INSURANCE BLOG

Florida Home Insurance is just too Much

November 29th, 2008

Florida Homeowners have been unfairly hit with huge insurance rate increases and it is time for this to stop. Finally, Florida homeowners really will see their property insurance rates come down as a result of laws passed last January, a key state regulator assured the Senate Committee on Banking and Insurance in Tallahassee on Tuesday.

Just when some homeowners will see those reductions does remain an uncertainty. “The vast majority of insurance companies have already dropped their rates,” says deputy insurance commissioner Belinda Miller- “and a few companies that haven’t we are litigating against.”

But by the state’s own determination it stands as more than a few. Just last week, 31 insurance companies representing nearly a third of the Florida market, or about 1.3-million policyholders, have asked for a rate hike. Those rate increases have been denied, and the companies, which include Allstate and USAA, are in various stages of appealing the decisions.

Only 32 insurers - mostly smaller companies representing about 17 percent of the market - have cut their rates. But the savings are substantial, an average of about 22 percent.  Also another 24 companies that represent about 46 percent of the market have requests that are pending. Regulators said most of those requests are for lower rates and are likely to be approved by the end of February.  So now is the time to get a free homeowners insurance quote and lower those high insurance rates.

9 Ways to Lower Your Insurance Premium

November 29th, 2008
1Shop Around

Prices vary from company to company, so it pays to shop around. Get at least three price quotes. You can call companies directly or access information on the Internet.

You buy insurance to protect you financially and provide peace of mind. It’s important to pick a company that is financially stable. Check the financial health of insurance companies with rating companies such as A.M. Best.

2.

Before You Buy a Car, Compare Insurance Costs

Before you buy a new or used car, check into insurance costs. Car insurance premiums are based in part on the car’s sticker price, the cost to repair it, its overall safety record, and the likelihood of theft. Many insurers offer discounts for features that reduce the risk of injuries or theft. These include daytime running lights and anti-theft devices. To help you decide what car to buy, you can get information from the Insurance Institute for Highway Safety

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3.

Ask for Higher Deductibles

Deductibles are what you pay before your insurance policy kicks in. By requesting higher deductibles, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 to 30 percent. Going to a $1,000 deductible can save you 40 percent or more. Before choosing a higher deductible, be sure you have enough money set aside to pay it if you have a claim.

4.

Reduce Coverage on Older Cars

Consider dropping collision and/or comprehensive coverages on older cars. If your car is worth less than 10 times the premium, purchasing the coverage may not be cost effective. Auto dealers and banks can tell you the worth of cars. Or you can look it up online at Kelleys Blue book.

5. Buy your Homeowners and Auto Coverage from the Same Insurer

Many insurers will give you a break if you buy two or more types of insurance. You may also get a reduction if you have more than one vehicle insured with the same company. Some insurers reduce the rates for long-time customers. But it still makes sense to shop around! You may save money buying from different insurance companies, compared with a multi-policy discount.

6.

Maintain a Good Credit Record

Establishing a solid credit history can cut your insurance costs. Insurers are increasingly using credit information to price auto insurance policies. To protect your credit standing, pay your bills on time, don’t obtain more credit than you need and keep your credit balances as low as possible. Check your credit record on a regular basis and have any errors corrected promptly so that your record remains accurate.

7.

Take Advantage of Low Mileage Discounts

Some companies offer discounts to motorists who drive a lower than average number of miles a year. Low mileage discounts can also apply to drivers who car pool to work.

8.

Ask about Group Insurance

Some companies offer reductions to drivers who get insurance through a group plan from their employers, through professional, business and alumni groups, or other associations. Ask your employer and inquire with groups or clubs you are a member of to see if this is possible.

9.

Seek Out Other Discounts

Companies offer discounts to policyholders who have not had any accidents or moving violations for a number of years. You may also get a discount if you take a defensive driving course. If there is a young driver on the policy who is a good student, has taken a drivers education course or is at a college out of the area without a car, you may also qualify for a lower rate.

Flood Insurance Explained

November 29th, 2008

If you live in an area that has a history of flooding then flood insurance is a must.

Flood insurance protects you from the financial devastation which are caused by floods. Just a few inches of water can bring thousands of dollars in repair and restoration costs. Many people do not know this but most homeowners insurance does not cover floods. So you need flood insurance. Flood insurance, like earthquake insurance, is “single peril” insurance, which is sold separately from home-owners insurance. Flood insurance protects you against losses to structures and their contents, not the land surrounding them. The coverage applies whether the flooding results from heavy or prolonged rains, coastal storm surge, snow melt, blocked storm drainage systems, levee dam failure, or other causes. To be considered a flood, the waters must cover at least two acres or affect at least two properties.

Flood insurance is available both in and outside of flood plain areas. Your property’s flood risk is shown on flood hazard maps so check those out.  Different types of flood insurance policies are available depending on your flood risk.  If you do live in a very high risk place, you will need a Standard Flood Insurance Policy. Most mortgage lenders will require that you have such a policy before they will approve your loan. If however you do NOT live in a high risk area- FLOOD INSURANCE is still advisable usually at a much lower cost.

A Preferred Risk Insurance Policy covers both a home and its contents, with insurance premiums as low as $119 per year. While you are not federally required to have flood insurance in a low or moderate risk area, that does not mean you won’t ever need it. Large floods often extend beyond the boundaries of high-risk areas and smaller floods occur outside high-risk areas as well. In fact, 25% of all flood insurance claims come from low-to-moderate risk areas.

Flood insurance is sold and serviced by private insurance companies- which are backed by the federal government. More than 85 companies sell flood insurance. Often the same insurance agent who wrote your homeowners insurance policy can help you obtain flood insurance. Or you can find an agent near you by clicking on Agent Locator to the left and entering your zip code. Flood insurance costs the same wherever you purchase it, because the rates are set by the National Flood Insurance Program.

Flood insurance covers both homes and also businesses. With residential insurance coverage you can get up to $250,000 of insurance to protect your home and up to $100,000 to protect its contents. If you are located in one of the high-risk areas, federally regulated or insured lenders will require you to have flood insurance for the amount remaining on your mortgage.

With commercial coverage, you can get up to $500,000 of insurance to protect your building and up to $500,000 to protect its contents.  So do your homework and always prepare for the unexpected.  Get a FREE flood Insurance quote now at InsuranceLower.com

Just what is Sickness and Accident Insurance

November 29th, 2008
  • Sickness and Accident Insurance is a form of permanent health insurance that may be sold with some form of credit similar to a credit card or personal loan. In the event of the borrower being unable to work because of accident or illness, the Insurance policy covers the regular payments to the credit card company or lender.  So if you have a high risk job such as a construction worker or heavy metal worker then accident insurance may be right for you.  Get a free accident and Sickness Insurance quote today at InsuranceLower.com
  • A DUI is a sure way to get your Insurance Cancelled

    November 29th, 2008

    Are you the party type that goes out on Friday nights and thinks nothing of jumping behind the wheel after a few drinks?  Well take a look at some of the facts about the costs of getting a DUI.  In 2004, Research conducted for the Automobile Club of Southern California stated that a motorist convicted of a first-time DUI offense in California currently faces a total cost of $12,116. The cost includes minimum fines, $468; penalties, $780; vehicle towing and impound, $187; alcohol education class, $500; increase in auto insurance, $7,300; victim restitution fund, $100; DMV license reissue fee, $125; booking, fingerprinting and photo fee, $156.  Then theres the dreaded attorney and legal fees, another $2,500! So be smart out there and do not drink and drive and keep your insurance in good standing.  Get a feee insurance quote today at InsuranceLower.com

    STATE FARM Drops my rates- Finally

    November 29th, 2008

    I just read an article staing that STATE FARM Insurance was going to lower their auto and homeowner insurance rates- wow - it is about time… way to go STATE FARM.  With everything else seemingly going through the roof I am glad I can at least save a few bucks on my auto insurance.

    State Farm’s Insurance Companies 3 million auto and 1.4 million homeowners, renters and condo owners in California will see nearly $500 million in savings in their annual premiums when the company’s recent auto and homeowners rate decreases are granted formal approval by the Department of Insurance.

    The combination STATE FARM INSURANCE  auto rate reductions and home, condo and renters policy decreases is the largest rate cut in the company’s history in California.  So there is some good news after all for customers- and you thought STATE FARM was expensive.  Get a free now and compare rates.

    HOME INSURANCE IS A MUST

    November 29th, 2008

    Most of us obtain our homeowners insurance when we purchase our home.  After this initial purchase, we do not give this insurance another thought.  It is not until the roof is damaged during a violent thunderstorm, a major appliance fails and floods our basement, or the neighbor’s kid slips and fractures their wrist in our living room that we dust off the policy and ask ourselves, “Am I covered for this?”  Don’t wait until damage or an accident happens to discover what your insurance policy covers.  Instead, you should have a good idea of what you are covered for and what is not included.  Every year you should assess if your coverage should increase or if there is any optional coverage you may want to add.  The purpose of this article is to point out some general characteristics of homeowners insurance and help in determining if you have the right coverage.  Obviously this cannot substitute for a consultation with your insurance provider, but it will give you a better idea of what questions to ask. Better yet get a free quote now at InsuranceLower.com

    State Farm Insurance- Is it still cool

    November 29th, 2008

    You see the auto insurance comercials all the time:  Cavemen running around in airports touting the GEICO insurance brand and PROGRESSIVE INSURANCE with its famous commercial claiming you can buy a new name tag.  Well, the question is is STATE FARM INSURANCE still cool with customers.  The facts are, Geico and Progressive Insurance have for years been taking business from STATEFARM especially the under 35 customer.  I think STATE FARM insurance needs a new marketing campaign to make their brand cool again.

    I Need To Switch Insurance Companies

    November 29th, 2008

    Are you sick of your current insurance company and just want to switch.  Well here’s how to do it easily. Just totally fed up with the current rates for your auto insurance? Have you had perpetualy bad customer service when you deal with your auto insurance agency? Have you bought a new car and are simply looking for something new?

    Just as we change our cellphone companies all the time and out ISP service, or even our accountant, lawyer or stock broker, our insurance broker should fit into our constantly developing needs.  So if your needs change then maybe it is time to switch insurance carriers. This is absolutely a common thing to do and can be a mindless and simple procedure, but to accomplish the transaction most effectively, the individuals involved must be very keen to what is going on. The individual and his or her family who is seeking out new auto insurance coverage must be very alert to the entire scope of the situation, including expert knowledge about the auto insurance they wish to leave behind and how it differs from the auto insurance they wish to gain.

    First and foremost, the individual must be sure to shop around to various auto insurance carriers. Insurance agencies have their own insurance specialties and one might be surprised to find that the newest auto insurance carrier with that breakthrough low price just may not have some of the crucial aspects to it that some of the other, more expensive auto insurance carriers have. One needs to do research by as many different means as possible, including online research, phone discussions with the auto insurance company representatives and if possible, find some random individuals with whom you associate with on some level of acquaintance and solicit some auto insurance testimonials. Sometimes word of mouth suggestions can be the most valuable and honest form of advertising.  So get out there and shop around and get a quote that fits your needs.

    The Basics of Auto Insurance

    November 29th, 2008

    When purchasing a car one must not only consider what type, model, and brand suit them best, they must also first think about what type of insurance coverage is best for them. Auto insurance also known as vehicle, automobile or car insurance is required by all states for individuals to carry at least liability insurance. So getting auto insurance is a must if you get a car.  There are three main types of insurance coverage.  They are liability, comprehensive, and collision. Car insurance is to protect individuals from liability, injury or any other losses afflicted from a car accident or unfortunate mishap.

    Liability insurance is the minimum form of coverage required in all states; it protects individuals from third party claims. Payment is not made to the insured party rather someone who has incurred a loss whom is not insured by the contract, the person who has suffered the loss is rewarded a sum paid by the insurance company in compensation for their losses

    Comprehensive insurance is full coverage for all possible types of insurance matters.  Comprehensive insurance covers all potential hazards anything from fender benders to flood, vandalism, and even theft.

    On this insurance plan your car may be safe from any and all unfortunate happenings but you will feel it in your pockets as comprehensive insurance is also the most expensive type of coverage.

    When you find yourself at fault in an accident: get the automobile wreck collision insurance coverage that will pay for equal to the vehicles fair market value. Collision insurance will most times be accompanied by an insurance deductible, which is the amount the insured individual must pay before the insurance policy will take over.

    The minimum insurance payment you can make towards an insurance policy is called a compulsory excess, the insurance carrier mandates this excess and the price range depends on driving record, age, sex and personal records.

    Voluntary excesses are insurance payments that are higher than the compulsory excess that and individual agrees to pay incase of a claim on ones policy. A bigger excess varies directly with a significantly lower insurance premium. A large excess reduces financial risk for your insurance carrier.  Get a quote now at insurancelower.com and start saving.