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Blog Post #3

Line: Home

Topic: Policies

Title: Homeowner Types

Many people have homeowner policies and what type of policy depends on if you own or rent your home. It also matters on what type of house and how old. There are five types of homeowner policies:

HO-1: This is just your very basic coverage and only covers perils that are specified in the policy.

HO-2: This type of policy is used for mobile homes and the coverage for perils on your property and contents is specified in the policy.

HO-3: This is the most popular policy type for homeowners. One reason this is the most popular is it covers all perils unless excluded. It also gives you more comprehensive coverage. There are also percentages the house can be covered for and that depends on each insurance carrier.

HO-4: This is the other main policy that is usually sold. This is called a contents-only policy or more commonly known as renter's insurance. This policy only covers your personal property or contents against specified perils. This would be a wise idea to have if renting any type of property.

HO-6: This policy is for residents of condominiums. It covers the person's structure they own and live in within the condominium complex.

HO-8: This policy is for older homes. It covers the home in actual cash value minus depreciation. You have to name the perils you would like to be covered against.

The other part many times you will see in a homeowners policy is replacement cost and actual cash value. Replacement cost (RCV) is what the home is insured for and what it would take to build a new home of same condition if a total loss were to happen. Actual cash value (ACV)is the value of the home minus any depreciation. This is geared more towards the market value of the home.

Regardless of what type of homeowners policy you need, it is important that you have one! Make sure to protect your physical property against various perils such as wind, fire, and vandalism. Make sure to ask questions with your agent and get covered the best you can.

 

Blog Post #2

Line: Home

Topic: Policy

Title: Flood Insurance

With all this rain and wet condtions is your home properly covered? Many homeowners have their homeowner's policies set-up with the sewer back up endorsement. This a great endorsement to have on your policy especially if you have a basement. However did you know that endorsement does not cover your home for leaks and flooding due to rain? It is important to talk to your agent about flood insurance. Flood insurance is a seperate policy from your homeowners but provides coverages in areas that may not be covered under a typical homeowners policy. Both dwelling and physical property along with your personal property are covered if water would happen to get into your home due to rain and storms. When purchasing a new home, if the home is located in a flood plain, the mortgagee or bank will require you to have flood insurance. If your home is not located in a flood plain, flood insurance is not required but would be suggested to at least take a look to see what it would cost and how it could help. As always we hope no disaster occurs for anyone but they do unfortunately happen and we want to make sure you are informed about proper coverages and that you ultimately are properly covered for your situation.

 

Blog Post #1

Line: Auto

Topic: Terminology

Title: Comprehensive Deductible (OTC)

When it comes to auto coverages, there are many areas to look at and one of the most common areas are the deductibles. Deductibles are incorporated in the policy to cover physical damage done to the vehicle(s) of the insured(s). The first thing when it comes to deductibles is to decide if you need them or not. If you have a vehicle with a loss payee or loan then it is REQUIRED to have deductibles. If there is no loss payee, then it comes down to the insured and how they value their vehicle. If the vehicle is new or has a higher value, we would suggest having deductibles so that can lessen the burden if there is an accident. Next what are the deductibles? Many people know what the collision deductible is as it covers your vehicle in case you are in an accident for example with another vehicle. However many people do not know what the comprehensive deductible covers, so what does it cover? The comprehensive deductible also known as Other Than Collision (OTC) covers your vehicle for physical damage caused by either vandalism, glass damage, fire, flood, weather related damage (hail), and damage from hitting an animal. Last the comprehensive and collision deductibles do not have to have the same limit. Find what limits work for you and go with them as that can be different for everyone. So make sure to take a close look at your current policy and make sure you are properly covered on each vehicle!

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