someone else’s injury or damage to their property. For example, if someone slips on the sidewalk in front of your house and they sue you for the medical costs from injuries and lost income while they are unable to work. Personal liability coverage follows you wherever you go, and even when you are not at home. For example, if you bumped into someone at the mall, and she fell into a display case. She was injured and sued you.  Personal liability coverage may help in this type of situation, even though you were not at your home when the injuries happened. The limit for this coverage is usually $300,000 or $500,000.

Coverage F: Medical Payments – This coverage will pay for minor medical expenses should a guest in your home be injured. The intended purpose of this coverage is to prevent the guest from filing suit against you for minor injuries. Should a suit be filed or their injuries worsen, then your Personal Liability coverage would take over.

This information should give you a basic understanding of your homeowner’s coverage and allow you to get a quote while shopping for Loyola auto insurance.

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