Frequently Asked Questions
Below are some of our frequently asked questions. If you have any other questions or concerns, please feel free to contact us via the web, or come and visit us at a location near you.
For vehicle loans, second mortgages, and home equity lines of credit (HELOC's) financed with Redwood Credit Union, please contact your insurance agent, including RCU Insurance Services (RCUIS) if RCUIS is your insurance agency, to have them add: Redwood Credit Union, PO Box 6104, Santa Rosa, CA, 95406, to the Loss Payee, Lien Holder, or Mortgagee section of your insurance policy.
If you have a primary mortgage with us, please contact your insurance agent, including RCU Insurance Services (RCUIS) if RCUIS is your insurance agency, to have them add: Redwood Credit Union, Its Successors And/Or Assigns, PO Box 961292, Fort Worth, TX, 76161-0292, to the Mortgagee section of your insurance policy.
Insurance Coverage Offered By RCU Insurance Services
Protect yourself, your family, and your assets! RCU Insurance Services helps you by offering the following coverages:
As a part of your retirement and estate planning process, RCU Investment Services is proud to offer:
- Life insurance
- Long-Term care insurance
For questions about coverage provided through RCU Insurance Services, please call 1 (707) 576-5120 or email firstname.lastname@example.org
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.
If You Have A Collateralized Loan With Redwood Credit Union
It is important that we receive acceptable proof of the required insurance or it may become necessary to protect our interest by purchasing a Collateral Protection Insurance (CPI) certificate at your expense. When purchased, this insurance will be added to the balance of your loan and increase your loan payment to include the amortization of the policy premium over the period of one year.
Facts about CPI Coverage:
- Be aware that CPI is not a substitute for standard insurance.
- CPI generally carries higher premiums than insurance you can purchase on your own.
- CPI protects only our interest in your collateral for claims filed by us.
- More importantly it does not provide any liability coverage for claims made against you.
- CPI does not satisfy mandatory liability insurance or financial responsibility laws of this or any other state.
- Vehicles must be insured even if in Planned Non-Operational (PNO) status or in storage.
- For these reasons, you must provide your own insurance.
Primary insurance requirements:
- Continuous insurance coverage with no lapses.
- Lender Name named as lien holder or loss payee.
Redwood Credit Union
P.O. Box 6104
anta Rosa, CA 95406
- Comprehensive and collision coverage (or physical damage) with deductibles not greater than $1,000.
- No excluded drivers.
- No insurance ID cards please ONLY INSURANCE DECLARATION PAGES.
You can provide your insurance by mail, fax or Internet.
Redwood Credit Union
Insurance Tracking Center
P. O. Box 6104
Santa Rosa, CA 95406
Phone: 1-866-877-3373 – 24 hour service
Note: You can upload insurance documents securely through the website using your reference ID and pin code.
Flood damage is excluded under standard homeowners and renters insurance policies. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers.
Congress created the NFIP in 1968 in response to the rising cost of taxpayer-funded disaster relief for flood victims and the increasing amount of damage caused by floods. The NFIP makes federally backed flood insurance available in communities that agree to adopt and enforce floodplain management ordinances to reduce future flood damage. The NFIP is self-supporting for the average historical loss year. This means that unless there is a widespread disaster, operating expenses and flood insurance claims are financed through premiums collected.
The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. Private flood insurance is available for those who need additional insurance protection, known as "excess coverage,” over and above the basic policy or for people whose communities do not participate in the NFIP. Some insurers have introduced special policies for high-value properties. These policies may cover homes in non-coastal areas and/or provide enhancements to traditional flood coverage. The comprehensive portion of an auto insurance policy includes coverage for flood damage.
Source: "Flood Insurance." Insurance Information Institute. Web. http://www.iii.org/fact-statistic/flood-insurance.
To file an insurance claim, please contact your insurance carrier directly at one of the phone numbers listed below. To file a claim online, visit our claims page.
Allied Nationwide – 800-282-1446
CIG – 800-986-9974
Foremost – 800-527-3905
The Hartford – 800-243-5860
Kemper – 800-777-4342
Mercury – 888-313-6372
Progressive – 800-300-3693
Safeco – 800-332-3226
Travelers (Personal) – 800-252-4633
Travelers (Commercial) – 800-238-6225
When filing your claim, be sure to make a recorded statement while on the phone with the representative.
Insurance carriers prefer to speak with you directly rather than your insurance agent when you file a claim. This will ensure you receive the most accurate information about your policy coverage and all of your questions are answered.
If you have any questions or need help contacting your carrier, please contact RCU Insurance Services at (707) 576-5120.
One advantage of term life insurance is that it is generally the most cost-effective way to achieve the maximum life insurance protection you can afford. Many people first purchase term life insurance to protect their family's financial interests after a significant life event, such as getting married or the birth of a child.
You may have done the same for your family when you purchased your policy years ago. And chances are, other than paying the premiums, you probably haven't given it much thought since then. However, if your term life insurance policy is set to expire in the near future, it's important to explore your options now before the coverage runs out.
Before you get started, you first need to reevaluate your life insurance needs and determine if anything has changed. Are your children grown and have they graduated from college? Do you have a mortgage? If you have financial obligations that you need to take care of, you may still need term life insurance. If you are nearing retirement and have fewer financial obligations than you did when you were younger, your need for a term life insurance policy may not be as great as it once was.
Purchasing A New Policy
If you are in relatively good health and your current term life insurance policy is about to run out, you might consider purchasing a new term policy altogether. When applying for a new term life insurance policy, you will generally need to pass a medical exam. In addition, since you are older now, your premiums may be higher than they were under your old policy. However, you may not need as large a policy as you did when you first purchased term life insurance years ago. It may pay to shop around and compare because premiums can vary among insurers.
Renewing Your Existing Policy
When the coverage period for your term life insurance ends, you may have the option to renew the policy, depending on the specific policy and limitations. Though you won't be required to take a medical exam if you renew your policy, the rate will generally increase each time it is renewed for an additional term because your age has increased (as has the insurance company's risk of paying a death benefit). These increased premium costs can sometimes make renewing a term life insurance policy an expensive way to cover your life insurance needs.
Converting Your Policy To Permanent Life Insurance
If you have a convertible term life insurance policy, you may be able to convert it to a permanent life insurance policy, such as whole or universal life insurance. Permanent insurance continues throughout your life as long as you pay the premiums. As with term insurance, permanent insurance pays a death benefit to your beneficiary at your death, but it also contains a cash value account funded by your premium dollars. When you convert your policy, you won't need to prove your insurability by taking a medical exam. However, there is usually a conversion deadline, which is the date by which you must convert, typically before your term life insurance is set to expire.
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications. Any guarantees are contingent on the claims-paying ability and financial strength of the issuing company.
The rules governing 1035 exchanges are complex and you may incur surrender charges from your "old" life insurance policy. In addition, you may be subject to new sales and surrender charges for the new policy.
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018.
Evacuating Your Home
If you have been evacuated from your home or apartment and are paying for temporary lodging, you may by covered under a loss of use provision in your homeowners or renters insurance policy. Save your expense receipts and contact your insurance carrier directly to see if you are covered, how much you are covered for, and if your deductible applies.
Find your carrier and call them directly at one of the phone numbers listed below. If you have any questions before calling your carrier, feel free to reach out to our department at (707) 576-5120.
Filing a Claim
If you have lost property and wish to file a claim, be sure to make a recorded statement while on the phone with the representative. Insurance carriers prefer to speak with you directly rather than your insurance agent when you file a claim. This will ensure you receive the most accurate information about your policy coverage and that all your questions are answered.
Find and Call Your Insurance Carrier
If you have any questions or need help contacting your carrier, please contact RCU Insurance Services at (707) 576-5120. We are available to provide assistance at any point in the claims process from beginning to end.
RCU Insurance Services (RCUIS) is excited to announce new online banking features for RCU Members who have property and casualty insurance through RCU Insurance Services. Now, when you link your RCUIS policies in RCU online or mobile banking you’ll be able to:
- View your policy
- Print an auto ID card
- Add and manage policies
- File a claim, and more!
This new feature gives you control of all your banking and insurance needs at your fingertips anytime, anywhere.
Sign up for our convenient online banking services, or download our free mobile app from your app store.
Don’t have RCU Insurance Services? For more information or a free quote, call (707) 576-5120.
User Guide RCU Policy Manager