3 Things Home Buyers Need to Know About Insurance

Posted on June 26, 2018January 12, 2021 by admin

Before purchasing a home there many variables to consider. One thing you want to be sure about is your protection for your assets. Here are a few things for first-time home buyers to consider when they reach the insurance inquiry stage in their real estate purchase.

1) Compare multiple insurance companies

Compare coverage, price and financial stability. You are not required to buy from a particular insurance company, however you want an insurance company that is stable and responsive when handling claims. Shop for value, not price. Customer service and ease of doing business are key when selecting an insurance company that is right for you.

Your mortgage lender can, and probably will, require you to have homeowners insurance.You aren’t required to buy from a particular insurance company. Instead, compare coverage, price and customer reviews. Be sure you get the right type and amount of coverage. Shop for value, not necessarily rock-bottom price. Since you’ll mainly deal with insurance companies during times of disaster, make sure the company you choose has great customer service reviews.

Home insurance is not as hotly price-competitive as auto insurance, but you can still save from hundreds to more than $1,000 a year in premiums by shopping around. About 9 percent of our survey respondents had switched insurers in the previous three years, mostly because they got a better price from their new carrier. And those who switched for a better price were just as satisfied with their later claim payments as those who stayed put. Residents of California, Florida, New Jersey, New York, Texas, and other states whose insurance departments publish rate comparisons for standardized coverage can zero in on the lowest-priced insurers and then contact them for custom quotes. If your state doesn’t offer such guidance, contact an independent agent who sells insurance from multiple carriers.

2) Set up your payment out of Escrow, and use an Impound Account

If you’re like most homeowners, you’ll tack monthly insurance payments onto your mortgage check. The lender will pay your insurance premiums (usually your property taxes, too) out of your escrow account. Lenders prefer this option because it lets them know your insurance premiums are being paid, and their investment is well protected. Most likely, you’ll need to pay for one year of insurance at closing. Bring information about the insurance policy you have chosen and the money to cover the first year’s premium.

3) Look at Bundling and Saving

Consider buying your homeowners and auto coverage from the same company for as much as a 30 percent savings. Discounts are also available if you add more policies, like a motorcycle, watercraft, or personal umbrella. If you experience a significant loss, like a fire or storm, that is covered by your homeowner policy and have other policies that are affected, like an auto or motorcycle, the carrier may waive all deductibles after the home policy deductible is paid. Contact me and we can conduct a needs based analysis to identify your possible exposures and ways you can maximize your insurance protection while reducing your out of pocket expenses.

Purchasing a new home in California? Click here to get more information!

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5 Insurance Tips For Your New Digs

Posted on June 26, 2018January 12, 2021 by Seth Arruda

Your property insurance specialist, Raymond, has the answers to 5 key questions for those seeking to best protect their lifestyle by insuring their home.

(Psst…If you like the looks of Raymond and would rather watch the

video version of this article, click the button!)

Watch the Video!

1. Okay, Raymond, what is covered by a California Homeowner’s Policy?

Your standard homeowner’s insurance policy will cover you for catastrophic losses and sudden and accidental occurrences. Some examples would be wildfire, lightning, or if a pipe bursts in the home.

2. What is not covered?

Among other things, earthquakes and floods are not covered. These require a separate policy. Ask your insurance agent about getting coverage for these unusual circumstances today.

3. How much coverage do I need?

On your standard homeowner’s insurance policy, you are insured for the reconstruction cost of your home, not for the market value of the home or land. Need more coverage? Talk with your insurance agency today to discuss options.

4. What about my contents?

Contents are covered on a standard homeowner’s insurance policy but check with your agent to ensure you’re covered for the replacement cost of your dwelling and contents. Fortunately for the insured, no depreciation is considered in the replacement of contents. Let’s say you purchased a couch ten years ago. You will be insured for the replacement of a couch of the same original value without depreciation.

What about my high value items?

For high value items like jewelry, fur, art, etc. there are sub limits on the insurance policy. You will need to add Scheduled Personal Property to your policy. Scheduled personal property is an additional insurance policy for valuable items. Scheduling requires an appraisal. Schedule those to ensure the meaningful items in your home are fully protected.

5. In the event of legal trouble, am I covered?

…

Watch our video to learn more!

Some of the things you can learn in the video are:

How to get the absolute best insurance agent taking care of you and your home
The complete list of top insurance need-to-knows when buying a new home in California
- including answers to questions like: “In the event of legal trouble, am I covered?”

…and a few more insightful tips from our expert.

Click for clarity on one of the most important aspects of owning and taking care of a home.

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Expert Advice on Life Insurance

Posted on June 12, 2018January 12, 2021 by Seth Arruda

Life happens, and often at the most inconvenient time.

Most clients I speak with don’t know where to start when it comes to life insurance. They think it will be a difficult and scary process.

As someone very familiar with the matter, I can assure you, having a policy provides peace of mind and is easier than you might think.

There are two different types of policies:

Term Life Insurance (lasts 10, 20, or 30 years)
Universal (permanent) Life Insurance.

Most clients I speak to are interested in term life insurance because this is a policy which will typically get them to retirement or will cover them until the kids are out of the house and/or the mortgage is paid off.

When speaking to new clients about life insurance, here are a couple of things I ask them to think about:

Think about your mortgage, car payments, and bills, etc. What would it cost to keep your family just as they are now financially if something were to happen?
Do you want a plan you can put into place and not think about again? Or do you want a plan that offers things such as benefits for critical, chronic or terminal illness?

After getting a sense of what you want to protect we can then look at products and an application.

Putting a policy in place can protect your assets and loved ones. With a trusted insurance adviser to help you through the process, your life insurance fears can be dealt with, potentially providing a well-planned solution at a time when the unexpected happens and you can’t be there.

Call me today at 888.724.2124 or Get a Quote Here!

Get Started

Home Insurance when purchasing a property

Posted on June 11, 2018January 12, 2021 by Seth Arruda

Before purchasing a home, consider these variables as you reach the insurance inquiry stage.

1) Compare multiple insurance companies

Shop for value, not price.

2) Set up your payment out of Escrow, and use an Impound Account

If you’re like most homeowners, you’ll tack monthly insurance payments onto your mortgage check. The lender will pay your insurance premiums (usually your property taxes, too) out of your escrow account. Lenders prefer this option because it lets them know your insurance premiums are being paid, and their investment is well protected. Most likely, you’ll need to pay for one year of insurance at closing. Bring information about the insurance policy you have chosen and the money to cover the first year’s premium. For all cash purchases you are not required to provide insurance for the closing but it’s a good idea to purchase home insurance for peace of mind.

Most likely, you’ll need to pay for one year of insurance at closing, as lenders prefer this option.

3) Look at Bundling and Saving

Consider buying your homeowners and auto coverage from the same company for as much as a 30% savings. Discounts are also available if you add more policies, like a motorcycle, watercraft, or personal umbrella. If you experience a significant loss, like a fire or storm, that is covered by your homeowner policy and have other policies that are affected, like an auto or motorcycle, the carrier may waive all deductibles after the home policy deductible is paid. Contact us and we can conduct a needs-based analysis to identify your possible exposures and ways you can maximize your insurance protection while reducing your out of pocket expenses.

Do I Need Workers Compensation Insurance?

Posted on June 4, 2018January 12, 2021 by Deborah Rogy

She slips…

She falls!

Who’s responsible?

To help you answer this question, we’ve put together a brief summary of your legal responsibility as an employer:

Employers have a legal responsibility to their employees to make the workplace safe. Unfortunately, accidents happen even when employers and employees take every safety measure. That’s what workers comp is for.

Protect and Provide

Workers comp protects employers from lawsuits resulting from workplace accidents. It also provides medical care and compensation for lost income to employees who have been hurt in a workplace accident.

Because of this, in almost every state, businesses are required to buy workers compensation insurance.

Protect Yourself & Your Business

What does it do?

Covers workers injured on the job (whether they’re hurt on the workplace premises or elsewhere, or in auto accidents while on business).
Covers work-related illnesses.
Provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services.*
Provides Death benefits to surviving spouses and dependents*

Don’t I already have workers comp insurance under a BOP?

Workers compensation insurance must be bought as a separate policy.

Although in-home business and business owners policies (BOPs) are sold as package policies, they don’t include coverage for workers’ injuries.

If you already have workers comp, click the button below to ensure you’re getting the lowest rate and best coverage

OR if you don’t have workers comp, click below to learn more about it and receive a free quote.

*Note: Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered.

For example, most states regulate whether the worker or employer can choose which doctor treats the injuries and how disputes about benefits are resolved.

Protect Yourself & Your Business