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How Moving Affects Your Auto and Home Insurance

Moving can come with a lot of stress. Not only do you have to figure out moving costs, pack and orchestrate the movers, but you also have to update your address across all relevant forms. Two important things to pay special attention to during this time are your auto insurance and home insurance. No one wants to spend hours getting new insurance quotes or transferring over insurance information, but doing so will protect you, your home, and your vehicle during and after your move. Here, we’ve answered the most common auto and home insurance questions to help cover your bases… Read More »How Moving Affects Your Auto and Home Insurance

How Moving Affects Your Auto and Home Insurance

America is on the move. With many employers required or volunteered to offer their employees to work from home and with the telecom availability, people are leaving their more expensive cities and houses, and moving out to cheaper places. In San Francisco, for instance, the exodus is so big, it’s a major news headline every other day with a special vacancy / rent reduction coverage once a week on all media outlets.

Moving can come with a lot of stress. Not only do you have to figure out moving costs, pack and orchestrate the movers, but you also have to update your address across all relevant forms. Two important things to pay special attention to during this time are your auto insurance and home insurance.

No one wants to spend hours getting new insurance quotes or transferring over insurance information, but doing so will protect you, your home, and your vehicle during and after your move. Here, we’ve answered the most common auto and home insurance questions to help cover your bases during your upcoming move.

Read More »How Moving Affects Your Auto and Home Insurance

Is Your Home Insured to Its Replacement Cost?

If you lost your home in a fire, how much would it cost to rebuild it? The answer may be different than you think. And if your home isn’t insured to its full replacement cost, your homeowners policy may not cover the full cost for you to rebuild it in the event of a covered loss. Rebuilding costs could differ from what you paid for your home and be more than its current market value – what it would sell for today – especially in areas where the value of real estate has changed. A replacement estimate includes costs to rebuild your… Read More »Is Your Home Insured to Its Replacement Cost?

Roof Maintenance and Inspection (What to Look For)

One of the most common mistakes homeowners make is to wait until they see a leak inside their home before checking out their roof. After all, why look for trouble, right? Unfortunately, avoiding home maintenance in this manner could cost you a lot more money in the long run.

Roof maintenance should be done each spring and fall and after any major storm that could damage it. Depending on the type of roof you have and your ability to access it, you may want to consider hiring a roof inspector to avoid personal injury.

Roof Styles

As you might expect, different types of styles and materials are popular in various regions because of architectural tastes and weather patterns. Among the most popular styles are:Read More »Roof Maintenance and Inspection (What to Look For)

Standard Flood Insurance Bootcamp – All You Need to Know

As the mountain snows melt, spring rains begin to fall and hurricane season rapidly approaches, it is important to remember that flood insurance typically is not a covered peril in a traditional homeowner’s, dwelling, condo or commercial property policy. As the property market continues to harden in 2020, it is more important than ever to understand your true risk of flooding and confirm you got adequate coverage options to protect what is probably one of your largest assets.

Flooding is the most common and costly natural disaster in the United States, with 90% of natural disasters in the U.S. involving flooding. This isn’t just coastal flooding, either. In fact, 98% of all U.S. counties were impacted by a flood event in 2018.

Yet, most property owners do not think their building is susceptible to flood. Common stances on flood insurance include, “I’m not in a flood zone;” “My realtor told me I am in a preferred flood area;” or “It hasn’t flooded in this area in years.” Because mortgage mandatory purchase requirements exist ONLY for buildings deemed to be in high-risk flood zones, most property owners assume that if it is not required, then the threat does not exist. This could not be more incorrect. The highest-risk areas have at least a 1% annual chance of flooding. To compare, the average chance of a home fire is 0.33%…nearly three times less likely to occur in any given year! Even many low-to moderate-risk areas see an annual risk greater than that of a home fire, with ranges between 0.2% and 1% in the 500-year flood plain.Read More »Standard Flood Insurance Bootcamp – All You Need to Know

Ordinance or Law Insurance Coverage

Generally, Ordinance or Law insurance coverage provides limited protection for costs associated with repairing, rebuilding, or constructing a structure when physical damage to the structure by a covered cause of loss triggers an ordinance or law.

According to Adjuster’s International Disaster Recovery Consulting, compliance with ordinances and laws after a loss can add 50% or more to the cost of the claim*.

Insureds should take a proactive approach to their insurance program and the coverage provided by the program. Learning about important exclusions and limitations after a catastrophe strike will cause the Insured to experience frustration and anxiety. Insureds should always read their policies, and in some states, may be required by law to do so.

Ordinance or Law Exclusion

Most property insurance policies will have an Ordinance or Law exclusion. The exclusion applies to both physical damage and time element coverage.Read More »Ordinance or Law Insurance Coverage

5 Things You Need To Know About the Home Office Deduction

Let’s talk about the home office deduction. People ask me about it all the time. “Can I take it?” “Do I qualify?” “Will it increase my chances of getting audited?” All of these are reasonable questions—particularly nowadays, when the numbers of mico-businesses, home-based entrepreneurs, remote workers, work-from-home employees, and freelancers have grown so much over the past few years.

Here’s the answer, in a nutshell: The home office deduction is perfectly legitimate and you should absolutely consider it. Here are some important facts about this deduction—all sourced from the IRS’ summary, Publication 587 (Business Use of Your Home) and Form 8829 (Expenses for Business Use of Your Home). Of course, you should also check with your accountant.

Number 1: To even consider getting the deduction, a part of your home has to be your principal place of business. Read More »5 Things You Need To Know About the Home Office Deduction

Quick Release Bars and Insurance

Burglar bars, also known as security or window bars, can be found on any type of structure – single-family home, apartment building, storefronts. The bars provide a visible sign of security serving as both a deterrent to potential burglars and a reassurance to those who had the bars installed. However, burglar bars can also be dangerous, preventing residents and other occupants from escaping in the event of a fire and leading to fatalities.

Based on data obtained from the National Fire Incident Reporting System (NFIRS), on average, about 25 civilians are injured or die each year in fires where escape is compromised by unauthorized bars or gates. The actual numbers may be larger than that, due to the fact that the presence of burglar bars is not always collected in a way that is recorded by NFIRS (e.g., written in the text but not coded). The most recent version of NFIRS, version 5.0, allows for the collection of data concerning burglar bars; however, data from the new version is not yet available.
Most fatalities/injuries involving burglar bars occur in residences when people become entrapped by the very bars that are supposed to protect them. Children, the elderly, the mobility impaired, and firefighters are especially vulnerable. The bars also can hamper rescue efforts, especially the efforts of those who arrive before public safety personnel.

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Dog Bite Claims Awards Average $32,000

According to the Insurance Information Institute (I.I.I.) and State Farm, the nation’s largest writer of homeowners insurance, the cost of the average claim from dog bites and other injuries is on the rise.  I.I.I.’s analysis of homeowners insurance data found that the number of dog bite claims nationwide decreased 4.7 % in 2014. However, according to the Insurance Information Institute, the average cost per dog bite claim was up 100% to 64,555 in 2022, compared to $32,072 in 2014.

The average cost per claim nationally has risen more than 67% from 2003 to 2014, due to increased medical costs as well as the size of settlements, judgments, and jury awards given to plaintiffs, which are still on the upswing.

With 1,867 claims California continues to lead the list of states with the largest number of claims, followed by Ohio with 1,009 claims and New York with 965 claims, although NY state is leading with the highest average cost per claim in the country of $56,628.

The trend in higher costs per claim is attributable not simply to dog bites but also to dogs knocking down children, cyclists, and senior citizens —all of which I.I.I. says can result in fractures and other injuries that increase the severity of the losses. Experts say that even normally docile dogs may bite when they are frightened or when defending their puppies, owners, or food. The most dangerous dogs are those that suffer from poor training, irresponsible owners, and breeding practices that foster viciousness.

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RateWatch: in 2014 Personal Auto Rates Rose 2.1%, Homeowners 3.5%

RateWatch in 2014 Personal Auto and Homeowners Rates RosePersonal auto insurance companies increased their rates by an average of 2.1% countrywide in 2014, according to California-based insurance consulting firm Perr & Knight’s RateWatch reports.

The three states with the highest overall increases were:

Michigan: 5.2%
Georgia: 4.7%
Rhode Island: 4.2%

Homeowners insurers increased their rates by an average of 3.5% countrywide in 2014.

The states with the highest overall rate increases were:

Kansas: 8.5%
Texas: 7.8%
Montana: 7.7%Read More »RateWatch: in 2014 Personal Auto Rates Rose 2.1%, Homeowners 3.5%