VIEWING AND CHANGING MY INSURANCE POLICY

How can I get a copy of my insurance policy?

A: Your insurance agent can provide a copy of your policy documents. You can find your insurance agent’s contact information by using our online Find an Agent tool. If you’re still having trouble obtaining a copy of your insurance policy, you can call our customer service center at (800) 749-6419.

How do I make a change to my insurance policy?

A: To make a change to your insurance policy please contact your agent. You can find your insurance agent’s contact information by using our online Find an Agent tool. In addition, our customer service center can process many policy changes such as billing address, mortgagee and payment option changes. You can call our customer service center at (800) 749-6419. Most changes are processed in one business day.

How do I find out who my insurance agent is?

A: Your agent’s name and contact information is printed on the front of your insurance policy, on the Declarations page. If you are still having problems finding your insurance agent, please contact our customer service center at (800) 749-6419.

I want to switch insurance agents. How do I do this?

A: To switch insurance agents you will first need to find a new agent. You can find local insurance agents by using our Find an Agent tool. The new agent will assist you in this process. If you have any questions you can contact our customer service center at (800) 749-6419.

INSURANCE POLICY COVERAGES

What does my insurance policy cover?

A: Your insurance policy coverage depends on a number of factors including what type of insurance policy you purchased, what state you live in and what exclusions are listed on your policy. Your insurance agent can help explain what your policy covers. You can find your insurance agent’s contact information by using our online Find an Agent tool.

What is my deductible?

A: You can find your deductible on your insurance policy Declarations page. If you’re still having trouble finding it, your agent can provide the information. You can find your insurance agent’s contact information by using our online Find an Agent tool.

My house was damaged. Does my insurance policy cover this?

A: Whether your insurance policy covers the damages depends on a number of factors including what type of insurance policy you purchased, what state you live in and what exclusions are listed on your policy. Your insurance agent should be able to explain what coverages your policy provides. We encourage you to report any damages to us by calling our customer service center at (800) 749-6419 or by sending an email to claims@natlloyds.com.

PAYING MY BILL

How do I find out when my bill is due and how much money I owe?

A: You can check your account balance online by selecting the “Make a Payment” tab on the left side of the page. You will need your policy number and PIN, located on your declarations page, to view your balance. You can also find your account balance by calling our customer service center at (800) 749-6419 Monday through Friday from 8 a.m. to 6 p.m. Central Standard Time. You can make a payment directly from your bank account either online or by calling us.

How do I pay my bill?

A: You can pay your bill online directly from your bank account by selecting the “Make a Payment” tab on the left side of the page. You will need your policy number and PIN, located on your Declarations page, to view your balance. You can also pay your bill by contacting our customer service center at (800) 749-6419.

I received a notice of cancellation because I missed my payment due date. How do I reinstate my insurance policy?

A: If you missed your payment due date and we sent a notice of cancellation, we may still be able to reinstate your insurance policy. If it is after the cancellation date for your policy, you will need to contact your insurance agent to see if your policy can be reinstated. If it is before the cancellation date of the policy, you can contact our customer service center at (800) 749-6419 Monday through Friday from 8 a.m. to 6 p.m. Central Standard Time to discuss options for reinstating your policy.A: If you missed your payment due date and we sent a notice of cancellation, we may still be able to reinstate your insurance policy. If it is after the cancellation date for your policy, you will need to contact your insurance agent to see if your policy can be reinstated. If it is before the cancellation date of the policy, you can contact our customer service center at (800) 749-6419 Monday through Friday from 8 a.m. to 6 p.m. Central Standard Time to discuss options for reinstating your policy.

What are the hours for your customer service center?

A: Our customer service center is open Monday-Friday from 8 a.m. until 6:00 p.m. central standard time. You can submit a payment 24/7 by selecting the “Make a Payment” tab on our website. You will need your policy number and PIN, located on your Declarations page, to view your balance.

THE CLAIM PROCESS

How do I submit a claim?

A: There are three ways to submit a claim:

  • Insurance Agent: You can submit a claim by contacting your agent.
  • Phone: Contact us at (800) 749-6419 during our normal hours of operation. (Monday-Friday 8 a.m.- 6 p.m. CST)
  • Email: Send an email to our claims department with your policy number and description of the loss.

Providing the following information when you report a claim will speed up the process – policy number, address, the date/time and type of loss and a description of what happened.

What is the claim process?

  • Report any damages to us as soon as possible by contacting your insurance agent, giving us a call or sending us an email.
  • After you submit your claim someone will contact you, usually within two business days. You can also contact us after you submit the claim by calling our customer service center during normal business hours. (Monday-Friday 8 a.m.- 6 p.m. CST)
  • If needed, we will arrange to have a claims adjuster come to your property to inspect the damages, usually within 48 hours.
  • A representative from National Lloyds will explain your policy coverage and the details of your claim.
  • We may request additional information from you to help us process your claim.
  • If your policy covers the damages and your claim is paid, we will issue you a claim payment.

How long will it take for someone to contact me after I submit a claim?

A: After you submit a claim someone will contact you, usually within one business day. You can also contact us after you submit the claim during our normal business hours. (Monday-Friday 8 a.m.- 6 p.m. CST)

ACTUAL CASH VALUE VERSUS REPLACEMENT COSTS

Actual Cash Value versus Replacement Costs

Homeowners insurance policies offer actual cash value or replacement cost coverage to your damaged, stolen, or destroyed property.  Typically, replacement cost policies are more expensive than actual cash value policies.

  • Replacement cost is what you would pay for the item at today’s cost
  • Actual cash value is what you would pay for a similar item at today’s cost minus depreciation (replacement cost minus depreciation)
  • Depreciation is a decrease in value due to condition and age

 

Claim Scenario:  You and your neighbor have the exact same size home, it was built in the same year, and has nearly the exact same floor plan.  The age of the roof in this example is the same on both houses and the original cost of each roof was $10,000.  Each roof is 10 years old and has an actual cash value of $5,000 as a result of the condition and age.  You have replacement cost coverage while your neighbor has an actual cash value policy.  You both have a $500 deductible and the replacement cost for each roof is $10,000. 

 

If you have Replacement Cost Coverage:With replacement cost, the insurance company will pay the actual cash value of $5,000 at the time of the claim settlement minus the $500 deductible for an initial claim settlement of $4,500. After the roof is replaced for $10,000 and a copy of the final invoice is provided to the insurance company, you will then be refunded the depreciation of $5,000 (or up to the amount you actually paid less the deductible) as a result of having replacement cost coverage. Thus, the insurance company will pay you up to $9,500 ($10,000 cost minus the $500 deductible) and you will pay the deductible of $500.

 

If your neighbor has Actual Cash Value Coverage:With actual cash value, the insurance company will pay the actual cash value of $5,000 at the time of the claim settlement minus the $500 deductible for a payment of $4,500. With an actual cash value policy, the insurance company is only responsible for paying damage done to the home, less the deductible and less depreciation. Thus, the insurance company will pay your neighbor $10,000 minus $5,000 depreciation and the $500 deductible, or $4,500. Your neighbor will pay the $5,000 of depreciation and the deductible of $500 to complete the roof replacement.

If you have Replacement Cost Coverage

With replacement cost, the insurance company will pay the actual cash value of $5,000 at the time of the claim settlement minus the $500 deductible for an initial claim settlement of $4,500. After the roof is replaced for $10,000 and a copy of the final invoice is provided to the insurance company, you will then be refunded the depreciation of $5,000 (or up to the amount you actually paid less the deductible) as a result of having replacement cost coverage. Thus, the insurance company will pay you up to $9,500 ($10,000 cost minus the $500 deductible) and you will pay the deductible of $500.

If your neighbor has Actual Cash Value Coverage

With actual cash value, the insurance company will pay the actual cash value of $5,000 at the time of the claim settlement minus the $500 deductible for a payment of $4,500. With an actual cash value policy, the insurance company is only responsible for paying damage done to the home, less the deductible and less depreciation. Thus, the insurance company will pay your neighbor $10,000 minus $5,000 depreciation and the $500 deductible, or $4,500. Your neighbor will pay the $5,000 of depreciation and the deductible of $500 to complete the roof replacement.

How do I know if my policy is replacement cost or actual cash value?

Your policy contract and endorsements will state if you have purchased either a replacement cost policy or an actual cash value policy. It is also possible certain parts of your policy will be covered under an actual cash value settlement while other items are covered under a replacement cost settlement. If you are not sure, please reach out to your independent agent to confirm.

You should always consult your agent to find out what is the right coverage for you and your home.

What is depreciation?

Depreciation means a reduction in value due to both age and condition.  In the examples above, the depreciating factor was age.  But, the condition of an item can cause depreciation to be either higher or lower than an item’s age.  For instance, if you have tree limbs hanging over and touching your roof, leave straw and leaves stacked in the valleys of your roof, or install a new shingle roof without removing the prior roof, these things can result in accelerated deterioration of your shingles.  This could cause your roof to be depreciated more than its expected life.