Frequently Asked Questions

Combining insurance policies is a great way to reduce auto insurance costs and save money on your insurance premiums. Some companies refer to combining insurance policies as “bundling” and will offer discounts when policyholders bundle their home and auto insurance together.

A couple’s car insurance policy, in the form of one policy with two insured cars, is often a cheaper way to get coverage than separate policies because of multivehicle discounts and a potential marriage discount. Combining policies for each driver’s car into one policy brings savings of up to 25% in most cases.

Iowa law requires minimum liability coverage covering the following: $20,000 of bodily injury to or death of one person in any one accident; $40,000 because of bodily injury to or death of two or more persons in any one accident; and $15,000 because of injury to or destruction of property of others in any one accident.

Car insurance companies can cancel, or “drop” your coverage, although you will typically be given enough notice to obtain a new policy. Your car insurance company will likely send you a letter explaining why your coverage has been dropped.

Your personal auto insurance will cover most rental cars with the same coverage limits and deductibles that your policy has. For example, if you carry comprehensive and collision coverage on your auto policy, you’ll be protected against physical damage to your rental car. Your liability coverage will also apply when you get behind the wheel of your rental car.

You’re not required by law to have home insurance, but banks do require it as a condition of your home mortgage. Home insurance can help you protect yourself from enormous financial loss. It can also help cover the cost of paying for bodily injury to others or damage to their property.

Homeowners policies and additional endorsements to those policies can cover other structures like garages or sheds, personal property such as jewelry or artwork, personal liability, and medical expenses due to accidents on the property, and much more.

Also known as excess liability or personal liability insurance, umbrella insurance doesn’t stand alone. Instead, it supplements other liability policies most people already have in place, such as auto, homeowners, or renters insurance. It’s designed to kick in when the liability coverage on those policies has been exhausted.

Umbrella insurance picks up where other liability policies leave off, both in terms of dollar limitations and scope of coverage. Put simply, it provides extra (or “excess”) liability coverage and is effectively insurance of last resort, but coverage will not take effect until after other sources of coverage have been used fully.

Water damage caused by flooding is not covered by Umbrella, homeowners or renters policies because it is considered a gradual event rather than sudden or accidental occurrence.

You can insure a rental car several different ways, including through your primary policy or through the rental agency itself. To fully protect yourself financially in the event that you cause an accident while driving a rental car, you may consider purchasing an umbrella liability policy.

Catastrophe insurance is insurance coverage to protect business and residences against natural disasters (that are extremely severe) like earthquakes or floods. If you own property in high-risk flood zones, you may want to consider a Catastrophe Insurance policy and coverage.

The state of Iowa requires businesses with one or more employees, full-time or part-time, to carry workers’ compensation insurance. Independent contractors are not considered employees.

Workers’ compensation insurance covers medical costs for work-related injuries and illnesses. It also provides disability benefits for injured Iowa workers.

Business crime insurance, also known as commercial crime insurance, is a type of insurance policy that a business can buy to protect itself from losses from business-related crime. Protection through the policy can cover cash, assets, merchandise, or other property loss when someone perpetrates fraud, embezzlement, forgery, misrepresentation, robbery, theft, or any other type of business-related crime on the company.

Contact a Campbell Insurance agent to learn more to protect your business.

Life insurance is a type of insurance policy and agreement. When you purchase a life insurance policy, you agree to pay premiums to keep your coverage intact. If you pass away, the life insurance company can pay out a death benefit to the person or persons you named as beneficiaries to the policy.

As part of the process when buying life insurance, you’ll need to designate one or more beneficiaries. This is who you want to receive the death benefit from your policy when you pass away. A life insurance beneficiary can be:

• A spouse
• Parent
• Sibling
• Adult child
• Business partner
• Charitable organization
• A trust

Death benefits are not paid out automatically from a life insurance policy. The beneficiary must first file a claim with the life insurance company. Life insurance benefits are typically paid when the insured party dies.

Life insurance policies provide both policyholders and their loved ones peace of mind that financial difficulties may be avoided in the event of a person’s death. Understanding how the process works, from buying life insurance to filing a claim to receiving a payout, can help you proceed with your plans to purchase coverage confidently.

Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren’t includable in gross income and you don’t have to report them. However, any interest you receive is taxable and you should report it as interest received.