Insurance can be difficult to understand. When it really comes down to it, we just want to know we are protected if anything happens to our families, property or business. But why does it have to be confusing? Let us help you. At IBC we have professionals ready to serve you and answer your questions, anytime. Here are 5 answers to your most common insurance questions from each department:
What is a copayment or coinsurance and how does it work?
Copayment or a Copay is a fixed or flat dollar amount you pay per type of service. Some copayments don’t require a deductible to be met or paid first, and some copayments DO require your deductible to be paid first. It’s important to know what services require you to meet a deductible first and which you only have to pay a copayment.
Coinsurance is the percentage of costs that you must pay after paying your deductible. For example, a plan that has 80/20 coinsurance means you pay 20% of the covered cost while the insurance plan pays 80% of the cost after you pay the deductible.
Personal and Commercial Insurance
Why do I have to insure the property for X amount when it’s only worth Y?
The biggest misconception policyholders make when evaluating if their property has proper insurance coverage is using market value as a cost basis. Reconstruction cost is the cost to hire a contractor to replace the property as it is, using materials and design of similar quality. This amount isn’t the same as market value, which is the value that comparable homes are selling for. Reconstruction costs are usually much higher. There are many factors that play into the cost of reconstruction.
Here are a few:
- Custom features: The materials in the building/home can be repurchased at a local retail store or do they require a specific contractor to replace them? For example, ornate moldings, custom window treatments and built in cabinetry.
- Age of the building or home: Older buildings tend to have materials that are not standardized and require special orders, for example, doors and windows. The older the home, the greater the cost to reproduce the unique features given the difficulty in sourcing some of the materials. As well as the specialized craftsman necessary to rebuild the home.
- Site accessibility: New properties are typically built on empty lots that large machinery can easily access. The time involved in reconstructing existing homes with landscaping, other buildings, neighboring properties, and community restrictions can increase the cost.
- Time: Many property owners want to be involved in the reconstruction process. While understandable, the time needed to research and consult eligible contracts can increase the cost.
- Demolition and debris removal: After a loss there may be significant cost for clean up. These costs are often not considered by the policyholder.
- Build codes: Buildings being rebuilt have to be updated to meet current building codes, which may not have been in effect when the building or home was built and can result in increased cost.
What is my balance?
You can check your balance and any claim activity through your consumer portal. The website is https://ibcmember.lh1ondemand.com. To log in you use your first name and the last four digits of your ssn. When it’s your first time logging in your password is your birth date as DDMMYY. Occasionally you need to call IBC to have your password reset if time has expired.
IBC has a mobile app where you can also check your balance and claim activity. Download our app from the Apple App Store or Google Play and search for IBC Flex. The same username and password for the consumer portal applies to the mobile app. Of course you can always call IBC at 712-277-2424 for information on your account or email us directly at [email protected]
What is ‘health coaching’?
Health coaching is one-on-one with IBC’s Certified Health and Wellness Coaches. These appointments are done in-person, via phone, or virtually if the employee chooses. These are typically 15-minute appointments where the participant discusses health challenges, asks questions, and sets goals with the health coach to help them improve their health and well-being. This meeting is also 100% confidential and the information discussed is kept between the participant and the health coach.
Do you offer a ______________ safety class?
Yes, we have over 500 safety classes and we specialize in custom curriculum development. So, if we didn’t offer a class that you need, we can develop it for you. We also offer over 300 safety and security consulting services. Anything from policy development to air and sound monitoring. These classes can be taken at our training center or we can come to your site.
At IBC, we are here to serve you at the highest level. If you have an insurance question, reach out to us, we are happy to help. And like us on Facebook for more information and answers to our frequently asked questions.