If you think we might be able to help feel free to contact us to determine your insurance needs. Insurance providers for Lloyds or London, AIUA, USF&G, Lexington and National Security.
| Q: |
Why is Homeowner's Insurance required by my lender? |
| A: |
When a lender agrees to lend money to help purchase a home, they want to be sure that their investment is protected. |
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| Q: |
What factors may help to reduce my premium? |
| A: |
- Smaller homes that require less coverage
- Greater distance from the Gulf and other tidal waters
- Newer homes
- Construction type; Brick or solid masonry homes vs. Frame
- Homes located within 1000 Ft of a hydrant and 5 miles of a fire station
- Metal or Architectural Shingle Roofs
- Hip Roofs vs. Gabled Roofs
- Single Story vs. Multiple Story
- Engineered storm shutters or impact resistant glass on all glazed surfaces
- Alarm Systems
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| Q: |
Do I need flood insurance? |
| A: |
All homes are in flood zones some just aren't deemed hazardous. We suggest all homes consider buying flood insurance as it is cheap and affordable. |
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| Q: |
How long has SAIA been in business? |
| A: |
Southern Alabama Insurance has been providing insurance alternatives to homes along the gulf coast since 1992. |
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| Q: |
How long is my quote good? |
| A: |
Different Carriers have altering specifications but typically most quotes are only valid for 30 days. Quotes are not promises to provide coverage and only used to indicate cost of insurance. |
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| Q: |
What are the Fees and Taxes indicated on my quote? |
| A: |
Fees- are typically collected by the insurance provider and goes to pay the cost of producing your policy, keeping claims staff on payroll, and usually will cover any inspection fees or other fees associated with providing you insurance.
Taxes- most taxes we get asked about refer to the 6% Surplus lines tax that is charged on all Surplus lines Insurance Business in the state. That 6% goes directly into the State of Alabama's general fund. |
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| Q: |
What is a Surplus lines Insurance Carrier and what's the deal with this disclaimer? |
| A: |
A Surplus lines carrier is one that is regulated under the Surplus lines market in the state it is commonly referred to as a Non-standard line carrier or a non-licensed insurer and is not domiciled here in the state. Some common Surplus lines companies include Lloyds of London, Lexington Insurance and Geovera. |
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| Q: |
Why are premiums so high in our area? |
| A: |
There are a host of factors that play into your insurance rates each year, the cost of reinsurance, value of the dollar vs. foreign currencies, political atmosphere, Non-Cat losses (fire, theft, etc sometimes referred to as attritional losses) in the area. These factors are placed in front of Underwriters from around the globe that compare our factors with that of other areas and decide if it's better to write business here or somewhere else. Lately there have been very little supply and an increased demand which have caused prices to stay higher than most areas. |
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| Q: |
What is my Wind and Hail Deductible and does it cover Hurricanes? |
| A: |
A Wind and Hail deductible is usually described as a percentage of the policy property value. Sometimes it is a percentage of the Dwelling Coverage sometimes it can be a percentage of the total insured value of TIV. For example if you policy looked like the following:
Dwelling 200,000
Contents 150,000
Other Structures 40,000
Loss of Use 40,000
Wind Deductible 5%
What is his wind deductible?
Well if its 5% of Dwelling it would be 0.05*200,000 or $10,000
But if it was 5% of TIV it would be .05*430,000 or $21,500 so be careful. |
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| Q: |
What is an AOP deductible? |
| A: |
AOP stands for All Other Perils, meaning all the other perils that are covered in the policy. For example so AOP's could be theft, fire, lightening etc. |
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| Q: |
Are there any applications I need to complete? |
| A: |
Yes, there are always applications needed to be signed in order to complete the insurance contract. Anyone telling you otherwise I would be weary of. |
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| Q: |
Can I pay my premium in installments? |
| A: |
No, unfortunately most of the companies we use tend to operate on a full payment schedule |
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| Q: |
Will my premium go up or down next year? |
| A: |
That depends on a lot of factors outside of our control, but usually we have a fairly good idea wha the companies we are representing attitudes are. |
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| Q: |
Do I get a discount for a security system? |
| A: |
Each carrier has their own specifications but in some cases up to 10% discount of your premium can be discounted. |
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| Q: |
What are the ratings of your Carriers? |
| A: |
Depends and changes often but most of the carriers are A rated and we make a practice of checking out the companies we represent to ensure that they have the financial solvency to be there when you need them most. |
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| Q: |
What constitutes a qualified storm shutter eligible for a discount? |
| A: |
Shutters that cover all glazed surfaces, and are installed by licensed professionals are usually eligible for discount. |
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| Q: |
Do your policies include Wind and Hail? |
| A: |
Most of our policies include Wind and Hail coverage. We feel that it is important to give our clients good advice when they consider buying insurance from us and that advice includes purchasing Wind Cover in Cat Zones. |
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| Q: |
Does SAIA provide flood insurance? |
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Yes, most of our flood is written through the National Flood Insurance Program hwoever we do have the ability to write private flood insurance in COBRA zones and other areas not eligible for flood insurance. |
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| Q: |
Does SAIA provide Wind and Hail Only Policies? |
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Yes, we offer an alternative to the Beach Pool or AIUA wind only policy that is quite competitive. If you have a wind and hail only policy through the beach pool you should give us a call we may be able to save you some money. |
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| Q: |
Can I pay my premium by credit card? |
| A: |
Yes, we accept Visa and Mastercard |
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| Q: |
How do I know I have a real policy? |
| A: |
To be honest it's harder than you think which is why you really need to trust the people you are doing business with. |
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