For your convenience, some the most common questions are answered right here.
Not finding what you want? Reach out to us directly through our Contact Us page.
Q: Why Trinity?
A: With over twenty-five years of insurance experience, we approach your business needs from a risk management point of view. What exposures do you have? What can we do to prevent or minimize possible losses? What are the coverages that we can put in place to indemnify you if a loss occurs?
Feel more comfortable with life’s ‘what if’ events and contact us. Our goal is to provide you with the best possible coverage at the lowest possible cost.
Q: What is an Insurance Score?
A: Now, more than ever, you hear co-workers, family members or advertisements talking about credit scores. Your credit score is the information resulting from how much money you borrow and how your pay your bills. More and more industries are turning to this information when assessing applicants.
Home and auto insurers use credit information to produce an “insurance score,” which helps them to accurately assess an applicant. Research has shown a strong correlation between a person’s insurance score and their likelihood of having a loss. Insurance companies use this along with other factors when accepting applications and making underwriting decisions.
Q: What is the appropriate amount of insurance for my home?
A: Market value vs. Replacement cost
The selling price, or market value, of a home is determined by factors such as the age and size of the house, its physical condition and location and the cost of the land. When insurers calculate the replacement value of your home, some of these same factors, like the age and size of the house, are used for determining both the market value and the replacement value. However, a number of different factors are also used to determine replacement cost. In some instances, the market value of your home represents just one-half or one-third of the cost to rebuild. The amount of insurance you need to carry on your home is best represented by the replacement cost and not market value.
Several factors are considered when determining the replacement cost of your home including:
• Local construction costs for building materials and labor
• Square footage of your home
• Year built
• Exterior features such as wall construction, the type of roof and exterior trim
• Style of house (ranch, two-story, etc.)
• Number of bathrooms
• Fireplaces and other special features like arched windows
• Whether the house, or parts of it (remodeled kitchen), were custom built
• Improvements to the home such as adding a second bathroom or a finished basement
• Central air-conditioning
• Attached garage
When a large loss occurs and the home must be rebuilt, several additional costs may be incurred. For instance, debris must first be removed before reconstruction begins. Contractors’ and architects’ fees that might not have been included in the original cost to build your home are part of the reconstruction cost. Building codes change and often require that contractors use different materials when reconstructing the home. Finally, if a contractor is rebuilding just one home, rather than multiple homes in one location with similar characteristics, they lose economies of scale therefore increasing the cost of reconstruction.
Q: When should I review my insurance?
A: As our lives change, so do our insurance needs. Speaking to your Trinity Insurance and Risk Management Agent about these changes can ensure that you have adequate coverage. In some cases your agent can also offer safety guidance.
You should review your insurance at least annually and also when the following lifestyle changes occur: Remodeling or Building an Addition to Your Property, Teen Drivers, New Swimming Pool, New Work Location, Retirement, A Change in Vehicles, Home or Auto Refinancing, Just Married or New Baby, Purchasing Valuables, Starting a Home Business.