Our application process is conducted via a simple phone call. We can obtain the necessary information from you over the phone then prepare an insurance proposal.
Most of the information we need will be simple for you to supply. However, the following are questions we will ask which may require you to do some research:
1. What is the square footage of your habitational building(s) & garage(s)? Please calculate the basement, garages, porches, decks, etc; separately from the main living levels of each building.
2. What are the average ceiling heights (of each level) of all habitational buildings?
3. What are years of upgrades for the following items: heating system, roof, plumbing & wiring. Specific to wiring... Is there any active (live) knob & tube or aluminum wiring?
4. What are the limits of insurance you would like to place on your out buildings (i.e. barns, sheds, pump-houses, etc.)?
5. What is the estimated current replacement cost of all contents, business and personal? Please remember to include the contents of all buildings on your property.
6. What are you estimating for annual gross receipts? Please use various categories as needed; i.e. rooms, restaurant, liquor, events (i.e. weddings), gift shop, etc.
7. Fire Information:
a. Distance to closest fire department?
b. Is the fire department/station staffed or volunteer?
c. What is the distance to the nearest fire hydrant?
For most outbuildings where one would not wish to pay the premium in order to have the building valued on an Unlimited Basis, we can insure the building on a Functional Replacement Cost Basis whereby the building is not replaced as it stands today but another building is built that serves the same function.
For example, an innkeeper has 4000 square foot barn on his property that he uses to store outdoor equipment. To rebuild the barn, it would cost $140,000 deriving a premium of $220. However, the innkeeper does not want or need a 4000 square foot barn, he only wants a 700 square foot shed which would cost $5,000 to build. Thus, we insure the barn for $5,000 and charge an insurance premium of $12. If the barn was destroyed, a $5,000 structure would be re-built in its place.
To determine the replacement cost of your contents:
"eye-ball" each room and come up with the dollar amount it would take to replace everything in that room at today's prices - not what you spent to buy the item sometime in the past. Do this in every room of every building (don't forget to include the items in the attic, Christmas decorations, tools in the basement, your pot and pans, linens etc.). Add all of your figures together and you should come close to the replacement cost of your contents.
Hint: Use a video camera to record the interior and exterior of every building. Go into every room of every building and establish a visual record of your property. Remember to film the contents of your cabinets, drawers and closets: give a verbal description as you are filming. Once the tape is completed, store it at the bank in your safe deposit box.
Hopefully, you will never need to use the tape.