Posts Tagged ‘home insurance’

What’s a Solid Insurance Portfolio and Why Do I Need to Have One?

December 1, 2014

solid_insurance_portfolioMany people have no idea what their insurance limits are. More times than not, they just purchase the least expensive they can legally get by with, as it is considered a “necessary evil”. However, talk to anyone who has experienced a large loss in their lifetime, and they’ll tell you either they’re sorry they did not have enough, or are glad they listened to their insurance agent and went with the recommendations.

The purpose of insurance is to protect your assets, and to put you back in the same place you were before a loss. The homeowner policy pays to rebuild the house, replace the personal property, and pay for a temporary place for you to live while the repairs or rebuild is taking place. It also gives you liability protection in case you’re negligent in causing bodily injury or property damage to a third party. The auto policy provides liability coverage if you’re found to be at fault in operating a car, in addition to repairing your car if you purchase comprehensive and collision coverage.

So what happens if the insurance you carry is not enough to cover the loss that has been sustained?  The answer is simple: You have to come out of pocket for the difference.

What, then, is considered a solid insurance portfolio? Here are my recommendations: (more…)

The Polar Vortex and Burst Pipes

January 21, 2014

Polar_Vortex_2014By now, many of you know someone who had their plumbing pipes freeze and burst during our “Polar Vortex” sub-freezing temperatures. Or, it may have even happened to you. So how does an insurance policy respond?

Well, for a regular occupied homeowner policy or occupied rental dwelling policy, freezing of a plumbing system or household appliance is a covered loss. And, since the cause of the loss is freezing, the policy pays to repair or replace the damaged system or household appliance. In addition, if the house is not livable while the repairs are being completed, additional living expenses or loss of rent (landlord policy) are also covered. (more…)

Everything You Read on the Internet Isn’t True!

October 28, 2013

insurance_claimIn a recent report from InsuranceQuotes.com, Georgia homeowners only pay an average of 6 percent more for their homeowner’s insurance after making one claim. That puts Georgia among 18 states that are below the national average of 9 percent.

While on the surface this seems like a big relief, tread lightly down the path of filing claims. First of all, I recommend carrying higher deductibles on your policy to discourage turning in small claims. Most property insurance companies now have a minimum deductible of $1,000 on new policies going forward. The higher deductible also saves premium dollars over the years.

While there are many types of losses that are covered under a homeowner’s insurance policy, turning all of them in can lead to your policy being canceled. After the policy has been canceled, you’ll then be placed in a high risk pool for insurance, with a rate 3-5 times more than you are currently paying. (more…)

What Your Home Insurance Covers… And What It Doesn’t

September 3, 2013

insurance_coverageWhenever you purchase a new home with financing, the mortgage company will absolutely require that you also purchase home insurance. Many homeowners view their home insurance as a “necessary evil”, and simply purchase their policy without knowing exactly what it covers.

Lenders want to know you’re protecting their investment from harm, such as damage caused by fire, water, a tree falling through the roof, and even vandalism. Don’t wait until something happens and you need to USE your policy to find out.

Unless you’ve added some extra coverage – or “upgrades” – to your policy, here’s a good rule of thumb on what a typical home insurance policy covers: (more…)

My House Has Been Hit by a Meteor!

February 25, 2013

meteor_strikeAs many of you know, a large meteor cruised across the skies of Russia a few weeks ago and wreaked havoc. The odds of this happening are apparently “astronomical”, pun definitely intended.

It was reported that several hundred people were injured by debris. In addition, photos showed several areas of heavy property damage. (more…)

Insurance for “Big Boy” Toys

September 10, 2012

They say the only difference between men and boys is the price of their toys. Many households have these high priced toys in them and never think about whether or not they have the proper insurance to protect them. We buy an insurance policy to protect our assets in case we get hit with a claim that could bring about financial harm.

Let’s review. If we mess up and have an accident that is our fault, we legally owe the people we harm for their lost wages, medical bills, pain and suffering.  We also owe them to put their property back like it was before the accident. Property and Casualty policies (homeowner insurance, auto insurance, etc.) contain liability coverage to protect us from having to pay these amounts out of pocket. However, they don’t cover everything. In addition, if the limit on our policy isn’t enough to cover what we owe, the court will garnish wages and take the assets of the at fault person.

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Life and Times of an Insurance Adjuster

September 7, 2010

glen curry, insurance adjusterI began my insurance career on February 12, 1988, as a Claims Representative (aka Insurance Adjuster) for a major insurance company. Little did I know the situations encountered for the next 10 years of my life would shape me as an individual in ways beyond I could ever imagine. No other career path I can think of requires one to be a contractor, psychologist, attorney, expert negotiator and doctor all rolled into one. In one single day, it was not uncommon to inspect 4 different property claims involving all five of these fields. The job was never boring! 

The schedule for any given day might look something like this:

9:00 AM – Take a recorded statement from the owner of a dog that bit a little girl in the face when she tried to go under a coffee table to retrieve the furry stuffed animal that happened to be alive.  While there, take photos of the dog and where the incident took place.

10:30 AM – Inspect the home of an insured that accidentally set a grease fire in their kitchen. There is fire damage to the house along with smoke damage throughout. Take photos, diagram and measure each room so an estimate to repair and clean can be written, advise the insured to find a contractor they want to do the work and explain the process. (more…)

The Proper Way to Insure a Home

August 21, 2009

replacement costsI remember speaking to a group of real estate agents in Douglasville back in 2006 on a caravan.  We were in a beautiful home in a subdivision with lots at least 1.5 acres. Keep in mind, this was back when the market was still excellent for sellers and property values were at their peak.  This particular home where the caravan was meeting sat on 5 acres.  The features of the home were as follows:
* 2 Story custom-built all brick home
* 6 Bedrooms, 6 full baths
* 5 Car garage
* Over 10,000 square feet of living area
* Fully finished basement with complete in-law quarters, including full stainless kitchen with all granite counter tops….in the basement!
* And more…

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