Of course, the only time you worry about your insurance coverage is when you need it.
Here's a few things to keep in mind while you deal with the mess left behind by those crazy Missouri winds.
Generally, if a tree falls on your house, the damage to the home is covered, and most policies will even pay up to $500 to cover the cost of removing the tree.
If you lost part of your roof, or shingles, that should be covered too.
But, if the tree falls in the yard, and doesn't touch the house, nothing is covered. The owner usually has to pay for everything, including removing the tree.
And homeowners beware, landslides and mudslides are not covered by home and flood insurance.
If a tree falls on a car, it doesn't matter who's tree it is.
Car insurance will cover it only if the owner has paid for comprehensive coverage. That coverage is different from the state required liability insurance.
So, if you don't have comprehensive coverage, you are out of luck.
And whether it's your auto or home policy you're dealing with, don't forget that you have to pay the deductible.
Finally, if you believe the city, or your neighbor did not maintain that tree, and you have proof you complained about the tree before the wind storm, you could have a claim.
http://www.selectinsuranceteam.com/selectinsuranceblog.html
Thursday, February 23, 2012
High risk auto insurance - St. Louis, MO
The realization that one needs high risk auto insurance is never a pleasant one. Many drivers go for years without any significant problems, but then a serious accident or a DUI can cause one to quickly drop into the high risk category. For those who are parents of young drivers, a few mistakes by teenagers can easily cause an entire family’s policy to fall into this category. There are many factors to consider, however, when one is forced to buy high risk auto insurance.
Limits of Coverage
Many leased autos come with certain policy limits that have to be met. If a lease contract requires $300,000 of liability coverage, high risk auto policy buyers must make sure that their new policy limits match the lease requirements. A policy with large liability limits may be very expensive.
Payments
Standard policies usually have a grace period if a payment is accidentally lost or forgotten. This luxury may not exist with a high risk policy. A late payment may be cause for instant cancellation. A returned check may not cause much trouble if one has a standard policy, but again, it may cause rapid cancellation in the high risk arena.
Drivers
High risk insurance policies may severely limit who is covered if they drive the insured’s auto. While standard policies usually cover anyone who has permission to drive, high risk insurance may only cover the main driver of the insured vehicle. If someone else drives a vehicle covered by a high risk policy they may be held personally responsible if they are involved in an accident.
SR22s
An SR22 is an insurance policy that is issued along with a certificate that goes directly to the secretary of state. It allows the state to be informed at all times if the policy has been cancelled. SR22s are usually required if one has had a DUI, or has been caught driving without insurance. Again, be careful concerning SR22 limits, as they may be much smaller than traditional policies.
Where to Get It
While standard coverage is universally available everywhere, high risk policies may be harder to find. Start shopping online and be sure to compare different policies offered as prices may vary greatly.
While any driver would rather be eligible for standard insurance, high risk insurance may be necessary during one’s driving career. If a driver does exhibit a clean driving record in the future, it is highly probable that they will again be able to obtain regular insurance with good limits at a reasonable price. Due diligence is extremely important when considering any auto insurance policy.
Limits of Coverage
Many leased autos come with certain policy limits that have to be met. If a lease contract requires $300,000 of liability coverage, high risk auto policy buyers must make sure that their new policy limits match the lease requirements. A policy with large liability limits may be very expensive.
Payments
Standard policies usually have a grace period if a payment is accidentally lost or forgotten. This luxury may not exist with a high risk policy. A late payment may be cause for instant cancellation. A returned check may not cause much trouble if one has a standard policy, but again, it may cause rapid cancellation in the high risk arena.
Drivers
High risk insurance policies may severely limit who is covered if they drive the insured’s auto. While standard policies usually cover anyone who has permission to drive, high risk insurance may only cover the main driver of the insured vehicle. If someone else drives a vehicle covered by a high risk policy they may be held personally responsible if they are involved in an accident.
SR22s
An SR22 is an insurance policy that is issued along with a certificate that goes directly to the secretary of state. It allows the state to be informed at all times if the policy has been cancelled. SR22s are usually required if one has had a DUI, or has been caught driving without insurance. Again, be careful concerning SR22 limits, as they may be much smaller than traditional policies.
Where to Get It
While standard coverage is universally available everywhere, high risk policies may be harder to find. Start shopping online and be sure to compare different policies offered as prices may vary greatly.
While any driver would rather be eligible for standard insurance, high risk insurance may be necessary during one’s driving career. If a driver does exhibit a clean driving record in the future, it is highly probable that they will again be able to obtain regular insurance with good limits at a reasonable price. Due diligence is extremely important when considering any auto insurance policy.
Car Insurance: Why Comparison Shop?
The car insurance industry is a business. And like other businesses, carowner’s insurance providers are willing to compete for their customers. select insurance group understands this and that is why we help you comparison shop for the best car insurance quote available in your area. With our easy to use system, you can find the cheapest car insurance rates available without sacrificing quality. That’s the Select Insurance Group advantage! Call 855-GET-SELECT or go to www.selectinsuranceteam.com for FREE QUOTES!
GAP Auto Insurance Coverage
Sure, you’ve got your auto insurance, but do you know whether or not you’ll wind up taking a serious financial hit if your car is totaled? If you don’t also have GAP insurance on your car loan, you might be in for a big, unpleasant surprise.
You can compare auto insurance rates online from competing insurance companies.
Everyone knows that the moment you drive your car off the lot, it loses value. Even your auto insurance policy may not cover the amount you owe on your car loan if your car is totaled after an accident during that first couple of years of depreciation. That’s why, in addition to what you already have for insurance, you might think about getting GAP insurance from Select Insurance Group.
Defining GAP Coverage
GAP stands for “Guaranteed Auto Protection” insurance. The point of GAP insurance is to cover the difference (or the “gap”) between what your car is worth according to the market and what you owe on your car loan. So, if your auto insurance company is only willing to pay $12,000 and you owe $13,500, GAP insurance steps in and pays the $1,200 difference. Depending on the policy, your GAP insurance may also cover your deductible.
Why GAP Insurance is Necessary
Like we said, your new car loses value fast. In the first two years, a car can lose a full third of its value! Yet, it’s entirely likely that you owe more than that on your car loan. If it’s totaled, your checkbook might be, too.
Your auto insurance company is only going to pay out a specific amount of money, based on the make, model and year of your car. This value, known as the “Actual Cash Value” or ACV, is an industry-standard number that’s used by most auto insurance companies.
GAP with Benefits
Depending on your policy, however, your GAP insurance might do you even better than just paying off that loan. Some GAP insurance policies offer other perks. For example, a particular bank offers a GAP insurance policy on their car loans that will not only pay off the balance of the loan, but will give the consumer an extra grand off the cost of a new car loan. So, not only will you come out even on your old loan, you can buy a new ride for a thousand bucks less.
You can compare auto insurance rates online from competing insurance companies.
Everyone knows that the moment you drive your car off the lot, it loses value. Even your auto insurance policy may not cover the amount you owe on your car loan if your car is totaled after an accident during that first couple of years of depreciation. That’s why, in addition to what you already have for insurance, you might think about getting GAP insurance from Select Insurance Group.
Defining GAP Coverage
GAP stands for “Guaranteed Auto Protection” insurance. The point of GAP insurance is to cover the difference (or the “gap”) between what your car is worth according to the market and what you owe on your car loan. So, if your auto insurance company is only willing to pay $12,000 and you owe $13,500, GAP insurance steps in and pays the $1,200 difference. Depending on the policy, your GAP insurance may also cover your deductible.
Why GAP Insurance is Necessary
Like we said, your new car loses value fast. In the first two years, a car can lose a full third of its value! Yet, it’s entirely likely that you owe more than that on your car loan. If it’s totaled, your checkbook might be, too.
Your auto insurance company is only going to pay out a specific amount of money, based on the make, model and year of your car. This value, known as the “Actual Cash Value” or ACV, is an industry-standard number that’s used by most auto insurance companies.
GAP with Benefits
Depending on your policy, however, your GAP insurance might do you even better than just paying off that loan. Some GAP insurance policies offer other perks. For example, a particular bank offers a GAP insurance policy on their car loans that will not only pay off the balance of the loan, but will give the consumer an extra grand off the cost of a new car loan. So, not only will you come out even on your old loan, you can buy a new ride for a thousand bucks less.
Why you shouldn’t lower your home insurance coverage when your home value drops
It’s a really common mistake and one that can cost a homeowner a ton of money in the event of a total loss to their home. Homeowners across the country see their property values dropping and assume that it’s a good time to lower their home insurance coverage. The problem with this is that your insurance covers the replacement cost of your home NOT the market value.
The replacement cost and the market value of your home are two very different things. The market value of your home is the price it would sell for in the current real estate market and includes the value of the land that the home sits on. On the other hand, the replacement cost of your home only includes the structure of your home (no land) and is calculated based on current construction rates in your area (amongst other things).
This misconception is even more dangerous now because while home values have dropped significantly over the past few years, construction costs have increased. This has many homeowners believing they are adequately insured while they are actually under-insured.
How to estimate your insurance coverage:
1- For a rough estimate on how much dwelling coverage your home may need you can ask your agent to use a cost estimator progam. It will use average construction costs in your area and the square footage of your home to provide an approximate coverage for your home. This tool only provides an estimate on coverage and should not be used as a true figure when purchasing a policy.
2- For a more exact idea about how much dwelling coverage you need, you should talk to one of our licensed homeowners insurance agents by calling 636-410-6219. Our licensed agents' will ask you about the various features of your home including building style, building materials, finished square footage, etc. to give you an estimated replacement value for your property.
3- Last but not least, make sure to review the coverage listed in your policy at least once a year or anytime you make any updates or significant renovations to your home. It’s important to do this as building costs can inflate and the replacement cost of your home may increase when you perform renovations and additions.
The replacement cost and the market value of your home are two very different things. The market value of your home is the price it would sell for in the current real estate market and includes the value of the land that the home sits on. On the other hand, the replacement cost of your home only includes the structure of your home (no land) and is calculated based on current construction rates in your area (amongst other things).
This misconception is even more dangerous now because while home values have dropped significantly over the past few years, construction costs have increased. This has many homeowners believing they are adequately insured while they are actually under-insured.
How to estimate your insurance coverage:
1- For a rough estimate on how much dwelling coverage your home may need you can ask your agent to use a cost estimator progam. It will use average construction costs in your area and the square footage of your home to provide an approximate coverage for your home. This tool only provides an estimate on coverage and should not be used as a true figure when purchasing a policy.
2- For a more exact idea about how much dwelling coverage you need, you should talk to one of our licensed homeowners insurance agents by calling 636-410-6219. Our licensed agents' will ask you about the various features of your home including building style, building materials, finished square footage, etc. to give you an estimated replacement value for your property.
3- Last but not least, make sure to review the coverage listed in your policy at least once a year or anytime you make any updates or significant renovations to your home. It’s important to do this as building costs can inflate and the replacement cost of your home may increase when you perform renovations and additions.
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