Listed below are a number of frequently asked insurance questions.
By simply clicking on your question you will be provided with the correct answer.

CONTACT
How do I contact Gulde Insurance?
What is Gulde's mailing address?
What are your hours of operation?
How do I get to Gulde Insurance?

AUTO INSURANCE
How much Bodily Injury and Property Damage Liability Protection Do I Need On My Automobile Insurance?
What Is The Difference Between Collision And Comprehensive Coverage?
Who do I list as operators on my policy?
Do I Need Collision Protection On My Automobile?
If I want comprehensive and / or collision coverage, do I need to choose it on all my insured vehicles?
How Large Of A Deductible Should I Select?
What Is The Grundy Worldwide Collector Vehicle Program?

LIFE INSURANCE
What is life insurance?
Do I need life insurance?
What are some other reasons you may want to consider life insurance?
How can I choose the policy that's right for me?
What are my options?
How can I conserve costs?
What if I already have life insurance coverage?
Can I trade or replace my policy?

HOMEOWNERS/RENTERS:
HOMEOWNERS
How much homeowners insurance do I really need?
What is the difference between "actual cash value" and "replacement cost" protection?
Why is it that my bank requires me to purchase my full mortgage amount, when my insurance company says I can purchase a lesser amount and still be adequately covered?
I've just renovated my home. Should I tell my insurance company?
If I have a loss, do I need to show proof of what was in my home?

RENTERS INSURANCE
What does renters insurance cover?

BOAT INSURANCE
How much does Boat Insurance cost?
How can I save Money on my Boat Insurance?
What type of losses do boat policies available at Gulde Insurance cover?
What if someone got hurt on my boat?
What do limits of liability mean?

What is Gulde's mailing address? ->back to top<-
Gulde Insurance
Colonial Park Village
279 Cambridge Street
Burlington, MA
01803-2551

What are your hours of operation? ->back to top<-
Monday through Friday 7:30AM to 4:30 PM

How do I get to Gulde Insurance?
From North of Burlington, Massachusetts:
Take Route 128 South to the Winn Street exit
Bear on right on the ramp to Winn Street and go 0.6 miles
Bear right on Cambridge Street(RT-3A) and go 0.2 miles
Gulde Insurance Agency, Inc. is located at 279 Cambridge Street, on your left in Colonial Park Village.

From South of Burlington, Massachusetts:
Take Route 128 North to Route 3A (Exit 33B)
Bear Left on the ramp to Cambridge Street(RT-3A)
Proceed North on Cambridge Street approximately 1.5 miles
The Gulde Insurance Agency, Inc. is located at 279 Cambridge Street, on your left in Colonial Park Village.

If you need other directions in order to get to us please visit www.mapblast.com

AUTO INSURANCE ->back to top<-

How much Bodily Injury and Propert Damage Liability Protection do I need on my Automobile Insurance?
Even the most careful driver can make a mistake and cause an accident. The next time you get in your auto, it's possible you could be involved in an accident in which someone else is seriously injured or property damage occurs. You don't even have to be 100% at fault in the accident to face financial liability.

You are buying Bodily Injury coverage to protect your assets in the event of a large financial judgment against you. Your per person Bodily Injury limit should be at least as large if not larger than the value of the sum of the following assets:
Equity in your home (Market Value - Mortgage, Cash Value of your vehicles, Stocks, Bonds, Bank Accounts and any other assets you want to protect.)

What Is The Difference Between Collision And Comprehensive Coverage? ->back to top<-
Comprehensive
This optional coverage pays for damage to your auto caused by perils other than a collision. This includes fire, theft, hail, vandalism, riots, damage caused by animals, and glass breakage. There are various deductible options that can reduce premiums.

Keep in mind that not every non-collision related loss is covered under Comprehensive. For instance, your damages are not covered if they are caused by wear and tear, freezing, mechanical breakdown or road damage to tires by potholes. Also, certain property such as tapes and compact disks are not covered. Finally, make sure to notify your insurance company of any customization you do to your vehicle after it is purchased or it may not be covered.

Note that sound equipment like CD players, AM/FM cassettes, and TV's are covered under your auto policy if they are permanently installed.

Collision
This optional coverage will pay for damage to your auto regardless of who causes the accident. Collision Coverage applies if your auto is hit by another vehicle or if your auto hits other objects that cause damage to your vehicle. There are various deductible options, that can reduce premiums.

Who do I list as operators on my policy? ->back to top<-
Every member of your household should be listed on the policy including non-drivers and children. Every member of your household that have a driver's license should be listed on your policy.

Do I Need Collision Protection On My Automobile? ->back to top<-
Many people wonder if they should purchase Collision protection. In order to make the decision, you need to know the current value of your auto and the cost of coverage. Generally speaking, vehicles decline in value as they age. Only you can decide if collision coverage is necessary after considering whether the cost of insurance is more economical than the cost of repairing or replacing the car at your own expense. Nonetheless, here are some guidelines to help you make a decision that is best for you.

If your auto is leased or financed, you are required to maintain Collision as well as Comprehensive coverage.
If the value of your vehicle is only slightly higher than the deductible chosen, then it makes no sense to purchase Collision or Comprehensive coverage.

If I want comprehensive and / or collision coverage, do I need to choose it on all my insured vehicles? ->back to top<-
You can make comprehensive and / or collision coverage choices individually for each of your insured vehicles.

How Large Of A Deductible Should I Select? ->back to top<-
Well, the larger the deductible the greater the savings will be. Select a deductible based on the largest amount that you are comfortable paying for repairs to your vehicle in the event of an accident.

What Is The Grundy Worldwide Collector Vehicle Program? ->back to top<-
Grundy Worldwide recognizes that as a collector you take great pride in protecting your investment and therefore, they honor customers with low rates and optimum protection every day. Grundy is the only Collector Car Program that offers Agreed Value, etc.

NOTE: Although a reasonable description of the coverage offered, this information does not constitute part of the insurance policy or binder of insurance and should not be construed to replace any provision of the policy itself should you choose to purchase a policy. In the event of any conflict between the policy and this correspondence, the provisions of the policy shall prevail. It is therefore important that you read your policy carefully for complete details.


LIFE INSURANCE ->back to top<-

What is life insurance?
Life insurance is a financial resource for your loved ones in the event of your death. You enter into a contract with an insurance company, which promises to provide your beneficiary(ies) with a certain amount of money upon your death. In return, you make periodic payments, known as premiums. The amount of the premiums generally depends on factors such as your age, gender, occupation, medical history and whether you intend to build up cash value in your policy. Some policies may require a medical exam.

Certain types of life insurance may also provide benefits for you and your family while you're still living. Such policies accumulate cash value on a tax-deferred basis that can be used for future needs such as supplementing your retirement income or helping provide for a child's education.

Do I need life insurance? ->back to top<-
The ability to earn an income can be considered your family's most valuable asset because your income allows you to obtain other assets, particularly the necessities of life and, of course, the creature comforts. However, as we know, income is not guaranteed. Yet, the need for income may continue for those who were financially dependent upon you. Consequently, your need for life insurance and the amount will depend upon your personal and financial circumstances.

If any of the following statements apply to you, you probably do need to consider life insurance:
" You have a spouse.
" You have dependent children.
" You have an aging parent or disabled relative who depends on you for support.
" You have another loved one that you wish to provide for.
" You have business or estate planning needs that life insurance can satisfy
" Your retirement pension and savings are not enough to insure your lived ones' futures against a rising cost of living.

What are some other reasons you may want to consider life insurance? ->back to top<-
In addition to the comfort of knowing that you have provided for your loved ones after your death, there are several other reasons you may want to consider life insurance, including:

" If your policy has Cash Value, the Cash Value may be used to help with planning college tuition or a downpayment on a home. Most cash-value policies enjoy a tax-deferred status, meaning that you do not pay taxes on any cash value accumulation until you receive funds from the policy.

" Life insurance can be used to pay estate taxes and funeral expenses. If your federal taxable estate (including real estate and investments) should exceed $1,000,000 (in 2002), your heirs can be taxed up to 50%. So, even if you have a substantial sum of money, life insurance can be a benefit. The proceeds usually go directly to your beneficiaries without going through the probate process.

How can I choose the policy that's right for me? ->back to top<-
Life insurance is a long-term commitment. Before buying any policy, ask yourself these very important questions:
" How much insurance do I need? If I were to die, what would my spouse and dependents need in order to live comfortably?
" In addition to protection, what am I trying to accomplish with life insurance? Am I accumulating funds for education costs? Providing away to pay Estate Taxes? Do I need some additional supplemental income for my retirement or emergencies? Remember that Term life pays a death benefit only, while Whole, Universal and Variable policies can supplement your income through withdrawals or loans against a policy's cash value.

Independent companies such as Standard and Poor's, A.M. Best, Moody's, Fitch and Weiss rate insurance companies and their publications can be found in your local library.

What are my options? ->back to top<-
There are four basic types of life insurance to meet your individual needs.

Term life insurance is the least expensive type of coverage, at least initially, and the simplest. These policies do not build up a cash value. Coverage is in effect for a fixed term or period of time - usually one to 30 years - and usually can be renewed. The policy pays your beneficiary a fixed amount of money if you die. The premiums are lowest when you are young and increase upon renewal as you age. Be sure to check your policy for age or other renewal restrictions.

Whole life insurance provides protection as well as a cash value. The premiums remain at a fixed level for the duration of the contract. Over time, the policy generally builds up cash value on a tax-deferred basis. Many companies pay policyholders a dividend. Dividends provide both flexibility and increased value to your life insurance policy. They can add more coverage to your overall insurance benefit and can build a sizable cash value.You may prefer this type of coverage since the cash value can benefit you while you're still alive. You can use it to supplement retirement funds or help provide for a child's education - it's your money to use as you need. You should, however, keep in mind that life insurance should not be purchased solely for accumulation. Its primary purpose is protection. Also, withdrawals and/or loans will decrease the death benefit.

Universal life insurance is a flexible life insurance plan. These policies are interest-sensitive and permit the owner to adjust the death benefit and/or premium payments, within limits, to fit the owner's situation. Your net premium payments are applied to the accumulation fund, which earns a guaranteed interest rate. The monthly cost of the death benefit and policy administration is deducted from the accumulation fund. As with whole life insurance, the cash value is yours - you may withdraw it or borrow against it at any time. Read your policy carefully to understand how withdrawals may affect the death benefits. Since you decide how much premium to pay, within limits, some universal life policies even allow you to skip payments. If you skip a premium payment, the administrative and death benefit costs are deducted from your cash value. The policy stays in effect until your cash value can no longer cover these costs. Make sure you understand your annual statement so you know how much interest your policy is earning and how much cash value you have. Universal life insurance rates are subject to change, but the rate will never fall below the minimum rate guaranteed in the contract.

Variable life insurance is for those who want to tie their life insurance policy to the performance of the financial markets. You decide how your net policy values are to be invested. Your cash value may have the opportunity to accumulate more rapidly than with other cash value policies, but you incur additional risk. If market performance is poor, your death benefit may decrease, and you may have to pay higher premiums to keep the policy in effect. As with whole and universal life policies, you may borrow against or withdraw the cash value at anytime. Keep in mind that loans and withdrawals may reduce cash values and the death benefit. Read your policy carefully for any possible charges associated with these transactions. These policies are sold by prospectus, a valuable disclosure document, that you should also read carefully.

How can I conserve costs? ->back to top<-
Here are some ways you can save money when purchasing the life insurance that's right for you.
1. Don't buy insurance if you don't need it, and don't buy more insurance than you actually need to provide for your loved ones.
2. Shop for a competitively-priced policy while you are in good health. Don't smoke. Take care of yourself by exercising regularly and maintaining a moderate weight.
3. If you buy term insurance, look for Guaranteed Renewable Policies. That way you won't have to shop for a new policy (with higher premiums) when you're older.
4. Buy additional riders, which are optional forms of coverage, only if you need them.
5. Shop around and compare prices and coverage. There are over 2,000 companies selling life insurance policies. Get at least three quotes on comparable policies, and ask questions about the policy's renewal and withdrawal provisions.
6. Participate in your employer's sponsored life insurance program, even if you have to contribute or pay for it. This form of life insurance coverage, known as group insurance, pools good, average and poor risks to offer a benefit that can be less expensive than comparable plans offered outside of work. You may be able to obtain coverage up to a certain level without providing evidence of good health, a key advantage. Additionally, group insurance plans often provide for continued coverage during periods of disability. Many plans are administered through payroll deduction, a very convenient way to pay for coverage. And finally, many plans allow you to continue your coverage even after you leave employment by continuing payment of premiums or converting coverage to an individual policy.

What if I already have life insurance coverage? ->back to top<-
Even if you have life insurance, keep in mind that life changes and, as it changes, so do your needs for protection. Your life insurance needs should be reviewed every few years. Any of the changes listed below should prompt you to sit down with your insurance agent to make sure your plan is still appropriate.
" You have recently married or divorced
" A child or grandchild has been born or adopted
" Your health or your spouse's health has deteriorated
" You have begun to provide care or financial help to a parent
" A loved one will require assistance or long term care
" You have recently purchased a new home
" Your children or grandchildren are about to enter school or college
" You or your spouse retired or will retire early
" You or your spouse has been promoted recently
" You have refinanced your home mortgage in the past six months
" You or your spouse has received an inheritance

Can I trade or replace my policy? ->back to top<-
You can trade or replace your policy, but it's not something to be considered lightly, regardless of whether you are thinking of switching policies within the same company or switching from one company to another. New policies typically have higher premiums than first few years. If you want to increase your total life insurance, it is probably better to keep your old policy and simply add a new one, or increase your specified face amount under the same life insurance policy. For example, suppose your objective is to have $100,000 of life insurance and you currently have $50,000keep your old policy and simply add a new one, or increase the face amount under the same policy. It may be better to buy a second $50,000 policy to reach your goal of $100,000. Your existing policy premiums will generally be less than those for a new policy. Be sure to ask your agent, Financial Advisor or Insurance Company about the best alternative for your specific situation.

NOTE: Although a reasonable description of the coverage offered, this information does not constitute part of the insurance policy or binder of insurance and should not be construed to replace any provision of the policy itself should you choose to purchase a policy. In the event of any conflict between the policy and this correspondence, the provisions of the policy shall prevail. It is therefore important that upon purchase, you read your policy carefully for complete details.


HOMEOWNERS/RENTERS ->back to top<-

HOMEOWNERS
How much homeowners insurance do I really need?
The last thing you need is to find out after your home has been damaged is that you don't have enough insurance to replace your home. Likewise, you don't want to be paying for insurance you really don't need either. There are ways to make sure you have the right protection - without having more than you need. What is the replacement cost of your home. First, you need to estimate how much your house would cost to completely rebuild it. At Gulde Insurance, we use sophisticated to calculate the replacement cost of your home.

Next, we recommend you also purchase "inflation" protection, which adjusts your limits annually to reflect any increases in value due to inflation.

Finally, you should consider , "Guaranteed Replacement Cost", which guarantees that you will have the right amount of insurance if you need to completely rebuild after a claim.

What is the difference between "actual cash value" and "replacement cost" protection? ->back to top<-
It is, essentially, the cost to replace your home minus depreciation. "Actual cash value" is the amount your property is worth at the time of the loss. It is, essentially, the cost to replace the item minus depreciation, which takes into account the loss of value due to age and normal wear and tear. The actual cash value on a piece of property, whether it is your home, stereo or favorite chair, may be much less than the cost to replace it new. When insurance companies settle on this basis, you may receive a check for an amount much less than you need to replace the item.

Why is it that my bank requires me to purchase my full mortgage amount, when my insurance company says I can purchase a lesser amount and still be adequately covered? ->back to top<-
Some lien-holders require you to purchase insurance that covers the entire mortgage amount. However, your insurance company may indicate you really need a lesser amount since home insurance basically covers the house and additional structures, not the land which they sit on or the market value of your home due to its location.

I've just renovated my home. Should I tell my insurance company? ->back to top<-
Most definitely, especially if your renovations cost more than $5,000. With all the hard work and money that went into your renovations, it's important that you are insured for the right amount so that if you have a loss, you'll get what you need to cover the damages. Most likely, the amount of insurance you now have is inadequate with your recent renovation.

If I have a loss, do I need to show proof of what was in my home? ->back to top<-
No, but you will need to provide a list of items which were destroyed or damaged. The more information you have, the better off you will be.

Understandably, the stress of a loss often makes it very hard to remember everything that was damaged or stolen. To combat this, we recommend you spend a few hours videotaping the contents in your home and store the videotape in a safety deposit box. While videotaping, discuss exactly what you are filming so you will have these records when you need them. For instance, "This is a 50-year-old original painting, bought at Artistry in 1999 for $8,000. This is my mahogany Thomasville coffee table bought in 2000 for $800..." We also recommend you find time to take an inventory of the items in your home.

We also suggest keeping receipts or credit card statements on high value items, such as furniture, jewelry, appliances, rugs, expensive clothing, etc. and also store these in your safety deposit box.

NOTE: Although a reasonable description of the coverage offered, this information does not constitute part of the insurance policy or binder of insurance and should not be construed to replace any provision of the policy itself should you choose to purchase a policy. In the event of any conflict between the policy and this correspondence, the provisions of the policy shall prevail. It is therefore important that upon purchase, you read your policy carefully for complete details.


RENTERS INSURANCE
What does renters insurance cover? ->back to top<-

A renter's policy is an economical way to insure your valuable possessions including Stereo Equipment, Televisions, Furniture and Appliances.

Added protection for your special possessions

If your personal property includes valuables such as fine art, jewelry or golf equipment, you may want to consider an optional Scheduled Personal Property (SPP) Endorsement to cover them. An SPP will provide you with worldwide, "all-risk" protection against fire, theft, and other perils not specifically excluded. (This coverage is available subject to underwriting approval.)

NOTE: Although a reasonable description of the coverage offered, this information does not constitute part of the insurance policy or binder of insurance and should not be construed to replace any provision of the policy itself should you choose to purchase a policy. In the event of any conflict between the policy and this correspondence, the provisions of the policy shall prevail. It is therefore important that upon purchase, you read your policy carefully for complete details.


BOAT INSURANCE ->back to top<-

How much does Boat Insurance cost?
Our rates are competitive and your price will depend on your boat's location, where you use it, the age and experience of the primary operators, the boat's size, type, age, power type, and other factors related to the boat.

How can I save Money on my Boat Insurance? ->back to top<-
Some additional factors that influence the cost of boat insurance are:

" Boating safety education. You may qualify for a discount if you have completed a safety course approved and/or given by the US Coast Guard, Power Squadron, or National Association of State Boating Law Administrators (NASBLA). "

" The amount of the deductible you select. The higher your deductible the lower your premium."

" You may qualify for a discount on your boat premium if you have your Automobile and/or Homeowners insurance with us."

" If your boat is equipped with such items as a VHF ship to shore radio, depth finder, vapor detection system, a built-in CO2 fire extinguishing system, a burglar alarm, or operable radar, LORAN or Satellite Navigation systems you will qualify for our Protective Devices discount."

What type of losses do boat policies available at Gulde Insurance cover? ->back to top<-
Boat policy is an "All Risk" policy which covers all external causes of loss except those specifically excluded. Losses caused by Hurricane, Theft, Flood, Fire, and Collision, etc. Losses are settled on an Actual Cash Value. Repairs for partial loss are covered on a, "new for old".

What if someone got hurt on my boat? ->back to top<-
Liability Insurance protects you and members of your household if you are legally liable for injuries. We would also pay the costs to defend you in lawsuits brought against you.

What do limits of liability mean? ->back to top<-
These limits specify the most that will be paid for the entire accident. For example, $50,000/$100,000 Bodily Injury Liability means that each injured person is covered for up to $50,000 and that the most that will be paid to all injured persons combined is $100,000. Your Bodily Injury Liability and Property Damage Liability may also be shown as a single limit, e.g., $100,000 Combined Single Limit (CSL).

Medical Payments covers a person who is injured on your boat. It pays reasonable medical expenses, regardless of fault, up to $1,000 for each injured person. (Higher limits are available).

NOTE: Although a reasonable description of the coverage offered, this information does not constitute part of the insurance policy or binder of insurance and should not be construed to replace any provision of the policy itself should you choose to purchase a policy. In the event of any conflict between the policy and this correspondence, the provisions of the policy shall prevail. It is therefore important that upon purchase, you read your policy carefully for complete details.