Thinking about Full-Replacement Cost on your Personal Property?

     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!

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.

Insuring Your Secondary Home

     Are you thinking about purchasing a new home and keeping your old one?  Will you be dividing your time between 2 residencies?  Then you may have found it difficult to find home insurance for your 2nd home.  Ideally, you would want to bundle your primary home with your secondary but if this is not an option then give me a call!  I am partnered with a company that can help, part of one of the largest insurance groups on America.  They specialize in writing insurance on homes that may be vacant from time to time.  Call me at 877.50.MyHome ext 8481, if I'm on the other line speak with our assistant- ask for Jerry Goins.

How carrying higher liability limits can cost you less money:

     Many of the companies that I represent will give you a discount if you have liability limits that are higher than the state minimums.  You also save money because you don't have to worry about paying out of pocket for someone's injuries that go above your limits.  However, when I ask a potential client what their liability limits are on the car insurance, I usually get the "dear in the the headlights" stare at the other end of the phone.  Many people have no clue what their limits are - much less know what those limits are for.  Let me explain:
     You are usually assigned split-limits for liability, for example: 30/60/15.  The first number represents your limits for bodily injury liability for a single person; if you cause an accident and it does bodily injury to someone, the max that they can receive from your insurance is $30,000.  The second number is for the entire accident, so let's say that 2 people got hurt in an accident that you caused; one person could receive $40k and the other $20k.  The last number represents the limit for property damage that you are liable for.  For example if you wreck someone's car or drive through a house (let's hope neither happens!), then your insurance company will pay up to $15k for the damage.
     If you currently carry the state minimums (like 15/25/25) then you are missing out on a discount upon renewal for having higher limits and you are also leaving yourself open to paying someone's medical bills if they go over your limits!  If you have a mortgage, I recommend 50/100/50 limits because you have more to loose!  If you put a few people in the hospital because you were texting and driving and they win a lawsuit against you for $80,000 for bodily injury, damages and loss wages, your state-minimum policy will be leaving you paying the difference!  If you own your home free and clear, I reccomend 100/300/50 limits or the big one at 250/500/100.  The adjusters will be looking at any assets that you own to pay off the claim against you and if you own your home then that can be very bad news for you!
    Overall, I'd say it just depends on what you can afford.  For some people, the monthly payments for a policy for double the coverage on liability is too expensive and that is understood but hopefully this sheds a little bit of light on your options.  Call me at 877-50-MyHome Ext 8481 and see what I recommend for you!

Check out my Partner Companies!

      Mr. HomeAuto is a licensed, authorized agent for Safeco, Liberty, The Hartford, Travelers and Progressive.  Each company has their own strengths so it is important that I get to know your unique situation to give you the best rates.  For example, Progressive has some killer rates on motorcycle insurance in Texas and Travelers has far better rates for Home insurance in Illinois.   If you've had an auto accident, Safeco may be the best suit for you and if you are a retired individual or live in the Northeast, The Hartford may have the best rates.

     All of my partners are rated A and better by A.M. Best for financial strength and stability.  Travelers was the first company to issue an auto-insurance policy and The Hartford has insurance documents signed by President Lincoln as he was one of their long-time customers.  Safeco has been recognized by J.D. Power and Associates for their customer call centers and service for 3 years running, and everyone knows Flo from the Progressive T.V. commercials.
     Let me show you which company works best for you! Call Jerry Goins at 877-50-MyHome ext 8481.

Is it too late to get Flood Insurance? Free Flood-zone Check Here

     The standard flood insurance policy comes with a 30-day waiting period.  In the insurance world, the waiting period is the amount of time that you have to wait after the policy is issued to be covered from any losses.  Flood is not covered under any standard home insurance policy!  If the local news says that a flood is coming, unfortunately it is probably too late to get flood insurance.  Luckily, FEMA (the Federal Emergency Management Agency) has stepped in and has created set pricing that insurance companies can charge for homes in preferred flood-zones.  The three preferred zones are B, C and X and have low to moderate risk of flood.  What zone are you in? Call 877-50-MyHome Ext 8481 and I will give you a free flood-zone determination.  I know a few places charge you up to $20 for what I can do for free.  Call today!

Market Value Vs Replacement Cost

     Why is the market value on my home going down but my replacement cost on insurance going up?  This is a very common question and a difficult concept for some of my clients to understand - let me explain:
     The market value of a home, in general, has nothing to do with the cost to rebuild.  In most cases, your home is built wholesale- meaning that the builder probably received an awesome rate per unit by purchasing materials (like lumber) in bulk.  The cost re-build your home without the wholesale rates on material will be different than what it was originally built for.  Many callers say that the coverage is too high, that they paid almost half of the replacement cost for their home.  This is understood and is normal in some areas.  Most insurance companies will re-build your home at a set price per square foot depending on where you are in the country; a good rule of thumb is that your coverage should be around $100/sqft.  I know in California that number is above $150/sqft and here in the south it may be as low as $90/sqft.
      I recommend shopping with me every 3 years or so, to see if your carrier is giving you the best rate for the replacement cost of your home.  Some carriers will calculate the replacement cost to be lower than others and you can get a better rate based off of those numbers alone.  The other side to that would be that sometimes you can get more coverage for a lower rate!  My office number is 877-50-MyHome Ext 8481, call to see what replacement cost I can come up with for your home.

Zero-Payout Claims Count!

     First of all, what constitutes a "zero-payout" claim?  Have you ever called your home insurance company and asked a question starting with: "Will my policy cover me if..."?  Well, even if your company didn't pay anything out, that simple question may be counting against you!  The same principle applies when you call the sheriff because your neighbors are having a loud party at 3am; even if there are no arrests or shots fired, they still have to do some form of paper-work. The reason this counts against you is because insurance companies want to limit you from what I call "poking and prodding" your policy every few months to see if you can get a pay out.  One $0-payout claim by itself probably won't hurt your insurance score, but that plus any regular claim may dis-qualify you from getting better rates so be careful what you call in for!
     Many of my clients have had this same problem.  When shopping with me for new insurance, they are surprised to find out that the claim that didn't pay out anything a few years back is on their claim history report.  Luckily, for them I have a partner company that does not count these kinds of claims!  I am so fortunate to have this company and they usually come out with the best rates.  Give me a call to see what I can do for you, 877-50-MyHome Ext 8481.
     My advice, if you have a question about a potential claim, is to call me, your agent.  I, by law, can not write policies and adjust claims; I have no way of starting a claim file against you but I can tell you if you have a potential claim on your hands.  Nice to know, huh?  If you can not reach me and have to call the insurance company directly, speak in hypothetical terms and avoid giving dates and specific information, that should help.

     I hope this will help you keep your insurance payments low and make you a more informed home-owner.

The Early Bird Gets the Best Rate!

      Many times, when shopping for home and auto insurance, you can save BIG or at least lower your down-payment by simply shopping early!  A month before your policy is set to re-new, shop your rates with me at HomeInsurance.com.  I can quote your home and auto with multiple top-rated companies and give you the early-shopping discount!  For the autos, I recommend getting the 12-month policy if you get the early-shopping discount, this will lock your rate in for a year instead of being re-rated every 6-months.

Call me toll-free at 877-50-MyHome (877-506-9466) ext: 8481 Jerry Goins!

My Business Card