Posts made in June, 2017

Protect Yourself: Renter’s Insurance Could Save You from Potential Disaster

Posted by on Jun 27, 2017 in Personal Insurance | 0 comments

Protect Yourself: Renter’s Insurance Could Save You from Potential Disaster

Imagine the horror of coming home to find your belongings destroyed or stolen. Then you find out your landlord’s insurance won’t cover your losses. Most people know the legal requirements relating to car, health, and homeowner’s insurance but often do not consider optional coverage, such as renter’s insurance. Did you know 95% of homeowners insure their dwellings, but only 41% of renters carry similar coverage? Renters may assume their landlords’ insurance covers their belongings, might not know renter’s coverage is available, or think the odds of something happening to them are low. Renter’s insurance works a lot like homeowner’s insurance except it’s typically less expensive to purchase. While carrying rental insurance is not required by law, many property owners, landlords, and property management companies require renters to purchase liability coverage. “It’ll never happen to me.” People often tend to think catastrophes won’t happen to them, but this mindset can lead to potentially devastating effects. While landlords are responsible for maintaining buildings, they aren’t responsible for tenants’ possessions. For instance, if a fire, storm, theft, or vandalism were to occur, your landlord would be accountable for any damage or loss to your building — but you wouldn’t be reimbursed for your possessions. Renter’s insurance protects you While some can get by only owning a futon and a microwave, most people possess electronics, clothing, furniture, and other valuables that are expensive to replace. Even if you don’t own much, renter’s insurance can protect you if: Your dwelling is declared uninhabitable due to damage and you need help covering living expenses. Someone is injured in your home due to your negligence. Your dog bites an invited or uninvited visitor. You accidentally leave the water in your bathtub running and flood surrounding apartments. Keep in mind, aside from actual replacement costs, you could also be responsible for medical bills or be named as a defendant in a lawsuit should the worst happen in your rental property. What to look for in a policy Even on top of rent, utilities, and other necessities, most people find renter’s insurance to be affordable. On average, renter’s coverage costs about $12-$30 a month. When shopping for insurance, you’ll want to: Compare lower premiums with higher deductibles to higher premiums with lower deductibles. Understand the actual cash value (ACV) of your belongings versus their replacement cost value (RCV). Look at any additional property you might want to cover in your policy, such as jewelry, furs, or fine art. Consider adding coverage not included in standard policies, such as flood or earthquake insurance. Bundle your renter’s insurance with your car, franchise, or other insurance policies as many agencies offer multi-policy discounts. When considering whether renter’s insurance is right for you, the big question you’ll want to ask yourself is, “Can I afford big losses or legal expenses?” Most people can’t. Contact a Concklin Insurance expert today to learn more about renter’s insurance and see how you can find the coverage you need at a price you can...

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My Premium Is Increasing Again? Understand Rising Auto Insurance Rates

Posted by on Jun 14, 2017 in Personal Insurance | 0 comments

My Premium Is Increasing Again? Understand Rising Auto Insurance Rates

If you own a vehicle and insure it, you know auto insurance rates are rising. Even if you have a clean driving record, you’ve likely seen your rates inch higher over the past few years. The average premium has risen by 16% since 2011. The reasons for this are manifold. One cause of rising rates is the expanding economy. More drivers on the road — commuting to work or heading off on vacation — means more accidents are likely to occur. Additionally, health care costs are only increasing with time, which means higher claims for insurance companies. Between 2005 and 2013, insurance companies faced a 32% increase in the average cost per bodily injury. Another cause of rising claims is the fact that cars are now costlier to repair. Replacing a bumper alone can cost an insurance company almost $1,000. If there is damage to a car’s frame, that cost could rise to $10,000. Technology is also adding to the number of distracted driving incidents. More drivers driving with more distractions in more expensive cars mean higher claims for insurance companies. Higher claims for insurance companies mean higher premiums for drivers. Vehicle owners: Lower your insurance premiums Vehicle owners don’t have to blindly accept increasing premiums as a fact of life. There are steps drivers can take to help keep premiums from increasing unnecessarily. Review before you renew. Before agreeing to renew an existing policy, check it closely for any issues or errors. Ask your insurance agent if he or she has applied all possible deductions. Ask why. If your rate has increased, simply asking why this has occurred can help illuminate the problem. It’s possible your credit report has errors that triggered the rate increase. Bundle up. Bundling your car insurance and homeowner’s or renter’s policy under one insurer may help reduce your overall rate. Restaurant owners can bundle their auto, home, and franchise insurance for additional savings. Change your payment option. Most insurance companies allow monthly payments or bi-annual payment plans that offer discounts for amounts paid in full. Changing your payment plan can be as easy as setting up autopay. Shop around. It is likely that if rates have increased with your current insurer, they have also increased with other companies as rate increases tend to be industry shifts. That being said, it never hurts to check. Before renewing, shop around with other insurance providers to see if you can find a better rate. Adjust your premium and deductibles. If, after all of the above, your rate is still too high, you may want to consider adjusting your premium and deductibles. This is a risky move, however, and you should proceed with caution. Any time you reduce your coverage to save on your premium, you put yourself at risk of having to pay more out of pocket in the event of an accident. Dangers of reducing coverage to lower insurance rates As you consider ways to lower your premium, keep in mind the importance of adequate coverage. Auto insurance is there to protect not just you, your vehicle, and your passengers but also all the other vehicles, drivers, and passengers on the road around you. You may be driving safely, but that doesn’t mean the person in the car behind you is doing the same. Reducing your coverage means reducing your protection. Remember that health care and repair costs are only increasing with time. It is up to you to pay for any costs your insurance policy doesn’t cover. If you are dissatisfied with your current auto insurance premium, the best place to start is by...

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