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Frequently Asked Questions

Below are some of our frequently asked questions. If you have any other questions or concerns, please feel free to contact us.

  1. Why Roger Schuldt Agency?
  2. What does Replacement Cost mean?
  3. My child is away at college; are their possessions covered?
  4. What is an Insurance Score or why do we need all of this information?
  5. I have a collection of “something;” is it covered under my homeowner’s policy?
Why Roger Schuldt Agency?
When it comes time for you to purchase insurance, you have options. Every other corner has an insurance agency on it, and Flo and the Gecko are spending millions to try to make insurance look fun. The reality is that insurance can be a little complicated and you need someone that will be there when you need your claim paid. Our agency has been here since 1984 and we value long-term relationships. If you trust us with your insurance, then it is our job to understand your needs and make sure you are treated fairly when you eventually have a claim. We are partners. You don’t get that kind of personal attention when ordering insurance on the internet. 

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What does Replacement Cost mean?
There are a number of ways that property can be valued on an insurance policy. This is something that needs to be agreed upon when the policy is issued and it will almost certainly change the amount of premium charged. One way that property is valued is Actual Cash Value. This means that in the event of a loss, the insurance company pays damages equal to the replacement value of damaged property minus depreciation. There is also a valuation called Replacement Cost, which removes the depreciation from the equation. This usually costs more and isn’t always available for older property. There may also be variations of Replacement Cost coverage like Extended or Guaranteed Replacement Cost coverage, depending on the company. These generally require the company to go past the policy limits to replace the property, but they are usually specific to the company writing the policy so those are best discussed with the agent.

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My child is away at college; are their possessions covered?
For students who live in a dorm, most personal possessions are covered under their parents' homeowners or renters’ insurance policies. However, some insurance policies may limit the amount of insurance for off-premises (meaning out of the house) belongings to 10 percent of the total amount of coverage for personal possessions. We can increase that amount if necessary. Students who live off campus are sometimes not covered by their parents' insurance policy and may need to purchase their own renters insurance. While this is pretty standard, it is not an absolute—so make sure you check with us.

Expensive computer and electronic equipment and items such as jewelry may also be subject to coverage limits under a standard insurance policy. If the limits are too low, we can increase them.  Having a child away at college may also affect your auto insurance. If the child is more than 100 miles away from home without a car then most insurance companies no longer list them as a primary driver, which can mean a significant savings. If they are away with a car then that car needs to be listed as ”garaged” in another place.

The common theme here is that you should check with us to see what life changes require a change in your insurance.

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What is an Insurance Score or why do we need all of this information?
The goal of an insurance company is to try to predict how many claims dollars are going to be spent over a given amount a time for a person with certain characteristics. The company wants to be competitive so they can write more insurance. The better they are at predicting the losses of a certain person the better they can price their policies and the more policies they will write. Over the course of the past few years, more and more companies are asking very specific questions in order to try to predict losses.  

One of those tools used by many companies is an Insurance Score. Insurance Scores are confidential rankings based on credit information and prior loss history. This includes whether a person has made timely payments on loans, the number of open credit card accounts, whether a bankruptcy filing has been made, how many claims have been filed and how much was paid on those claims. It does not include information about income. 

As annoying as this process can be, studies have shown that this can be an accurate predictor of future claims and many insurance companies use insurance scores as an insurance underwriting and rating tool. We as the agent (or even the people at the company) are not made aware of any specific details. There are vendors that provide the insurance company with a score based on the information that they have. This is why many companies ask a lot of questions up to and including social security numbers so that they can get an accurate score. It is certainly your prerogative to not supply all of the information that a given company is asking for, but it may limit the number of companies that we can quote for you, because some companies will not proceed without all of their questions being answered.

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I have a collection of “something;” is it covered under my homeowner’s policy?
Most homeowner’s policies are built by the insurance company with certain assumptions. They assume that most folks will own things like one or more TV’s, some appliances, clothes, etc. Most policies will readily include coverage for the type of things that most folks would have. 

If you have a unique collection of items, it may not be covered by default in your policy, but there is probably a way that we can provide coverage for it. Generally, the process requires us to get some agreement between you and the company as to what the items are worth. This is often done by getting an appraisal from a third party. Then the insurance company will usually provide a rate per $100 or per $1,000 of value on that appraisal. 

Talk to us about your needs and we will work together to get you the right coverage.

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