The Top Ten Things you need to know about Homeowners Insurance

December 8, 2018

Why should you wait until after a disaster to discover your homeowners insurance doesn’t really have you covered? Here are ten important things to do so you can have peace of mind — and full protection — right now:

1. Buy the right insurance for you. “You should know what you have, and you should know ahead of time that you are covered,” says Jeanne Salvatore, vice president for consumer affairs with the Insurance Information Institute, a nonprofit industry trade group. She recommends looking at your insurance coverage in four key areas: the structure of your house, your belongings, your liability to others and your living expenses if you’re forced out. “If there’s a disaster, you want to be able to rebuild your house and replace everything in it. And you need enough liability coverage to protect you in case you do get sued.” Living expenses would cover the cost of making the house livable or living elsewhere while your home is being repaired or rebuilt.

2. Get replacement value insurance. Face it, this is an insurance policy, not a garage sale. You don’t really care how much your possessions would fetch on the open market, the so-called “cash value” or “fair market value.” You want to be able to replace everything you lost with similar, new items. And make sure that your policy spells out that both your home and its contents are covered by replacement-value insurance.

When it comes to replacing the house itself, look for extended or guaranteed-replacement-value coverage. Guaranteed replacement, which covers rebuilding no matter what the cost, is not offered much any more, says Don Griffin, assistant vice president of commercial lines for the Property Casualty Insurers Association of America (PCI). Many companies offer extended-replacement-value insurance, which will cover up to 100 percent of the value of the home, plus a certain percentage to cover rebuilding the home in today’s market.

3. Understand the claims process thoroughly. Two policies can promise the same amount of coverage, but they can be vastly different when it comes to covering you and your family after a loss. Have your insurance agent explain exactly how claims are handled, especially when it comes to writing you a check. Do you receive your entire claim upfront, or just a fraction? Does the company pay you for all the things you’ve lost, or only those things that you replace?

Some policies will give you the cash value of your possessions right after a loss, but wait to cover the replacement value until after you’ve replaced your items — and have the receipts to prove it. This could be a problem if you’re wiped out and have no cash reserves.

Equally important is the timetable on replacement. If you go from living in a five-bedroom home to sleeping in a motel room with four kids and a dog, you might not want to go on a shopping spree right away. How long do you have to replace your things?

4. Take a thorough and accurate inventory. Filing a claim involves two steps — proving you owned certain items and verifying their worth. This is a lot easier to do when you still have your things. Go through your entire home with a video camera (rent one if you don’t already have one.) Walk through each room, do a quick sweep and get everything you own on tape. Don’t forget the attic, basement, closets and offsite storage locker, if you have one. Or take the low-tech method: make a list and shoot a few rolls of film. Stash your video or photos in a safety deposit box with a copy of your policy. If you keep your inventory at home, make a second copy to give to a friend or keep at the office.

5. Buy floaters. Many times, home insurance and renter’s insurance policies limit the amount you can collect on some big-ticket items — usually things like computer equipment, jewelry, furs and fine collectibles — to a fraction of the replacement value. If this is the case, you need to pick up a special policy known as a “floater” or “endorsement” for each of those items. A floater will also reimburse you if you simply lose the article. In the case of something new, save the bill of sale with your inventory, and fax a copy to your insurance agent. If the item is older, have an appraisal done. Again, save one copy and send another to your agent. That way, you’ll never have to worry about proving you owned an item, and there will never be a dispute over what it’s really worth.

6. Keep pace with inflation. This is especially important with a homeowners insurance policy. It may have cost you $100,000 to build your home 10 years ago, but it might cost $120,000 to replace it today. “Many insurance companies have inflation guard, which covers the increasing cost of rebuilding,” Salvatore says. When your policy comes up for renewal, talk to your agent to verify that your coverage amounts are still realistic. And when you make an improvement, add it to the total.

7. If you own a condo or co-op, protect your property. Make sure that the condo board or association has a policy that covers the common areas, and get a copy. Also look at the association bylaws to find out what portions of the home you must cover. “It’s usually from the drywall in,” Griffin says.

Since condo owners need their contents policy to cover things like cabinets and fixtures, they need a bit more insurance than the typical renter. Sometimes you get a price break if you go with the same company that wrote the policy for the condo association.

“Plus they are familiar with what they cover, so they know what to sell you,” Griffin says.

You also may want to consider assessment coverage. If the condo association’s policy is not large enough to cover a loss, or if there is a hefty deductible, the association will split the additional costs among the members in the form of an assessment. With assessment coverage, your insurance company pays the tab.

8. Consider flood and earthquake insurance. Granted, this is not for everyone. But if you live in an area prone to floods or earthquakes, it pays to know that most property policies do not cover these disasters. Some independent carriers offer both. For flood insurance, you can also contact the National Flood Insurance Program. In California, you can get earthquake insurance through the California Earthquake Authority.

9. Think about buying an umbrella policy. Liability insurance, which picks up the tab if someone gets hurt on your property or through the actions of your family members, tops out at $300,000 on most homeowners insurance policies, according to Griffin. “But nobody sues for $300,000,” he says. “That usually starts at $1 million.” His recommendation: if you have assets, pick up an umbrella policy that would add extra liability coverage to your home and auto policy. “Umbrellas are cheap — usually starting at about $200 to $350 a year.”

10. After a life-changing event, call your agent. Getting married or divorced? Are the kids moving out — or back in? The amount of home insurance you need — and the items you want to cover — change over the years. Be sure you keep your policies and inventories up to date.

Life Insurance Buyer’s Guide

December 3, 2018

Prepared by the National Association of Insurance Commissioners

  • Buying Life Insurance
  • How much do you need?
  • What is the Right Kind?
  • Finding a Low Cost Policy
  • Things to Remember

Buying Life Insurance in Las Vegas

When you buy life insurance, you want coverage that fits your needs and doesn’t cost too much. First, decide how much you need – and for how long – and what you can afford to pay. Next, find out what kinds of policies are available to meet your needs and pick the one that best suits you. Then, find out what different companies charge for that kind of policy for the amount of insurance you want. You can find important cost differences between life insurance policies by using cost comparison indexes as described in this guide.

It makes good sense to ask a life insurance agent or company to help you. An agent can be particularly useful in reviewing your insurance needs and in giving you information about the kinds of policies that are available. If one kind doesn’t seem to fit your needs, ask about others. This guide provides only basic information. You can get more facts from a life insurance agent or company or at your public library.

How much do you need?

To decide how much life insurance you need, figure out what your dependents would have if you were to die now, and what they would actually need. Your new policy should come as close to making up the difference as you can afford.

In figuring what you have, count your present insurance – including any group insurance where you work, social security or veteran’s insurance. Add other assets you have – saving, investments, real estate, and personal property.

In figuring what you need, think of income for you dependents – for family living expenses, educational costs and any other future needs. Think also of cash needs – for the expenses of a final illness and for paying taxes, mortgage or other debts.

What is the Right Kind?

All life insurance policies agree to pay an amount of money when you die. But all policies are not the same. Some provide permanent coverage and others temporary coverage. Some build up cash values and others do not. Some policies combine different kinds of insurance, and others let you change from one kind of insurance to another. Your choice should be based on your needs and what you can afford. A wide variety of plans is being offered today. Here is a brief description of two basic kinds – term and whole life – and some combinations and variations. You can get detailed information from a life insurance agent or company.

Term insurance covers you for a term of one or more years. It pays a death benefit only if you die in that term. Term insurance generally provides the largest immediate death protection for your premium dollar.

Most term insurance policies are renewable for one or more additional terms even if your health has changed. Each time you renew the policy for a new term, premiums will be higher. Check the premiums at older ages and how long the policy can be continued.

Many term insurance are renewable for one ore more additional terms even if your health has changed. Each time you renew the policy for a new term, premiums will be higher. Check the premiums at older ages and how long the policy can be continued.

Many term insurance policies can be traded before the end of a conversion period of a whole life policy-even if you are not in good health. Premiums for the new policy will be higher than you have been paying for the term insurance.

Whole Life Insurance covers you for as long as you live. The common type is called straight life or ordinary life insurance – you pay the same premiums for as long as you live. These premiums can be several times higher than you would pay at first for the same amount of term insurance. But they are smaller than the premiums you would eventually pay if you were to keep renewing a term policy until your later years.

Some whole life policies let you pay premiums for a shorter period such as 20 years, or until age 65. Premiums for these policies are higher than for ordinary life insurance since the premium payments are squeezed into a shorter period.

Whole life policies develop cash values. If you stop paying premiums, you can take the cash – or you can use the cash value to buy continuing insurance protection for a limited time or a reduced amount. (Some term policies that provide coverage for a long period also have cash values).

You may borrow against the cash values by taking a policy loan. Any loan and interest on the loan that you do not pay back will be deducted from the benefits if you die, or from the cash value if you stop paying premiums.

Combinations and Variations. You can combine different kinds of insurance. For example, you can buy whole life insurance for lifetime coverage and add term insurance for the period of your greatest insurance need. Usually the term insurance is on your life – but it can also be bought for your spouse or children.

Endowment insurance policies pay a sum or income to you if you live to a certain age. If you die before then, the death benefit is paid to the person you named as beneficiary.

Other policies may have special features which allow flexibility as to premiums and coverage. Some let you choose the death benefit you want and the premium amount you can pay. The kind of insurance and coverage period are determined by these choices.

One kind of flexible premium policy, often called universal life, lets you vary your premium payments every year, and even skip a payment if you wish. The premiums you pay (less expense charges) go into a policy account that earns interest and charges for the insurance are deducted from the account. Here, insurance continues as long as there is enough money in the account to pay the insurance charges.

Finding a Low Cost Policy

After you have decided which kind of life insurance is best for you, compare similar policies from different companies to find which one is likely to give you the best value for your money.

Things to Remember

  • Review your particular insurance needs and circumstances. Choose the kind of policy with benefits that most closely fit your needs. Ask an agent or company to help you.
  • Be sure that the premiums are within your ability to pay. Don’t look only at the initial premiums, but take account of any later premium increase.
  • Don’t buy life insurance unless you intend to stick with it. It can be very costly if you quit during the early years of the policy.
  • Read your policy carefully. Ask your agent or company about anything that is not clear to you.
  • Review your life insurance program with your agent or company every few years to keep up with changes in your income and your needs.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Home Insurance Tips

September 8, 2018

Getting quality insurance is a good first step towards protecting your home. But ultimately, the best protection is prevention. There are steps that you can take to help you avoid ever having to make a home insurance claim – the following home insurance tips can get you started.

 

1. Safeguard your home

Take action to make your home theft-resistant. “Case” your home as if you were a burglar.

Burglars look for easy targets – make sure your home isn’t one of them.

  • Install exterior lights that are out of reach and triggered by motion.
  • Trim trees and shrubs near doors and windows.
  • Don’t hide house keys outside – burglars know where to look.
  • Consider investing in a security system. Not only does this make your home safer, it can lower your home insurance premiums.

When you’re on vacation:

  • Have mail and newspapers picked up.
  • Leave blinds in normal positions.
  • Arrange to have your lawn mowed or your driveway shoveled.
  • Tell police and neighbors that you will be away and ask them to watch your home.

2. Be a responsible dog owner

The numbers speak for themselves: According to the Center for Disease Control and Prevention, 40% of Americans homes have a dog. There are 4 million dog bites per year, and dog bites create 33% of all homeowners liability claims – resulting in more than $1 billion in claims per year. Consider these tips to avoid having a claim brought against you:

  • Pick a dog breed that’s covered by your home insurance. Ask your insurance agent for details.
  • Have your dog spayed or neutered.
  • Train your dog.
  • Keep your dog on a leash when walking.

3. Protect your home business

Home businesses are generally not covered under your home insurance policy. You may have only limited property coverage and no liability coverage for your business under your homeowners policy. Research the coverage that you have for property and equipment damage or theft, loss of income, and general liability for customer and supplier injuries.

4. Cover your domestic help

Check with your state Department of Insurance regarding whether you need a workers’ compensation policy for your housekeeper, gardener, nanny, cook, or other domestic employees. In addition, if someone else occasionally runs errands for you and drives your car, have that driver listed on your auto insurance. Confirm that you have adequate liability and medical coverage on your home insurance policy. Consider purchasing a personal umbrella policy.

5. Review your coverage annually

Your home insurance should reflect your home’s current value, condition and improvements. Check your policy each year and review your specific coverages so that you will be able to make the necessary adjustments to fully protect your home.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Insurance for Home-Based Businesses in Las Vegas

April 23, 2018

Home-Based Business Owners, You Need Insurance Coverage

When you start a home-based business in Las Vegas, buying insurance may not be your first priority, but you cannot afford to ignore it either. When the unexpected happens — and it will — having insurance coverage may mean the difference between the success and failure of your home-based business.

You may not require all types of insurance listed here, but taking some time now to consider your insurance needs can save you money and headaches in the future. Ultimately, after reading this article, the best way to determine your complete needs is to consult with your insurance agent. Explain to them the details of your home-based business and he or she should be able to determine the best insurance coverage for you (and any employees).

Health Insurance

Health insurance should be the first consideration for yourself and any employees you may have. If you have just left your current job to start your own business, you may be eligible for COBRA, which will provide temporary interim coverage. This will keep you covered while you search for the best health insurance policy.

Disability Insurance

Disability insurance will guarantee that you have some income should you suddenly become unable to work because of injury or illness. Having this extra peace of mind is almost always well worth the extra money you pay.

Life Insurance

Life insurance will help ensure that your family has the money it needs should you meet with an untimely death. Some lenders require that you have life insurance before they’ll issue a loan; this guarantees that the loan will be repaid if you meet with an untimely end.

Business Property Insurance

Business property insurance helps protect you against loss of inventory or equipment. If your business equipment or inventory is damaged in a flood, fire, or other disaster, this type of insurance will allow you to recoup your losses.

General Liability Insurance

Comprehensive general liability insurance is necessary for your home-based business if you plan on having clients or customers visit your home. Whether you plan to hold meetings, allow customers to pick up merchandise, or have members of the public enter your home for any other reason, this insurance will protect you if someone is injured while on your property. This insurance will typically pay for your legal defense should you face a lawsuit as the result of a fall or other damage that occurs on your property.

Business Interruption Insurance

Business interruption insurance will help your business recover from natural disasters. Even in Las Vegas things can happen. It will cover you for income lost during the disaster, and will pay for operating expenses that continue to accrue, even though your business isn’t up and running.

Workers’ Compensation Insurance

Workers’ compensation insurance is an absolute necessity if you plan on having employees working out of your home. Without workers’ comp, you’ll be responsible for any medical expenses arising from injuries employees sustain while working for you. Many home-based business owners mistakenly believe that this type of insurance is only required by businesses that have a retail or separate location, but that’s not the case. Another mistake is assuming that only ‘dangerous’ employers (such as construction or movers) need this type of insurance. But what if your employee slips on the stairs or their chair breaks? While those are both unlikely, they are possible and the less risky your business, the cheaper the insurance will be.

These insurance plans can help ensure that you are prepared to face any eventuality that might occur while you are running your own business. Disasters, accidents, and crises can strike at any time. By preparing now, you may be saving you and your company significant financial loss, wasted time, and difficulty.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Tips for getting the best Las Vegas insurance quotes

February 17, 2018

General insurance tips:

  1. Have your current insurance policy with you when requesting your insurance quotes.
  2. Consider a higher insurance deductible.
  3. Place all of your insurance policies with the same company to qualify for a multiple policy discount.

For car insurance quotes

  1. Be sure all vehicle discounts are applied (Anti-lock brakes, Alarm system, daytime running lights, vin-etching, etc.).
  2. Take a defensive driving course.
  3. Be very accurate about your mileage to and from work.
  4. Ask about affinity discounts.

For a homeowners insurance quotes

  1. Be sure that your home is insured to its value
  2. Be sure all home discounts are applied
    (Alarm, smoke alarms, fire extinguishers, dead bolt locks, etc.).
  3. If your older home has been renovated, tell your agent.

For a life insurance quotes

  1. Consider level premium term insurance.
  2. If you are a smoker, quit for at least 13 months and request that your insurance company consider you for a nonsmoker insurance rate.

For a health insurance quotes

  1. Consider a higher co-payment or deductible.
  2. Join a group health insurance plan.

For a long-term insurance quotes

  1. Consider a longer elimination (waiting) period.
  2. Purchase coverage when you are young (premiums are lower).
  3. Pick a daily benefit based on where you live.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Renters Insurance Made Easy

October 8, 2017

Questions and Answers about Las Vegas Renters Insurance

“In any given year, burglary losses in the United States run in the billions of dollars. The average residential loss often exceeds $1,000.00” (Insurance Industry News)

Many renters do not realize they have so much to lose, whether it is personal belongings or financial loss due to legal liability. If you do not already have renters insurance, you may question its importance and the coverage it provides. Check out some common questions and answers below. You might be surprised to learn just how much you risk losing without proper insurance for both your personal liability and your personal belongings.

Q: Why would I need a renters insurance policy if my landlord carries insurance?

A: The insurance your landlord carries covers the building structure, but does not cover your personal belongings—your furniture, wardrobe, appliances, television—anything that you’ve moved into the building. You need a renters policy to cover your personal possessions.

Q: Just what is covered by renters insurance? (Also known as “insured Peril”)

A: A covered peril is a cause of loss for which a renters insurance policy will provide protection. Insured losses include theft, fire, smoke, lightning, explosion, riot, vandalism, hail, and water damage from plumbing.

Q: What are the odds of my home/apartment/condo being burglarized?

A: Chances of a burglary in your home are greater than you think. In fact, a burglary occurs about every ten seconds. According to recent FBI statistics, two of every three burglaries occur in homes, condos, or apartments with an average loss of $1,004 per residence!

Q: Renters insurance covers theft in the home. What if I’m held-up while away from my home, or if I’m a pickpocket victim?

A: Renters Insurance can provide coverage form theft whether it occurs at home or away from home. This coverage includes protection against loss from robbery, pickpocket theft..Even credit card loss, forged checks or counterfeit money.

Q: If my video cassette recorder of stereo were stolen, would my renters insurance provide coverage to buy a new one?

A: The Personal Property Replacement Cost Option in a Renters Policy assures you that most of your covered property will be repaired or replaced without deduction for depreciation. For example: if stolen they above mentioned items will be replace with Brand new items.

Q: What is the difference between an ACV (actual cash value) and Replacement cost policies?

A: ACV policies are cheaper because they take into account the age of the item that is lost or destroyed. For Example: a 5 year old Stereo is stolen. An ACV policy will only reimburse you the value of a 5 year old stereo! (Maybe $100 if you’re lucky!) A replacement policy says go buy a NEW Stereo of like Brand, quality, features as the one that was stolen and we’ll give you the money to buy it brand new!

Q: What if my child accidentally breaks a neighbor’s window?

A: A renters policy covers property damage caused by you or your family members (up to the policy limits.) This family coverage is automatic in most renters policies.

Q: How can I determine how much insurance I need?

A: Add up the dollar value of everything you own in your home. Clothing, furniture, television, stereo equipment, computers, kitchen utensils, etc. What would it cost Brand New if you had to replace everything? Most companies have a calculator to help you get in the ball park, but ultimately, it is your responsibility to determine how much you need.

Finally: As a Renter, you face many of the same risks as a homeowner. Some renter’s think they can never be sued as they don’t Own the property. What if you are out playing golf or softball with friends and someone gets hit with a ball? (either bodily injury and/or property damage) The liability of a renters policy will defend you and pay any damages up to the limit that you choose.

 

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Tips for Buying a New Home

August 17, 2017

Buying a new home can be a daunting task, even for someone who has owned several homes. If you recently purchased your first home, you probably found that is hard to find good advice that is truly useful. You had to learn a lot on our own, but at least now you probably feel comfortable and knowledgeable about the whole process.

My wife and I recently purchased a new home in Las Vegas.  Here are some helpful hints we picked up along the way:

1. Use all of the online resources available.

Almost every state and local government has a website where you can research real estate information. The data on home sales, taxes, and neighborhoods is invaluable when you are shopping for a home. We were able to find out the most recent sale prices in the neighborhood we selected, and we didn’t have to rely on a real estate agent to get the data for us. Doing the research yourself will make you more knowledgeable about the market, which is key to making a good purchase.

2. Be realistic about how much you can spend.

Try to buy a home in a price range that allows you to put down 20%. If you put down less than this, you will have to pay PMI (private mortgage insurance) to protect the lender in case you default on the loan. I know that 20% is a lot, but it’s not unrealistic. You may not be able to do it on your first home, but hopefully you can on your second home. The profits from the sale of my condo enabled my husband and me to have more than enough for the 20% down payment on our home. But we didn’t put it all down on the home – we saved some of the profits for the unexpected expenses that come with buying a home. We suggest that you do the same.

3. Shop for a home in the winter, preferably around the holidays.

Since most people just aren’t interested in buying a home when they are trying to deal with the holidays, you can pretty much be one of the few buyers out there. We bought our home right before Christmas, and it was definitely a buyers market. We had our pick of homes and were able to underbid on the asking price, even though we live in one of the hottest real estate markets in the country.

4. Use a smaller mortgage company that can offer personal service.

People tend to go with large, well-known mortgage companies, since that’s all they know. But the smaller, regional companies provide excellent customer service, and can often give you better rates than the big companies. Since they don’t advertise and instead rely on word-of-mouth, they have to be good in order to get your service. We started off with a big-name company, but in the end, we went with a regional company because they had better rates and better customer service.

5. Always have a home inspection.

I think most people know this fact already, but it is really important in areas with a hot real estate market. It can be easy to get caught up in bidding wars, and to want to get a house at all costs. Some friends of ours wanted a house so badly that not only did they overbid, but they also waived the home inspection. They got the house – and right along with it they got several thousand dollars worth of damage that would have been found in an inspection.

As a final note, try to remember that buying a home doesn’t have to be scary. It’s very exciting to own your own home, so think of all the good things that will come once you have made it through the home-buying process. If you follow the advice above, then you should be well-equipped to make it through unscathed.

6. Save money and shop for your home insurance the easy way! Call Maria at 702.477.7776

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Shop Around and Save on Home Insurance

July 27, 2017

What do you like the most about your home – the bright, sun-filled kitchen, the shiny wood floors or the comfortable bedrooms?

Or is it the fact that your home probably makes up maybe the biggest part – of your total net worth?

Either way, you have to protect what you have, using homeowner’s insurance.

Although there were reports a few years ago of higher prices and limited availability for homeowners insurance, the market has opened up again, according to J. Robert Hunter, insurance director for the Consumer Federation of America. Premiums are expected to rise by no more than the inflation rate this year, he said.

“The market remains a competitive one where homeowners’ insurance shoppers can be selective,” said Marshall McKnight, a spokesman for the state Department of Banking and Insurance.

Here are several ways to save on home insurance:

  • Shop around. While many homeowners believe that all insurance companies charge the same, that’s an expensive mistake. Use a service such as ours to compare rate quotes from different companies if YOUR area. To get started, just use the form on the right.”You can go from one company to another and pay twice as much,” said Hunter.And don’t just call an agent and expect him to do the shopping for you, Hunter advised, because agents don’t represent all companies and might not get you the best deal.
  • Insure for “replacement cost” rather than “actual cash value.” After all, if your belongings are destroyed, do you want the insurance company to send you enough to buy a new couch – or do you want a $50 check for the actual value of your 11-year-old couch?
  • Make sure you are covered for at least 80 percent of the cost of replacing your home. If you’re not, it could hurt you even if your home does not need to be completely replaced.Let’s say your home would cost $200,000 to replace and you’re insured for only $100,000, half of the replacement cost. If you have a $10,000 loss, you would get only half of that amount, or $5,000.Of course, knowing how much it would cost to replace your home is not always easy. For example, I know how much I paid for my home, and how much I could probably sell it for, but I don’t have a clue how much it would cost to rebuild if it burned down.The state Department of Banking and Insurance and the Insurance Council of New Jersey recommend that homeowners in this situation should consult their insurer, who will be able to estimate the cost of rebuilding based on the size and location of the home.
  • Think twice before calling your insurance company with small claims for minor home damage. There have been reports of homeowners facing much higher premiums after putting in only two claims. So if it’s a loss you can handle, take care of it yourself.
  • And, in that vein, consider a higher deductible.”If you’re not going to file a small claim, it’s no use paying a premium to be covered for an amount you wouldn’t file for,” Hunter said.”Every dollar you give to an insurance company, on average you only get back 60 cents,” Hunter said. The rest goes to the insurance company’s profit and overhead. So if you can self-insure for smaller losses, you should.About 20 years ago, Hunter raised |the deductibles on both his car and |home policies, and banked the money he saved on premiums in a special account. Over the years, he used that account to pay for about $2,000 to $3,000 in losses, mostly auto-related. He still has $4,000 – money that the insurance company |could have had.”Nowadays, most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent,” according to the Insurance Information Institute, an industry group.
  • Make sure your home insurance policy includes enough liability insurance, in case someone is injured on your property.
  • Consider buying your auto and Home insurance policies from the same insurer. Some companies will take 5 to 15 percent off your premium if you buy two or more policies from them.
  • You can get discounts if you install smoke detectors, deadbolt locks or burglar alarms.
  • Keep your credit history clean. Insurance companies are increasingly checking credit reports to set their rates.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Car Accident Tips – Auto Insurance FAQ

February 7, 2017

So You’ve Had an Automobile Accident:  What’s Next?

Driving on America ’s highways can be a risky proposition.  Whenever you’re in a vehicle, there’s a chance you’ll be involved in a traffic accident.  Whether it’s a small fender bender or a major injury accident, knowing in advance what to do can help you avoid costly mistakes.  This guide discusses what to do after an accident and what to expect when you file an automobile insurance claim with your insurance company.  For your convenience, an accident checklist is contained herein which can be kept in your vehicle for future reference.

When purchasing car insurance, carefully review the application before signing it to be certain that the coverages, policy limits, and deductibles suit your needs.  After you receive the policy, review the declaration page.  It contains important information on who is covered, the vehicles insured, as well as the coverage limits and deductibles. Make sure the information is correct and the coverage is what you purchased.   If changes are needed, send your request to your agent and/or insurance company in writing and keep a copy.  Use certified mail/return receipt requested to verify receipt of your letter.

Become familiar with your automobile insurance policy before it’s needed. Read the policy thoroughly so you know what is covered and what is excluded.

Some of the most frequently asked questions about automobile insurance claims are discussed below:

What to Do If There Is an Accident

Q.  What Should I Do at the Scene of an Accident?

A.  Immediately stop at the scene.

  • Call 911 if there are injuries.
  • Call the police. In some areas police authorities may not come to every accident scene.   They may consider factors such as the severity and location of the accident (e.g., some police authorities will not come to the scene if the accident is on private property).  However, you should attempt to notify the police.  You should also be aware that most policies require notification of police within a specified time period if the accident is a hit and run.  Obtain names, addresses, telephone numbers, and driver’s license numbers from all drivers.
  • Obtain license plate(s) and vehicle identification numbers.  Ask to see driver’s license(s) and vehicle registration(s) to verify that the information is accurate.
  • Obtain names, addresses, and telephone numbers of other passengers and any witnesses.
  • If you have a camera, take photographs of the damage, the position of the cars, and the accident scene (e.g., traffic controls, visual obstacles).
  • If the owner of a damaged car or damaged property cannot be located, leave a note with the names and addresses of the driver and owners of the involved cars.
  • Notify your agent and/or your insurance company immediately.
  • If anyone is injured or the vehicle damage exceeds $750.00, you must report the accident to the Department of Motor Vehicles within 10 days.  Failure to notify the DMV may result in the suspension of your driver’s license.

Things to Avoid at the Scene of an Accident

  • Do not argue with other drivers and passengers. Save your story for the police and your insurance company.
  • Do not sign statements regarding fault or promises to pay for damage.
  • If another party offers to pay your deductible, don’t sign anything releasing him or her from further responsibility.  By releasing the other party, you jeopardize your insurance company’s subrogation right, and the company may refuse to pay for damage to your car.

Frequently Asked Questions

Q.  What Happens After I File the Claim with My Insurance Company?

A.  Your insurance company will contact you for additional information, such as a detailed account of the facts, or a written or recorded statement.  An examination under oath may be requested.  As part of the investigation, other drivers and witnesses may be contacted. If you have medical payments or an uninsured motorist claim, you must provide documentation of your injuries, medical expenses, lost wages, etc.

Q.  What Should I Do If the Insurance Company Does Not Contact Me?

A.  A claim representative should contact you within a reasonable period, usually 24-72 hours after you report the loss.  If you do not hear from anyone, call your agent or insurance company for assistance.  If they are not responsive, or you believe there is an unreasonable delay in settling your claim, contact the Department of Insurance.

Q.  How Does the Insurance Company Evaluate Vehicle Damage?

A.  An adjuster or appraiser usually inspects the vehicle.  Do not authorize repairs until the adjuster has inspected the vehicle and you are satisfied with the scope of repairs and the repair facility.  If the damage is relatively minor, the company may ask you to submit competitive repair estimates.

Q.  What Will the Company Pay on a Physical Damage Claim Under a Standard Auto Policy?

A.  Generally, the company will pay the lesser of
The amount necessary to repair the vehicle or
The actual cash value (ACV) of the vehicle.
Read your policy to be certain of what is and isn’t covered.  Pay particular attention to exclusions. For example, there is usually no coverage for stereo equipment, a telephone, or a citizens band radio unless the equipment was permanently installed by the automobile manufacturer in the normal opening in the dash or console.  Coverage is usually available for such special equipment for an extra premium charge.

Q.  What Is Actual Cash Value (ACV)?

A.  Actual cash value means the fair market value of your car before the accident.  This is the price that a willing buyer would pay a willing seller, neither under pressure to buy or sell.

Your company may survey dealers, value guide books, and private parties for a similar vehicle to approximate the ACV.  A computerized market analysis system might also be used.

If you do not agree with your company’s figure for ACV, you may want to do your own survey of dealers and private party sellers in your area.  Companies are required to offer a fair settlement.  If you can show that your figure more closely approximates the ACV, your company should be willing to negotiate.  Your policy may also contain an appraisal provision.

Q.  What Is an Appraisal Provision?

A.  Most standard policies contain an appraisal provision which can be helpful in the event that you do not agree with your company on the amount of loss.  Read your policy to see if it contains one. Under this provision either of you can demand an appraisal.  Each party selects a competent appraiser.  The appraisers then select an umpire.  If the appraisers cannot agree on the amount of loss, their differences are submitted to the umpire.   An amount that any two agree upon is binding.  Each party pays its appraiser; the umpire fee is shared.

Q.  How Is the Check or Draft Prepared?

A.  The check may be made payable to the insured and any lienholder, such as a bank or finance company.  If the vehicle is repaired, the company may also include the repair facility as a payee.

Q.  Who Is Responsible for the Balance of a Car Loan?

A.  The borrower is responsible for the balance of the loan, even if the vehicle is stolen or damaged beyond repair.   If your claim payment is less than the loan balance, the lender will expect you to pay the difference.  Coverage commonly referred to as “gap” insurance can usually be purchased to protect against this situation.

Q.  Will the Company Pay for a Rental Car While Mine Is Being Repaired?

A.  Yes, if you have purchased rental vehicle coverage.  Review your policy before you rent a vehicle. Although policy limits vary, the company pays up to a specified amount per day for a specified number of days.  The coverage ends when your vehicle is repaired, the loss is paid, or after the specified period, whichever comes first.

If your vehicle is stolen, the policy may automatically provide transportation expenses. Again, review your policy to be sure.  This type of coverage usually begins 48 hours after the theft and ends when your vehicle is recovered, the loss is paid or after a specified period, whichever comes first.

Q.  What Is a Collision Damage Waiver and Will the Company Pay These Charges for the Rental Vehicle?

A.  The terms of the rental agreement make the customer responsible for collision damage while he or she has possession of the vehicle.  Additionally, rental companies insure themselves for damage  to the vehicle caused by collision.  For an additional fee, the rental company will waive all or a portion of the customer’s obligation to pay repair costs for damage to the vehicle caused by collision.  Both the amount of the fee and the language of the waiver vary.

Coverage for collision damage to the rental car under your  personal automobile policy depends upon the policy language.  Read your policy carefully.  Ask your agent or company before you rent a vehicle.

Q.  What Is the Salvage Value?

A.  This is the remaining value of your damaged vehicle if your vehicle is determined to be a total loss.  It is usually determined through bids from salvage buyers.  The company may sell the salvage to the highest bidder.  However, it is not obligated to do so. If you decide to keep the damaged vehicle, the highest salvage bid may be deducted from your settlement.   In effect, you are “buying back” your vehicle for the salvage value.   If you retain possession of the salvaged vehicle, it is your responsibility to file a salvage certificate with the Department of Motor Vehicles.

Q.  What Is Subrogation?

A.  Subrogation is the right of the insurance company to recover from a third party the amount of damages it paid to you.   For example, if another party is at fault in an accident that damages your car, and you have a collision claim, your company will ask the other party to reimburse the money it paid on your claim.  The policy requires your cooperation with the company’s subrogation efforts.  Also, you cannot do anything that jeopardizes the company’s right of recovery.  For example, you cannot sign an agreement releasing the other party in exchange for payment of your deductible.

Q.  Is the Company Required to Help Me Recover My Deductible?

A.  Yes and no. The insurance company must advise you as to whether or not they intend to pursue subrogation.  If the company pursues subrogation, they are required to include your deductible as a part of the process.  However, if the company does not pursue subrogation they are required to advise you of that fact so that you may pursue your deductible on your own.  If their efforts are successful, in whole or in part, the company will reimburse you in accordance with the recovery.  For example, if 100 percent of the paid claim is recovered, you will receive 100 percent of your deductible; if the recovery is 65 percent, you will receive 65 percent of your deductible.  Any expenses or fees (e.g., legal fees, incurred by the company in its recovery efforts) will be apportioned between the company and you, if recovery is made.  However, if you choose not to have the company include your deductible in its efforts, you can seek recovery directly from the other party on your own.  But before you do, discuss the matter with your company to avoid jeopardizing its recovery.

Q.  Is the Car Covered Outside of America?

A.  Most policies provide coverage in other states, U.S. territories and possessions, and Canada. Most states and territories have enacted financial responsibility laws requiring drivers to carry a specified amount of automobile insurance to cover losses resulting from ownership or operation of a motor vehicle.  If the financial responsibility requirements where you are traveling are higher than your policy limits, your company will meet the higher requirements.  Most policies do not provide coverage in Mexico, so if you plan to drive your car there, it’s wise to buy that coverage separately.  Check your out-of-state coverage before you travel. 

Q.  What Should Be Done If a Lawsuit (Summons and Complaint)Arises Out of an Accident?

A.  Notify your agent and car insurance company immediately.  Keep a copy for yourself and mail or deliver the original documents to your company.  Do not give statements or discuss the accident with anyone except a verified representative of your company.  If the lawsuit arises out of a covered loss, your company will provide legal defense.

Q.  Is a Newly Acquired Vehicle Covered?

A.  Most policies provide 30 days automatic coverage for a vehicle that replaces a vehicle already on your policy.   The coverage normally is the same coverage you had on your previous vehicle.   Notify your broker-agent as soon as possible of any replacement vehicle. If you wish additional coverage, there is usually a requirement that you notify your agent or your company within a designated time period.

Most policies also provide automatic coverage for a newly acquired vehicle that is an addition to the vehicles you already have on your policy.  There are usually specific conditions that must be met. For example, the purchased vehicle must be reported to your agent or company within a designated time period (e.g., 30 days) or there may be a requirement that in order for coverage to automatically apply, all of your other owned vehicles must be insured with the company.

Important Tips

    1. Read your policy. Don’t wait until after an accident.
    2. If you don’t understand your policy, ask your agent and/or company for clarification.
    3. If you have an accident, call the police.
    4. If there are injuries, call the paramedics.
    5. Get as much information as possible at the accident scene to furnish to your agent and/or insurance company.
    6. Immediately notify your agent and/or insurance company of an accident.
    7. Cooperate with the insurance adjusters/investigators to aid in their efforts.
    8. If you don’t understand something about the claims procedure (e.g., amount of settlement offer), ask your agent and/or insurance company representative to explain.
    9. Notify your agent or company in writing of any change in your vehicle ownership.

Your Rights Under the Fair Claims Settlement Practices Regulations

In general, insurance companies are required to do the following:

  • Advise you of all benefits, coverage, time limits, or other provisions of your insurance policy.
  • Acknowledge claim, start investigation, provide forms and instructions, and provide reasonable assistance immediately, but in no event later than 15 days after receiving notice of claim. (Notice of claim is any written or oral communication to the insurance company which reasonably apprises the insurer that you wish to make a claim.)
  • Respond to communications received from you immediately, but in no event later than 15 days.
  • Accept or deny the claim immediately, but in no event later than 40 days after receiving proof of claim. (Proof of claim is documentation in your possession which provides any evidence of the claim and supports the magnitude or the amount of the loss such as estimates of repair or police report indicating theft of your vehicle, etc.)
  • Unless the insurer has provided you with the name of a specific towing company prior to your using a towing facility, the insurer must pay reasonable towing expenses.
  • Offer a fair settlement.  If you suffered a total loss, settlement must include taxes, license and transfer fees.  The settlement must reflect the value of a comparable deductions from the settlement for salvage must be fair, measurable, and discernible.
  • Once the claim has been accepted, the insurer must pay the claim immediately, but in no event later than 30 days from the date settlement was reached.
  • Advise you whether or not they will pursue subrogation.  If the insurance company pursues subrogation, they must include your deductible unless you have already recovered your deductible.

The above represents a paraphrased brief overview of some of the Fair Claims Settlement.

Automobile Insurance Fraud

Red Flags
Automobile insurance fraud in the U.S. historically has  taken several forms.   The most common fraud schemes involve automobile property and automobile accidents.

Automobile Property – This type of fraud most often involves dishonest auto body and repair shops and/or insureds who may employ a variety of illegal or questionable techniques including:

  • Reporting parts of vehicles as damaged or lost when in fact they were not damaged or lost prior to the shop receiving the vehicle.
  • Making final cost in excess of the original estimate of damage.
  • Billing for repairs that were not authorized.
  • Charging for genuine parts when aftermarket or used parts from a junkyard were used.
  • Pounding out dents or using bondo when charging for brand new auto parts.
  • Falsely reporting stolen vehicles or vandalism of vehicles in order to collect insurance monies.

It is always important for the consumer to review carefully all paper work from auto body and repair shops in order to protect against potential fraud.  Also, consumers should be cautious of any auto body or repair facility that makes referrals to medical or legal offices. This practice may be an indicator of “capping.” Capping (a felony in most of the U.S.) is the illegal referral of clients to legal offices for a fee.

Automobile Accidents – Automobile fraud often involves organized auto accident rings. Staged auto accidents, which are not accidents at all, follow several basic schemes including:

  • Suddenly stopping for no apparent reason
  • Intentionally disregarding the right-of-way
  • Giving up the right-of-way in order to cause an accident
  • Claims report list passengers who were not in the vehicle at the time of the accident
  • Witnesses are listed who were not at the scene of the accident
  • Injuries claimed are excessive compared to vehicle damage
  • Driver has a temporary vehicle registration
  • Prior damage to the other vehicle
  • Contact by an attorney without being solicited

If you have been in an auto accident, be cautious of any unsolicited referral to a body shop, law office or medical office.  Organized accident rings and cappers actively solicit others in the community to participate in the creation of accidents.  Often these accidents only exist on paper (referred to as paper accidents), and no innocent parties are involved.  Paper accidents have gained in popularity among fraud perpetrators, as they are less dangerous from a bodily injury standpoint, and there is less likelihood of police involvement.

Auto Body Repair Shops

Under California Insurance Code §758.5, for example, an insurance company cannot require that an automobile be repaired at a specific repair shop.   However, an insurance company can recommend that an automobile be repaired at a specific repair shop under the following conditions outlined by law:

  • The consumer specifically requests a recommendation from the insurance company to a repair shop.
  • The consumer has been informed in writing of the right to select a repair shop of his or her choice.
  • If the consumer agrees to use the recommended repair shop, the insurance company must restore the damaged vehicle to its condition prior to the accident or loss with no additional cost other than as stated in the policy or as otherwise allowed by law.
  • If the company makes an oral recommendation to a repair shop, and it is accepted by the consumer, then the company must follow the oral recommendation with the prescribed written notice within five calendar days as specified by law.

If the vehicle is repaired in a shop chosen by the consumer, then the insurance company must pay the reasonable costs to repair the vehicle in a workmanlike manner.  The insurance company is prohibited from limiting or discounting reasonable repair costs based on charges that would have occurred if the vehicle had been repaired at the company’s recommended repair shop.  Also, the car insurance company must stand behind the repairs of the recommended shop if the vehicle is not repaired properly.

Auto Replacement Parts

In some cases an auto repair may include replacement of damaged parts with after-market parts.  After-market parts are parts which are not made by the original manufacturer.  After-market parts may be equal, better, or worse in quality than original equipment manufacturer parts.  Consumers should take note of the following:

  • An auto repair shop is required to provide a written repair estimate of the cost of repairs prior to initiating repairs to the vehicle.  Once the work is completed, the shop must then provide a written repair invoice.  State law requires that the type of auto parts used in repairs must be identified on the repair invoice.  Consumers should carefully check their invoice to ensure that the auto body shop has identified each auto part replaced as being used, reconditioned, rebuilt, an original  equipment manufacturer part, or an after-market part.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Home Insurance Price Factors

May 17, 2016

Here are some factors to consider when purchasing home insurance.  All of these factors can and will have an influence on the price you pay for home insurance.

The Condition of the Home

Insurers factor in general wear and tear on your home when setting a premium. They will inspect such things as the condition of the roof, porches, decks, and the integrity of the home’s wiring system. Because new homes tend to be in better condition than older homes, some insurers will offer up to a 15 percent discount if your home is new.

The Construction of the Home

Certain types of homes are less expensive to insure because they are more resistant to damage. For example, a brick home is preferable because of its resistance to wind damage.

Safety Factors

Many insurers also offer discounts of approximately 5 percent for safety features such as burglar alarm systems, deadbolts, window locks, smoke detectors, and sprinkler systems. You may also receive a discount if your home is in close proximity to a fire department.

If There is a Smoker in the Home

Because smoking in the home greatly increases the risk of fire, some insurers will offer a discount of about 2-5 percent if no one in the home smoke.

Is the Home in a High Risk Area

Flood and earthquake damage is not covered by standard home insurance policies. Special supplemental catastrophic policies that cover these conditions are available, but can be quite costly. If you are currently covered against these catastrophes through a government plan, however, research coverage through a private insurer. It may actually be lower.

Type and Amount of Home Insurance Coverage Needed

Homeowner’s insurance typically covers damage or loss to your home and its contents, but some packages also provide other benefits such as personal liability coverage if someone is injured on your property or theft insurance. Read the fine print. Prices and coverage can vary significantly between packages that appear similar. Make sure you get what you need and use what you get.

Your Desired Deductible

The deductible is the amount that you the policyholder must pay before your insurance company starts paying benefits. The higher your deductible, the lower your home insurance premiums. By raising the deductible, you can save up to 50 percent of the cost of your homeowner’s insurance.

Loyalty to Your Company

Insurers will often reduce their rates if you buy more than one type of coverage such as auto and homeowner’s from them or if you stay with them over a period of time.

Is There a Retiree Living in the Home?

If you are over the age of 55 and retired, check with your insurer to see if you qualify for a discount. Most insurance companies offer these discounts because retired people are home more and can spot fires sooner than working people and have more time for maintaining their homes. Some insurance companies will offer discounts of up to 10 percent to seniors who qualify.

Group Discounts

As with other types of insurance coverage, you can often obtain better home insurance rates if you get coverage through a group plan. Check with your employer, alumni association, or other affiliations to find out if they offer group coverage.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

 

What is Home Owners Insurance?

February 6, 2016

Home Owners Insurance

Home owners insurance policies are designed to protect your house and personal property against losses from the perils listed in your policy.

Home owners insurance rates vary widely based on your geographic location. Areas prone to hurricanes, floods, hail, earthquakes, fires and other natural disasters will generally have higher rates. Even the distance to the nearest fire department or fire hydrant can have an impact on your home owners insurance rates.

Knowing Your Policy Is VERY Important

  • Coverage for Property and Possessions

  • Liability Coverage

  • Theft Off Premises

  • Additional Living Expenses

  • What Can a Homeowner Do To Be Prepared?

  • What Can a Homeowner Do To Save Money?

Coverage for Property and Possessions

Damage to the dwelling and the contents could be the biggest unexpected disaster awaiting a homeowner who has less coverage than needed. Most policies provide a stated maximum amount of coverage for the dwelling and another amount for contents.

Generally, dwelling coverage is based on replacement cost, which means that in the event of a total loss, the policy will provide reimbursement, up to the policy limit, to replace the structure. Ideally, a homeowner should buy enough home insurance to completely rebuild, known as replacement value. This figure may not be the home’s actual market value or what the owner originally paid for the home. This is especially true in a depressed or an inflated market or if the home is simply not replaceable to its condition prior to the loss. Replacement cost policies, which may pay over the policy limit to rebuild the home, may be available from your insurer.

To determine how much home insurance to purchase, an accurate appraisal of the home for replacement cost should be made. Working with your insurance company is important in this process. Most insurers recommend or require that a homeowner insure the dwelling for 100 percent of its full replacement value. Some homes, very unique ones such as national register-types or very elaborate ones, cannot be insured for exact replacement since some features are not replaceable in either workmanship, materials or practical costs. The insurer and/or the agent is the best source for these issues.

Coverage for personal property is different. Most policies provide actual cash value coverage for contents which includes depreciation, or full value contents without depreciation. Actual cash value means that if a power surge blows out a 10-year-old television set, the homeowner should know what to expect. Unlike full value contents coverage, which would essentially provide a new television set, actual cash value coverage allows the insurance company to calculate the useful life of the item and then depreciate the item to present value. A depreciated 10-year-old television set would be insured for only a fraction of its original cost. A homeowner may want to consider replacement cost coverage to be sure that the contents are adequately insured.

In addition to making sure that contents are covered for replacement cost rather than actual cash value, homeowners should purchase additional coverage for items that would ordinarily be subject to loss limitations. Virtually all policies cover contents loss up to the policy limit for items that include furniture, clothing, toys, accessories such as lamps and other items which are used for decor. Explicit limitations are set in the policy for high-cost items such as jewelry, fine art, furs, electronics, collectibles, oriental rugs and antiques. If a thief comes in and steals a two-carat engagement ring, it will not be covered well enough without what is commonly known as a personal property rider to cover specific, costly items. For more information on home owners insurance please call Maria at 702.477.7776.

Home Owners Liability Coverage

Liability insurance is very important to a homeowner’s coverage because it helps protect the owner and the family from financial disaster if someone files a claim against the homeowner’s policy, sues the homeowner or if the courts hold the homeowner legally responsible for someone else’s injury or property damage. The standard liability limit for most policies is $100,000, but many people believe that additional protection is needed , especially if the homeowner has sizable assets.

For a small increase in premium, an additional $300,000 to $500,000 may be obtained. Liability coverage protects in three ways: Personal liability, damage to the property of others, and medical expenses for injury to others.

Another way to protect one’s assets is to consider an Umbrella Policy which usually adds $1 million (or possibly more) in excess liability coverage to the homeowner’s property and automobile insurance policies. It also covers claims excluded from most basic policies such as libel, slander, defamation and mental anguish.

For example, most policies provide liability coverage that covers not only accidents that occur on the insured property but accidents that occur elsewhere. If the family dog bites a neighbor in front of another neighbor’s house, for example, the dog owner’s homeowner’s policy will usually compensate the neighbor for injuries and necessary medical expenses. For more information on home owners insurance visit our specialist site below.

Theft Off Premises

Most policies automatically insure against the loss of personal property even if that property is not on the insured premises when it is lost. If one goes to the airport with several suitcases and they are stolen, this is probably covered. Talk with your agent and/or your insurance company for details.

Additional Living Expenses

Another automatic benefit of which many homeowners are unaware is coverage for living expenses if the covered premises is damaged to the point of being uninhabitable. Not only should the policy pay for the cost to repair the damage to the dwelling, but it should also reimburse the homeowner for the additional expenses of living elsewhere while the repairs are being made. For more information and rates on home owners insurance visit our specialist site below.

What Can A Homeowner Do To Be Prepared?

How does someone find out what is and what is not covered? Read the policy carefully. It’s not likely to be fun reading, but the good news is that if one reads and understands his or her policy before it is needed, this knowledge may save unexpected financial losses should a problem occur. It is always best to talk with one’s insurance agent or the company that issued the policy for details.

Understanding your home owners insurance policy is best handled before a claim is made. In the case of the contents, an inventory of items room by room is important to have with information such as the date purchased, serial number, the original cost of each item and a brief description. Video tape or still photos is very helpful along with the inventory. These items should be stored in a safe place such as a safety deposit box in a bank or savings and loan institution and not in the home because if the home is destroyed, the chances are the inventory and related photos or tape may also be destroyed.

Save Money On Your Home owners Insurance

Insurance is a highly competitive business and the price paid by the consumer for home owners insurance may vary by hundreds of dollars, depending on the insurance company with which the consumer intends to do business.

Companies offer several types of discounts, but they may not always offer the same discount or the same amount of discount. That is why the consumer should ask his or her insurance agent or company representative about any discounts that are available.

What should a prospective homeowners policy holder think about when assessing which policy to obtain? Here are several ideas for potentially lowering costs.

 

  • Shop Around
    Prices vary so it pays to shop around. Ask friends, check the Yellow Pages, refer to consumer guides, insurance agents, the consumer phone line of the state’s insurance commissioner’s office and the companies for price information.

  • Raise the deductible
    Deductibles are the amount of money the homeowner pays toward a loss before the insurance company starts to pay according to the terms of the policy. Deductibles on homeowners policies typically start at $250. By increasing the deductible to $500, $1,000, $2,500, or $5,000, discounts may be obtained, depending on the insurance company.

  • Buy home and auto policies from the same insurer
    Some companies that sell homeowners and auto coverage may reduce their premium if two or more policies are purchased from them. When buying a home, consider how much insuring it will cost. A new home’s electrical, heating and plumbing systems and overall structure are likely to be in better shape than those of an older house. Insurers may offer a discount if the house is new. Choice of construction materials and design could reduce the premium. Brick, because of its resistance to wind damage, is better in Georgia. Proximity to fire station, firefighters and fire hydrants also affects premiums.

  • Insure the house, not the land
    The land under the house isn’t at risk from theft, windstorm, fire and other perils covered in a homeowners policy. Therefore, the value of the land should not be included in deciding how much homeowners insurance to buy.

  • Beef up home security
    Some insurance companies offer discounts for smoke detectors, burglar and fire alarm systems, or dead-bolt locks. Others offer discounts for homes equipped with a sprinkler system and fire detection and burglar alarms that ring at the police station or at a monitoring facility. Before buying such a system, consumers should check with their insurers to validate that such as system will be eligible for a discount and how much the device or system would cost. Most importantly, the consumer should know how much may be saved on premiums.

  • Stop smoking
    Smoking accounts for more than 23,000 residential fires in a year nationwide. That’s why some insurers offer to reduce premiums if all the residents in a house do not smoke.

  • Seek out discounts for seniors
    Retired people stay at home more and spot fires sooner than working people. Retirees also have more time to maintain their homes. If a homeowner is at least 55 years old and retired, he or she may qualify for a discount at some companies.

 

Compare the limits in the policy with the value of the possessions in the home at least once a year.

Policies should cover any major purchases or additions to the contents of the home. Remember that additions to the physical structure of the home should be reported to your agent or insurance company for a reevaluation of the limits of your policy. In addition, review your contents which may require a special scheduling on your policy. Such items include jewelry, watches, furs and computers to name a few. If you have sold or given away special schedule items, they should removed from your policy.

Are You Adequately Protected?

Because there are so many options and variables associated with home owners insurance we recommend that you find a company in your area that specializes in home owner insurance. It is very possible to save hundreds of dollars a year by simply shopping rates and coverage.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

 

More Home Insurance Tips for Savings

January 27, 2016

Increase Your Deductible

Just like auto insurance, policies have deductibles, and the same rule of thumb applies–carry the highest deductible you can afford.  The higher your deductible, the more premium credit you can expect to receive from your insurance company.  Your savings could reach 25% by increasing the deductible from $100 to $1000.

Improve Your Home Security

Most insurance companies offer discounts for smoke detectors, burglar alarms, dead bolts, fire extinguishers, and Neighborhood Watch Areas. Homes with a fire and burglar alarm system hooked up to a third-party monitoring company receive higher discounts than homes with local bell alarms.

Consolidate Policies

Insuring two or more vehicles with the same insurance company can save you 10 – 15% on your premiums. If you cover your home insurance and auto insurance together, you can reduce your premiums by another 10 – 15%.

Construction Type

Before buying a home, consider its construction type, such as frame or concrete block and steel (CBS).  A wood frame house typically costs more to insure than one built mostly of concrete.

Verify Distance To Fire Stations And Windstorm Areas

If you live in the country, you’ll probably pay higher rates for your home insurance than if you lived in town. Why? It’s because of the longer distance to your local fire station. If you live more than 5 miles from the nearest fire station, and more than 1,000 feet from a fire hydrant, you will most likely pay a higher premium.

Before purchasing your home, you may want to get a quote for both and flood insurance. Insurance companies may not offer you windstorm or flood coverage, depending upon the area in which you live. If your home is in a hurricane prone area and your insurance company offers windstorm coverage, then installing approved hurricane shutters should result in a premium discount.

Claims Free Record And Renewal Discounts

If you have not had a claim under your policy during the past 3 – 5 consecutive years, you could receive up to a 15% discount, depending on the insurance company. Plus, most companies will discount your premium if your policy has been in force for 3 straight years.

Mortgage Free Discounts

Some insurance companies target who have paid off their mortgage and offer them premium discounts of up to 5%.

New And Renovated Home Discounts

A majority of insurance companies offer a discount for new homes, and you may qualify if your home was built in the last 10 – 15 years. Also, a recently renovated home costs less to insure, so find out when the last major electrical, heating and plumbing update was completed on the home.

Non-Smokers And Early Retiree Discounts

Some companies offer a non-smokers discount of up to 15% to qualified . To qualify, you must be a non-smoker and you cannot permit smoking in your home by anyone. Retirees or senior citizens are usually offered discounts because insurance companies believe they are home more often and are therefore better able to protect their home against fire and burglary.

Live-In House Keeper

Some insurers offer up to a 2% premium credit if you have a live-in employee as they feel it could reduce the likelihood of burglary.

Conclusion

After reviewing the foregoing savings tips, you may think that if you added up all your credits you could receive a 70 – 90% reduction in your premiums. Unfortunately, it doesn’t work that way. Certain safety or other measures you take may qualify you for being placed with the “preferred” company of a particular insurance group. This “preferred” company will be able to give you more premium credits than a standard company is able to.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Factors That Affect Your Auto Insurance Premium and How to Lower It

April 22, 2015

There are many factors that affect your auto insurance premium. Each is a statistically based risk for a specific population. The higher the risk associated with a person, the more he or she is likely to pay for coverage. We have elaborated on some of the risk factors below, but there are numerous others, including driver’s gender, miles driven per year, purpose for using the vehicle (commuting to work, using for work, leisure only), etc.

Factors you cannot easily change that affect your car insurance rates:

  • Your Age
    Statistically, drivers under the age of 25 are at greater risk of being in an accident than those over age 25. Drivers between the ages of 50 and 65 generally have the safest records.
  • Your Gender
    Women are statistically safer drivers (sorry guys).
  • Your Marital Status
    A married person will pay less than a single person with an identical driving record.

Factors you CAN change that affect your car insurance rates

  • Your Location
    Where you live and work makes a difference. Folks living in certain areas with little or no traffic are likely to spend less on car insurance than those living in congested cities or suburbs because areas with a lot of traffic tend to see more accidents. Some neighborhoods also have a higher rate of vehicle thefts, which can result in a higher premium.
  • Your Driving Violations
    Having an accident or moving violations on your record (speeding tickets, DWI, reckless driving, etc.) put you at a higher risk for accidents and will likely mean a higher premium. insurance companies will penalize you for your record for as many as five years from when the incident occurred. However, keep in mind, as your record improves, your premium will get lower.
  • Your Vehicle Type
    A cheap car will cost less to insure than that status symbol SUV sitting on 24″ rims.
  • Your Accident Claims
    A driving record that is clean and free of accidents will hold fare better for you than lots of tickets and/or accidents.
  • Your Credit History
    Many car insurance companies view having a poor, or even no credit history as suggestive of higher risk and thus, charge you a higher premium.
  • Your Occupation
    Insurers have statistically found a correlation between your occupation and risk of filing claims. For instance, a newspaper delivery person is most likely a higher risk than the personal banker sitting at their desk all day.

Other factors that help determine car insurance premiums:

  • Driving distance to work
  • Miles driven annually
  • Years of driving experience
  • Rather or not you have taken safe driving courses
  • Business use of the vehicle
  • Whether or not you currently have car insurance
  • Theft protection devices (often results in discounts)
  • Multiple cars and drivers (another opportunity for discounts)

What can I do right now to make sure I have the car insurance lowest premium?

Shop around and compare car insurance insurance quotes from different insurers. They base their premiums on their claims experiences, which naturally differ. One company may see your area as a higher risk than others may. Another may charge more because of your occupation.

Where do I go for quotes?

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Tips to Reduce Your Home Insurance Costs

March 5, 2015

8 ways to keep your Home Insurance Costs low

All homeowners are looking for ways to reduce our home insurance costs.  Costs continue to rise and budgets get tighter and tighter with each passing year.  Here are 8 tips to reduce your home insurance costs.

1. Increased Home Security

Most homes are fitted with some sort of security device. To make the most of your Home Security Discount make sure that you home is fitted with: dead bolt locks, smoke detectors, fire extinguishers and a burglar and fire alarm that are monitored. You do not have to have all of these to receive a discount on your home insurance so even if you only have one or two make sure that you ask for the savings.

2. Keep your credit score as high as possible.

While it would seem that a good credit score would have nothing to do with insurance rates, it is a fact that they do. Home Insurance companies are using your credit score as an indicator of responsibility. The theory is the more responsible the individual the less claims they will have. So, insurance companies are giving lower rates to those individuals with a better credit score.

3. Consolidate your policies.

Most, if not all companies that sell home insurance, offer discounts for insuring your autos with them. These discounts can sometimes save you up to 30% off of your total insurance bill. Plus, you get the added convenience of having one agent for both your home and auto insurances.

4. Protect your home with updates.

Discuss with your agent about the possibilities of receiving home insurance discounts for keeping your home in good repair. Some home insurance companies will offer savings for a anew roof, electrical, HVAC, plumbing updates. The discounts are generally not enough to warrant the replacement but if you needed it anyway, be sure to get the discounts if applicable.

5. Make sure you are not over insured.

Your home insurance coverage should not necessarily be what you paid for them home. Land values are calculated into the final sales price and should be considered when insuring the structure. In others words you cannot hurt the dirt. A good idea is to call local builders and ask them what new home construction cost per square foot is going for. Take that number, multiply that times your square footage and that is the amount that your home should be insured for. Companies will not pay more than what it is going to cost to rebuild the home anyway, so make sure you are insured correctly.

6. Stay away from low deductibles.

The deductible is your portion of the claim that must be paid before the insurance company pays for the claim. The lower your deductible, the higher your premium will be. Deductibles can range anywhere from $100-$5000 or more. The majority of homeowners will carry a $500 deductible, but the savings one can receive by raising your deductible to $1000 can be significant, up to 20%. It doesn’t take too many claim free years to make up the difference between the two deductibles, but remember you should never raise your deductible to a level that you could not afford to pay.

7. Ask your Home Insurance Agent

Most of the time, an agent will make sure that you are receiving 100% of the home insurance discounts that you qualify for, but it doesn’t hurt to ask. Some insurance companies have discounts that others do not. Some offer discounts that most would never dream as being a discount such as 55 and retired, non smoking, military service, law enforcement, single parent discounts, etc.

8. Contact Your Agent – You would be amazed at the discounts when you combine multiple policies with the same insurance company.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

More Las Vegas Car Insurance Buying Tips

November 18, 2014

Consolidate Insurance Policies

Insuring two or more vehicles with the same car insurance company can save you between 10 – 15% on your premiums.   Covering your home through the same company that you have auto insurance with can reduce your premiums by another 10-15%.

Increase Your Deductible

One rule of thumb is to carry the highest deductible you can afford. By increasing your deductible from $100 to $1,000, you could save up to 25%. Keep in mind, though, that your lender might not agree to a higher deductible.

Install Anti-Theft  And Safety Devices

Installing a vehicle recovery system such as Lo-Jack or Teletracer could save you up to 7-10% per year.  There are other relatively  inexpensive anti-theft devices such as “The Club”, which locks the steering wheel in place, as well as having your Vehicle Identification Number (VIN) etched on each window.

Safety features such as air bags, traction control and anti-lock braking systems (ABS) are viewed positively by insurance companies which, in turn, is reflected in your premiums. Although these systems may not reduce injury during an accident, they will reduce your premiums.

Clean Driving Record And Safety Courses

While traffic tickets and auto accidents will increase your premiums, most car insurance companies offer discounts to drivers with clean records. Also, some insurance companies will offer a discount if you attend a Driver Training School Program, and your employer might even pay the cost if you use a company vehicle for your job. Training school discounts may vary between 7-10%.

Reduce Coverage On Older Vehicles

If you have an older car worth between $1,000 – $2,000, you might be better off dropping the collision coverage. Check to see if your collision premium is more than the value of the car.

Non-Smoker Or Early Retiree Discounts

Yes, some companies provide discounts for Non-smokers and Early Retirees.   Insurers consider smoking a dangerous driving activity.

Park In A Garage

Sometimes the difference between getting auto insurance and going uninsured is where you keep your vehicle at night. Most thefts do not involve a garaged car and this is reflected in premium discounts. If you have a winter home with no garage, try putting the vehicle in storage. Let your insurance company know that your car is in storage, and you could receive a partial premium reduction.

Carpool With A Co-Worker

Most insurers surcharge premiums if the commute to work exceeds 3 miles. Carpooling with a co-worker may result in a discount for low-mileage use.

Drive A Conservative Car

Before buying a car you might want to find out how much your car insurance will cost annually.  Insurance companies consider certain cars easily damaged and expensive to repair, and other cars the target of thieves.    You could end up paying a premium surcharge between 10 – 20%. The National Highway Traffic Safety Administration (NHTSA) has established the Auto Safety Hotline at 1-800-424-9393 to report safety defects or to obtain information on cars, trucks, child seats, highway or traffic safety.  The Insurance Institute for Highway Safety provides information on death rates by car make and model as well as the standard safety equipment available.  The Institute can be reached at 703-247-1500.

Teenage And College Bound Drivers

You may want to consider letting your teenager drive the family car instead of buying his/her own vehicle. This will very likely lower your cost to cover them. Students in school and living away from home can reduce their premiums by 30 – 50%, depending on the insurer.

Conclusion

After reviewing all of the savings tips, you may have determined that if you added up all your credits you could receive a 70 – 90% reduction in your premium. Well, unfortunately it doesn’t work like that. Certain measures that you take may qualify you for being placed with the “preferred” company of a particular insurance group. This “preferred” company will be able to give you additional premium credits.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Tips for Buying Cheaper Car Insurance

September 19, 2014

6 Tips to Buy Cheaper Car Insurance

With the rising costs of car insurance for most American families, there are more and more people searching for cheaper car insurance. Although it is certainly possible to get cheap car insurance quotes, let the buyer beware. The old adage “you get what you pay for” is as true in buying car insurance as it is in the retail world.

Not all car insurance companies are not created equal. Cheap car insurance is wonderful when you pay your premiums each month, but can be an utter nightmare when you find that your cheap, cut-rate car insurance fights you rather than work with you to settle an insurance claim.

If you have already found a discount car insurance company don’t just take the cheapest quote that you get just because it is the cheapest. You need to research the insurance companies offering those cheap car insurance rates.

You can reduce the cost of your car insurance, with cheap insurance providers and even with the best of companies. Here are some simple tips for anyone wanting cheap car insurance without compromising their coverage.

Cheaper Car Insurance – 6 Tips to Save Money

  1. The type of car you drive. Some cars have higher car insurance rates. Sports cars, SUVs and high theft candidates cost more to insure. If you are buying a car, find out which makes and models these are before you purchase. Read more information about which cars are the cheapest to insure.
  2. Security systems and anti-theft devices. These affect your risk profile positively. Safer cars less at risk of theft are cheaper to insure. Ensure your insurance company is aware of any installed safety devices in your car, if they are not tell them.
  3. Become a safer driver. Your car insurance cost is a factor of your risk profile. You won’t qualify for cheap car insurance if you have had 3 speeding fines and 2 accidents in the previous year. These incidents are taken into account. And it all adds up onto your bill. Big safe driver discounts are available to those who qualify.
  4. Your deductible is the amount that you pay first out of any claim. The policy’s cost is directly related to your deductible. Many people, especially those who have had their insurance policy for a long time, have never considered varying their deductible. If you have a clean driving record and are prepared for the risk of paying a larger amount in the event of a claim you can save money by increasing your deductible.
  5. Consider other insurance companies. Many insurers offer a discount for multiple policies. For example, insuring your house and car with the same company may qualify you for loyalty discounts that they offer.
  6. Look at your policy when it comes to renewal time, don’t just pay. Often there is coverage which duplicates other insurance that you may, these can be eliminated. Look carefully and ask questions about each of these before renewing your policy.

As you can see, if you are in the market for cheap car insurance that there are many ways you can get a better deal. Do not just accept that car insurance is always expensive as a fact, get out there and do something to improve your current rates.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

How to Find Car Insurance Discounts

July 8, 2014

Saving money wherever you can is important to us all. Car Insurance should be no different. Do not assume that your insurance agent knows everything about you and your car. At Bleecher Insurance Advisors we go out of our way to find all the possible car insurance discounts that are available to each customer.

Drivers should take advantage of all discounts that many providers offer, that can significantly reduce the cost of car insurance. Understanding discounts and how they can affect car insurance premiums can help smart shoppers make better decisions about their coverage and possibly save themselves some money in the process.

Read below to identify possible discounts that could help you save money on car insurance this year. Other than discounts, there may be some other ways for you to save on your insurance premiums. We will go over several discounts that can help with your current situation.

First, there are discounts for Car Safety features. Certain states will give you discounts for anti-lock breaks. Make sure you know if it is two or four wheel anti-lock break vehicle. Automatic seatbelts and airbags are frequently discounted on your car insurance premiums. In most states, a defensive driver class discount may apply. If the principal driver usually 55 years old or older has completed an approved defensive driving class a discount could apply. Keep in mind that most states will only approve this class if it is voluntary meaning that it was not the result of a violation or infraction.

Some insurers will give you a discount for having multiple cars. In some cases, this will only apply if you have two or more drivers. If you have a clean driving record, meaning you do not have any tickets, accidents or suspensions in the last three years (some companies require five years) then you could be eligible for a safe driver’s discount.

Many insurance companies will reward you with staying with the same insurance company for many years without any accidents reported. They will offer you a renewal discount. It makes sense, you have carried insurance with a company for several years, and have not had an accident, your insurance company likes you and wants to reward and keep your business. Some companies honor you with a discount if you had prior limits on your previous policy. They discount you because they understand you are a better risk.

Conversely, if you do decided to change insurers a proof of prior insurance discount may apply. Most insurers request at least 6 months of consecutive insurance from the previous insurer. If you are a full-time student who meets certain grade requirements and are unmarried and usually under 25 years of age (some states the age is 21) you could be eligible for a good student discount. If you own a home, including condominium, town home, or mobile home, which is used as a principal residence, a discount could apply. Military personnel either currently active or retired from any branch of the US military a discount could apply. If your vehicle is equipped with an anti-theft device, a discount could apply.

You could lower the cost of your car insurance in other ways as well.

For people who own older cars, it may not be necessary or cost-effective to protect them with collision and comprehensive coverage. By comparing the book value of your vehicle and the premium that the insurer has offered, you may find that it cost as much for the insurance as it does for the vehicle. If the car is worth less than $2,000, you will probably spend more insuring it than it is worth. The whole idea of driving an older car is to save money, so why not get what is coming to you.

In addition, keep in mind that the type of vehicle you buy could greatly affect your premium. A flashy red sports car is usually going to cost more to insure than a mid sized sedan. This is also true of vehicles that are on the list of most stolen. There are many ways that policyholders can save on their insurance. Knowing more about auto policies and premiums can help consumers take advantage of less obvious discounts while ensuring that they have the appropriate protection for their vehicles. The last way to save is to assume more risk. If you chose higher deductible on your Personal Injury Protection or Comprehensive and collision coverage will lower your premium as well. The deductible is the amount of money you have to pay before your insurance company begins paying the rest.

Understanding how discounts affect your car insurance rates is important to save you money.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

How Does Credit History Affect Car Insurance Rates?

October 13, 2013

Many personal car insurance companies consider your credit information when determining how much premium to charge for your insurance. So if you are calling around for new car insurance, keep in mind that many insurers are looking at your credit history to determine your car insurance rates. I hope that we will be able to let you know why and how they do this.

The reason that some insurance companies use credit information is because they feel there is a direct correlation between consumer’s credit history behaviors and expected claims that may occur. Therefore, they feel that people with better credit behavior are less likely to severe insurance losses.

Many insurance companies still use your age, driving history, type of vehicle, where you live in determining how much you should pay for your insurance. Therefore, if you have not established a credit history yet, the companies that use credit history may not be best for you. They may not allow you to be eligible for certain discounts, which could result in higher premiums.

The companies that do use credit scoring will still use other factors in determining your premium. They will also use your age, driving history, type of vehicle, where you live in determining how much you should pay for your insurance.

Is it fair for a car insurance company even look at my credit information without my permission? The answer is yes. The Federal Fair credit-reporting act says “Reasonable procedures. It is the purpose of this title to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this title.” This can be found at http://www.ftc.gov/os/statutes/fcra.htm

If you feel that your credit history is better then the insurer can find, make sure the insurer has your correct name, address, social security number, and date of birth.

Some insurance companies will look directly at your actual credit reports when determining your rate, however most will use what is called an “insurance credit score.” An insurance credit score is developed by using statistical techniques and methods to predict the likelihood a consumer will have a higher than anticipated losses. These are similar to what lenders use to predict the reliability of an applicant repaying a loan.

Credit History Factors and Car Insurance Rates

Insurance companies use many factors in determining your credit score. Here are some examples of those factors:

  • Public records: bankruptcy, collections, foreclosures, liens, charge-offs, etc.
  • Past payment history: the number and frequency of late payments and the days between the due date and late payment date.
  • Length of credit history: the amount of time you have been in the credit system.
  • Inquiries for credit: the number of times you have recently applied for new credit, including mortgage loans, utility accounts, and credit card accounts.
  • Number of open lines of credit: the number of credit cards, whether you use them or not.
  • Type of credit in use: major credit cards, store credit cards, finance company loans, etc.
  • Unused credit: how much you owe compared to how much credit is available to you.

Your insurance credit score may differ from company to company, as they will use different factors in determining your premium. Notice that we call it an insurance credit score. This means that it encompasses many factors including credit.

Since each car insurance company uses different techniques to determine your credit score it is hard to tell you what a good credit score is. Usually a good credit score will result in lower premiums.

Your agent or company is not obligated to tell you your credit score. In fact, they might not even know what it is. All they usually know is that your credit score qualifies you for a specific rate or policy. Some companies also offer better rates under each qualifying tier.

If you feel that there is incorrect information on your credit report, you should tell the credit bureau. If you report and error, the credit bureau must investigate the error and get back to you within 30 days. You can ask the credit bureau to send a notice of the correction to any creditor or insurer that has checked your file in the past six months. Once the errors are corrected, it is a good idea to get a new copy of your credit report several months later to make sure the wrong information has not been reported again.

The three national credit bureaus are:

Tell your car insurance company. Do not wait until the credit bureau investigates the errors to contact your insurer. Tell your insurance company right away and ask if the errors will make a difference in your insurance. If the errors are big, tell your insurer that you are disputing the information and ask if they will wait to use your credit information until the errors are corrected. Small errors may not have much affect on your insurance credit score. If the errors are big, it can make a significant difference in your premium. Some companies are unable to adjust the premiums until the score is corrected, but it does not hurt to ask.

If you have taken the steps to improve your credit, score you should ask your insurance company to re-evaluate your credit score at renewal.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Homeowners Insurance: Lessons from Katrina and other gulf storms

December 8, 2012

Is Homeowners Insurance Enough in the Toughest of Times?

Homeowners Insurance is supposed to protect us in case of disasters. That is what we have come to expect from our home insurance over the years. But what if the disaster is the costliest in U.S. History? What if your insurance agent’s home and office were destroyed in the disaster also?

That is what happened to many customers and homeowners insurance agents and companies after Katrina hit the Gulf coast. Many agents’ homes, offices and insurance Companies’ claims centers were in the same situation as their clients due to the storms. So what did they do? They set up “office” in tents and mobile trailers. Then Hurricane Rita blew away these temporary offices and the agents and companies set them up again. These temporary shelters acted as a communications center for all people in the surrounding areas. Local people would come by to ask questions, meet with their claims adjusters and just catch up on the news with their neighbors. Extreme circumstances dictated unconventional responses: some agents even filed claims for their clients without even talking to the clients just so they could get the claim “in the queue.” Allstate allowed customers to submit claims through any agent in the country and set up a priority line to assist. They sent email to agents in the areas surrounding the disaster areas to act as messengers by “word of mouth” to their fellow agents in the effected areas. The larger companies such as State Farm & Allstate that service claims for the national flood Insurance Program even used satellite imagery to determine damage in some neighborhoods that were entirely flooded.

Lessons Learned: Those of us not effected by these disasters can learn a few lessons about coping with future disasters from the thousands of policyholders that are still waiting to get their claims paid. As soon as possible, take steps to prevent further damage to your home if possible: such as covering the roof with a tarp if possible. You can hire a contractor if you can find one, as that would be safer for most of us than climbing on our roofs. Hold off making any repairs until you see or talk to an adjuster first. Plus, keep your receipts, as you’ll need them to prove expenses that can be re-imbursed later.

What Does Homeowners Insurance Cover?

You can generally expect your home insurance to help pay for additional living expenses for up to 12-24 months while your home is being repaired. But, homeowners insurance usually pays only after they verify you have a legitimate claim. After Katrina, many insurers made an exception, automatically distributing enough to cover two weeks’ worth of additional living expense to anyone in an area subject to mandatory evacuation. Some companies even gave small advances on contents under the personal property part of their homeowners insurance policies.

If you have to wait to get your check, it helps to have cash that is easily accessible in a bank account or money market fund. Stashing cash at home isn’t a great idea because if your home burns down and you weren’t able to get to your cash, most homeowners insurance policies only cover $100-$200 in cash whether it is stolen or burned up in a fire. Your goal should be to have an emergency fund available to take care of your family for 2-4 weeks (minimum)if possible. In a disaster it might be hard to even find a local bank to get cash. Debit/credit cards with a statewide or national bank would perhaps be better.

Your biggest problem in getting your claim handled may be in either not having the proper homeowners insurance coverage or not having enough coverage. Most good homeowners insurance policies today cover up to 120% of your dwelling coverage limit. It is important that you review the dwelling limit with your agent every couple of year’s at a minimum. Homeowners insurance policies do not cover Flooding, but you should again see your agent for this coverage.

If your homeowners insurance falls short, you may qualify for money from the Federal Emergency Management Agency (FEMA) or a disaster-assistance loan from the Small Business Administration (SBA). Homeowners can borrow up to $200,000 for rebuilding and $40,000 to replace personal property at very low interest rates for up to 30 years.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors

Car Insurance Tips for Senior Drivers

April 25, 2012

Like all drivers, senior citizens (or as we like to call them “seasoned citizens”) want to get the best rates on their auto insurance policies. What they may not be aware of is that older drivers may present a higher risk than other drivers, usually leading to higher auto insurance rates.

Following a few simple tips and taking these measures will ensure that you are getting the lowest rates possible on your car insurance policy.

  1. Avoid more Accidents, Pay Close Attention at Intersections. Auto accidents involving seniors often occur at intersections. Make sure to look ahead if you plan to quickly change lanes after an intersection. Pay attention to protected left turn lanes with their own arrows, and always keep your tires pointed straight ahead when stopped, so that a rear-end accident doesn’t push you into oncoming traffic.
  2. Follow the flow of traffic, Drive at the at or near the speed limit. Driving too slowly can be just as dangerous as speeding, especially when entering or exiting interstates or freeways. It can also trigger dangerous “road rage” in less patient drivers. You don’t have to be Mario Andretti, but keeping to the right and following the flow of traffic is the safest bet.
  3. Many violations include failure to yield right-of-way, improper turning or incorrect lane changes, so keep current on the traffic laws relating to new traffic designs.
  4. Sit high enough in your seat so that you can see at least 10 feet in front of your car, advises the National Highway Traffic Safety Administration. If your car seat does not adjust to allow this, add a cushion. This will make it easier to see pedestrians and bike riders, and reduce problems from oncoming headlight glare at night.
  5. Do not wear sunglasses or tinted glasses when driving at night. For many older drivers, night vision is reduced, so safety dictates not driving at twilight or after dark.
  6. Make sure you learn how to operate a New Car. Things like Anti-lock brakes, for example operate differently in slippery situations. If you have never driven a car with anti-lock brakes, sure to get training on proper use.
  7. Senior drivers can refresh their skills and knowledge — and get a discount on car insurance coverage in many states — by taking a refresher driving course, such as the eight-hour “55 Alive” course offered by AARP. More than two-thirds of states mandate auto insurance policy discounts for such courses, and many insurance companies offer the discounts voluntarily.
  8. Look for cars with rear-view mirrors that automatically dim and filter out headlight glare.
  9. Air bag technology has become more advanced, with sensors that deploy air bags based on the weight of the occupant, reducing air-bag-related injuries. Some new cars also have side air bags in the seats or door frame that offer better protection.
  10. Consider fit and comfort in your new car. Seat belts that comfortably fit over your shoulder and low on your lap will keep you safer. Automatic transmission, power steering and power brakes require less physical effort.
  11. Last but definitely not least, Check to see which car insurance companies offer specific ‘Senior Discounts.’ While shopping around for the best auto insurance rates is important, which insurance company you choose might depend on how they treat senior drivers. You’ll get their best rates if you’re healthy and drive a safe, modern vehicle.

So why not get started today and call Micah and Maria at 702-477-7776 for excellent advice from Bleecher Insurance Advisors