Many people turn to real estate which is purchasing rental properties to increase their assets and wealth. Owning investment property makes you a business owner. Every business needs to protect its assets and reduce the owners from personal risk. This is done with the purchase of landlord insurance.
Landlord insurance is very similar to homeowners insurance in many ways. However, it expands the coverage to protect the owners and the assets of business. Your landlord insurance policy will cover your property for damage. Should your building be destroyed or damaged from fire, your insurance covers rebuilding it. It is important to work with your licensed insurance professional to determine the proper amount of coverage.
Get an estimate from a contractor or two, do the work to determine the real cost associated with rebuilding. Underinsuring can cause headaches and you holding the bag to pay the difference if the coverage is not adequate. In some cases, enough to cause very serious financial hardship which could include foreclosure or even bankruptcy. Consider what is excluded and make sure to ask about flood protection, lightning, wind, and other types of natural disasters.
Every carrier and policy is different, read the coverage carefully and make sure you understand what is covered and what is not.
A landlord insurance policy will typically carry a loss income provision. Check to make sure your policy includes lost rental income. In the event of a fire or loss, the lost rental income will reimburse you during the rebuilding phase. If you depend on the rental income, make sure your landlord policy covers this provision. This is a huge difference from a typical home owner’s policy.
A landlord insurance policy also will normally carry liability protection as well. In the event a tenant or third party is injured or sues you, this coverage will protect you as the landlord. Your landlord insurance will cover legal and court costs and pay out in the event of a judgment. Review the liability coverage in detail with your licensed insurance professional.
It’s also important to remember that your tenant’s belongings are not covered by your landlord insurance policy, only yours as limited by the policy. Many landlords require tenants to carry their own insurance before renting to them.
Make sure your properly covered and review the landlord insurance on a regular basis with your licensed insurance professional.
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Tuesday, December 27, 2011
Comparing Landlord Insurance Coverage
Compare landlord insurance before you commit to any insurance. If you are renting a property out as an extra source of income, it is probably just that, an extra source of income. This means that you have other work to do, and you can't devote every waking minute of your day to your building. Of course, there are some things that you are going to have to find the time to do, but there are other things that you can do that do not take much time at all, such as getting and comparing landlord insurance quotes. As a landlord, you need to make sure that you are protected from the many things that can happen to landlords, and the right insurance will offer you the protection you need. After all, why else do you think they call it insurance?
Now, as we already said, you probably already have enough on your plate, and you may think that you just don't have time to shop around for good rates on insurance. If you already have insurance, this may have been what you did. Unfortunately, you may not be getting the best possible rates. It really doesn't take a whole lot of time or effort to receive and compare landlord insurance quotes. You can do it online, and it doesn't matter what time of the day or night you make your request, you will still have the answers you are looking for in a couple of minutes.
Why You Need Landlord Insurance & Why You Need to Compare Landlord Insurance
Paying a little bit now for landlord insurance can save you a lot of money in the long run, especially if you end up really needing that insurance. There are many different things that landlord insurance will cover, so you can be sure that you are going to be protected when you rent your property out to others. For instance, if you are renting an apartment or house that is partially or completely furnished, your insurance should include coverage for the items you own. That way, if they are damaged by your tenants, you will be able to afford to have them repaired or replaced. Other things that landlord insurance covers include:
Legal Fees – If you have to sue a tenant for unpaid rent, you could end up with quite a bit in legal expenses. Having landlord insurance will help, because it will cover these expenses for you, so you do not have to pay them yourself.
Damages Caused by Natural Disasters – If your rental property is damaged by such things as tornadoes, hurricanes, earthquakes or other natural disasters, and you end up with an empty building while repairs are being done, your landlord insurance will cover the rental income you would lose until the building is able to be rented again. One thing to remember is that damage from flooding is not always covered, so if your property is in an area where flooding is a possibility, make sure that flood damage is included in your coverage.
Injuries to Others on Your Property – If one of your tenants should happen to injure himself while on your property, and the injury is caused by something that was in a state of disrepair, your tenant could very well end up suing you for medical and other expenses. If you have landlord insurance, you will not have to pay these expenses yourself. It doesn't even have to be a tenant who can sue you for injuries. If your tenants have guests, or even if someone is visiting the property, if they are injured as a result of something that you should have repaired, then you will be responsible for any expenses.
It's Important To Shop Around for Landlord Insurance & Compare Landlord Insurance Quotes
You should never get your insurance from the first company that gives you a quote. Just like anything you purchase, you need to make sure that you are getting the best prices for your insurance, and in order to do so, you need to shop around. At one time, this meant either going from company to company in person to talk to agents for quotes or telephoning each individual insurance agency. Today, you can simply enter a little bit of information online, and in minutes you will have quotes from many different insurance companies. Then you can compare landlord insurance quotes and prices and decide which company is offering you the best deal.
Having a rental property is a great way to bring in an extra income, but remember, there are many responsibilities that go along with being a landlord. Making sure that you have enough landlord insurance is one of those responsibilities. Request your free quotes today, compare landlord insurance quotes, and get the landlord insurance you need, at rates you can afford. If a time does come when you need to have landlord insurance, you will be glad you did.
Now, as we already said, you probably already have enough on your plate, and you may think that you just don't have time to shop around for good rates on insurance. If you already have insurance, this may have been what you did. Unfortunately, you may not be getting the best possible rates. It really doesn't take a whole lot of time or effort to receive and compare landlord insurance quotes. You can do it online, and it doesn't matter what time of the day or night you make your request, you will still have the answers you are looking for in a couple of minutes.
Why You Need Landlord Insurance & Why You Need to Compare Landlord Insurance
Paying a little bit now for landlord insurance can save you a lot of money in the long run, especially if you end up really needing that insurance. There are many different things that landlord insurance will cover, so you can be sure that you are going to be protected when you rent your property out to others. For instance, if you are renting an apartment or house that is partially or completely furnished, your insurance should include coverage for the items you own. That way, if they are damaged by your tenants, you will be able to afford to have them repaired or replaced. Other things that landlord insurance covers include:
Legal Fees – If you have to sue a tenant for unpaid rent, you could end up with quite a bit in legal expenses. Having landlord insurance will help, because it will cover these expenses for you, so you do not have to pay them yourself.
Damages Caused by Natural Disasters – If your rental property is damaged by such things as tornadoes, hurricanes, earthquakes or other natural disasters, and you end up with an empty building while repairs are being done, your landlord insurance will cover the rental income you would lose until the building is able to be rented again. One thing to remember is that damage from flooding is not always covered, so if your property is in an area where flooding is a possibility, make sure that flood damage is included in your coverage.
Injuries to Others on Your Property – If one of your tenants should happen to injure himself while on your property, and the injury is caused by something that was in a state of disrepair, your tenant could very well end up suing you for medical and other expenses. If you have landlord insurance, you will not have to pay these expenses yourself. It doesn't even have to be a tenant who can sue you for injuries. If your tenants have guests, or even if someone is visiting the property, if they are injured as a result of something that you should have repaired, then you will be responsible for any expenses.
It's Important To Shop Around for Landlord Insurance & Compare Landlord Insurance Quotes
You should never get your insurance from the first company that gives you a quote. Just like anything you purchase, you need to make sure that you are getting the best prices for your insurance, and in order to do so, you need to shop around. At one time, this meant either going from company to company in person to talk to agents for quotes or telephoning each individual insurance agency. Today, you can simply enter a little bit of information online, and in minutes you will have quotes from many different insurance companies. Then you can compare landlord insurance quotes and prices and decide which company is offering you the best deal.
Having a rental property is a great way to bring in an extra income, but remember, there are many responsibilities that go along with being a landlord. Making sure that you have enough landlord insurance is one of those responsibilities. Request your free quotes today, compare landlord insurance quotes, and get the landlord insurance you need, at rates you can afford. If a time does come when you need to have landlord insurance, you will be glad you did.
Missouri Landlord Insurance
Landlord insurance is one of the most important things you need to be concerned about as a landlord. Remember that as a landlord, you have many responsibilities, and one of those responsibilities is making sure that you have the proper amount of insurance. There are a few different types of insurance that all landlords should have in order to protect themselves from any number of things that can happen. When you are renting to someone, there are all kinds of things that can happen, and you need to be sure that you are protected so that you don't end up having to spend a whole lot of money.
Having landlord insurance will give you that protection you need, and if you are going to become a landlord or you are already one but don't have enough or any insurance, then it is time that you start getting some quotes and get yourself some protection as soon as possible.
Insurance All Landlords Need
Unfortunately, having tenants often means having damages to your rental units, and having insurance will make sure that you can afford to replace or repair things that are broken or otherwise damaged. For instance, if you are renting out a furnished apartment, and the tenants caused damage to the furniture, your insurance will help you with the cost to replace or repair that furniture. This type of insurance is known as a limited contents policy or full contents policy.
If you have a limited contents policy, it will be for apartments that are not furnished, and it covers things such as window treatments, lighting fixtures, carpeting and flooring, and appliances. If you do supply appliances, you should make sure that you have liability insurance as well, just in case there are any accidents due to faulty appliance wiring, or even because of problems with lighting fixtures or broken stairs (basically, anything that a tenant or one of their guests can injure themselves on). Other types of insurance landlords should have include:
Loss of Rental Income Coverage – There are some things that we just can't do anything about, such as natural disasters, but things like these can leave you with buildings that you cannot rent, and they are just sitting there without helping you collect income. When you have loss of income coverage, you don't have to worry about this, because you will receive the income you lost as long as you are making repairs to the building. This gives you the time you need to make sure that everything is properly repaired, and depending on what happened to the building in the first place, your building or property insurance may cover a lot of those expenses as well. Some of the things that can happen that cause damages loss of rental income coverage pays for include fires, floods, earthquakes and other natural disasters.
Landlord Liability Insurance – If someone, such as a tenant or one of their guests, were to injure themselves while on your property and the injury was caused by something on the property, that person could sue you for damages. This can get pretty expensive, and you could end up having to pay for medical expenses, time missed from work and more. Let's say a tenant trips and falls over a broken stair. That tenant breaks his leg and is unable to work. He is going to expect you to not only fix the broken step, but to also pay for his medical bills and his salary while he is unable to work. When you have landlord liability insurance, these costs will be covered, so you do not have to worry about trying to pay for everything on your own.
Here is something else that you should know about landlord liability insurance. Sadly, at one time or another, most landlords will experience this: tenants who skip out without paying the rent or simply cannot pay their rent for any number of reasons. In order to get this money, landlords must take their former tenants to court, which of course involves expenses such as court and legal fees. These are expenses that will be covered by landlord liability insurance. You would be surprised at how pricey legal fees and other related expenses can get, and if you do end up in a situation where this happens, you will be relieved to know that your insurance is going to cover these expenses for you.
How To Get the Best Landlord Insurance Rates
You may hear a lot of other landlords complain about the price they are paying for their landlord insurance. Yes, there are costs involved, but it shouldn't be so much that someone needs to really complain about it, and maybe it is time that you suggest they look elsewhere for better rates on their coverage. When you are looking for your own landlord insurance, there are a few avenues you can take. You can get advice from others, which may or may not be the best idea. Or you can get a number of quotes and choose the best products at the best rates.
Getting free quotes is easy, and it only takes a couple of minutes. All you have to do is answer a few simple questions, and in no time at all, you will have all of the quotes you need to get just the right amount of landlord insurance, at rates you can afford and won't complain about.
What If You Already Have Insurance?
You may be thinking, “I already have insurance, so there is nothing here I don't already know about”. Well, even if you do have insurance already, it is still a good idea to look around and make sure that you really are getting the best rates. Often, people get insurance coverage, and their policies remain the same, or their rates increase throughout the years. These same people can get quotes from other insurance companies and find that they would be able to save money by switching. It can't hurt to request your free quotes and just see if you may be paying too much for your landlord insurance. If you are, there really is no reason why you can't make the switch to start saving money.
When Should You Get Landlord Insurance?
If you are already a landlord, but you do not have the proper amount of landlord insurance, or you do not have any insurance at all, then it is time to get your free quotes. You have been really lucky so far, but you don't really need to push your luck any more than you absolutely have to. If you have just purchased your first rental property, you should make getting insurance one of your first priorities. As we already said, even if you do have insurance, it never hurts to get quotes to see if you can get better deals elsewhere.
Getting quotes for landlord insurance is easy, and it doesn't take any time at all. Most often, all you have to do is enter your zip code, and you will be on your way to getting quotes from a number of insurance companies. Then, all you have to do is sit back and study each one to see which is the best for you. Compare the various products and rates, figure out exactly what you need, and come up with a policy that is going to suit your needs, as well as your budget. Because you can get all of your quotes online, you don't even have to leave the comfort of your own home to get the information you need about landlord insurance products and their rates.
Having a rental property is a really great way to bring in extra income, but remember, there are all kinds of responsibilities that go along with being a landlord. Your property must always be in tip-top condition, and if anything needs repair, the repairs must be made in a reasonable amount of time. For example, if a tenant calls and says that the oven is not working properly, you need to have an electrician come in as soon as possible to repair it, or if it is too old, you may even have to replace it. If there are loose stairs, you need to fix them. Any problems are your problems, not your tenants' problems, and you must take care of them. If you do not take care of these problems, things can happen, and unless you have the proper landlord insurance, you may have to pay a lot of money for repairs and compensation.
You can get a number of quotes easily when you fill out our simple form, and you don't have to waste time calling individual insurance companies to get quotes, which may take a few days if agents are busy and ask to get back to you later. When you can get the same information in a matter of minutes, it doesn't really make sense to do it any other way. Get your landlord insurance quotes today, and get the insurance you need to protect you when you are renting your property out to others.
Having landlord insurance will give you that protection you need, and if you are going to become a landlord or you are already one but don't have enough or any insurance, then it is time that you start getting some quotes and get yourself some protection as soon as possible.
Insurance All Landlords Need
Unfortunately, having tenants often means having damages to your rental units, and having insurance will make sure that you can afford to replace or repair things that are broken or otherwise damaged. For instance, if you are renting out a furnished apartment, and the tenants caused damage to the furniture, your insurance will help you with the cost to replace or repair that furniture. This type of insurance is known as a limited contents policy or full contents policy.
If you have a limited contents policy, it will be for apartments that are not furnished, and it covers things such as window treatments, lighting fixtures, carpeting and flooring, and appliances. If you do supply appliances, you should make sure that you have liability insurance as well, just in case there are any accidents due to faulty appliance wiring, or even because of problems with lighting fixtures or broken stairs (basically, anything that a tenant or one of their guests can injure themselves on). Other types of insurance landlords should have include:
Loss of Rental Income Coverage – There are some things that we just can't do anything about, such as natural disasters, but things like these can leave you with buildings that you cannot rent, and they are just sitting there without helping you collect income. When you have loss of income coverage, you don't have to worry about this, because you will receive the income you lost as long as you are making repairs to the building. This gives you the time you need to make sure that everything is properly repaired, and depending on what happened to the building in the first place, your building or property insurance may cover a lot of those expenses as well. Some of the things that can happen that cause damages loss of rental income coverage pays for include fires, floods, earthquakes and other natural disasters.
Landlord Liability Insurance – If someone, such as a tenant or one of their guests, were to injure themselves while on your property and the injury was caused by something on the property, that person could sue you for damages. This can get pretty expensive, and you could end up having to pay for medical expenses, time missed from work and more. Let's say a tenant trips and falls over a broken stair. That tenant breaks his leg and is unable to work. He is going to expect you to not only fix the broken step, but to also pay for his medical bills and his salary while he is unable to work. When you have landlord liability insurance, these costs will be covered, so you do not have to worry about trying to pay for everything on your own.
Here is something else that you should know about landlord liability insurance. Sadly, at one time or another, most landlords will experience this: tenants who skip out without paying the rent or simply cannot pay their rent for any number of reasons. In order to get this money, landlords must take their former tenants to court, which of course involves expenses such as court and legal fees. These are expenses that will be covered by landlord liability insurance. You would be surprised at how pricey legal fees and other related expenses can get, and if you do end up in a situation where this happens, you will be relieved to know that your insurance is going to cover these expenses for you.
How To Get the Best Landlord Insurance Rates
You may hear a lot of other landlords complain about the price they are paying for their landlord insurance. Yes, there are costs involved, but it shouldn't be so much that someone needs to really complain about it, and maybe it is time that you suggest they look elsewhere for better rates on their coverage. When you are looking for your own landlord insurance, there are a few avenues you can take. You can get advice from others, which may or may not be the best idea. Or you can get a number of quotes and choose the best products at the best rates.
Getting free quotes is easy, and it only takes a couple of minutes. All you have to do is answer a few simple questions, and in no time at all, you will have all of the quotes you need to get just the right amount of landlord insurance, at rates you can afford and won't complain about.
What If You Already Have Insurance?
You may be thinking, “I already have insurance, so there is nothing here I don't already know about”. Well, even if you do have insurance already, it is still a good idea to look around and make sure that you really are getting the best rates. Often, people get insurance coverage, and their policies remain the same, or their rates increase throughout the years. These same people can get quotes from other insurance companies and find that they would be able to save money by switching. It can't hurt to request your free quotes and just see if you may be paying too much for your landlord insurance. If you are, there really is no reason why you can't make the switch to start saving money.
When Should You Get Landlord Insurance?
If you are already a landlord, but you do not have the proper amount of landlord insurance, or you do not have any insurance at all, then it is time to get your free quotes. You have been really lucky so far, but you don't really need to push your luck any more than you absolutely have to. If you have just purchased your first rental property, you should make getting insurance one of your first priorities. As we already said, even if you do have insurance, it never hurts to get quotes to see if you can get better deals elsewhere.
Getting quotes for landlord insurance is easy, and it doesn't take any time at all. Most often, all you have to do is enter your zip code, and you will be on your way to getting quotes from a number of insurance companies. Then, all you have to do is sit back and study each one to see which is the best for you. Compare the various products and rates, figure out exactly what you need, and come up with a policy that is going to suit your needs, as well as your budget. Because you can get all of your quotes online, you don't even have to leave the comfort of your own home to get the information you need about landlord insurance products and their rates.
Having a rental property is a really great way to bring in extra income, but remember, there are all kinds of responsibilities that go along with being a landlord. Your property must always be in tip-top condition, and if anything needs repair, the repairs must be made in a reasonable amount of time. For example, if a tenant calls and says that the oven is not working properly, you need to have an electrician come in as soon as possible to repair it, or if it is too old, you may even have to replace it. If there are loose stairs, you need to fix them. Any problems are your problems, not your tenants' problems, and you must take care of them. If you do not take care of these problems, things can happen, and unless you have the proper landlord insurance, you may have to pay a lot of money for repairs and compensation.
You can get a number of quotes easily when you fill out our simple form, and you don't have to waste time calling individual insurance companies to get quotes, which may take a few days if agents are busy and ask to get back to you later. When you can get the same information in a matter of minutes, it doesn't really make sense to do it any other way. Get your landlord insurance quotes today, and get the insurance you need to protect you when you are renting your property out to others.
Landlord Insurance 101
Landlord insurance is a necessity for protecting yourself and your property, which is likely one of your biggest investments. You need landlord insurance that is comprehensive and affordable. To get low cost rates on the best landlord insurance policies available, simply enter your basic information here and you'll be contacted by one of our agents, that will shop with competing companies, who are anxious to provide quality coverage at the cheapest rates. They will offer you the low priced quotes on the best landlord insurance policies. It's quick and easy to compare policies - get your free quotes today!
Rental property insurance is a policy that covers a property owner from financial losses connected with their property that is used as a rental for tenants. Generally landlord insurance will cover the building itself, whether it is a house, apartment, condominium, vacation rental or any other dwelling. There is an option to include the contents with in the building, but the owner can also choose to have a tenant buy their own renters insurance policy to cover the replacement cost of any damaged items.
Each landlord building insurance policy will be different because the rental properties vary as do coverage needs. However, you'll usually want to have coverage for perils such as fire, flood, lightning, storm, explosion, escape of water or oil, subsidence, theft, vandalism and earthquake -if you live in an area that is prone to earthquakes. The majority of companies will offer the option for additional coverage beyond standard landlord property insurance. This additional rental property coverage may include items such as accidental damage, legal protection, the cost of alternative accommodation if the rental is unlivable, and contents coverage.
Landlord Renters Insurance
Obtaining a comprehensive landlords rental property insurance policy will allow you to rent our your investment property to a tenant with confidence. Landlords rental property insurance provides protection for your property from damage and protects you from legal and personal liability. Generally, your rental property home insurance will cover the following:
Your rental building, whether it is a house, condominium (condo), building, apartment, townhouse, duplex, quad, vacation rental property or any other dwelling.
Additional private structures, such as a garage, shed or barn.
Any personal contents that are provided by the homeowners for use by the renters. These contents can include appliances, furniture or tools that are stored at the rental property site or provided for use by the tenants.
There are two primary forms of landlords buildings insurance, which are landlord rental dwelling insurance and landlord's rental condominium insurance. The rental dwelling coverage covers the homeowners of a rental building designed for one to four families. Rental condominium coverage is for if you own a condo and rent it out to tenants.
Landlord Building Insurance
When you compare the best landlord insurance companies, rates and quotes, you must ensure the rental property coverage will give you adequate protection and liability coverage. The sum insured should represent not your buildings market value, but the full cost to re-build your rental property. The cost to re-build can be much higher than the market value of your rental property. Your landlord property insurance should cover the cost of you to re-build or pay for damages caused by perils such as the following: severe weather (storms, lightening, floods), fire, smoke, aircraft, explosion, impact from vehicles or fallen trees, subsidence, burst pipes or leakage of oil or water, theft, vandalism, civil commotion, and malicious damage caused by tenants or renters.
When you compare rates looking for a cheap quote, be sure to be aware of what is covered and what is not covered. Just because a rate is cheap, doesn't mean it's the best deal. Make sure your landlords renters property insurance policy is fully explained to you. If you have a claim but it is not covered by your policy, you could end up paying for it out of pocket, which would negate the cheap rates that you thought you had.
Landlord Contents Insurance
As a landlord and homeowner, you will want liability protection in relation to the contents of your rental property. Contents coverage will protect you against the financial cost of damage to your personal property in the unit you rent to tenants. Homeowners can choose a limited contents policy or full contents policy. Limited contents policies are typically used for unfurnished or partly furnished let properties and will generally cover items such as light fixtures and fittings, curtains, carpets, appliances, and such. Even if the property is sparsely furnished, a landlord or homeowners should consider liability coverage in case of injury to tenants or guests caused by defective cookers, lighting fixtures, or stairs. If there was an incident, the compensation of the claim would be substantial.
For full contents insurance, you will want ensure you have adequate coverage to replace your lost items in the event a claim needs to be made. When getting landlord insurance quotes and estimates, be sure to talk to your agent about actual cash value (ACV) when considering content insurance for the replacement cost of your belongings. Actual cash value will cover the replacement cost of your items minus the deductible. Otherwise, you will only get what the value of the lost item is in cash. This is an important distinction. For instance, if you bought a laptop 5 years ago for $2,500 but the value of the computer today is only $500, you would only get $500 for the laptop to replace it. Obviously, it will cost more than $500 to replace your laptop. However, with actual cash value for your landlord contents insurance, you will get enough money to replace the laptop with a similar model in today's market. If you have any valuables or unusually expensive items, be sure to talk to an agent about these as you may want to buy a separate rider.
Legal Expenses
Some tenants' personal circumstances during their lease period may cause them to break their lease or affect their ability to pay rent. It may also affect their ability to properly maintain the home or may interfere with their plans to move out a the end of their tenancy. This could be due to a job loss, business failure, end of a relationship, accident or illness. If this occurs, you will have to deal with burdensome attorneys' fees, document preparation fees and other related expenses. Legal expense coverage as part of your landlord liability insurance will provide coverage for these expensive legal costs.
Landlord Liability Insurance
Landlord liability insurance protects you against bodily injury or property damage lawsuits that could arise from covered losses on your insured rental property. As landlords or homeowners, it is important to protect yourself against any claims that could arise if a tenant or their guest is injured on your rental home. For instance, if a tenant fell down the stairs or hurt themselves due to faulty electric work, you could be held liable as the owner. If you do not have proper landlord insurance, the cost of legal claims could be so great you could become bankrupt.
Generally, this type of landlord liability insurance coverage is not offered to commercial buildings. If you own a commercial building rather than a rental property such as a vacation home, condo, townhouse, duplex, quad, or house, you will need to look into commercial property insurance policies. Additionally, tenants should be aware that the landlords liability insurance and or landlord contents insurance only covers the fixtures in the rental property, the staircases, elevators, appliances, and such. This does not cover the tenants personal belongings. A tenant should purchase a renters insurance policy for protection of their personal valuables that are in the home.
Landlord insurance is important for protection of your most valuable assets. Your rental property is an excellent investment and needs to be protected. It is easy to compare landlord insurance policies and rates. You can quickly and easily find cheap rates from local agents by filling out the basic form. You will be contact by landlord insurance companies that provide coverage in your area. Just compare the quotes and save on the cost of your landlord insurance. Take the first step in protecting your valuables get your free landlord insurance quotes today!
Rental property insurance is a policy that covers a property owner from financial losses connected with their property that is used as a rental for tenants. Generally landlord insurance will cover the building itself, whether it is a house, apartment, condominium, vacation rental or any other dwelling. There is an option to include the contents with in the building, but the owner can also choose to have a tenant buy their own renters insurance policy to cover the replacement cost of any damaged items.
Each landlord building insurance policy will be different because the rental properties vary as do coverage needs. However, you'll usually want to have coverage for perils such as fire, flood, lightning, storm, explosion, escape of water or oil, subsidence, theft, vandalism and earthquake -if you live in an area that is prone to earthquakes. The majority of companies will offer the option for additional coverage beyond standard landlord property insurance. This additional rental property coverage may include items such as accidental damage, legal protection, the cost of alternative accommodation if the rental is unlivable, and contents coverage.
Landlord Renters Insurance
Obtaining a comprehensive landlords rental property insurance policy will allow you to rent our your investment property to a tenant with confidence. Landlords rental property insurance provides protection for your property from damage and protects you from legal and personal liability. Generally, your rental property home insurance will cover the following:
Your rental building, whether it is a house, condominium (condo), building, apartment, townhouse, duplex, quad, vacation rental property or any other dwelling.
Additional private structures, such as a garage, shed or barn.
Any personal contents that are provided by the homeowners for use by the renters. These contents can include appliances, furniture or tools that are stored at the rental property site or provided for use by the tenants.
There are two primary forms of landlords buildings insurance, which are landlord rental dwelling insurance and landlord's rental condominium insurance. The rental dwelling coverage covers the homeowners of a rental building designed for one to four families. Rental condominium coverage is for if you own a condo and rent it out to tenants.
Landlord Building Insurance
When you compare the best landlord insurance companies, rates and quotes, you must ensure the rental property coverage will give you adequate protection and liability coverage. The sum insured should represent not your buildings market value, but the full cost to re-build your rental property. The cost to re-build can be much higher than the market value of your rental property. Your landlord property insurance should cover the cost of you to re-build or pay for damages caused by perils such as the following: severe weather (storms, lightening, floods), fire, smoke, aircraft, explosion, impact from vehicles or fallen trees, subsidence, burst pipes or leakage of oil or water, theft, vandalism, civil commotion, and malicious damage caused by tenants or renters.
When you compare rates looking for a cheap quote, be sure to be aware of what is covered and what is not covered. Just because a rate is cheap, doesn't mean it's the best deal. Make sure your landlords renters property insurance policy is fully explained to you. If you have a claim but it is not covered by your policy, you could end up paying for it out of pocket, which would negate the cheap rates that you thought you had.
Landlord Contents Insurance
As a landlord and homeowner, you will want liability protection in relation to the contents of your rental property. Contents coverage will protect you against the financial cost of damage to your personal property in the unit you rent to tenants. Homeowners can choose a limited contents policy or full contents policy. Limited contents policies are typically used for unfurnished or partly furnished let properties and will generally cover items such as light fixtures and fittings, curtains, carpets, appliances, and such. Even if the property is sparsely furnished, a landlord or homeowners should consider liability coverage in case of injury to tenants or guests caused by defective cookers, lighting fixtures, or stairs. If there was an incident, the compensation of the claim would be substantial.
For full contents insurance, you will want ensure you have adequate coverage to replace your lost items in the event a claim needs to be made. When getting landlord insurance quotes and estimates, be sure to talk to your agent about actual cash value (ACV) when considering content insurance for the replacement cost of your belongings. Actual cash value will cover the replacement cost of your items minus the deductible. Otherwise, you will only get what the value of the lost item is in cash. This is an important distinction. For instance, if you bought a laptop 5 years ago for $2,500 but the value of the computer today is only $500, you would only get $500 for the laptop to replace it. Obviously, it will cost more than $500 to replace your laptop. However, with actual cash value for your landlord contents insurance, you will get enough money to replace the laptop with a similar model in today's market. If you have any valuables or unusually expensive items, be sure to talk to an agent about these as you may want to buy a separate rider.
Legal Expenses
Some tenants' personal circumstances during their lease period may cause them to break their lease or affect their ability to pay rent. It may also affect their ability to properly maintain the home or may interfere with their plans to move out a the end of their tenancy. This could be due to a job loss, business failure, end of a relationship, accident or illness. If this occurs, you will have to deal with burdensome attorneys' fees, document preparation fees and other related expenses. Legal expense coverage as part of your landlord liability insurance will provide coverage for these expensive legal costs.
Landlord Liability Insurance
Landlord liability insurance protects you against bodily injury or property damage lawsuits that could arise from covered losses on your insured rental property. As landlords or homeowners, it is important to protect yourself against any claims that could arise if a tenant or their guest is injured on your rental home. For instance, if a tenant fell down the stairs or hurt themselves due to faulty electric work, you could be held liable as the owner. If you do not have proper landlord insurance, the cost of legal claims could be so great you could become bankrupt.
Generally, this type of landlord liability insurance coverage is not offered to commercial buildings. If you own a commercial building rather than a rental property such as a vacation home, condo, townhouse, duplex, quad, or house, you will need to look into commercial property insurance policies. Additionally, tenants should be aware that the landlords liability insurance and or landlord contents insurance only covers the fixtures in the rental property, the staircases, elevators, appliances, and such. This does not cover the tenants personal belongings. A tenant should purchase a renters insurance policy for protection of their personal valuables that are in the home.
Landlord insurance is important for protection of your most valuable assets. Your rental property is an excellent investment and needs to be protected. It is easy to compare landlord insurance policies and rates. You can quickly and easily find cheap rates from local agents by filling out the basic form. You will be contact by landlord insurance companies that provide coverage in your area. Just compare the quotes and save on the cost of your landlord insurance. Take the first step in protecting your valuables get your free landlord insurance quotes today!
If you leave your home vacant you could lose your insurance coverage
If you leave your house empty for too long, you could lose your home owners insurance — and your home equity if a fire or other disaster destroys or damages your house.
Insurance companies hate vacant houses, whether you’re taking a extended vacation or you’re moving out of town and leaving your house empty. If you’re not home and a water pipe busts, a fire starts, or someone breaks in, chances are the subsequent mess is going to be pretty big — along with the insurance claim for the damage.
If you’re lucky, your insurance company will let you leave the house vacant, but just won’t pay for certain things like broken glass, vandalism, or malicious mischief. At worst, your home owners insurance company will yank your policy if you go away and leave the house unattended for a month or more.
Some companies, like State Farm, decide on a case-by-case basis whether you can keep your policy when you’re temporarily not living in your home, especially if you’ve got a plan to take care of the place while you’re out of town.
Say you’re going on a two-month, around-the-world cruise (lucky you!). You’re more likely to keep your coverage if you hire a company to shovel the snow so your home looks occupied while you’re gone.
Some insurers will cancel your policy if your house is vacant for 30 days. If that happens to you, call a commercial insurance broker like Select Insurance group at 636-410-6219. Commercial agents sell insurance to landlords who have vacant houses all the time — during renovations, or when they’re between tenants-otherwise known as "vacant home insurance"
Expect to pay about 15% to 20% more than you were paying for your regular homeowners insurance.
The bottom line is that if you’re heading south for the winter, read the fine print in your home owners policy to see what it says about vacancies. Then, email your agent or insurance company to double-check the rules. Don’t call, because an email is a written record of your communication. You might need that record later if the company refuses to pay a claim because your house was vacant.
Have you left your house vacant for more than a month? Did you check your home owners insurance policy before you left?
Insurance companies hate vacant houses, whether you’re taking a extended vacation or you’re moving out of town and leaving your house empty. If you’re not home and a water pipe busts, a fire starts, or someone breaks in, chances are the subsequent mess is going to be pretty big — along with the insurance claim for the damage.
If you’re lucky, your insurance company will let you leave the house vacant, but just won’t pay for certain things like broken glass, vandalism, or malicious mischief. At worst, your home owners insurance company will yank your policy if you go away and leave the house unattended for a month or more.
Some companies, like State Farm, decide on a case-by-case basis whether you can keep your policy when you’re temporarily not living in your home, especially if you’ve got a plan to take care of the place while you’re out of town.
Say you’re going on a two-month, around-the-world cruise (lucky you!). You’re more likely to keep your coverage if you hire a company to shovel the snow so your home looks occupied while you’re gone.
Some insurers will cancel your policy if your house is vacant for 30 days. If that happens to you, call a commercial insurance broker like Select Insurance group at 636-410-6219. Commercial agents sell insurance to landlords who have vacant houses all the time — during renovations, or when they’re between tenants-otherwise known as "vacant home insurance"
Expect to pay about 15% to 20% more than you were paying for your regular homeowners insurance.
The bottom line is that if you’re heading south for the winter, read the fine print in your home owners policy to see what it says about vacancies. Then, email your agent or insurance company to double-check the rules. Don’t call, because an email is a written record of your communication. You might need that record later if the company refuses to pay a claim because your house was vacant.
Have you left your house vacant for more than a month? Did you check your home owners insurance policy before you left?
Insurance Quotes for Rental Properties & Properties With Habitational Exposure
Insurance rates for rental properties can be divided into two parts, based on the classification of the rental properties themselves. It is important to understand the distinction first. Basically the number of units and use are the main factors affecting the classification.
Insurance for Rental Properties of 1 - 4 Units
Insuring buildings with 1 to 4 units entails less risk for carriers compared with insuring larger commercial properties of five units or more. Also some companies stop offering coverage for properties above certain numbers of stories (3 or 7 for example.)
Properties that are 4 or less units can be insured under a commercial policy. In certain circumstances, a dwelling fire policy (form of personal insurance) may also be offered for these properties. If the insured person occupies one of the units in property of 4 units or less, then a regular homeowners policy may be used to cover them. In this proper landlord liability coverage is needed to cover people with exposure to renting tenants. Properties of 4 unites or less may not qualify for any personal insurance (dwelling fire or homeowners insurance) if there is mix use then commercial coverage is necessary.
Insurance for Rental Properties Over 4 Units
Insurance coverage for rental properties over 4 units are subject to different underwriting guidelines. More scrutinized rules related to risk acceptability and pricing are used with these properties. More attention is given to age of the building and the safety measure used such as fire extinguishing systems; exit signs; safety of hallways and common areas; updates of the electrical, heat and plumbing systems; accessibility and safety of the parking area & stairs; etc. Buildings with commercial stores exposures undergo further scrutiny regarding types & activities of business operated in the commercial units and hours of operations.
Habitational Insurance Programs Coverages
Typical coverages in the habitational insurance programs include building coverage, liability coverage, and loss of rental income. Certain coverage may be critical to the property owner such as ordinance of law coverage. Replacement cost coverage is desirable if available (older buildings may not qualify with certain insurers.) Depending the location of the risk, replacement cost may range between $125 to $150 per square foot. Liability coverage offers protection for the owners against any lawsuits brought against them from tenants and the public. Bigger investment properties may require higher liability, in which case an umbrella policy may be necessary. Loss or rental income is important to provide for the loss of rental income in the event of loss, such as fire.
Insurance for Rental Properties of 1 - 4 Units
Insuring buildings with 1 to 4 units entails less risk for carriers compared with insuring larger commercial properties of five units or more. Also some companies stop offering coverage for properties above certain numbers of stories (3 or 7 for example.)
Properties that are 4 or less units can be insured under a commercial policy. In certain circumstances, a dwelling fire policy (form of personal insurance) may also be offered for these properties. If the insured person occupies one of the units in property of 4 units or less, then a regular homeowners policy may be used to cover them. In this proper landlord liability coverage is needed to cover people with exposure to renting tenants. Properties of 4 unites or less may not qualify for any personal insurance (dwelling fire or homeowners insurance) if there is mix use then commercial coverage is necessary.
Insurance for Rental Properties Over 4 Units
Insurance coverage for rental properties over 4 units are subject to different underwriting guidelines. More scrutinized rules related to risk acceptability and pricing are used with these properties. More attention is given to age of the building and the safety measure used such as fire extinguishing systems; exit signs; safety of hallways and common areas; updates of the electrical, heat and plumbing systems; accessibility and safety of the parking area & stairs; etc. Buildings with commercial stores exposures undergo further scrutiny regarding types & activities of business operated in the commercial units and hours of operations.
Habitational Insurance Programs Coverages
Typical coverages in the habitational insurance programs include building coverage, liability coverage, and loss of rental income. Certain coverage may be critical to the property owner such as ordinance of law coverage. Replacement cost coverage is desirable if available (older buildings may not qualify with certain insurers.) Depending the location of the risk, replacement cost may range between $125 to $150 per square foot. Liability coverage offers protection for the owners against any lawsuits brought against them from tenants and the public. Bigger investment properties may require higher liability, in which case an umbrella policy may be necessary. Loss or rental income is important to provide for the loss of rental income in the event of loss, such as fire.
How to Find Inexpensive Commercial Auto Insurance
Whether you’ve finally decided to start your dream business or you’re just in charge of the company fleet, if your business owns vehicles for any reason you’re going to need to find commercial auto insurance coverage to protect your assets. In many respects, commercial auto insurance functions much like your own personal car insurance, but with a few key differences that are worth knowing about before you have to negotiate with an insurance company. Let’s take a look at how to find inexpensive commercial auto insurance and where you’ll get the best rates.
So – what is commercial auto insurance? Essentially, this is a package of auto insurance policies that are designed to mitigate the risks involved with using vehicles for business purposes. Unlike most personal vehicles, commercial vehicles are only on the road during the busiest hours of the day, and many are oversized vehicles like vans or trucks that can require special licensing and great skill to drive safely. A good commercial auto insurance package will take all of these factors into consideration to offer you an effective liability policy that covers your business against costs and lawsuits stemming from accidents.
In regards to cost, part of the cost of your commercial auto insurance is going to come from the driving history and records of your company drivers. It’s an unfortunate reality that you must ask every one of your new drivers for a driving abstract or history document, which is typically available from the local DMV. If you notice a history of accidents, tickets or other issues on the record of your next potential new hire – it may be best to skip them and go with a driver that has a safer history. Not only will this help save money on your commercial auto insurance, but you will also be protecting your vehicles and the lives of other people who may end up on the wrong end of an accident with your risky new driver.
As you probably know through purchasing personal auto insurance for your cars at home, vehicles with higher values tend to cost more to insure. Keep this in mind when you’re thinking of buying or replacing vehicles in your fleet. If you have your eye on a particular make or model, call your commercial auto insurance company and ask them what the insurance rates are like for that vehicle. If they’re too high for your budget, consider some other cars or trucks that are suitable for the tasks you need the vehicle for. Also, buying used or off-lease vehicles can help save quite a bit on commercial auto insurance.
Typically, the best deals are found when you make use of bulk vehicle insurance rates through the same commercial auto insurance company. Avoid having the insurance policies for your company vehicles spread out to multiple companies, as you will be paying rates that are closer to retail than if you stick with the same insurer. Also, try to obtain the exact same insurance policy for all of the vehicles in your company fleet. This avoids some vehicles costing more than others for insurance, and can help you leverage the “bulk” factor for significant discounts.
Finally, it’s worth checking with your commercial auto insurance company to see if they offer insurance bundling services if you are willing to move your general liability, business insurance and other policies over. By bundling up your commercial auto insurance with other forms of insurance, you can generally receive bulk or bundle discounts that can end up shaving a small fortune off of your business’ annual insurance bill.
Knowing a few of these tips can help save hundreds, or even thousands of dollars per year on your commercial auto insurance. Remember: vehicles (and drivers!) are assets like any other, and they deserve to be protected with the best commercial auto insurance that you can afford. Don’t skimp on insurance costs to try to save a buck; as many entrepreneurs can tell you, it can really come back to bite you later.
Select Insurance Group is here to help you with your commercial auto insurance – we’ve worked out deals with a number of auto insurance companies to provide you the best rates possible. To find out more and to get a price quote, click here and fill out a commerical auto quote form. It’s that easy!
So – what is commercial auto insurance? Essentially, this is a package of auto insurance policies that are designed to mitigate the risks involved with using vehicles for business purposes. Unlike most personal vehicles, commercial vehicles are only on the road during the busiest hours of the day, and many are oversized vehicles like vans or trucks that can require special licensing and great skill to drive safely. A good commercial auto insurance package will take all of these factors into consideration to offer you an effective liability policy that covers your business against costs and lawsuits stemming from accidents.
In regards to cost, part of the cost of your commercial auto insurance is going to come from the driving history and records of your company drivers. It’s an unfortunate reality that you must ask every one of your new drivers for a driving abstract or history document, which is typically available from the local DMV. If you notice a history of accidents, tickets or other issues on the record of your next potential new hire – it may be best to skip them and go with a driver that has a safer history. Not only will this help save money on your commercial auto insurance, but you will also be protecting your vehicles and the lives of other people who may end up on the wrong end of an accident with your risky new driver.
As you probably know through purchasing personal auto insurance for your cars at home, vehicles with higher values tend to cost more to insure. Keep this in mind when you’re thinking of buying or replacing vehicles in your fleet. If you have your eye on a particular make or model, call your commercial auto insurance company and ask them what the insurance rates are like for that vehicle. If they’re too high for your budget, consider some other cars or trucks that are suitable for the tasks you need the vehicle for. Also, buying used or off-lease vehicles can help save quite a bit on commercial auto insurance.
Typically, the best deals are found when you make use of bulk vehicle insurance rates through the same commercial auto insurance company. Avoid having the insurance policies for your company vehicles spread out to multiple companies, as you will be paying rates that are closer to retail than if you stick with the same insurer. Also, try to obtain the exact same insurance policy for all of the vehicles in your company fleet. This avoids some vehicles costing more than others for insurance, and can help you leverage the “bulk” factor for significant discounts.
Finally, it’s worth checking with your commercial auto insurance company to see if they offer insurance bundling services if you are willing to move your general liability, business insurance and other policies over. By bundling up your commercial auto insurance with other forms of insurance, you can generally receive bulk or bundle discounts that can end up shaving a small fortune off of your business’ annual insurance bill.
Knowing a few of these tips can help save hundreds, or even thousands of dollars per year on your commercial auto insurance. Remember: vehicles (and drivers!) are assets like any other, and they deserve to be protected with the best commercial auto insurance that you can afford. Don’t skimp on insurance costs to try to save a buck; as many entrepreneurs can tell you, it can really come back to bite you later.
Select Insurance Group is here to help you with your commercial auto insurance – we’ve worked out deals with a number of auto insurance companies to provide you the best rates possible. To find out more and to get a price quote, click here and fill out a commerical auto quote form. It’s that easy!
Do I Need GAP Auto Insurance?
Just bought or leased a new car? What if you get into an accident soon after taking your brand new car off the lot? If you assume that you are fully covered because of your collision coverage, think again. This is where GAP Insurance (sometimes called Loan/Lease Insurance) can come in handy.
When You are Upside Down on Your Car
The old saying about your car losing value the minute you drive it off the lot is absolutely true. So, during the early years of a car loan or lease, depending on how much you borrowed to finance the car, it's easy to be “upside down” on your car, meaning that you owe more on your car loan or lease than the vehicle is worth. If you're in an accident, and your car is totaled, the insurance carrier is only responsible for paying for the replacement value of the car (i.e., the market value of your car). So, if you are upside down at the time of the accident and owe the bank or lessor more than the replacement value of the car, the settlement amount you receive from the insurance company will be less than the amount you owe. Unfortunately, you are responsible for the difference and may find yourself in the unenviable position of continuing to make payments for a car you no longer have.
Let's look at a real world example: Say for instance you paid $25,000 for your new vehicle and borrowed the entire purchase price. Say that you have an accident a month later that totals your new car. You've probably only made one payment on the car, and so your loan amount is still close to the $25,000 you originally borrowed. Unfortunately, even with full comprehensive or collision coverage, you will only receive the market value of your vehicle, which will be as much as 20%-30% lower than the purchase price (remember - a new car depreciates significantly the minute you drive it off the lot). That means you may be stuck paying that 20%-30% out of your own pocket. On a $25,000 car, just a 20% depreciation would be $5,000! That amount could be more if you financed your taxes and license into your loan.
How Can GAP Auto Insurance Help?
GAP stands for Guaranteed Auto Protection. But, most people just use the term "Gap" to represent the gap in coverage between how much one owes on a car and how much the car is worth. Gap coverage is insurance that pays for the difference between how much you own on the car (either through a loan or lease) and what you are reimbursed from the insurance company in the event of a total loss. If you are financing or leasing a new vehicle purchase and putting very little (or no) money down, you need to consider getting Gap insurance to protect you financially from a major accident in the first 1-2 years after purchase that results in a total loss of your car.
Get a quote for Auto Insurance with GAP protection here
When You are Upside Down on Your Car
The old saying about your car losing value the minute you drive it off the lot is absolutely true. So, during the early years of a car loan or lease, depending on how much you borrowed to finance the car, it's easy to be “upside down” on your car, meaning that you owe more on your car loan or lease than the vehicle is worth. If you're in an accident, and your car is totaled, the insurance carrier is only responsible for paying for the replacement value of the car (i.e., the market value of your car). So, if you are upside down at the time of the accident and owe the bank or lessor more than the replacement value of the car, the settlement amount you receive from the insurance company will be less than the amount you owe. Unfortunately, you are responsible for the difference and may find yourself in the unenviable position of continuing to make payments for a car you no longer have.
Let's look at a real world example: Say for instance you paid $25,000 for your new vehicle and borrowed the entire purchase price. Say that you have an accident a month later that totals your new car. You've probably only made one payment on the car, and so your loan amount is still close to the $25,000 you originally borrowed. Unfortunately, even with full comprehensive or collision coverage, you will only receive the market value of your vehicle, which will be as much as 20%-30% lower than the purchase price (remember - a new car depreciates significantly the minute you drive it off the lot). That means you may be stuck paying that 20%-30% out of your own pocket. On a $25,000 car, just a 20% depreciation would be $5,000! That amount could be more if you financed your taxes and license into your loan.
How Can GAP Auto Insurance Help?
GAP stands for Guaranteed Auto Protection. But, most people just use the term "Gap" to represent the gap in coverage between how much one owes on a car and how much the car is worth. Gap coverage is insurance that pays for the difference between how much you own on the car (either through a loan or lease) and what you are reimbursed from the insurance company in the event of a total loss. If you are financing or leasing a new vehicle purchase and putting very little (or no) money down, you need to consider getting Gap insurance to protect you financially from a major accident in the first 1-2 years after purchase that results in a total loss of your car.
Get a quote for Auto Insurance with GAP protection here
Sunday, December 25, 2011
INSTANT AFFORDABLE MISSOURI SR22 FILINGS ONLINE!
CLICK HERE FOR YOUR INSTANT MISSOURI SR22 FILING. ENTER YOUR INFORMATION, GET A QUOTE, PRINT A POLICY, AND HAVE THE INSURANCE COMPANY FILE YOUR PAPERWORK WITH THE STATE INSTANTLY, TO GET YOU REINSTATED!
Affordable Missouri SR22 Insurance
Our agency specializes in finding AFFORDABLE Auto Insurance for drivers who need SR22 filings in Missouri. Received a DUI violation? Had an uninsured accident? Had more minor moving violations in one year than the law permits? No Problem! Let us find you the lowest price auto insurance quotes from the best insurance carriers in Missouri. Fill out an Auto Insurance quote form now and let us find you the best price available!
You drove under the influence. Now what?
You’re likely to pay a fine, face suspension of your driver’s license, attend a DUI education course and serve probation. Some states may require impounding your vehicle, performing community service, installing an ignition interlock device, or serving a short jail sentence.
DUI penalties vary, but one thing is certain: you’ll need auto insurance before you can get back on the road. Select Insurance Group offers affordable SR22 auto insurance coverage for DWI offenders, so get a quote now!
DUI penalties vary, but one thing is certain: you’ll need auto insurance before you can get back on the road. Select Insurance Group offers affordable SR22 auto insurance coverage for DWI offenders, so get a quote now!
Saturday, December 17, 2011
Caught driving without auto insurance?
In some compulsory insurance states, insurers must notify the proper state agency that a motorist’s coverage has lapsed, but much time often elapses before the overworked state agency takes action. In most compulsory insurance states, police officers can confiscate a motorists license tags if the motorist cannot produce proof of insurance.
SR22 and Proof Of Insurance
Tags seldom are seized until motorists commit offenses that bring them to the attention of the police. Even if insurance dodgers are prosecuted and convicted of violating compulsory insurance laws, they have little to fear. Many judges, who deal routinely with far more serious offenses, are quite lenient with someone who does nothing worse than refuse to buy insurance. In short, regardless of their reason for not purchasing coverage, insurance dodgers face little risk of meaningful punishment. Find cheap sr22 insurance here.
For these reasons, compulsory laws are viewed by many as futile. In the states that have experimented with such laws over the past several decades, every imaginable means of enforcement has been tried and retried at one time or other with the same results: little difference in the percentage of insured drivers. With extremely- vigorous (and costly) methods of enforcement, some states have managed to reduce their uninsured motorist level somewhat.
Another major argument against compulsory laws is that they are too costly to administer. In states with compulsory laws, besides processing millions of forms showing evidence of insurance, these departments must also process many other kinds of forms as well: changes of registration, new registrations, insurance cancellations and terminations, plus changes in vehicles, insurance companies, and names. In addition, insurance companies have substantial expenses in notifying state authorities whenever a policyholders coverage lapses or expires.
Proper enforcement of compulsory laws requires an extensive data processing system, special layers of state bureaucracy, and enough state police officers to locate and confiscate the license plates of uninsured drivers. Apart from the fact that crime-fighting resources and highway safety patrolmen must be diverted to track down uninsured motorists, no state can afford the vast amount of funds needed to follow up, identify and punish all insurance people who avoid their responsibility.
Of all the states with compulsory laws, Missouri has carried out the most effective and extensive enforcement program. Supervised by the Motor Vehicles Department, record-keeping and forms preparation are done by a computer system provided by the Department of Transportation. The Department of Public Safety employs some 50 staff police officers who confiscate about 19,000 sets of license plates a year.
SR22 and Proof Of Insurance
Tags seldom are seized until motorists commit offenses that bring them to the attention of the police. Even if insurance dodgers are prosecuted and convicted of violating compulsory insurance laws, they have little to fear. Many judges, who deal routinely with far more serious offenses, are quite lenient with someone who does nothing worse than refuse to buy insurance. In short, regardless of their reason for not purchasing coverage, insurance dodgers face little risk of meaningful punishment. Find cheap sr22 insurance here.
For these reasons, compulsory laws are viewed by many as futile. In the states that have experimented with such laws over the past several decades, every imaginable means of enforcement has been tried and retried at one time or other with the same results: little difference in the percentage of insured drivers. With extremely- vigorous (and costly) methods of enforcement, some states have managed to reduce their uninsured motorist level somewhat.
Another major argument against compulsory laws is that they are too costly to administer. In states with compulsory laws, besides processing millions of forms showing evidence of insurance, these departments must also process many other kinds of forms as well: changes of registration, new registrations, insurance cancellations and terminations, plus changes in vehicles, insurance companies, and names. In addition, insurance companies have substantial expenses in notifying state authorities whenever a policyholders coverage lapses or expires.
Proper enforcement of compulsory laws requires an extensive data processing system, special layers of state bureaucracy, and enough state police officers to locate and confiscate the license plates of uninsured drivers. Apart from the fact that crime-fighting resources and highway safety patrolmen must be diverted to track down uninsured motorists, no state can afford the vast amount of funds needed to follow up, identify and punish all insurance people who avoid their responsibility.
Of all the states with compulsory laws, Missouri has carried out the most effective and extensive enforcement program. Supervised by the Motor Vehicles Department, record-keeping and forms preparation are done by a computer system provided by the Department of Transportation. The Department of Public Safety employs some 50 staff police officers who confiscate about 19,000 sets of license plates a year.
Why is auto insurance necessary?
Mandatory auto insurance laws
Support for compulsory insurance laws stems from the belief that such laws increase the number of financially responsible drivers. Many state legislators say that, because of constituent pressure, it is politically difficult for them not to support compulsory auto insurance laws.
These laws often require that drivers present proof of insurance before they are allowed to register their vehicles and make it illegal to drive without proof of current insurance. The seriousness of the crime and penalty for driving without proof of insurance vary among the states, with possible punishment ranging from a fine to a jail sentence. Some states, like Missouri, require motorists to present documentary proof of insurance to register their cars, but the majority require only that people sign affidavits attesting that they have, and will maintain,
liability coverage. Find affordable sr22 insurance coverage here.
In contrast to compulsory insurance laws, financial responsibility laws, in force in the majority of states, do not make it illegal to operate a vehicle without insurance or the financial equivalent (usually in the form of posting a bond to cover damages) until after an accident occurs.
Even the best and best-enforced compulsory insurance laws, however, offer no protection from operators of stolen vehicles, drivers from other states, drivers of unregistered vehicles, hit-and-run drivers, drivers whose insurance limits are too low to pay for all the damage they have caused, or insurance dodgers who cancel their policies soon after they receive proof-of-insurance certificates and register their vehicles. Therefore, even in states with compulsory insurance laws, motorists need uninsured and under-insured motorist insurance to protect themselves from losses caused by these drivers.
In the mid 1950s New York was the first state to enact a statute requiring insurers to offer uninsured motorist (UM) coverage. Virtually every state now requires auto insurers to offer this coverage, and in 29 states and the District of Columbia drivers must purchase it.
Most state laws mandate a minimum basic UM coverage be offered at limits equal to the automobile bodily injury coverage required under the state’s financial responsibility law for liability. The concept is that the policyholder is provided with the minimum protection required by law irrespective of whether the at-fault driver has insurance. Because such limits were often unrealistically low (that is, insufficient to cover actual accident costs), insurers began making available higher limits of UM coverage, usually in amounts up to the third-party liability coverage chosen by the insurance buyer. The theory was that policyholders should have access to the same level of protection for themselves as they were providing to others.
As insurers offered higher limits of UM coverage, an anomalous situation developed. A policyholder carrying higher limit UM might be in a more advantageous position after being injured by an uninsured motorist than after being injured by a financially responsible motorist carrying lower limits of bodily injury liability insurance. Therefore, the next step in the progression was development of coverage designed to fill the gap between the limits available to the victim of the inadequately insured motorist with the desired degree of
protection.
This form of insurance is known as under-insured motorist coverage (UIM). Thirty-two states have laws or regulations requiring insurers to offer this type of coverage, and insurers offer it voluntarily in most other states.
Support for compulsory insurance laws stems from the belief that such laws increase the number of financially responsible drivers. Many state legislators say that, because of constituent pressure, it is politically difficult for them not to support compulsory auto insurance laws.
These laws often require that drivers present proof of insurance before they are allowed to register their vehicles and make it illegal to drive without proof of current insurance. The seriousness of the crime and penalty for driving without proof of insurance vary among the states, with possible punishment ranging from a fine to a jail sentence. Some states, like Missouri, require motorists to present documentary proof of insurance to register their cars, but the majority require only that people sign affidavits attesting that they have, and will maintain,
liability coverage. Find affordable sr22 insurance coverage here.
In contrast to compulsory insurance laws, financial responsibility laws, in force in the majority of states, do not make it illegal to operate a vehicle without insurance or the financial equivalent (usually in the form of posting a bond to cover damages) until after an accident occurs.
Even the best and best-enforced compulsory insurance laws, however, offer no protection from operators of stolen vehicles, drivers from other states, drivers of unregistered vehicles, hit-and-run drivers, drivers whose insurance limits are too low to pay for all the damage they have caused, or insurance dodgers who cancel their policies soon after they receive proof-of-insurance certificates and register their vehicles. Therefore, even in states with compulsory insurance laws, motorists need uninsured and under-insured motorist insurance to protect themselves from losses caused by these drivers.
In the mid 1950s New York was the first state to enact a statute requiring insurers to offer uninsured motorist (UM) coverage. Virtually every state now requires auto insurers to offer this coverage, and in 29 states and the District of Columbia drivers must purchase it.
Most state laws mandate a minimum basic UM coverage be offered at limits equal to the automobile bodily injury coverage required under the state’s financial responsibility law for liability. The concept is that the policyholder is provided with the minimum protection required by law irrespective of whether the at-fault driver has insurance. Because such limits were often unrealistically low (that is, insufficient to cover actual accident costs), insurers began making available higher limits of UM coverage, usually in amounts up to the third-party liability coverage chosen by the insurance buyer. The theory was that policyholders should have access to the same level of protection for themselves as they were providing to others.
As insurers offered higher limits of UM coverage, an anomalous situation developed. A policyholder carrying higher limit UM might be in a more advantageous position after being injured by an uninsured motorist than after being injured by a financially responsible motorist carrying lower limits of bodily injury liability insurance. Therefore, the next step in the progression was development of coverage designed to fill the gap between the limits available to the victim of the inadequately insured motorist with the desired degree of
protection.
This form of insurance is known as under-insured motorist coverage (UIM). Thirty-two states have laws or regulations requiring insurers to offer this type of coverage, and insurers offer it voluntarily in most other states.
Sunday, December 11, 2011
Discount vehicle insurance – What kinds of discounts can you avail?
Discount vehicle insurance from Select Insurance Group – What kinds of discounts can you avail?
Most of you who own a vehicle must be having your auto insurance policy. Almost all vehicle owners are aware of a few kinds of discounts on their vehicle insurance policies. But very few people know that there is a long list of discounts available with car insurance policies. If you’re a bit proactive and if you’ve done your homework, you can also qualify for a number of discounts on your auto insurance policy. Read on to know a list of added discounts that can drastically cut down your monthly premium amounts on your vehicle insurance policy.
The safety discounts on your vehicle insurance policy
When anyone buys a car, getting a vehicle insurance policy is a prudent decision. You should start with getting your vehicle insured first. There are some particular discounts that you’ll get if your vehicle is installed with safety features. The more your vehicle is protected from accidents, the lesser you have to pay on your insurance premiums. If you have installed airbags, anti-lock brakes or an anti-theft system, you’ll be charged lesser on your vehicle insurance premiums. If your vehicle is equipped with daytime lights and seat belts, you can also qualify for discounts. Therefore, if you were unaware of the safety discounts, equip your car with the above mentioned devices in order to save those extra dollars.
The discounts related to drivers
If you have a chance to better yourself as a driver, make use of it to save money on your auto insurance policy. There are some discounts for drivers who have gone through a driving course from a reputed driving institution. It is considered by most auto insurance companies that of the driver are trained well, they are less prone to road accidents. This will also lessen the chance of their filing a claim. If the driver has a clean driving record and has not made too many road accidents, he will also be granted lower insurance premiums. The same goes for the credit report as this is the most important thing taken into consideration by most lenders. Go through credit repair first, if you have a poor credit score and then go for getting a vehicle insurance policy.
The discounts on coverage
There are some other coverage discounts that are given for multi vehicle insurance. If you insure more than one vehicle from a particular insurer, you may get discounts on your vehicle insurance policy. Moreover, you should insure from a particular company to save the dollars on your policy. If you have health insurance, life insurance policies from an insurer, you can get your vehicle insurance policy from the same insurer to save money. The insurance company may reward you with generous and lucrative discounts on your premiums.
Therefore, if you’re a prospective vehicle insurance buyer, keep in mind the various discounts mentioned above. This will help you take an informed and measured decision so that you make the wisest choice before investing your money.
visit www.selectinsuranceteam.com to learn more
Most of you who own a vehicle must be having your auto insurance policy. Almost all vehicle owners are aware of a few kinds of discounts on their vehicle insurance policies. But very few people know that there is a long list of discounts available with car insurance policies. If you’re a bit proactive and if you’ve done your homework, you can also qualify for a number of discounts on your auto insurance policy. Read on to know a list of added discounts that can drastically cut down your monthly premium amounts on your vehicle insurance policy.
The safety discounts on your vehicle insurance policy
When anyone buys a car, getting a vehicle insurance policy is a prudent decision. You should start with getting your vehicle insured first. There are some particular discounts that you’ll get if your vehicle is installed with safety features. The more your vehicle is protected from accidents, the lesser you have to pay on your insurance premiums. If you have installed airbags, anti-lock brakes or an anti-theft system, you’ll be charged lesser on your vehicle insurance premiums. If your vehicle is equipped with daytime lights and seat belts, you can also qualify for discounts. Therefore, if you were unaware of the safety discounts, equip your car with the above mentioned devices in order to save those extra dollars.
The discounts related to drivers
If you have a chance to better yourself as a driver, make use of it to save money on your auto insurance policy. There are some discounts for drivers who have gone through a driving course from a reputed driving institution. It is considered by most auto insurance companies that of the driver are trained well, they are less prone to road accidents. This will also lessen the chance of their filing a claim. If the driver has a clean driving record and has not made too many road accidents, he will also be granted lower insurance premiums. The same goes for the credit report as this is the most important thing taken into consideration by most lenders. Go through credit repair first, if you have a poor credit score and then go for getting a vehicle insurance policy.
The discounts on coverage
There are some other coverage discounts that are given for multi vehicle insurance. If you insure more than one vehicle from a particular insurer, you may get discounts on your vehicle insurance policy. Moreover, you should insure from a particular company to save the dollars on your policy. If you have health insurance, life insurance policies from an insurer, you can get your vehicle insurance policy from the same insurer to save money. The insurance company may reward you with generous and lucrative discounts on your premiums.
Therefore, if you’re a prospective vehicle insurance buyer, keep in mind the various discounts mentioned above. This will help you take an informed and measured decision so that you make the wisest choice before investing your money.
visit www.selectinsuranceteam.com to learn more
SR22 Insurance – Does an sr22 make my car insurance more expensive?
An sr22 is required when you have a suspended driver license or an sr22 filing could be needed to keep a drivers licenses from being suspended.
Car insurance rates are based on your driving record. An sr22 filed on you car insurance will not affect your car insurance rate.
There is a small fee for the sr22 filing but your rates are going to be based on the reason for the sr22 filing.
Some people refer to car insurance with an sr22 as sr22 insurance, but actually an sr22 is not insurance. An sr22 is a certificate filed with your car insurance company letting the state department of motor vehicles know you are currently insured.
Drivers who receive a no insurance ticket and are required to file an sr22 will not be affected as adversely as a driver who was convicted of driving under the influence and must file an sr22.
A few examples of drivers who might be required to file an sr22 would be drivers who have accumulated too many points on their driving records for offenses such as too many moving violations, accidents, driving without car insurance, driving on a suspended license, DWI, DUI or a refusal to submit to an alcohol or drug test.
If you need to file an sr22, please allow our agents to give you a quick sr22 insurance quote and find you cheap sr22 insurance.
Select Insurance Group agents specialize in high risk driving records. Remember, just because you have a less than perfect driving record, you do not have to pay for high car insurance rates. It is up to you to shop you for cheap car insurance rates!
Car insurance rates are based on your driving record. An sr22 filed on you car insurance will not affect your car insurance rate.
There is a small fee for the sr22 filing but your rates are going to be based on the reason for the sr22 filing.
Some people refer to car insurance with an sr22 as sr22 insurance, but actually an sr22 is not insurance. An sr22 is a certificate filed with your car insurance company letting the state department of motor vehicles know you are currently insured.
Drivers who receive a no insurance ticket and are required to file an sr22 will not be affected as adversely as a driver who was convicted of driving under the influence and must file an sr22.
A few examples of drivers who might be required to file an sr22 would be drivers who have accumulated too many points on their driving records for offenses such as too many moving violations, accidents, driving without car insurance, driving on a suspended license, DWI, DUI or a refusal to submit to an alcohol or drug test.
If you need to file an sr22, please allow our agents to give you a quick sr22 insurance quote and find you cheap sr22 insurance.
Select Insurance Group agents specialize in high risk driving records. Remember, just because you have a less than perfect driving record, you do not have to pay for high car insurance rates. It is up to you to shop you for cheap car insurance rates!
Common SR22 Questions
When drivers are required to file an SR22 with their state it is often a misunderstood form. Each state will require the SR22 form for different reasons and some states actually don't require it at all. Here are a few common questions that drivers ask when they are required to file the SR-22.
Why do I need an SR22?
Depending on your state laws you may be required to file an SR22 due to lack of paying child support, driving under the influence or accumulation of points. Check your state for specific reasons and reference you court documents for why they require it.
How much does an SR22 cost?
The cost to file an SR-22 form is usually $15-$30 depending on the insurance company. This cost does not include the cost of auto insurance or the increase in your premium due to the nature of the traffic violation.
Where can I get an SR22?
Most auto insurance companies will offer the filing but not every state requires it. If you are required to file an SR22 insurance form contact a trusted car insurance provider to get a quote.
For more answers to SR22 FAQ's visit http://selectinsuranceteam.com.
Why do I need an SR22?
Depending on your state laws you may be required to file an SR22 due to lack of paying child support, driving under the influence or accumulation of points. Check your state for specific reasons and reference you court documents for why they require it.
How much does an SR22 cost?
The cost to file an SR-22 form is usually $15-$30 depending on the insurance company. This cost does not include the cost of auto insurance or the increase in your premium due to the nature of the traffic violation.
Where can I get an SR22?
Most auto insurance companies will offer the filing but not every state requires it. If you are required to file an SR22 insurance form contact a trusted car insurance provider to get a quote.
For more answers to SR22 FAQ's visit http://selectinsuranceteam.com.
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