Surprise! That is covered.

May 2nd, 2012

For many new homeowners buying a house can be overwhelming.  The work that goes into getting a loan approved these days can be exhausting.  The information they need can be quite confusing at times as well.  Getting through that process can leave you with no energy or time to think about much else.  This is why many new homeowners do not know what their policy covers.  Below are 3.5 things that are covered under homeowner’s insurance policies that may surprise you.  This list is not intended to be all inclusive and is based on an owner-occupied residence.  Check your policy for clarification on your coverages.

1.  Personal Liability.  If someone breaks their arm on your property and sues you, your insurance usually covers that cost after your deductible is met.  The insurance company has lawyers that will go to court for you.  Keep in mind companies usually have limits of $100K, $300K, or $500K for personal liability.

2.  Theft.  An owner-occupied residence that is not vacant will be covered for theft.  Most policies have tens of thousands of dollars worth of personal property coverage.  It’s important to read your policy to see how much personal property coverage you have and which items have limits.  For example, most policies have limits on jewelry.  If you have an expensive piece of jewelry that you would like covered, you usually have to specifically add that to your policy.

3.  Other Structures.  The fence that is detached from your home is actually covered under this coverage, along with any other structures on the property.  If you have a pool, casita, shed, or any other structure on the property you are covered under “Other Structures.”

3.5 Additional Living Expenses.  If your home is damaged by a covered peril, this would cover your living expenses while your home is being repaired.  For example, if your home’s roof is blown off by a wind storm and you cannot live there while the roof is being repaired “Additional Living Expenses” would cover the cost of renting a hotel room while the repair is being done.  You do not have an unlimited amount of money to spend on a hotel room so Four Seasons is probably out of the question.  The amount you have to spend a month usually has to do with the value of your home.  Check your policy for details. 

Take an hour or two and read your policy.  You’ll find out more about what is covered by reading your policy than by talking to an insurance agent.  There are too many things to go over to be able explain everything with a simple phone call.  Read your policy and then call us if you have any questions.

If you would like to get a quote on your home or any investment properties you might have please visit https://www.wpinsure.com/nevada-insurance-quotes/nv-ut-az-ca-homeowner-insurance-quote.

 

 

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3 Ways to Lower Your Homeowners Insurance Premium

May 1st, 2012

There are a myriad of ways to save money.  It’s amazing how much money we waste without even knowing it.  For example, that $5 Starbucks coffee every day is costing you over a thousand dollars every year!  Take that out of your daily routine and other wasteful expenditures and you could take that Hawaii vacation you’ve been dreaming about.  Another way to save money is by looking at your homeowner’s insurance policy and seeing where you can “trim the fat.”  Below are 3 areas you may be able to change and save.

1.  Deductible.  Depending on what kind of shape your home is in, you may never use your homeowner’s insurance.  Even if you do, you may be able to afford an extra $500.  In the mean time, you can change your deductible from $500 to $1,000 and the savings could be over $100.

2.  Other structures.  This coverage is on most homeowner’s insurance policies, but sometimes it is not necessary.  If you do not have a casita or pool, you may be able to reduce this coverage without putting yourself at risk.  Some companies will allow you to adjust this coverage, while others will not.  Check with your agent to find out.

3.  Company.  The company you have may have had to increase their rates because of an abnormal amount of loses in your area.  This would be a good time to check around to make sure you are getting a fair price.

There are many who do not think of insurance when trying to save money.  I look at my job in this way:  I don’t sell insurance; I help people save money for a living.  Everyone who owns a car or has purchased a home on credit is required to have insurance.  I have the privilege of helping people obtain the coverage they need at a price they’ll love!

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Can my teenager have her own auto insurance policy?

April 30th, 2012

Children are expensive, but teenagers can actually be quite affordable.  Ok, maybe not.  Teenagers are a money pit.  The more you earn the more money you get to shovel into that pit called teenagers.  That may be a little harsh.  Teenagers are people too you know.  Many people love their teenagers, just not the costs associated with having them in their home.  Cutting costs is a real priority for parents with teenagers and auto insurance is one place to look.

Your teenager can have her own auto insurance policy if the vehicle is in her name.  Is that the most affordable way to provide insurance for a teenager?  Probably not.  Discounts that you have for being older than 25, having multiple vehicles on one policy, and other discounts not offered to younger drivers would be lost.

You may want to have your kid pay for her own vehicle and insurance, which is a great idea.  But if you are looking to reduce the overall cost, having a teenager on her own car insurance policy may not be the way to go. 

Check to see which option is the best way to go by requesting a quote online at https://www.wpinsure.com/nevada-insurance-quotes/nv-ut-az-ca-auto-insurance-quote.

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Insurance Verification Request

April 27th, 2012

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When you obtain new car insurance the DMV needs to be notified of the new policy.  Most companies will handle getting the insurance information over to the DMV.  Usually insurance companies do a pretty good job getting that information over in a timely manner without any problems.  But about 10-20% 0f the time the DMV does not get the notice about the new insurance policy. 

When insurance is not verified, the DMV will send out a notice stating that the insurance needs to be verified or a $250 fine will be charged.  Many assume that the insurance company dropped the ball and get upset that they will now be charged $250.  I actually enjoy getting calls like this.  Not because it inconveniences my clients, but because it is actually quite easy to manually verify the insurance online and the customer is usually amazed at my quick service and breadth of knowledge.

You can even do the verifying yourself.  All you need to do is go to www.dmv.nv.gov, click on the link “Got an Insurance Verification Notice,” and follow the instructions from there.  You’ll need the access number (found on the verification request), the vehicle’s license plate number, the VIN number, and your auto insurance policy number.

It’s important to never ignore these notices because you will be fined if you do.  Below are the penalties for having you insurance lapse according to Nevada’s DMV website (www.dmv.nv.gov).

Penalties

Senate Bill 323, passed during the 2011 Legislative Session, replaces the former $250 reinstatement fee for an insurance lapse with a tiered system of fees and fines. Below is a matrix of the new penalties. They are based on the length of the lapse of coverage and the number of previous lapses. This went into effect July 1, 2011.

Length of Lapse: 1-30 Days 31-90 Days 91-180 Days 181 Days or More
1st Offense
Reinstatement Fee $250 $250 $250 $250
Fine   $250 $500 $1,000
SR-22 Insurance     Yes Yes
Totals $250 $500 $750 $1,250
2nd Offense
Reinstatement Fee $500 $500 $500 $500
Fine   $500 $500 $1,000
SR-22 Insurance     Yes Yes
Totals $500 $1,000 $1,000 $1,500
3rd Offense
Reinstatement Fee $750 $750 $750 $750
Fine   $500 $750 $1,000
SR-22 Insurance     Yes Yes
Driver License Suspension Min. 30 days Min. 30 days Min. 30 days Min. 30 days
Totals $750 $1,250 $1,500 $1,750

 If you receive an Insurance Verification Notice, there is no need to be distressed.  It’s essential that you do not ignore the notice because the penalties can be quite severe.  But solving this problem is really no problem at all.  To do so you can either take matters into your own hands or call your agent and get it verified quickly.

For quotes on auto insurance please visit https://www.wpinsure.com/nevada-insurance-quotes/nv-ut-az-ca-auto-insurance-quote.

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5 Ways to Get Better Gas Mileage in Your RV

April 26th, 2012

With high gas prices you’ll want to get the most out of every mile in your RV. Here are 5 tips to keep you running on plenty!

1.  Keep your RV parts in tip-top shape. Dirty air filters, old spark plugs and unchanged oil can all contribute to poor gas mileage.

2.  Check your tire pressure. Under-inflated tires can be hard on the gas gauge as well.

3.  Don’t overload your RV or it will struggle to run and use more gas. Travel light and bring only what you need.

4.  If you’re looking to buy an RV, or thinking of trading one in, a smaller model can be just as comfortable and easier on gas consumption.

5.  Slow down! “Leadfoot” driving can definitely waste fuel. Try to drive at the speed limit or close to it.

Gas is getting pricey and it doesn’t look like it will get any cheaper any time soon.  Follow these five steps to help save the money you need for more important things (like more insurance)!

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Are you sure you have full coverage?

April 25th, 2012

When talking to clients about getting a quote for their auto insurance, they often inform me that they have full coverage.  But what does that actually mean?  When people say they have full coverage, that usually signifies they have comprehensive and collision coverages.  But there are lots of other coverages that are important to understand and may be a good idea to have.  Below are three examples.

1.  Medical Payments.  Medical Payments (MedPay) coverage pays the cost of necessary medical care you receive as a result of an auto accident and can be used regardless of who is at fault. MedPay often is limited to medical treatment received within the first three years after an accident and is limited to a specific dollar amount. In some states, MedPay only applies after other medical insurance is exhausted. Refer to your policy for details.

2.  Gap Insurance.  If you are making payments on a vehicle this coverage is essential to understand.  Basically gap insurance covers the gap between what your vehicle is actually worth and how much you owe on the loan.  Let’s say, for example, you suffer a total loss on a vehicle that is currently worth $10,000.  If you still owe $12,000, without gap insurance the insurance company would still only pay you $10,000.  That would leave you without a car and a $2,000 bill.  With gap insurance added to your policy, you would be covered up to the loan amount.

3.  Rental reimbursement.  This would cover you if you are in an accident and need a rental car while your vehicle is being repaired.

These are not the only coverages available, but are some that are often overlooked.  Make sure you are indeed “fully” covered by checking your policy and calling us.  We’re experts at making sure you have all the coverages you need. 

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Putting Insurance Companies To Work For You

April 24th, 2012

(NAPS)—Car insurance may be one of the last things that comes to mind when you think about saving time, but the insurance company you choose can actually have a big impact on your time should trouble strike.

If you’re in an accident that results in a claim, you could spend days handling the claims/repair process yourself.

That’s one reason it’s a good idea to check out insurance options that can save you time. For instance, the concierge-level of claims service offered by The Progressive Group of Insurance Companies is a unique claims repair option that takes only 15 minutes to complete. Simply drop off the damaged vehicle at one of Progressive’s facilities offering this service and a claims representative handles the entire claims/repair process for you— from start to finish.

Here’s how the process works:

You can call or go online to report a claim—anytime of the day or night—and schedule an appointment to bring the vehicle to a nearby facility offering    the concierge-level of claims service.

In about 15 minutes, you’re in a rental car (if included on your policy) with assurance that you’ll receive updates from your claims representative.

Your claims representative prepares a repair estimate and contacts an auto body shop that has met strict quality requirements. Progressive and the shop reach an agreement on the cost of the repairs and the shop trans-ports the vehicle to the facility to begin repairs.

When work is finished, the vehicle is returned to the insurance facility, where your claims representative and the body shop inspect the repairs.

After the insurance company is satisfied with the repairs, you are called to pick up your car. You inspect the repairs and, if satisfied, drive off with a guarantee on those repairs for as long as you own the vehicle.

Throughout the process, you receive updates via phone or online. For more information, visit www.wpinsure.com.

 

Did You Know?

An auto claims option from The Progressive Group of Insurance Companies takes 15 minutes to complete. With the concierge-level of claims service, customers simply drop off a damaged vehicle at a participating facility. A claims representative handles the process from that point on.

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Surprise! That’s not covered.

April 23rd, 2012

Sometimes surprises are fun.  A surprise birthday party can be fun, for example.  An unexpected 20-dollar bill in your pants pocket can also be nice.  Even a reduced premium on your insurance renewal can be a welcomed surprise.  But there are surprises that are not as much fun.  I’ve heard of people being surprised when certain things are not covered on their homeowner’s insurance policy.  That is definitely not a welcomed surprise.  Below are 3 things that are usually not covered under your homeowner’s insurance policy.  Keep in mind that the only way to not be surprised when making a claim is to read and understand your policy before anything happens to your home.

1.  Water back-up.  If your clogged toilet overflows, that is usually not covered.  It’s important to read through your policy to see what type of water damage is covered.  How the water damage happens is important.

2.  Equipment breakdown.  If your air conditioner breaks down, that is usually not covered.  A Home Warranty will usually cover something like that.  There are insurance companies that have equipment breakdown as something you can add, but under a basic policy that is not covered. 

3.  Damage to a vacant home.  If you leave your home vacant, you could be at risk of not being covered.  There are different coverages for second homes, rental properties, vacant homes, and primary residencies.  If your home is going to be vacant for an extended period of time make sure to read your policy or talk to your agent to make sure you have the correct coverage.

When it comes to claims, surprises are usually not fun.  You can avoid unwanted surprises by reading your policy now and getting clarification from your agent before anything occurs.  Reading an insurance policy is not that fun, but being surprised when a claim occurs is even less enjoyable.

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Will my insurance be canceled if I leave my home vacant?

April 18th, 2012

Insurance companies usually do not like when homes remain vacant for too long.  The risk of damage to the home increases the longer the home remains vacant.  For example, if a pipe bursts while you are home you can quickly shut off the water and get the problem fixed with minimal damage.  But if the home is vacant for 60 days, that same burst pipe can cause significant damage.

Some companies will cancel your insurance if it is vacant for more than 30 days.  Other companies determine whether to cancel or not on a case by case basis.  You’ll want to check with your insurer before leaving your home vacant for any extended period of time.

You may need to purchase a different type of insurance.  For example, if you plan to live in the home 4 months a year, you’ll want to obtain second home insurance.  If the home is not to be lived in at all until you sell the property, you’ll want to obtain a vacant home policy.

All these policies have differences in coverages, but you need to make sure you have the right policy for your circumstances.  Otherwise, your vacant home could go unprotected.

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Happy Tax Day! 3 Ways to Spend Your Refund

April 17th, 2012

Tax day is here!  For some it is a time of morning and for others it is a time of rejoicing.  It’s funny when people say that they are getting free money from the government after they receive a tax return.  The reality is that they are just receiving a refund for their overpayment of taxes throughout the previous year.  If you had the fortune of overpaying last year and received a refund this year, here are some ideas on how to use that money.  Keep in mind that I am no money expert and am not licensed to give any sort of credible advice on how to spend your money, but these seem like good ideas to me.

1.  Save.  This is a new concept that is sweeping the nation.  Basically the idea is that you spend less than you earn and you save the rest for a rainy day.  I know it sounds crazy, but people are doing it and it’s really making a difference in their stress level.  Give it a try and let me know how it goes.

2.  Buy a house.  In the Las Vegas market, this is easier said than done.  Due to a law passed at the end of last year, the foreclosure market has dried up.  There are homes out there that need to be foreclosed on, but due to the new law banks are wary to do so.  This has caused the inventory of homes in Nevada to be artificially low.  Despite the low inventory prices are still below replacement cost so buy now!  The prices will eventually go up and you can’t go wrong buying homes for less than you can build them for.

3.  Invest.  Lots of people are still afraid of the stock market due to the recent recession, but the market has mostly recovered.  The time to buy is when the market is low and it’s still low enough to expect a nice return over the next 5 – 10 years.  Government ineptitude can affect the market in the short term, but the free market has always recovered despite what politicians have or haven’t done.

Refunds are always a pleasant surprise.  Though it may be tempting to take that newfound wealth and buy a new TV or car, it might be a better idea to use self-restraint and use that money to make more money.  Be wise with your refund and it’ll make your world a less stressful place.

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