Frequently Asked Questions

Insurance

Are insurance products insured by the FDIC?

The Federal Deposit Insurance Corporation (FDIC) insures the deposits of clients in a bank against loss. Since the insurance products are not deposits, they cannot be insured by the FDIC or by any federal or local agency.

 

 

What do you mean when you say that insurance products are not obligations nor guarantees of the Bank or any of its subsidiaries?

A deposit is a contract between the bank and its clients. An insurance policy is a contract between the insurance company and its clients. This is the reason why the insurance policy is not an obligation of the bank or of its subsidiaries.

 

 

Auto Insurance

How can I save money in an auto policy?

The premiums differ among companies. The type of vehicle you drive, your driving history, age, gender, place of work, place of residence, and the distance between your home and your workplace are factors that determine the insurance premium.


The premiums of a vehicle insurance policy are based on a series of factors - among them, the model and year as well as the expected mileage. The insurance companies are interested in lowering the premiums, but this depends on the previous loss experience they have had with similar vehicles. Most of them have developed advertising to foster more responsible driving, so that the incidence of accidents drops and the premiums are reduced accordingly.


There are some ways to reduce the premium cost of insurance policy:

 

1. Compare the premiums of a policy with different deductible alternatives. The higher the deductible, the lower the premium would be.

2. If your vehicle is fairly old, it may not be a good idea to have a high coverage in the collision clause.

3. The more expensive and luxurious your vehicle is, the higher the premium will be. Keep this in mind when shopping for a car.

4. Compare different premiums and insurance policies in different insurance companies.

5. Some insurance companies provide discounts if you have more than one car insured by them.

 

 

 

Does my vehicle’s insurance cover rented cars, trucks or vans?

The existing insurance policies for vehicles vary with respect to rented cars, trucks and vans. For example, a policy may provide coverage to a rented car for personal purposes but not for business purposes. To be sure whether or not your insurance policy covers rented vehicles contact your agent or insurance company.

 

 

How can I reduce the probabilities of having my car stolen?

1. Always lock up the car doors and close all windows.
 

2. Park the car in the garage.
 

3. Use protection devices like alarms or clubs. When parked on the street, turn the wheels against the curb so that the steering wheel is locked up.
 

4. Never leave the car key in the ignition or leave the car with the engine running.
 

5. Never leave the house keys in the car. If the car is stolen, you wouldn't want anybody to have access to your home.
 

6. Never leave valuable objects in your car and much less in plain view.
 

7. Don't wait until you park your car to place articles in the trunk. You never know when you might be watched.

 

 

Homeowner's Insurance

Why do I need homeowners insurance?

It's a necessary protection. The reason to hold this type of insurance policy is not because your mortgage lender requires it, but rather because it protects something you cannot afford to loose - your home. What would happen if an earthquake or windstorm destroyed your house? What if your possessions are stolen?  What if your dog bites your neighbor?  What if your guest suffers physical injuries in your home? These and some other events can affect you economically if you do not have homeowners insurance.

 


 

What would happen if certain belongings, such as computers, cameras, jewelry, etc., have a higher replacement value than the basic limits of the policy?

The basic coverage of your Homeowner policy will not necessarily be sufficient to provide full protection for the belongings, if they surpass the basic limits specified in the policy. For an additional premium you may obtain extender coverage to add protection to additional items you may want to include.

 

 

Life Insurance

Do I need a medical examination to obtain life insurance?

Sometimes, it is required, depending on the type of coverage. Usually, insurance companies require brief medical exams to get their clients the best rate possible. This medical exam consists of a medical history, blood pressure and cholesterol level tests.

 

 

How do I know how much coverage I need? What is a life insurance?

A life insurance gives protection to the beneficiaries in case the insured dies. The policy substitutes the loss of income to the beneficiaries or pays their debts. Life insurance is specific per person.

 

 

How much time is required to obtain a life insurance?

The process of obtaining life insurance is one of several stages. Unlike other types of insurance it requires a medical examination and more attention.

 

 

Claims

How do I report a claim?

You may report your claim to Popular Insurance, Claims Department:

 

What information do I need to report my claim?

Be prepared to give to provide the following information:

  • the name of the insured
  • policy number
  • date of the loss,
  • the cause of the loss
  • your contact information
  • the severity of your loss
  • witnesses, if any

I don't have all the information needed to report my claim. What should I do?

Contact Popular Insurance immediately and we will help you start the claims process.

How does the claim process work?

Once the claim is received by Popular Insurance, our agency will verify whether you have an insurance policy in force, and will forward all documentation to the corresponding insurance company.  


The insurance company will assign an adjuster. The adjuster will contact you to assess your damages and write an estimate or ask you to provide an estimate.  When receiving the visit of an adjuster, always ask him/her for identification.


The company will then decide whether the loss is covered or not.  If it is covered it will issue a check for the claim payment.  In some cases the check may be payable to you and a third party such as our mortgage/lien holder company.

What can I do to make the claims process easier?

  • Gather as much information as possible.
  • Take pictures of your loss.
  • Report your loss as soon as possible.
  • Make temporary repairs.
  • Contact vendors and ask them for estimates.

How long will it take to settle my claim?

The length of time it takes to settle a claim varies according to the completeness of the documents that you submit, the severity of the loss and the number of losses the company receives. The corresponding insurance company will make every effort to inspect your loss as soon as possible and to resolve the claim within a reasonable time frame.  Popular Insurance, as a corporate agent and general agent, is also here to help in communicating with the insurance company for providing follow-up to your claim.

If property was stolen, what do I need to do?

  • Immediately file a police report for the theft. For insurance purposes, it is beneficial to provide:
  • any photographs you may have of the item(s)
  • proof of purchase or receipt
  • serial number, ID number or model number of the item(s).
     

If the damage was due to a car accident, what do I need to do?

Immediately file a police report for the accident. For insurance purposes, it is beneficial to provide any photographs you may have of the accident scene and of the car damages.

What is a deductible?

A deductible is the amount stated in your policy declaration that the company will subtract from the amount they pay on a covered loss.

Should I make temporary repairs to my home?

It is advisable to make any temporary repairs that will prevent additional damage to your home. This includes covering broken windows and holes in the roof.

Is flood insurance covered under my policy?

In general, flood insurance is not covered under dwelling policies; however, it may be covered under your automobile policy if you have comprehensive coverage on your automobile. Flood insurance for homes is administered through the National Flood Insurance Program. Contact Popular Insurance for more information.

How will I receive payment?

The corresponding insurance company will mail you a draft. The draft may be made out to you and your vendor or to you and your mortgage/lienholder company.

Whom can I call if I have a question about my claim?

If you have any questions regarding your claim or any repairs, please contact the adjuster handling your claim.

Our licensed insurance professionals are ready to guide you. For additional information, please call us at (787) 706-4111 or  contact us for a quote.

 

 

Insurance products are not deposits, are not insured by the FDIC or other Federal Government Agencies, are not guaranteed by the Bank and may lose value.