One of my new customers was in a lightning storm last year that damaged some of his electronics. The insurance company that he was with replaced those damaged items for pennies on the dollar! What a tragedy! How is he going to replace his computer, TV and other electronics with half of their value? He had been paying his insurance for years, never missing a payment nor filing any claims but his policy didn't have full-replacement cost on his personal property, what was the purpose of having the insurance to begin with?
I always give my customers full-replacement cost which replaces the items in their home with today's prices, today's market value not the items depreciated value. If they have a 15 year-old 27'' TV, they will get a new 27'' TV not one from the 90's. This coverage can add $30 to $150 per year to your insurance policy but it is (obviously) well worth it.
If you file a claim, your rates will more than likely increase at renewal... you might as well get your money's worth and get full replacement on you items if they are damaged due to a covered loss or stolen. Give me a call at 877.506.9466 ext 8481 and I will quote you with all of my partner companies in your area and let you see how affordable full-replacement cost can be for you!
Monday, March 26, 2012
Friday, January 13, 2012
Insurance Score Vs Credit Score
My clients are very savvy, they know all about keeping their credit scores up. One of the most simple ways to manage your score is to limit the hits on your credit. This means limiting your applications for credit cards, mortgages and auto loans. These types of credit-hits will bring your score down, however getting your insurance score only does a soft-hit on your credit and will not affect your score!
The insurance score is used determine a customer's individual rate and is built on several different factors like claim and credit history and may be used to underwrite and price your premiums. Insurance scores range from 1-32, with 1 being the best score- giving you the lowest rates. It is true that the wife might be able to get a better rate than the husband and vice-versa, so it is important to know who has the better credit to get the best rate for your home!
If you have recently changed addresses then your social-security number and previous address may be needed to get your insurance score but again, it will not budge your credit score, which is great for first-time home buyers getting a mortgage. Your lender may advise you not to give your social out under any circumstances until the loan closes but when it comes to getting insurance it is OK! If you have more questions about insurance-scores and rates in your area call me at 877-50-MyHome ext 8481.
The insurance score is used determine a customer's individual rate and is built on several different factors like claim and credit history and may be used to underwrite and price your premiums. Insurance scores range from 1-32, with 1 being the best score- giving you the lowest rates. It is true that the wife might be able to get a better rate than the husband and vice-versa, so it is important to know who has the better credit to get the best rate for your home!
If you have recently changed addresses then your social-security number and previous address may be needed to get your insurance score but again, it will not budge your credit score, which is great for first-time home buyers getting a mortgage. Your lender may advise you not to give your social out under any circumstances until the loan closes but when it comes to getting insurance it is OK! If you have more questions about insurance-scores and rates in your area call me at 877-50-MyHome ext 8481.
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