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We all get busy with daily our daily lives and before you know it a year or more has slipped by without you giving your insurance coverage a second thought.
You pay your premiums and talk with your agent when a claim or need arises, other than that you assume all is well with your policies. But, what if it's not?
There are many life changes that should prompt you to call your insurance agent. For example, you may need to remove a driver from your auto policy or add additional coverage to your homeowner's policy.
Even if you adjust your coverage as some of these changes occur, you will likely only catch others by scheduling an annual review with your insurance agent. Below are a few questions you should be prepared to address:
1. What have I Added or Updated Around My Home? Did you add on to your home or remodel? How about adding a pool or finishing a basement? All of these examples increase the value of your home and how much it would cost to rebuild it. You should update your insurance coverage to reflect not only the new home value but also any new risks.
2. What Has Changed With My Vehicles or Drivers? Are you driving longer or shorter distances to work? Is the vehicle you previously used for commuting now sitting in your garage more often than not? It's a good idea to re-examine this annually to ensure you have the exact coverage you want - not too little and not too much.
3. What Significant Purchases Have I Made? Did you invest in a home automation system or a high-end leather couch? What about new piece of jewelry? If the value of your personal belongings has increased significantly, you'll want to check whether your homeowners or renters insurance still provides enough coverage. If not, you can likely purchase additional coverage for specific items or possibly groups of items. Otherwise, if a costly item is lost, damaged or stolen, you may find yourself needing to replace it with a lower-cost version.
4. What Is New Within My Family? Did someone leave for college? Are more people now driving your motorcycle? These are things you will also need to discuss with your insurance agent.
5. Are there Any Discounts for Which I Now Qualify? Doing things such as adding a security system to your home or driving your car less may help you gain discounts you didn't qualify for when you first purchased your policy.
Some other questions you might consider include:
- Do I need any specialized disaster coverage, such as flood or earthquake insurance, that I don't already have?
- Is my home inventory current?
- Can I afford to raise my deductibles, and how much would it lower my annual premium?
- Am I carrying high enough liability limits to protect myself?
- Is an umbrella policy right for me?
Just like filing your taxes, an insurance check-up should be an annual item on your to-do list. After all, there's nothing like the headache and heartache of thinking that you're fully covered and then finding out you're not when a claim occurs.
Remember, your insurance policies should reflect the life you have now - no the life you had when you first signed up with your carrier. So, keep your insurance policies up to date and set an annual appointment with your insurance agent.
Both Texas and Oklahoma have been inundated with rain lately. Severe rainstorms have caused a massive amount of flooding in both states, leading to damage to thousands of homes, vehicles and even loss of life. Insurance adjusters have been deployed to these states in order to assess the damage caused by these floods. For many homeowners, damage caused by flooding will not be covered by their insurance policies, as these policies do not offer flood protection.
As many as 4,000 properties in the Houston area alone have been affected by severe flooding. An estimated 19 people have lost their lives to the flooding in both Texas and Oklahoma. Property damage has been reported as being significant and widespread, but insurers are not sure of the exact extent of the damage as they are still assessing disaster areas.
Those lacking flood insurance may be in trouble. Conventional homeowners insurance policies do not offer flood protection. Without flood insurance coverage, homeowners are exposed to losses that are related to flooding disasters. Those in high risk flood areas are required to have flood insurance coverage, but others are not. Regardless, if you have been affected by flooding disaster, you are urged to contact your insurance provider. Your provider may be able to help evaluate your options.
Unfortunately, without appropriate coverage, homeowners could face a troubling financial situation that may place them under significant degree of stress.
There is not a lot of education regarding insurance as you make your way through school. As recent college graduates transition to living independently, including switching from their parents policies to one of their own, it can become very nerve racking.
Buying insurance for the first time can feel overwhelming. My first tip to any young adult would be to seek out an Independent Insurance Agent. These Insurance Agents are not tied to any one carrier, so they can provide you with quotes from many different top rated insurance companies. They research their entire insurance channel to compare insurance prices, go over the options with you personally and make sure you get the right coverage at the right price for your specific needs. Getting personal insurance advice is a huge advantage to anyone, but especially to someone purchasing insurance for the first time.
What Your Independent Agent Needs
- Your driver's license or another proper form of identification.
- Information about the items, such as your car and personal belongings you would like to insure. This can include the Vehicle Identification Number (VIN), the estimated value of your current personal belongings (for renter's insurance), etc.
- Details about your prior insurance coverages. If you were previously insured under your parent's policy, ask them for a copy of their policy documents. This will let the Agent know what coverage levels you had in the past.
- An idea of what kind of deductible you can afford. This is the amount you will pay out of your pocket if you have an auto accident or have personal property stolen, before your insurance policy kicks in. In most cases the higher the deductible, the lower the insurance premium will be.
Don't let purchasing your own insurance for the first time scare you. It's all about your relationship with your Insurance Agent, once you have established that - you will be set for years to come!
Spring time is in full bloom. This also means so are thunderstorms. Now is the ideal time to review your homeowners insurance, and even your car insurance to understand what may or may not be covered from fallen tree damage caused by storms.
Here are five important things to keep in mind:
1. Your homeowners insurance likely covers tree removal (for fallen trees) and damage repairs for your home and other insured structures, such as fences. Examples of covered incidents can include strong winds knocking a tree over onto your roof or lightning striking a tree, causing it to fall on your fence. However if a tree fall due to neglect, you may not receive any coverage.
2. If there's no damage, there's likely no insurance coverage. For example, if a tree falls on your property without damaging any insured structures, you will likely need to cover the costs of tree removal yourself.
3. Your city or municipality may clean up trees that fall into the street, but you may still have reason to file an insurance claim. Check with your city or municipality to determine who's responsible for removing a tree that falls into the street. If you city takes responsibility, it may only be for the portion that's in the street. Any of the felled tree that's left on your property will be your responsibility. Your insurance may help if an insured structure was damaged in the incident.
4. You may have coverage even if a tree falls from your neighbor's property. When a fallen tree damages your property, your homeowners insurance may pay no matter who owned the tree. Depending on the circumstances, your insurance carrier may attempt to recoup some of the costs, including your deductible, from your neighbor's insurance. This may occur, for example, if the neighbor was negligent in caring for the tree in the first place.
5. Your car insurance may cover damage to your vehicle from a fallen tree. If a tree falls from your property onto your car, it's your car insurance and not your homeowners insurance that will likely help cover the cost of repairs. But, the tree doesn't have to be from your property. You likely have coverage if a tree falls on your car, no matter from where. What may not be covered? The cost to remove the tree from atop your car.
Tips for Filing an Insurance Claim for a Fallen Tree
- Take Photos
- Provide as many details as possible
- Be prepared to pay your deductible
Spring is here, the lake levels are up, and you're ready to get out on the water. But, is your boat ready?
Even if you've kept it properly stored for the winter and protected from the elements, there are still a number of things you need to do before hitting your local lakes and rivers.
While much of your focus will be on the boat itself, don't forget other important things, such as your trailor, your vessel registration, and of course, your watercraft insurance coverage.
As for the boat and trailer, click here to check out these tips from Discover Boating.
