What do I do in the event of a loss?

  • Take precautions if the damages require you to leave your home. Secure your property, removing valuable items, and lock windows and/or doors.
  • Make emergency repairs and document them. Your policy requires you to make reasonable emergency repairs necessary to prevent further damage to your home and its contents.  Remember to keep all receipts and document with photographs if possible.
  • Contact your insurance company or agent as quickly as possible when you have a loss. Your policy requires you to give prompt notice to your agent or company.  Make sure that you provide your current and updated contact information as to how to reach you for the adjustment of the claim.
  • If the loss is by theft, notify the police and obtain a copy of your police report for the claim adjustment.
  • The insurance company will contact their claims adjuster who will contact you for an appointment to inspect the damage and prepared an estimate for the loss. In preparation, make a list of all damaged, destroyed, or stolen property.  Attach bills, receipts, and related information that would help document possession or emergency repairs made.

How do I cancel my policy?

We value your relationship at Northwest Farmers.  We want you to feel confident and happy with our products, services, and people.  We will help you do whatever you feel is best – even if that means cancelling your policy.

To cancel your insurance policy with us, please call your agent.  Your agent may ask you to make a written request to cancel your policy, or ask you to sign a cancellation request form.  You are able to contact the Company as well, but it would be our desire for you to cancel through your agent.

How do I make a payment?

Currently, Northwest Farmers accepts cash, checks, or money orders as payment for the premium on a policy.  These types of payment, excluding cash, can be mailed directly to our office, or all types of payment are accepted at our office.  As an option, you can also pay your premium at your local agency office.

In the coming months, we will be starting a credit card payment option.  This can be completed in two ways – through a call to our office or your agency office, or through access through our online portal.  Our online portal will be able to be accessed through our website, from any page.  Just look for the “Make a Payment” button.  This will take you to a secure site where you will login with your policy number and zip code to our policy management system.  Following the prompts, you will be asked for your credit card information to complete the transaction.

When is my payment due?

All invoices are submitted to you within 45 days in advance of the effective date of your policy or your next scheduled installment.  All premium invoices are due either on the effective date of your policy or on the date of your installment at either quarterly or semi-annual dates.  (For example, if your policy has an effective date of March 14, your installment dates could be June 14, September 14, and December 14, if you selected a quarterly installment billing.)  If payment is not received in the office by the effective date of your policy or the installment billing, your policy is subject to cancellation at that date.

What does a homeowners policy cover?

Unless the cause of loss is excluded in the policy, a homeowners policy provides coverage for personal liability, medical payments to others, and accidental direct physical loss to your dwelling and contents. If, due to a loss, you are unable to reside in your home, your policy also provides for reimbursement of reasonable additional living expenses during the repair period.

In addition, the policy provides coverage for your personal property for specific perils including, but not limited to:

  • Fire
  • Lightning
  • Windstorm
  • Hail
  • Theft

How much insurance coverage should I have?

The insurance coverage amount is YOUR choice.  We recommend that you purchase coverage equal to or greater than the estimated replacement cost of your home.  Your home’s estimated replacement cost also determines which policy options are available to you.

Since it’s impossible to predict the cost to replace your home in the future, it’s important to have enough coverage to account for unforeseen circumstances.

What is the difference between market value, replacement value, and actual cash value (ACV)?

Market value is the amount a buyer would pay for the home and land in its current condition.  It is influenced by factors such as proximity to good schools, local crime statistics, and the availability of similar homes.

Replacement cost is the cost to replace the entire home.  When you insure your home for its estimated replacement value, your insurer will reimburse you for the cost of rebuilding your home, subject to policy limitations, based on the size and structure of the home that was lost.

Replacement cost is not:

  • The market value of your home
  • The home’s purchase price
  • The cost of the land
  • The outstanding amount of any mortgage.

Actual cash value (ACV) is the amount of cost to replace or purchase an item, less depreciation based on the time you have owned the item.  In the event of a loss, if you had owned a television for 3 years, actual cash value would be calculated based on the cost of a replacement television of like kind and quality, less depreciation based on the three years of ownership compared to the ten-year life of the television.