Homeowners Insurance: Questions To Ask Your Insurance Agent

by Administrator 26. October 2016 06:17

Homeowners insurance provides financial security to an individual in case of unforeseen situations such as theft, fire, water damage, etc. Before applying for homeowner’s insurance, it is essential to enlighten yourself regarding the coverages you require and if the selected insurance agency provide them.  For this, you may make a list of questions that would be asking your insurance agent.

Listed below are some questions that can help you choose the right insurance company and make sure your hard earned is properly utilized.

Is the Company Financially Stable?

The insurance company you are opting for must be renowned, licensed and offer extensive coverage options. Hence, you must ask your insurance agent about the firm, its reputation, experience and other related information. You may also consider visiting the website to read the customer reviews and also research thoroughly on the services provided. The financial stability and soundness of an insurance company can be checked via NAIC (National Association of Insurance Commissioners).

What are my monthly premiums?

Premium is the amount paid each month after purchasing the insurance. You need to have a clear idea of the amount you need to pay as monthly premiums. Note that the amount should not make a hole in your pocket. You can ask the insurance agent about various insurance companies in your state and how much premiums they require you to pay. Another way is to visit an online insurance agency and request quotes of various insurance plans. This helps you to choose an affordable as well as an up to date insurance plan.

What about the rebuilding cost?

Your homeowner’s policy should cover the cost of rebuilding your home in the event of a total loss. This includes the construction materials used at the time of construction. Partial or total damages caused by fire, hurricane, lightning or any other disaster listed in your policy can be recovered. Flood and earthquake damages are covered separately as these are excluded in standard homeowner’s insurance policies. You should ask your insurance agent whether the company would cover these costs.

Personal property loss?

The insurance should not only recover the building cost but also the cost of replacing all personal possessions (furniture, appliances, clothing etc.) in the event of a theft or any other insured disaster. Most companies provide personal property coverage equal to about 50 to 70 percent of the amount of insurance you have on the structure of your building. Your agent would screen the different companies and help you decide the best.

Are combined packages available?

Many companies offer discount rates if you carry auto, home and life insurance policies with them. If you have a car, then you need an auto insurance anyway. Similarly, life insurance is a must for people today. Grouping these policies will give you the added advantage of securing insurance plans at a reasonable cost. You can ask your agent to let you know about the ongoing discount rates in different companies (if any) and then decide the plan.

Does my policy cover market value or replacement value?

Before deciding the insurance plan, you need to know whether the policy covers the full value of your house in event of full destruction or just the replacement cost. There is a difference between the market and the replacement value. Market value means you are paid the market price of your house if the home is completely destroyed. Replacement value means you are paid whatever it costs to replace it. If it costs more to rebuild your exact home than it is currently worth, then the market value is usually a better buy.

What Is the Procedure for Filing a Claim?

Filing the claim is a very cumbersome process in an insurance plan. It requires notifying the company and filing up the necessary claim forms sent to you. You need to fill up the form timely in order to avoid any delays. Just be patient and cooperate with the company to get back your money. Talk to your agent and understand all the essential rules and regulations to enjoy a hassle-free claim filing experience.

So these are some important questions you certainly must put up to your agent and whose answers you must know before you think about providing protection to your house.

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How To Lower Your Car Insurance Premium?

by Administrator 19. October 2016 03:04

Having a car insurance can be beneficial as it covers the financial losses in case of unforeseen circumstances such as theft, vandalism, floods etc. However, choosing an insurance plan can be an overwhelming task. Being aware of the different factors that affect the insurance cost can help to reduce your insurance premiums to a great extent. Make sure you analyze your requirements before you begin your search. It can help to narrow down your options and choose the most suitable insurance plan that fits your budget.

Listed below are some tips that can help to lower your car insurance premium:

Request quotes from multiple carriers:

Research thoroughly while shopping for a car insurance policy. Request quotes from different carriers and compare the rates they charge for your car. Asses your needs and choose the one that provides maximum coverage options at reasonable costs. Check if they allow you to customize the insurance plan as per your requirements. You may also read online reviews, consult an insurance agency or seek recommendations from your friends. The insurance carrier you choose should be financially stable with a good reputation in the industry.

Credit Score:

Your credit score plays an important role in determining the cost of your car insurance. Paying bills on time and clearing off debts can improve your credit score. Keeping your balance low on credit cards can also be beneficial in getting a good rating. This can help to increase the chances of getting car insurance at a minimized cost. So, it is essential to review your credit record on a regular basis and rectify the errors as soon as possible.

Driving History

A good driving record can help to cut down on your insurance premium. Insurance providers give discounts to the drivers who have never been involved in accidents or received any tickets.  They may also lower the insurance premium if you have taken safety driving course. Your driving experience can also affect the insurance cost. If you are a young driver you may be charged a higher premium as you have more chances of getting involved in an accident. So abide by the rules and drive safely.

Higher Deductibles:

Deductible is the amount of money that you need to pay to the insurance provider before getting a claim.  You can lower your car insurance premium by paying a higher deductible. Since each insurance company has different rules and regulations, you must ask your insurance agent how the insurance cost can be affected by increasing the deductible. Depending on your insurance policy, you can save money on annual or monthly premium.

Car Related Factors

Safety Rating:

If you own a car with a high safety rating, you can get discounts on your insurance premium. Having safety features such as airbags, anti-lock brakes, automatic seat belts etc. can reduce the risk of accidents and medical bills. Getting anti- theft and engine-cut-off system installed in your car can also lower your insurance rate. Thus, having a good safety rating can be beneficial for you.

Low-Mileage Discounts

Some insurance companies in Killeen offer discounts, if you drive less than average miles per year. It can lower the chances of getting involved in accidents.  Also, keeping your car in a safe location such as garage can help to reduce your insurance rate.

Choose The Car Carefully:

If your car has a large engine i.e. it has a lot of horsepower, you may have to pay a higher insurance premium for it. Thus, it is better to choose a small commuting car. However, among the different types of cars available, sports cars have the maximum insurance rate. Also, getting insurance for a used vehicle can beneficial. Since the cost of repairing can be more than its actual worth, people generally prefer replacing the car. That is why insurance companies charge a lower coverage rate for them.

If you are looking to choose a car insurance plan, these tips can definitely help you. You can even seek professional assistance to make the final decision.

We, at Shawn Camp Insurance Agency, Inc. provide affordable car insurance in Killeen, TX. The agents help in choosing the best insurance plan according to the client’s requirements. For more information you can call at (254) 526 - 0535 or visit 2705 E. Stan Schlueter Loop, Suite 101, Killeen, Texas 76542.

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