Under Insuring your property Your mortgage company is only concerned with protecting their asset. If your home is worth $300,00, you only owe $50,000 to the mortgage company, your mortgage company will only require you to purchase $50,000 in insurance coverage. $50,000 in insurance is lot less expensive than $300,000, but what if you have a total loss? You will only receive a check for $50,000 and it will go directly to the bank—you will receive nothing. Cash Value over replacement cost When you experience a loss, Actual Cash Value only provides reimbursement for the “book value” of the item. In some cases, an old sofa, table, or computer is worth next to nothing so you would receive next to
In order to purchase the appropriate insurance for your home it is important to know what NOT to do to better protect your home and family. Focusing on Price Whenever we make a significant purchase, we always look at price. It’s important to understand exactly what you’ll be receiving with your homeowners’ insurance. Make sure that your “cost effective” policy isn’t less expensive because important coverage has been removed or because the company has inadequate reinsurance. Just like you wouldn’t buy something that’s missing pieces from a store, get what you need in your homeowners’ coverage. Purchasing a Policy for the Wrong Occupancy We own homes for many reasons: to raise a family, to
Celebrating on a Boat This Summer? Prepare with Essential Safety Tips The weather is getting better and better and means that it is time to think about how to be safe while enjoying summer activities. Celebrating graduations, birthdays, anniversaries or just simply what to party, make sure you are equipped with simple tips to make sure you are safe for the entire season. Avoid Overcrowding Be careful of overloading your boat. This plan could jeopardize the safety of guests and yourself. The U.S. Coast Guard has specific guidelines as to the maximum capacity for person’s capacity in pounds and maximum weight capacity for gear. Adhering to specific regulations will ensure the boat maintain
One of the best ways to save on Auto and Homeowners’ insurance is to stay claim-free. Sometimes that is easier said than done. We can’t always predict what might happen. We can, however, secure your vehicle and house to prevent theft and save you money along with the hassle of dealing with unexpected losses this summer. Here are some quick tips to protect your auto or home: Garages are a common entry point for burglars. Keep your garage door closed Make sure the windows are up—even in the summer months as this is a common way for thieves to grabs things from your auto Be careful to park your auto in well-lighted areas or in reputable parking garages Think about an alarm system for your home
