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Home Insurance Basics

Home Insurance Basics

by | Home Insurance

Having a home insurance claim and finding out you are not adequately covered can be nightmare. Even experienced homeowners can stumble when it comes to knowing their home insurance coverage. See below for a quick explanation of coverages and talk to an experienced insurance agent about your home insurance policy and its coverages and limits.

Dwelling Coverage

Dwelling coverage is the portion of your home insurance policy that pertains to the cost of rebuilding and repairing your home in the event that it is damaged or destroyed in a covered peril such as wind, hail, lightning, or fire. First, know what type of perils your policy covers. Secondly, know the amount of dwelling coverage that you purchased, which should equal the cost of rebuilding your home in the event of a complete loss. Do not confuse this amount with the market value of your home, which includes the value of your land. In the event of a disaster, you will not lose your land, only the building that stands on it. The rebuilding cost, on the other hand, must account for local construction and materials costs.

Other Structures Coverage

Other Structures protection protects sheds, detached garages, and fences from covered events. Typically, coverage limits are set at 10% of the amount of dwelling coverage, but you can purchase more protection if necessary.

Personal Property Coverage

Personal Property coverage protects your possessions, such as electronics, clothing, and furniture, in case they are stolen or destroyed by a covered peril. Know your dwelling coverage limit. Coverage is often limited for certain high-value items such as jewelry but can be covered fully by scheduling an endorsement to your policy.

Personal Liability Protection

What happens if someone gets injured in or around your house? Personal Liability protection helps if someone sues after being hurt on your property or suffers property damage because of an event caused by you or a member of your household. It can pay for your legal defense and for any settlement or award in the lawsuit, up to your coverage limits. You also can be protected from injuries caused by your pets.

Loss of Use Coverage

Loss of Use coverage kicks in if your house becomes uninhabitable because of a covered event. While it is being repaired or replaced, this coverage helps with your living expenses, including hotel and restaurant bills.

Medical Payments Coverage

Medical Payments coverage helps if you are responsible for the injuries of someone who does not want to sue. It can pay medical expenses up to your coverage limit.
Know your home insurance coverage and limits now before you suffer a loss. Finding out after a claim that you are not adequately covered could be financially and emotionally painful.

About Steve Cogoni

Steve Cogoni is an experienced senior insurance agent with SmartLife Insurance, which has the largest selection of auto, home and life insurance carriers in Florida and is located inside the Port St. Lucie Walmart.
Contact me at Steve.Cogoni@SmartLife-Insurance.com or (772) 877-8488 and I will be happy to help you with your insurance assessments and needs. www.SmartLife-Insurance.com

Reasons You May Be Paying Too Much for Auto Insurance

Reasons You May Be Paying Too Much for Auto Insurance

by | Auto Insurance

There is a good chance you are paying too much for your auto insurance. Unless you are an educated consumer, insurance carriers overcharge you because they can. Below are some of the most overlooked ways to save on auto insurance.

Pay Your Premium Upfront

If you can afford it, paying your 6-month car insurance bill will get you a solid discount. If you have the cash and are not paying the lump sum upfront payment, you are overpaying on car insurance.

Assess Your Amount of Coverage

If the value of your car has gone down, like all car values do, is it still worth paying for comprehensive and collision coverage? Calculate the additional insurance premium you are paying every month and compare it to the car’s blue book value less your deductible. If you have owned your car for some time now, it’s very possible your number crunching will show you’re overpaying for auto insurance.

Increase Your Deductible

The deductible is the amount you pay before the insurance company starts paying for your damages. Increasing your deductible can often have a sizeable impact on your auto insurance premium. Work with your insurance agent to assess which deductible level will provide the best discount to your insurance premium. The only downside to a higher deductible is you will have to pay more of the cost of the damage if you get into an accident.

Comparison Shop

If you have not shopped insurance rates in the last few years, you are likely overpaying. The insurance carriers fight for one another’s business and their best weapon are lower prices. Many people fail to shop insurance rates because they think it is complicated and time consuming. But if you work with an independent insurance agent who represents a large spectrum of carriers, he or she could do the heavy lifting for you.

Memberships

All sorts of memberships, or even your job title, can earn you a discount. Look into all your existing alumni memberships, automotive or trade memberships and discuss with your agent to see if you can get a discount for any of them.

Miles Driven

If you rarely drive, or have a short commute, you can get a discount for just driving less.

Many Other Reasons

There are so many reasons that cause your auto insurance premium to be high including drivers’ records, home ownership vs renting, neighborhood crime, the repair costs, how your car performs in crash studies, the likelihood of your car being stolen, a teenager living in your home, your credit score, your level of education, and so much more. Talk to your agent to maximize your discounts.

About Steve Cogoni

Steve Cogoni is an experienced senior insurance agent with SmartLife Insurance, which has the largest selection of auto, home and life insurance carriers in Florida and is located inside the Port St. Lucie Walmart.
Contact me at Steve.Cogoni@SmartLife-Insurance.com or (772) 877-8488 and I will be happy to help you with your insurance assessments and needs. www.SmartLife-Insurance.com

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