Does replacement cost protection mean the same from one company to the next?

No. There are vast differences between claims practices from one carrier to another. For example: Let’s assume your home has many custom features including inlaid lime stone from Israel and a one-of-a-kind chandelier from Italy. If they were damaged by fire or windstorm, a BenchmarkGold Policy would pay to repurchase these items from Israel and Italy or wherever these items are available. Most carriers would pay to obtain domestic replacements. Furthermore, some carriers now offer only “limited” replacement cost coverage!

How often should I have my jewelry reappraised?

Jewelry items should keep pace with market prices and appraisals should be obtained every 3 – 5 years, however, with the escalating cost of gold, you may wish to shorten this time frame. BenchmarkGold policies include 150% price protection as a hedge against under-insurance, in case a loss were to occur before you obtained updated appraisals.

What umbrella limit should I purchase?

How much do you have to lose? When choosing your umbrella limit, some important factors to consider: your net worth, future earnings potential, lifestyle, public profile, occupation, legal environment.

What jewelry should I schedule?

Everyone’s situation is different, but generally, we suggest a starting point of $2,500 or greater on items worn regularly. A scheduled item requires an appraisal. BenchmarkGold offers other methods to cover your smaller jewelry items and significantly reduce the cost of insuring larger pieces.

Automobile – Rental Cars:

My family is flying to Europe and planning on renting a vehicle in Italy. Does my auto insurance policy cover a rental vehicle? Most carriers exclude rental cars outside of the US, its possessions and Canada. BenchmarkGold uniquely offers auto rental insurance in most countries.

Am I covered if I am sued for my duties as a board member of a non-profit organization?

BenchmarkGold policies can provide their insureds Directors & Liability coverage for events resulting from bodily injury and property damage. Most carriers do not offer Directors & Officers Liability. Management Liability is also available as an option.

My ATV is only worth $800. Is there any reason why I should insure it?

It depends on where you operate your ATV. If there is a chance it might be operated off premises, you definitely need a separate ATV policy in order to secure the liability coverage which would otherwise be excluded.

If I suffer a major loss to my home and do not wish to rebuild, can I take a cash payment instead?

BenchmarkGold polices are very flexible and allow you the choice of rebuilding or a cash settlement equal to the replacement cost of your home up to your policy limit, with no penalty for depreciation. Most carriers will allow you to receive cash in lieu of rebuilding, but there’s a catch; your payment will be reduced by depreciation and depending on the age and condition immediately prior to the loss, the insurance company may reduce your proceeds substantially, causing you to rebuild.

If my home incurs damage (from fire and smoke for example), what kind of accommodations should I expect while my home is being repaired or rebuilt?

BenchmarkGold carriers offer the broadest coverage for temporary housing and other expenses you may incur, allowing you to maintain the standard of living to which you are accustomed. The majority of carriers will pay additional living expenses, however, the quality level you’ll receive is vague at best.

My home is not located near a large body of water, so we don’t need flood coverage, right?

Not necessarily. According to FEMA, 20% of those affected by flood loss reside outside of major flood zones. Consumers often overlook the effects of heavy downpours, which can cause overflow of small creeks and a significant volume of water runoff in areas seemingly immune to flood. Also, many homeowners don’t realize that accumulation of surface water in their yards is considered flood and excluded by their homeowners’ policy.