In recent weeks, I have had numerous claims that have been denied or greatly reduced because clients are thinking that “if it’s in the home, it’s protected by the home policy.”  If you are a plumber, electrician, framer (think any of the building trades) your tools are considered your business property and there is little if any coverage that extends to these items if they are stolen out of the truck or the garage!

Another example to be aware of is the bookkeeper or accountant that is working from the house.  The last client I worked with was the PIANO TEACHER. The office furniture, Fax machine, filing cabinet, copy machine, GRAND PIANO etc … are not insured under the homeowners insurance policy if it is part of your business.

In each of the above examples we have been addressing the property, but perhaps the biggest exposure that is not covered is the Liability protection that is NOT EXTENDED from your homeowners policy. The client that comes by the house to pick up the payroll report, and while at your house trips or is bitten by the family dog.   The music students that come to your home and get hurt for whatever reason…

The solution is simple. Let your insurance agent know about your unique business exposure, and let your agent give you the different solutions to the problem. Today there are numerous insurance companies that have created a specifically designed policy for the “BUSINESS IN THE HOME”. It is the same type of coverage that you would enjoy if your business were in an office down the street, or a strip mall around the block. The premiums for these types of policies are usually very inexpensive and offer the protection that your home owners insurance does not.

Running a Business from the home is just one example of limitations that your homeowners policy has, but there are others that should be noted as well.

Gold and Silver bullion or coins have become very popular in recent months due to the economy. NOT COVERED with your homeowners insurance. Be very careful of thinking that adding a vault at home will take care of this risk.  The vault is only good if you are not there when the bad guys come.  If you are there, the bad guys will have you opening up the vault in seconds!!!

Jewelry, furs, Silverware, Guns, Rugs/Tapestries, Computers, Stamps, Securities, Cash, Trading Cards all have limited coverage under a homeowners insurance policy but can be addressed on an individual basis that fits with each clients needs.

In summary, your homeowners insurance is designed to protect against certain things.  It is probably better to know what is NOT covered instead of what is covered. You can then make an educated decision as to what is important for you.

Today we are seeing more and more Mortgage Companies demanding that the new owner provide a Condominium Unit owner’s Policy. This policy must include “Building” coverage adequate to protect the mortgage amount. In essence, the new requirements, mandated by the Lender, does not recognize that a master policy exists. This is forcing the new owner to pay additional money for duplicate coverage.

The recent downturn in the economy, and the number of HOA’s that are no longer financially sound is probably the reason behind the mandatory requirement of a separate policy. We are seeing many HOA’s letting policies cancel for non-payment. If an HOA is having a hard time paying for insurance, they are usually having a hard time paying for normal maintenance. These Condominiums are also susceptible to higher claim frequencies. The first time that many individuals and Mortgage companies find out that there is no insurance on a Condominium is after the claim!
My personal preference is to always purchase a separate unit owners insurance policy that will protect my “stuff”. My “stuff” includes:

1. Personal belongings (contents)
2. Building Coverage (so that I am not relying on someone else to protect one of my largest assets)
3. Personal Liability protection (If I get sued because someone tripped)
4. Loss of Use (I need a place to stay if the Condo is destroyed)

Even if I plan on renting the Condo for investment purposes, It is just as important, if not more important to have a separate Rental Condo Unit Owners insurance policy. This policy protects my interests as a landlord and the policy includes:

1. Business Contents (Washer/Dryer etc.)
2. Building Coverage (so that I am not relying on someone else to protect one of my largest assets)
3. Land Lord Liability (If I am sued in a business capacity)
4. Loss of Rents. (when I can’t rent the condo because it is being repaired)

Condominiums continue to be a great way to own a residence and have some of the responsibilities of home ownership passed on to the association. Keep in mind that this is also a double edged sword. You should be vigilant in knowing what is going on in your HOA. You should make some of those meetings and understand how financially sound the HOA is. Those people who show concern and ask questions, are also asked to share in the responsibility of governing the HOA . This brings a whole new set of issues and considerations on your part. All in all, condo ownership fits the needs of some people, in a price range that can be more affordable than a free standing house and may be just what you need. Click here for a free Arizona Condo Insurance Quote.

In Arizona, I like to start with what I believe is the most important :

UNINSURED and UNDERINSURED MOTORIST: This portion of your auto policy contract protects people in your car, including you ,that may be hurt or injured by another automobile that has no insurance or not enough insurance. Remember that in the State of Arizona, it is the at-fault party that is responsible for paying for your injuries…. If they do not have insurance , or they do not have enough insurance… you protect yourself and your family with this coverage! (I never rely on anyone else to take care of my needs, and thus I feel this to be the most important protection)

LIABILITY: If you cause the accident, you are responsible to pay for damages and injuries. This coverage is like the mote around your castle!! The liability insurance pays out first…. When the limits are all used up, the rest of the money owed comes out of your pocket! This could mean your future income is garnished. All of your assets, with a few exceptions are on the line! The more assets you have the more liability limits you want. (BIG CASTLE NEEDS BIG MOTE!)

Next in importance:

MED PAY: This provides medical coverage for all people in your car, regardless of who is at fault in an accident. If you have health insurance, you may not need this coverage. If you don’t have health insurance, or you have a very high deductible, you might want to add this to your policy.

COMPREHENSIVE and COLLISION: There are only two coverage’s on an auto policy that protects the car itself. To remember what each does, COMPREHENSIVE covers everything other than a COLLISION. If you can financially afford the loss of your car, (It’s so old it’s not worth much, or you have the ability to replace it without it being a financial burden) you might not want to purchase these two coverage’s. You have no choice if there is a lien on your car.

Nice to have:

RENTAL REIMBURSEMENT: Just like it sounds… but only comes into play if there is a COMPREHENSIVE or COLLISION loss. It is not going to pay because the car is in need of maintenance.

EMERGENCY ROAD SERVICE/TOWING: This Coverage is so inexpensive, I believe that everyone should have this as part of their auto policy package.

DEATH & DISSMEMBERMENT: Inexpensive and nice to have in a tragic accident.

Loss of earnings: Usually a small percentage of your income

You will spend a great deal of money over your lifetime in purchasing Auto Insurance. Take the time to work with a professional to tailor a policy that meets your needs and expectations

Insurance Quotes R Us is an insurance agency in Scottsdale, AZ that is dedicated to helping residents of Scottsdale AZ with their insurance needs.  To get a free Arizona Auto Insurance Quote, fill out one of the forms on our website or call us at 480-946-5322.

I wish that I knew this information when I was 18, and it is just as valuable to me today. If I ran this country, I would make it mandatory viewing for all High School Students, College students, military personnel, all teachers, every employee, my children, every citizen of the United States should be made to watch, and here is the reason why:

Today every aspect of your life is affected by your Credit Score. It has more relevance to you, than your SAT Score, your Cholesterol reading, your IQ and any other score that you can think of or imagine. Today your credit score will help determine the cost of your insurance, the interest rate you will get on a mortgage, the ability to rent an apartment, the ability to open a banking account, the opportunity to compete for a job… and the list goes on.

You probably studied before taking every test or exam in your life, and the raw truth of the matter is that the score you achieved by all that studying had no impact on your life at all. NONE, ZILCH… NADA!!! It would only make sense that individuals should take the time to understand what they can do to increase their credit score. I think we all would like to get an “A rating” when it comes time to apply for a loan, job, insurance, or housing.

I am hoping that you have taken the time to watch the video by now. I made so many mistakes thinking I knew what I was doing. In looking back over the last 30 years, I was probably lucky in making the financial decisions I did, but knowing what I do now… I could have done so much better. Your Credit Score is easily managed and easily damaged! It takes planning, time and effort to make it the best it can be. Can you imagine how ugly it looks if you keep making the same mistakes over and over again.
This Blog topic may seem unusual in an insurance site but in reality most insurance companies today are using predictive modeling to price their insurance products and the credit score is one of many things that they are using in their models. If lower cost of insurance, lower interest rates for your loans, and greater opportunities at housing and careers, are important to you… then start working on increasing you credit score today. If you can’t take the time or have special problems that need to be addressed, then contact a professional that can work on your specific needs. Go ahead watch the video, I bet you have made a few mistakes regarding your credit score in the last few months.

To find out more about  insurance , please visit Insurance Quotes R US, where you can make great savings on a wide range of insurance products.

One of the biggest misconceptions that plague the insurance industry, is that the person or company that is renting you a place to live is somehow responsible for the things inside of your home. As a tenant, your insurance needs are in two very different categories of protection. Let’s take the most obvious, and the one that makes the most sense. You own “STUFF”. If you were to lose your “Stuff” because of theft, fire, broken water pipes… etc., Chances are that you will need to replace the items with new Stuff. Every Christmas, without fail, I watch the news on TV and see the night time picture of fire engine lights flashing and in the background you see the apartment complex that has just sustained a fire. There is always someone holding a child, usually in the rain or snow, and the TV anchor person , asking , “What are you going to do?” The response is the same…, “I have no place to stay and all my stuff has been destroyed.”

I want you to know that I have the biggest heart in the entire world, and I would not want this scene to play out in anybody’s life… but for $12.50 per month, (less than the cost of a pizza) you can protect yourself and your family from this senseless position. A renter’s insurance policy will give you a place to stay, it will provide the new clothes, TV, Beds and furnishing that you have accumulated. When I see this scene play out year after year, I think to myself, “maybe you just can’t fix stupid.”

If you own and insure a car at the same time you are renting a place to live, the savings that a renter’s insurance policy will give to your car policy is probably close to paying for the renters insurance policy. This is the biggest “No Brainer” purchase every renter should make!!

The second area of protection that the renters’ insurance policy provides is the one called Liability insurance. Because liability insurance is included in a renters’ policy, many apartment manager’s and Rental Dwelling owners are requiring their tenant’s to buy renter’s insurance. Here is why. Imagine making dinner, and you just added the ground beef to the skillet. The phone rings, and you take the call. We have all been in this situation before! You step out of the kitchen to get on with the call, and 20 minutes later the smoke detector is going off and the smoke is so dense in the kitchen you can’t see. Can you guess who is going to be responsible for the damages that were done to the apartment or home in this instance? YOU ARE. If you have a renter’s insurance policy in force, not only does it cover the damage that you caused to the building because of the fire, but you won’t be standing outside with the TV New crew letting the world know that you have no place to stay, and nothing to wear. You will be one of the folks talking on your cell phone, making arrangements with your insurance company for a hotel room  and an emergency cash disbursement so that you can pick up a toothbrush and a change of clothes until the claim can be settled.

To find out more about renter’s insurance, please fill out one of our free Arizona Renters Insurance Quote forms.

If you think that someone else is taking care of the insurance for you, I would caution you to think again.  The Association may have a “Master policy” that insures the structure, but chances are, that policy has a very high deductible or may only be covering the outside walls.  YOU NEED to know what that Master policy covers.  It makes little difference if you own a Condo to live in or you have purchased it as investment property…. The CONDO INSURANCE policy you purchase needs to include what the Master policy does not.

The Association’s CC&R’s (Codes Covenants and Restrictions) are the ultimate laws that direct how insurance issues will be handled.  Who is responsible for the damage to interior walls, fixtures, flooring, roofing, heating and cooling?  If it is the Association’s Master policy, who is responsible to pay the deductible?  How high is that deductible?  These questions are better answered before lightning strikes or the toilet overflows for 8 hours!

Besides the physical damage to the structure, each owner should also take into consideration the replacement cost value of their contents inside the condo and most importantly, the liability issues associated with home ownership.  The Master policy purchased by the homeowners association does nothing for your personal property nor  does it provide you with insurance for your personal liability exposure.

Finding out at the time of a catastrophic claim is the worst time to find out that your HOA ( Home Owners Association) just reduced the monthly association fees because they stripped the master policy of protection that you were counting on.  What this means, is that keeping aware of what the Board of Directors are doing is also critical in protecting your home.  I have found that every few years, the newly elected Board of Directors review the association’s balance sheets and when they see the high cost of insurance, start working to bring that figure down.  Make sure that you are on their mailing list for “News about the HOA”.  Many times, this important information is sent to the Condo unit’s address and not the mailing address of the owner!

If there was one thing that I would wish that all my Condo clients would do, especially in Arizona, is to invest in a water shut off valve to the house, making an easy place to turn off all the water.  One of the leading causes of Homeowners claims in Arizona is plumbing related water damage that occurs while the owner is away.  Living in Arizona and dealing with dry heat, most Arizonans try to get away during the hottest part of the Summer.  This is when rubber hoses on the washing machine tend to dry and crack and also when supply lines to the toilets tend to lose their “grip”.  It would be a dream come true if the water was shut off before this happened!

Please visit our website for a free Arizona Condo Insurance Quote.

1. New business discount: May offer you a discount as a new policyholder if you have been accident-free for a specific period of time.
2. Accident-free: Policyholders who have been accident-free while being insured with the same insurance company for several years may be eligible for reduced premiums.
3. Discounts for other insurance lines: Premiums may be reduced if you insure your home, life or health with the same company that covers your car.
4. Multiple cars: Premiums may be reduced if there are two or more private passenger cars in the household insured by the same company.
5. Air bag/passive restraint: Cars that are 1993 or older and are equipped with air bags or automatic seat belts may receive this discount. Certain makes and models of newer vehicles may receive the Vehicle Safety Discount because of the lower medical payments associated with them. The Vehicle Safety Discount is for autos 1994 or newer. Certain makes and models may have a decrease in their premiums because of lower medical payments associated with those specific makes/models.
6. Antitheft devices: Some insurance companies offer discounts on comprehensive coverage premiums when certain antitheft devices are installed or built into a vehicle.
7. Defensive driving course: Premium discounts sometimes are offered for the voluntary completion of specified driver improvement courses.
8. Good student: Full-time students (high school or higher level) maintaining at least a “B” average may qualify for reduced premiums with many companies.
9. Longevity Discounts: Length of time you have been with an insurance company may also afford you a reduction in premiums. This is a good reason to keep in contact with your current carrier to see if you are approaching another discount and allows for the opportunity to review your file for things that may have been missed.
10. Low usage of a car can impact the rates. Antique cars, Replicas, cars that are stored and not driven months at a time. All of these may have a special premium with your insurance carrier.
11. Older, less valuable cars, may not need to have Comprehensive or Collision coverage. If the cost for these two coverages represent more than 10% of the value of the car, chances are it is time to review the policy and consider dropping these coverages.

These are just a few of the common discounts offered by insurance companies. For more details contact your insurance company or agent or get a free Arizona Auto Insurance quote today. Above all, drive safe.

Each item below has limited coverage in the event of a covered loss. (Some items are not covered at all.)

1. Cash, Coins and other cash equivalents . (stamps, Travelers checks, Bank Notes)
2. Property used or intended to be used in Business. (TOOLS IF YOU MAKE YOUR LIVIMG FROM THEM)
3. Home computers
4. Rugs, Tapestries, Wall hangings
5. Silverware and Gold ware
6. Guns/Firearms
7. Jewelry
8. Trading cards, Comic Books, Coin Collections
9. GOLD/SILVER Bullion
10. Watercraft and equipment
11. Trailers
12. Cars stored in the garage (ONLY AUTO POLICIES INSURE CARS)

The insurance policy contract provides coverage for some things that happen to your home and contents…. But not for EVERYTHING THAT CAN HAPPEN. Here are areas that you should be aware of:

Losses to your home because of:

Arizona House

1. Birds, rodents, insects or domestic animals are not covered. (When your dog goes crazy on New Year’s Eve and rips down all the drapes… not covered!)
2. Damage to your home caused by deterioration, settling, contamination or nuclear hazard… not covered. (That old roof, is probably not an insurance problem. The crack in the tile floor, probably not.)
3. Earth movement including earthquake and mudslide is not covered under your home policy.
4. Flood is not a covered loss under a home policy. (Toilets overflowing are not floods!) Flood usually happens when it rains for 40 days and 40 nights… If you see animals going by the house in groups of two chances are that there will be a FLOOD. ) If you purchased a FLOOD policy, you will have a chance to make a claim.

In recent years, more and more people are running a business from their home. The common belief is that if the business is in the home that the home policy will cover the business. STOP THINKING THIS!! Your business in home needs the same type of business policy as if you were renting space in a strip mall or had your own business location. Your home policy was never intended to insure the business contents or liability exposure.

To find out how much coverage you need or see if you are currently under-insured, please fill out one of our free Arizona Home Insurance quote forms.

I love insurance for what it was designed to do. It protects you from financial loss for certain things, but not everything. The best way to make sure that your unique situation is taken into consideration when purchasing any insurance contract is to take the time to work with your agent. Go over the areas that are limited. Agree to taking on the risk yourself or passing it on to the insurance company for additional premium, but most importantly, don’t learn about your contract after the loss happens!

New research shows how you talk to your teen about safe driving can affect the likelihood of your teen having a tragic crash

Car crashes remain the No. 1 cause of death among teens; however many teen driver-related injuries and deaths are preventable. This year, as part of National Teen Driver Safety Week (NTDSW), Oct. 18-24, We have an important message to share with Scottsdale parents: how you talk to your teens about safe driving can significantly affect the likelihood of your teen having a tragic crash.

In 2007, 183 people were killed in crashes involving teen drivers in Arizona. Since 2005, Arizona crashes involving teen drivers have claimed 1044 lives. On a national level, since 1999, almost 78,000 people have been killed in crashes involving teen drivers. October averaged the highest number of teen vehicle crashes and on average the number of 16- and 17-year-old driver claims involving injury or collision increases nearly 20 percent in October as compared to other months.

On October 23, 2009 during the Coronado/Tempe High School football game, agent Joy Estes, in conjunction with the Scottsdale Police Department, will be holding a teen driver safety fair. The Scottsdale PD’s crash car as well as demonstrations and other activities will take place. Participants will be exposed to a wealth of information critical to preparing teens for driving as well as information for teens already on the road.

The Children’s Hospital of Philadelphia formed the Young Driver Research Initiative (YDRI) to reduce teen driver deaths through scientific research. A new study based on the National Young Driver Survey of more than 5,500 teenagers revealed that the way parents communicate to their teens about safe driving can strongly influence their teens’ likelihood of a car crash.

The study, Driving: Through the Eyes of Teens: A Closer Look, revealed that teens who said their parents set clear rules, paid attention to whom they were with and where they were going, and did so in a supportive way were:

• Half as likely to crash
• Twice as likely to wear seat belts
• 71 percent less likely to drive while intoxicated
• 30 percent less likely to use a cell phone while driving

The study also revealed:

• Parents need to be sure their teens receive at least 50 hours of supervised practice under a wide variety of conditions while learning to drive.
• Limiting primary access to vehicles during the first 6 to 12 months of driving is important. Teens who are the main driver of a vehicle are more than twice as likely to report having been in a crash than teens who share a car with a family member

Insurance Quotes R Us is an insurance agency in Scottsdale, AZ that is dedicated to helping residents of Scottsdale AZ with their insurance needs.  To get a free Arizona Auto Insurance Quote, fill out one of the forms on our website or call us at 480-946-5322.

About The Children’s Hospital of Philadelphia
The Children’s Hospital of Philadelphia was founded in 1855 as the nation’s first pediatric hospital. Through its long-standing commitment to providing exceptional patient care, training new generations of pediatric healthcare professionals and pioneering major research initiatives, Children’s Hospital has fostered many discoveries that have benefited children worldwide. Its pediatric research program is among the largest in the country, ranking third in National Institutes of Health funding. In addition, its unique family-centered care and public service
programs have brought the 430-bed hospital recognition as a leading advocate for children and adolescents. For more information, visit http://www.chop.edu.

]]> http://www.insurancequotesareus.com/auto-insurance/how-to-talk-to-your-teenager-about-safe-driving/feed/ 1 http://www.insurancequotesareus.com/auto-insurance/car-thefts-are-down-how-does-this-affect-auto-insurance/ http://www.insurancequotesareus.com/auto-insurance/car-thefts-are-down-how-does-this-affect-auto-insurance/#comments Fri, 18 Sep 2009 15:42:14 +0000 admin http://www.insurancequotesareus.com/?p=225 Car thefts are down, but don’t cancel the Comprehensive coverage from your auto insurance policy just yet. The average comprehensive insurance premium in the U.S. fell 3.3% from 2005 to 2006. (The most recent data available)

The National Insurance Crime Bureau (NCIB) reports that 2008 marked the nation’s fifth consecutive year of declining vehicle thefts in the United States. To put it into perspective, in 2006 every 26 seconds a car was stolen in the US. That number is now down to one car every 28.8 seconds. The more likely a car is to be stolen, the more likely it will cost more to insure it.  In 2006 the HOT CAR was the 1995 Honda Civic. 1,095,769 motor vehicles were reported stolen in 2007, with Western states representing 35.7% of the total.

A car that has been broken into

The top 10 States ranked by number of auto thefts in 2006 placed Arizona in the number 4 position. California, Texas and Florida were in the top 3 positions.

City-by-city differences in auto buying habits are reflected in the preferences of auto thieves. For example, American vehicles tend to be the auto thief’s choice in Detroit and Chicago; pickups are popular in Phoenix and Houston; and Japanese models lead the most commonly stolen list in Los Angeles.

Carjacking account for only 3% of all motor vehicle thefts nationwide, and occurs most frequently in urban areas, but what may be more surprising, in a survey of American drivers conducted in April of 2007 by the National Insurance Crime Bureau, the nations’ leading not-for-profit organization dedicated exclusively to preventing, detecting and defeating insurance fraud and vehicle theft through information analysis, investigations, training and public awareness, and Lojack, a manufacturer of an electronic vehicle tracking and recovery system, found that 40% of drivers don’t hide their valuables, in fact, nearly half leave mail in their vehicle, a quarter have left a purse or wallet, and almost one third have left bank statements, all of which can put them at risk for identity theft.

Besides the cost associated with vehicle theft that are covered by the insurance companies, many people forget the cost in time and inconvenience that are not covered and can mount to many hours and lost income not to mention frustration.
Insurance criminals are ripping off the insurance industry and the American public daily. This results in higher insurance premiums for all of us. Keeping money in our pockets starts by educating ourselves about what fraud and theft is, who commits these types of crimes and how we can protect ourselves from becoming victims. Consumers are a vital part of the solution.

The NICB publications and fact sheets help to educate the American public and also assist in spreading the word about insurance fraud and theft and our collective efforts to counter these crimes.

Report Auto Theft and Fraud to your local law enforcement, as well as the National Insurance Crime Bureau at 1-800-835-6422. (1-800-TEL-NICB) Your call to NICB can be anonymous and you may be eligible for a reward.  Click here to obtain a free Arizona Auto Insurance Quote.