Frequently Asked Questions

Below are some of the more frequent questions we receive as an agency.  If you have a specific question please do not hesitate to give us a call or email.

Billing

Should I make my payments to the Larkin Group or the insurance company?

All payments should be directed to the insurance company unless specifically stated by your representative.  Please see our “billing” section if you wish to pay by phone or have a question on your billing account. 



Auto Insurance

What is broad form collision and can I choose something different? 

Broad form collision allows you to not have to pay your deductible if you are not deemed at fault in an accident.  There are also options to choose “regular” and “limited”.  These options should be discussed with your agent.

Do I need to have auto insurance if my vehicle is paid off? 

Yes, it is the State law for all owners of a vehicle to have auto insurance.  It is your choice if you wish to insure for physical damage if there is not a lender involved.



Homeowners Insurance

What is the difference between “replacement cost” and “market value”? 

Replacement cost is the amount it costs to rebuild a home or structure.  This amount can also include demolition.  This value can be significantly different than an appraisal.  Reason being, the cost of materials to rebuild can outweigh a home or structure’s market value.  When insuring a home or structure the insurance company needs to know the replacement cost.  There are tools that our agents use to help approximate this value.

What is scheduling?

Scheduling involves placing specific items with a specific value on your homeowners insurance.  It can also be called an “Inland Marine” policy.  This allows coverage for items that may be leaving your premises and would then be lost or stolen.  They can also be set at specific deductibles.  The most common items to schedule are jewelry, bikes, cameras and fine arts.

Does my insurance cover special events such as weddings?

Many venues that are rented for special occasions such as weddings and graduation open houses require proof of coverage for up to $1,000,000 in liability insurance to cover property damage and bodily injury accidents that may occur during the event.  Many Homeowners policies will provide coverage for these types of events. An Umbrella liability policy is also a good idea and will comply with the requirement for $1,000,000 in liability coverage.

 If you are hosting an event where alcohol will be served, your homeowners policy will cover this “host liquor liability” as long as you do not charge money for the alcohol. If alcohol will be served it is recommended to transfer the liability by hiring a bartender or caterer who carries their own liquor liability coverage. If you do decide to have a cash bar or if the venue requires to be listed as an additional insured on your policy, we can provide you with a separate Special Event Liability policy to cover this exposure.

For specific events and how coverage would be afforded under your policy please contact us.



Life Insurance

How much life insurance is enough?

It is hard to state a golden rule on how much life insurance is enough.  However, some questions that should be asked are the following: How many years of replacement income would I need?  Are there debts that should be paid off?  Are there future educational expenses that need to be considered for children?  If you are looking for specifics on how much life insurance you may need please contact us.



Claims

What is an adjuster?

An adjuster is a representative of the insurance company that helps settle a claim.  They are not employed by The Larkin Group.  The Larkin Group does not settle claims as this is done by the adjuster.  However, we will assist in making sure a covered claim is paid fairly and promptly.

Will turning in a claim automatically increase my insurance?

This is not an easy answer.  Different insurance companies will have different formulas on determining your insurance premium; one of which can be claim frequency and severity.  It is our recommendation to discuss your specific claim with our claims manager to see if turning in a claim makes sense.  However, all possible liability claims need to be turned in; as the insurance company needs to be put on notice.