Protecting Your Home from Loss Due to Theft

Your home is filled with memories, personal mementos, and most importantly, your family; the risk of losing your valued possessions to theft is a situation you never want to encounter. Ensuring that damages and loss due to theft are covered by your home insurance is important. Here are the questions you should ask yourself and your insurance agent about protecting your home in case of a break-in, and things you can do to protect your home and reduce your insurance rates.

 

Look Over Your Existing Policy

 

The first step in protecting your home is to see if your existing policy covers both your property and the contents of your property in case of a break-in. Most basic homeowner’s policies do not cover these, and so you’ll want to get a clear picture of what you need before proceeding.

 

Asking Your Agent

 

There may be a number of things you can do to reduce the amount you will pay for theft protection, including combining existing policies and making changes to your home’s security. If you already have homeowner’s insurance, adding theft protection may be cheaper than buying a separate policy, especially if you were to go with a different company or broker. Installing an alarm system, adding locks to windows, and other types of home security protection may qualify you for a discounted rate on your insurance.

 

Creating Peace Of Mind

 

Regardless of the insurance issues, protecting your home and family in case of a break-in is important to your peace of mind. Things such as simply hanging a security sign in your window, leaving lights on when you are not home at night, and changing your routine can deter theft. They may not qualify you for a reduced insurance rate, but may protect your home nonetheless.

 

Free to Our Customers

We highly recommend that you take a look at the Digital Locker and use it to its fullest advantage. It is a way that you can keep a personal inventory of everything you own.

The Digital Locker is free and you can use it online or you can download the app and use it on your phone (both iPhone and Android). This first link will take you to an Allstate web page where you can learn a bit more about it and the second link will take you right to the Digital Locker website.

 

http://www.allstate.com/digital-locker.aspx?cid=OTC-SOC-T-131201:Innovation

 

https://www.digitallocker.com/Home/Dashboard/View

Why a Lapse in Coverage Can Have Serious Results

Letting your auto insurance policy lapse does not seem to be that serious a matter on the surface. Unfortunately, it is not only illegal to drive without insurance; it can also have much more serious consequences than a ticket for driving without insurance. A lapse in auto insurance can have far-reaching results with the potential to affect your entire life.

The Legal Aspect

All drivers are required by law to carry a minimum liability policy in order to get behind the wheel. This protects all of the drivers on the road by ensuring that in the event of an accident, the at-fault party will have insurance to pay for the damage. If you are pulled over and found to be driving without insurance, you will be given a ticket and may face even more serious legal consequences, depending on the state in which you reside.

Financial Consequences

If you are involved in an accident where you are found to be at fault, and there is no insurance to pay the damages, you will be responsible. In a serious accident with a lot of property damage and injuries, this can add up really quickly. You may not have the thousands of dollars to pay the bills, but with a judgment against you your wages can be garnished and other assets placed in danger, including your home. Not paying that insurance premium can lead to paying off a huge amount of money for the rest of your life.

Future Insurance Premiums

Some insurance companies will not take insure someone who does not have previous insurance, while others will simply charge you a higher premium. A lapse in your old policy can mean that you will no longer qualify for the rates you were getting before. You will lose discounts including longevity with your insurance company, and will be treated as a higher risk to the company. You may also have to make a new down payment or pay reinstatement fees. It can take a while to work your way back up to getting the better rates reserved for the company’s best customers. Some insurance companies may also have a limit on the number of times you can lapse before they refuse to reinstate you.

A lapse in your insurance policy can be much more costly than had you simply continued to pay your premiums. If you are having trouble paying your insurance bill, talk to your agent about ways to reduce your rates, rather than allowing a lapse to occur.

Buying a House for the First Time?

Home isn’t just where your heart is. It is also where most of your net worth is! For most of us, the investment in a home purchase is one of the largest and most important we’ll make. Any wise investor would want to ensure that such a significant investment was adequately protected.

Making sure you have a policy that meets your specific needs, and at the same time fitting your budget, is a vital part of protecting the investment you’ve made in your first home. Assessing your needs is the first step in evaluating your policy and knowing how much insurance you need. How much would it cost to replace your home and your personal belongings? Do you have expensive jewelry or other particularly valuable possessions? Are there other permanent structures on your property?

The second step is making sure you know what is included in your policy, and just as importantly, what is not. Standard policies typically provide coverage in four essential areas: the structure of your home, personal possessions, your liability to others, and living expenses should you be unable to live in your home temporarily as the result of a disaster your policy covers. It is crucial that you know which disasters-or “named perils” in the language of insurance-are covered by your policy and whether you need additional coverage for any excluded peril.

An insurance professional can guide you through these steps and provide you with other tips for making sure your policy is just right for you. Please give us a call at 401-433-1111 to schedule a time to meet for a free review of your homeowners insurance needs. We can help you make a determination of how much insurance coverage you need and what, if any, additional options you should consider.

What Is Covered In A Life Insurance Medical Exam?

Life insurance is a major purchase. Finding a policy that not only provides you with the coverage you need to care for your family or loved ones, but is also affordable, is critical in making your decision. So you have found the policy that seems to have all the feature you are looking for, and at the right price, but it requires a medical exam! What should you expect from a life insurance medical exam and how can you prepare for it?

What Kind Of Medical Exam Should I Expect?

In general, a life insurance medical exam will try to get an overall picture of your health. You can expect to be asked a series of questions about your medical history and the medical history of your family members. You can also expect questions about your lifestyle that may affect your health such as drinking, smoking, and exercise habits. In addition to a questionnaire you may also be required to have a routine physical that could include taking your weight, pulse, and blood pressure, as well as doing blood work and urinalysis. It is a good idea to have the insurance company send the results to your doctor. That way if you do have a health problem you did not know about your doctor will be informed of the results. It can also give you a third party perspective if you were to fail the medical exam.  Most exams require that you fast for at least 12 hours before to ensure the best test results for your blood work.

Why Do I Need To Take One?

Your insurance company may require you to take a medical exam to assist them in determining what premiums they should charge you. They will compare the results of your medical exam to their longevity charts, which will give them an estimate of how long you are expected to live based on various criteria. The premiums will be based not only on your medical exam, but also on other factors such as your age, gender, occupation, and credit score.

Are There Alternatives?

The policy that you select may require a medical exam. There are, however, a number of policies on the market that do not require a medical exam, and many of these are offered to those who are older or who may be concerned about taking an exam in the first place due to existing health problems.

Overall, if you are in good shape, healthy, and young, taking a medical exam may give you access to a policy with a very low rate. If, however, you are older or in poor health you may want to consider a policy that does not require it.

What Is Minimum Coverage And Do I Need More?

Minimum auto insurance coverage, in most cases, is not enough to ensure that you are completely protected from the financial and legal responsibilities that may result if you were ever to be involved in a car accident. Here are some facts about minimum car insurance coverage and whether it is enough for you.

What Does Minimum Coverage Include?

Minimum coverage is just that-the minimum. The amount of coverage you need to be legally insured as a driver. It covers you for a very specific amount of liability for any damage you may cause to others’ property, or for any medical expenses and lost wages that may incur as a result of an accident in which you are at fault. It does not provide you with any coverage for your own property or medical expenses for you and your passengers. In many cases the minimum amount of liability insurance may also not be enough if you are involved in a serious accident, and you will be personally responsible for the amount it costs beyond your coverage.

What Should My Minimum Coverage Really Be?

If you want to keep yourself protected as a driver, but still do not want to pay the high premiums, what types of coverage should you have? In general, it is smart to be sure you have both collision coverage, which will pay for repairs to your vehicle, and comprehensive coverage, which will protect you from natural disasters, theft, or vandalism in addition to your minimum liability coverage. This will protect you from out of pocket expenses for repairs to your own vehicle and any medical expenses you may incur. To keep your insurance expenses under control, choose the highest deductible you can afford.

The purpose of any type of insurance is to protect you from the expenses of unforeseen and unavoidable life events. Choosing coverage that provides the right protection is important, and finding a balance between protection and cost is the best way to do this.

Top Factors Affecting Auto Insurance Rates

Have you ever had a conversation with a friend or family member and wondered why their auto rates are so different from yours? The factors that go into determining the premium for an auto insurance policy are many, and the rates for two drivers can be very different. If you are wondering how the insurance company arrived at your rate, here are some of the factors that have an impact on your premiums.

Your Age And Experience

Your age and the length of time you have been driving are two of the biggest factors in determining insurance rates. Young drivers who are less experienced are statistically more likely to have accidents, and their accidents are more likely to be serious. Thus insurance companies rate for age and experience based on the risk they are taking by insuring you. You might hear that word a lot if you look into how insurance rates are determined: risk. The higher the risk a driver represents to an insurance company, the more they will be charged.

The Type Of Vehicle

The type of car you drive has a big impact on your rates as well. Some cars are more expensive to repair, more likely to be stolen, or considered more dangerous to drive due to high speeds (sports cars, for example). All of these things can lead to an increase in the premiums to insure that car. Older, less valuable cars can be cheaper to insure than newer, more expensive cars, because it will cost the insurance company more to repair or replace a newer car. And in some cases newer cars are more expensive to insure than older cars depending on the estimated availability of parts if the car was involved in an accident.

Where You Live

The zip code where you park your car at night is another determining factor in your premiums. If there is a lot of theft in your neighborhood, this might cause an increase in insurance rates, as the insurance company is taking on a higher risk of having to pay out on a theft claim.

How Much And How Far You Drive

If you have a long daily commute, you spend more time in your car than someone who works from home, which means you are more likely to be in an accident. The more you drive your car, the higher your premiums are likely to be. Again, you are at a higher risk of having a claim due to more frequent use of your car, resulting in a higher premium.

These are just a few of the many factors that go into determining what an individual pays for their auto insurance. Insurance companies rate each driver and vehicle based on the level of risk they represent-the likelihood that they will have a claim. The lower your risk level, the better your premiums will become.

What You Need Versus What Your Employer Offers: Short-Term Disability

When it comes to discussions of disability insurance, the area most focused on is long-term disability. This is generally because people assume that any sort of short-term disability would be easier to ride out financially, and that they already have coverage for this through their employer. While both of these may be true, neither of them negates the need for good short-term disability coverage.

 

What You Already Have

 

If you have a good benefits package with your job, you probably have some short-term disability coverage. This usually provides for a portion of your income to be replaced while you are absent from your position. There are most likely limits on this coverage in regard to how many weeks you are eligible and the amount you are qualified to receive.

 

Very few employers who do offer short-term disability policies provide enough coverage to pay all of your bills. At best, they provide a small amount of assistance that will keep you afloat, just barely. And not for a very long period of time.

 

What You Really Need

 

The term “short-term disability” does not refer to having to take a few days off for the flu. Instead, it refers to an illness or injury that is beyond the usual run-of-the-mill sick days, but not something with an indeterminate duration. Short-term disability may last for a week or two; it generally comes into play when an insured person needs to have a procedure or surgery that requires a relatively long recovery, is in an accident with moderately serious injuries and will be recovering for more than a few days or a week, or contracts a serious illness with a long recovery time.

 

Short-term disability coverage can sometimes run into long-term disability, when the period of recovery lasts longer than expected. This means that, although the word “short” is used, you could be away from work for a fairly long period of time. You need to have enough coverage to pay all of your bills and prevent your financial status from being compromised. How long can you pay all of your bills with a reduced or no income? How much do you have in savings, and do you want it all wiped out by an illness or injury?

 

Carrying a good short-term disability policy that covers what your employer’s policy does not is a smart move for anyone; a short-term disability may not be as life changing as a long-term one, but it can certainly leave you in a difficult position if you don’t have the right coverage.

Is it time for your car insurance check-up?

You take care of your car by making sure it is regularly maintained with oil changes, tune-ups, tire rotation, and recommended annual maintenance. But have you missed one of the most important annual maintenance procedures necessary to protect your vehicle? If you haven’t had an annual review of your auto insurance policy, you’ve overlooked a significant component of that annual maintenance.

 

An annual review of your policy with an insurance professional can help ensure that you are neither under-insured nor over-insured. You will be able to review policy options that you may not be aware of and evaluate their costs and benefits. In addition, you will have an opportunity to “tweak” your policy if you want to add inexpensive options such as coverage for towing and rental car costs, to avoid paying these expenses out of pocket. The review also allows you to be sure you thoroughly understand the coverage you have and get all your questions answered as well as giving you the opportunity to make sure you are getting all of the discounts that you are entitled to.

 

Please give us a call at 401-433-111 to schedule a free, no-obligation policy review at your earliest convenience. Chances are, we will be able to save you some money and/or ensure you have the coverage you need without paying for options you don’t want.

Who And What Is Covered Under Your Commercial Auto Policy

You count on a commercial auto policy to protect your business from liability risks that could be incurred when you or an employee gets behind the wheel for business purposes. In order to get the most from your commercial policy, you need know what it covers-and more importantly, what it doesn’t.

 

When you set up a commercial policy, it is important to ensure that every potential driver who might get behind the wheel is listed on your policy. As new employees join your company, you will need to contact your insurance agent and make sure they are added to the policy. If anyone who is not listed as a driver gets behind the wheel, you run the risk of being denied coverage in case of an accident. A commercial auto policy can and will protect all of the drivers in your business, but only if you are sure they have been properly added as insured drivers.

 

There are several types of commercial auto policies. Under an individual policy, a specific car owned by the business is covered for liability as well as other options you may choose. When you have a fleet policy, you will have a single policy that covers every vehicle owned by the company. Much like adding new drivers, you should be certain to add and remove vehicles as needed to keep your policy up to date.

 

A commercial insurance policy covers you for property damage and injuries to others that occur as a result of the actions of a covered driver. That means that if your employee is found to be at fault in an accident, the commercial auto policy will kick in and prevent your business from becoming the target of a lawsuit for damages. Why does this matter? Because if you don’t have the coverage you need, your business could face financial ruin. When a business is involved, lawsuits are more likely; injured parties see the likelihood of a higher financial payout. Your commercial auto policy protects you from this sort of lawsuit, providing coverage for the liability you take on when you let employees drive your vehicles.

 

A commercial auto policy also protects you from damage that can be done to the vehicles you own in the course of business use. Vehicles that are on the road more often-as many business vehicles are-are at a higher risk of being damaged. Your commercial policy protects you from errors made by your drivers, theft, vandalism, and other damage.

 

While you are careful in choosing the people you hire, everyone makes mistakes. Unfortunately, when someone is driving a vehicle owned by your company, you can be held responsible for those mistakes. Commercial auto insurance makes certain that your business won’t face a disaster due to an accident.

 

 

How Homeowner’s Insurance Values Your Property

The first time you see the value your homeowner’s insurance has placed on your home, it might shock you a little. That’s because the number is probably nowhere near what you paid for your home, or what it is worth on the market. There is a very good reason for this, and it can be a little confusing at first. Before you panic, take a look at how an insurance company values your home.

 

Reconstruction Cost Only

 

Your homeowner’s insurance covers the actual physical building that is your home, along with everything that is in it. The purpose of homeowner’s insurance is to make sure that if the worst were to happen, your home would be restored to the same level as before the incident. So, if your home were to burn to the ground, homeowner’s insurance would pay to completely rebuild the structure and replace everything inside it.

 

The value that is placed on your home is based on a complicated system of calculations used to determine what it would cost to rebuild your home from the ground up. Things like the price of building materials and cost of labor are all taken into consideration. What isn’t included in this amount is the value of your land.

 

Why Isn’t Land Included?

 

Even if your house were to burn completely to the ground, you would still have your land. You don’t lose that, nor do you lose the value of the land. In many cases, the land on which the home sits is more valuable than the structure itself, especially in high in-demand areas. When calculating the value of your home, you insurance company does not add in the cost of purchasing the land, because you don’t need to pay for that again.

 

What About Market Value?

 

Homeowner’s insurance isn’t really concerned with market value, because so much of it is wrapped up in things like the land, the location, and the state of the real estate market. All your insurance company is worried about is what it would cost to recreate your home exactly as it was in that same spot. So, market value and reconstruction cost really have very little bearing on each other, except for the connection between pricey areas and the cost of building materials which can be correlated.

 

The bottom line is, as long as your insurance agent has the most accurate information about your home-square footage, building materials used, and all the important features-they can calculate an accurate amount of insurance coverage for you.