Q. What area does Vaughn Insurance Agency Company serve?

A. Vaughn Insurance Agency Company is licensed to write insurance in Kentucky and holds a non-resident license to write insurance in Indiana as well. If you do not live in Kentucky or Indiana, you may find an agent in your area by visiting this site: Independent Insurance Agents of America

F A Q about Homeowner's Insurance

Q. What is covered under a standard homeowners' policy?
A. It is very important that you read and understand your policy. If you have questions, please contact your agent. However, in general, a standard homeownersí policy would cover the structure of your home (your homeand any attached or detached structures), the contents of your home (furniture and personal belongings), the removal of trees and shrubs, some forms of water damage (although not from flood waters) and additional living expenses.You should discuss personal liability and medical payments coverage with your agent to determine if your coverage is adequate.

Q. How can I learn more about flood insurance?
A. If your community is one of the almost 300 in Kentucky that has chosen to participate in the National Flood Insurance Program (NFIP), you can protect your home, business and belongings against flood loss. In addition to NFIP,some private insurance companies are offering flood insurance. There is usually a 30-day waiting period before the coverage goes into effect. To contact NFIP, call 1-800-638-6620.

Q. If I do suffer a loss, should I get the damage repaired as quickly as possible by the first contractor I can find?
A. Unfortunately, disasters and rip-off artists often go hand-in-hand. You are at your most vulnerable during this time, so be careful if someone appears to be trying to cash in on your misery. To avoid those home repair "experts"who overcharge, perform inferior work and often leave town before the job is finished, deal only with licensed and insured contractors. Check the track record of anyone you are thinking of hiring, and ask those you trust for recommendations. Call or check out the internet site for the Better Business Bureau to see if there are any complaints on file against the contractor or company. Be particularly suspicious of those who come to your door selling their services, especially if they arenít known in the community or seem to be offering dramatically reduced prices. You may have to wait longer to have the work done, but it will be worth it!

Q. My agent has suggested that I keep an adequate record of my belongings in case I need to file a claim. What should I include?
A. It is almost impossible for us to remember what items were in various rooms of our house. Just to prove the point, pick a room in your house. Now close your eyes and try to list everything in that room. Chances are, you will have an incomplete, and perhaps inaccurate, list. It is best to take a complete inventory of your belongings. Video taping all your rooms is a good idea. You also could take photos to go with your written list. Many people store all the information on a floppy disk. Just make sure you keep a copy of your disk, tape, written list or photos in a separate location (maybe add, such as a lock box). Gather up as many receipts as possible-especially those for major purchases such as furniture and appliances. Many agents also recommend that you keep a copy of your insurance policy at another location. Remember, do not store these records in your house! Update your list on a regular basis and keep records of any new purchases or remodeling. These records will be very important if you ever need to file an insurance claim.

Q. What's the difference between replacement cost and actual cash value?
A. Replacement cost is the amount it would take to replace or rebuild your home or repair damages with material of similar kind and quality at today's prices. Actual cash value is the amount it would take to repair or replace your home after depreciation. Depreciation takes into account the age or wear and tear on your property. Obviously, coverage for replacement cost usually has a higher premium. However, it is something you want to discuss with your agent to avoid an unpleasant surprise if you ever have a claim. For example, if you remodel, this will increase the replacement cost of your home, but the actual cash value usually will decrease over time.

For more information or to discuss homeowners' insurance issues, please contact us at Vaughn Insurance Agency Co.