Van Engelenhoven Agency - Frequently Asked Questions

First and foremost, it’s the people. As with any industry (technology company, banks, car dealerships, law offices, schools, etc.), it is the people within an organization that make the most significant difference.

Another major factor is the carrier relationships that an independent agency can obtain and maintain. Even if you find the best people in the world in an agency, if that agency doesn’t have access to the right insurance carriers to get you the coverage you need, at a competitive price, with positive customer service, and historically strong claims experiences, then that agency is missing a key component for you.

A third major component is the type of culture built within that agency. Do you want your agency to have a heavy sales-minded focus, with sales goals constantly on the mind of the agents, and sales tactics constantly being deployed by the agents? Or, do you prefer an agency with an education-minded focus? Van Engelenhoven Agency prides itself on being insurance educators dedicated to protecting your financial future. We do not have sales goals. We do not put our team through sales training. We do not allow sales tactics to be part of our team’s communication with clients.

Our team is focused on learning as much about the insurance industry as possible, then learning as much about your unique circumstances as possible, so we can then educate you on the many insurance products available as mechanisms for financial protection.

A hard market occurs when the insurance carriers tighten, or restrict, their appetite for new business because of claims increasing, economic challenges, or natural disaster risks. This results in higher premiums and sometimes fewer policy options for the consumer.

A soft market occurs when the insurance carriers have a higher appetite for growth due to favorable conditions such as lower claims and better economic conditions. This results in lower premiums and sometimes more policy options for the consumer.

Our team can help you understand how these different market conditions may impact you directly on the insurance products you need for your own financial protection.

First, promptly read the letter from your insurance carrier closely so you can learn the reasoning for the non-renewal and the date for when your coverage will end.

Second, call Van Engelenhoven Agency and our team can help you explore many insurance carriers who may be willing to work with you on your insurance needs.

Many, but not all, insurance coverages can be purchased online directly from an insurance carrier without the help of an insurance agent. However, unless you fully understand and inspect all the details of what you are purchasing, you could be putting yourself into a very risky financial situation. Your deductible risk may be higher than you realize. Your coverage limits may be lower than you realize. And, your coverage exclusions and limitations may result in the inability to file certain claims. Many online sources of insurance coverage provide one-size-fits-all solutions which is rarely in the best interest of the consumer since everyone has unique insurance needs and different budgets. Your financial well-being is our top priority at Van Engelenhoven Agency and we want to help navigate you through a lifetime of needs.

Umbrella liability policies are important for both personal protection and business protection. Umbrella liability policies can offer liability protection for situations you are not already covered for by your other insurance policies, and, umbrella liability policies can increase the liability limits for situations you are already covered for by your other insurance policies. Therefore, an umbrella liability policy provides an extra layer of coverage above and beyond your other insurance policies. Consulting with a team member at Van Engelenhoven Agency can be beneficial to learn more about the potential gaps of your underlying policies and whether or not you would like the additional financial protection provided by an umbrella liability policy.

You will first want to ask your contractor if they will be providing the Builders Risk insurance coverage on your behalf. If your contractor says they will provide the Builders Risk insurance coverage, it would be wise to ask for the details so you can share with your insurance agent and make sure you are as financially protected as you want to be.

If your contractor does not provide the Builders Risk coverage, or does not provide enough coverage that you are comfortable with, then you will want to call Van Engelenhoven Agency and speak with one of our team members who can help you understand the financial risks associated with the building process and the types of Builders Risk insurance coverages that can protect you. Theft, vandalism, fire, and weather events, can cause damage or loss and without the proper insurance coverage in place could leave you at a financial loss if you have to replace or repair those things.

Farm liability coverage and Workers Compensation are different. If you hire employees or seasonal help, talk with your insurance agent about the coverage required for your operation.

In many cases, yes. Many farm policies can include both your residence and farming operation. This can allow your home, personal property, farm buildings, machinery, and liability exposures to be addressed under one farm insurance program.

It depends. You will want to consult with an attorney as there may be some government-mandated benefits, such as payroll withholdings, Workers’ Compensation, and FMLA, for example, which fall into the general categorical heading of “employee benefits.” For discretionary benefits, such as health insurance, the number of Full-Time Equivalent (FTE) employees in your business will impact what may, or may not, be required.

Reducing the amount of employer contribution towards the premium cost is oftentimes the simplest strategy, however it will immediately and directly impact your employees in a negative way. The size of your business, in terms of number of employees, will factor heavily on the types of ideas and strategies which could be deployed. There are an infinite number of answers to this question as the only limitations to the number of answers will be the limitations of your own creativity and the creativity of your agent.

A lot! Van Engelenhoven Agency’s agents can help you research and understand all the pros and cons and nuances of the health insurance options available to you. These options may include government-provided health insurance such as Medicaid, Medicare, and Military. Additional options we can help you explore would be employer-sponsored (aka “group”) programs and the Health Insurance Marketplace. And, we can also make sure you are aware of the risks associated with the many “health plans” that exist which are not real health insurance, such as Short Term Medical plans and Christianity Ministry Sharing programs.

No, it is not required to have an agent help you as you do have the option to self-enroll. However, most consumers prefer the assistance of a licensed and certified insurance agent to help with the application process and with understanding the eligibility results and with performing an analysis of the many policy options available to select. As a bonus, Van Engelenhoven Agency does not charge any fees to a consumer requesting assistance with their Marketplace enrollment.

We strongly recommend you contact your health insurance carrier’s (ie: Wellmark Blue Cross & Blue Shield) headquarters customer service team directly to ask this question because there is not one universal answer which applies to all health insurance policies.

All Medicare Supplement Plan G plans cover the same benefits. The differences in the plans will depend on the insurance carrier you select which will determine things such as premium cost and the network of available hospitals and doctors.

In general, if you are already enrolled in a Prescription Drug Plan (Part D; PDP), you may not change your plan throughout the year and you must wait for the Medicare Prescription Drug Plan open enrollment which runs from October 15 to December 7 to review your options that will then take effect the upcoming January 1st.

Workers Compensation premiums are adjusted by an experience modification factor (“mod”) which compares an insured’s historical claims experience against the average expected claims for similar businesses within the same industry classification.

“Medical only” claims are injuries in which the employee is injured at work and receives medical treatment for that injury. For example, an employee strains their back and seeks medical treatment but is still able to continue working their regular schedule. In “medical only” claims, roughly 30% of the eligible claim is used towards your mod calculation.

“Lost time” claims are referred to as indemnity claims. This claim includes wage replacement benefits due to an employee needing to miss work due to their work-related injury. These claims have a much greater impact on your mod calculation as the full eligible claim amount is taken into consideration.

Coverages vary by insurance carrier. Some insurance carriers include cyber protection as part of their standard coverage. These coverages can often cover losses from things such as identity theft, cyber extortion, data recovery, malware, and hacking. Cyber coverage can address not only first party losses (your business) but also third-party liability (if someone else is harmed).

It depends. What state are you located in and do you also operate in different states? What industry are in? What types of services and products do you provide? How many employees do you have? Upon speaking with a team member at Van Engelenhoven Agency, we can help you understand the financial risks associated with your business operation and the available insurance products to help you mitigate those risks. Some common coverages include general liability, professional liability, Workers Compensation, commercial auto, property, business income, and cyber liability.

Beyond making sure your homeowners insurance is properly protecting you against the types of natural disasters which are common where you live, such as wind, hail, tornado, floods, and wildfires, you will also want to consider the multitude of additional coverages available depending on your unique situation, such as water backup & sump pump overflow, equipment breakdown, increasing coverage based on the amount of cash you have at home, increasing coverage based on the value of fishing or hunting equipment you have at home. Van Engelenhoven Agency’s agents want to learn about you and help you research and understand all your options.

Coverages vary by insurance carrier. Some insurance carriers include cyber protection as part of their standard coverage. These coverages can often cover losses from things such as identity theft, cyber extortion, data recovery, malware, and hacking. Cyber coverage can address not only first party losses (you) but also third-party liability (if someone else is harmed).

Your liability coverage is the amount your insurance carrier agrees to pay to others if you cause an accident. UM (Uninsured Motorist) and UIM (Underinsured Motorist) is the amount your insurance carrier will pay you if someone else causes an accident and cannot fully cover it through their own liability limits. Matching your liability limits with the UM/UIM limits ensures you do not have a lower “self-protection” limit than the one you offer to others. Also, if your UM/UIM limits are lower than your liability limits, you could face significant out-of-pocket in a serious crash with an uninsured or severely underinsured driver – even though your liability limit is higher.

Market value is the price a willing buyer would pay, and a willing seller would accept, for a home on the open market. A home’s market value could be more or less than its replacement cost, depending on the current real estate market conditions.

Replacement cost value (RCV) is the cost to restore your home to its pre-damaged condition, or if it was destroyed to replace it using comparable materials. Homeowners insurance usually covers the dwelling’s replacement cost, so if your home is destroyed in a fire, the insurance company will pay to rebuild it using the same type and quality of materials of the pre-damaged dwelling. And, it’ll do so even if your home was worth less when it was destroyed than when you purchased it or insured it.

First, you will want to check with your homeowners insurance policy to see what coverage may already exist, or not exist, for this type of risk. Many homeowners insurance policies do not cover the risks associated with renting your home to someone else. You may be able to obtain some insurance protection from the website vendor you are using, but you’ll want to be diligent in finding out exactly what it includes, and more importantly what it does not include. Then, call Van Engelenhoven Agency and one of our team members can help you review your situation to determine if you may be exposed to any additional risks associated with your plan to rent out your home and also to help you search for insurance solutions to protect you financially against those risks.

Even if you do not own the property you are residing in, you may still have a desire to protect your belongings that are within that property from things such as theft or damage from fire or weather events. You may also need liability insurance coverage as a requirement from your landlord or for your own personal peace of mind against any lawsuit which may arise if someone is injured at your rental property. Your landlord may have insurance to protect the building you are residing in, but the landlord’s insurance is unlikely to extend to your belongings or the liability exposure you create by being a tenant on their property.

Many rental car companies will offer the opportunity to purchase insurance from them for your rental vehicle for an added fee. First, you should review your existing auto insurance policy to find out if coverage will extend to a rental vehicle and what sorts of terms and conditions, limitations and exclusions, would exist in that scenario. Then, you can make a better informed decision on whether the insurance being offered by the rental car company is worth the cost.

Many homeowners insurance policies will cover damage from fallen trees as long as the tree fell due to unforeseeable events such as fire, wind, snow or lightning. But, if the damage could have been preventable such as if the tree was obviously deceased and should have been cut down accordingly, this could result in the denial of a claim. Anytime your own property is damaged, whether the tree was your own or belonged to a neighbor, you will want to contact your insurance carrier to let them know about the damage and to begin the claims process. If a tree from your property falls and causes damage to someone else’s property, they will contact their insurance carrier to begin the claims process. To learn more about this topic, please contact Van Engelenhoven Agency and a team member can explain more about the variety of nuances that may impact how these situations are resolved.

You will want to review your insurance policy carefully to learn how these situations may be handled by your coverage and it would be a great idea to contact a team member at Van Engelenhoven Agency to learn more about these situations. If you plan to borrow someone else’s vehicle and want to make sure that you, and the owner of the vehicle, are as protected as possible from financial risks associated with any accidents that may occur while you are in possession of their vehicle, there may be coverages available. Claims that do arise can be handled in a variety of ways depending on the nuances of the situation, such as whether or not the vehicle was voluntarily loaned or involuntarily taken, and whether or not the driver has a valid license or was impaired while operating the vehicle.

It depends on a multitude of factors such as debts, including things such as mortgages and student loans and credit cards, current and projected income, current and projected expenses, family demographics, existing coverage already in place, and so on. There are an infinite number of ways to come up with a calculation of the amount of life insurance you would be comfortable having. The important endpoint is making sure you have enough life insurance to be comfortable knowing your loved ones have protection of their finances when you pass away.