MYTH #1- Agent’s Control Rates

Why are quotes from the same company different from different agents?  There is no one answer to this, however understanding the insurance market and pricing will give you an edge as an informed consumer. Most important to be aware of is home and auto rates in TX are filed with the State of TX by standard companies. Premiums that are different from the same company would most likely be because of a difference in coverage, adding or removing discounts,  or policy fees being added.

Below are some common differences that can affect rates:

1. DISCOUNTS YOU MAY NOT BE AWARE OF:

              a. AFFILIATE GROUP DISCOUNT– There are affiliate group programs that some companies have which may qualify you for a rate that the general public does not qualify for. EXAMPLE: You work for a fortune 500 company and they have a group program set up with company x and therefore you get a discounted rate through that program. With “off the rack” retail rates, differences in premium are most likely going to be explained by finding differences in coverage’s, discounts, policy that is being quoted, or claims that are being factored.

             b. LOW MILEAGE DISCOUNTS– Some companies offer discounts on vehicles that are driven less than 8k miles per year, be sure to mention this if it applies to you.

             c. PAID IN FULL DISCOUNTS FOR AUTO INSURANCE– Some companies will offer fairly substantial discounts if you r are able to pay in full for your auto insurance.

             d. NEW ROOF DISCOUNTS ON HOME- This can be a substantial discount with some companies, if you have recently replaced your roof, be sure to tell your agent

             e. COMPLETE HOME REWIRING DISCOUNT- If you have recently rewired your entire house, some companies will give you a discount for this as well

2.      COVERAGE’S BEING INCLUDED (OR NOT INCLUDED)- Agent’s have varying levels of understanding of policy coverage’s and various levels of general practice for applying coverage’s to quotes.   EXAMPLE:  Agent A has a general practice of never quoting foundation coverage unless asked, even though it’s available with company X.  Agent B always quotes with foundation coverage, resulting in a slightly higher premium with Agent B, but better coverage.

So how do you know what to look for?  We suggest looking for experienced, knowledgeable agents that have professional insurance designations.  This will greatly improve your chances of finding a good agent that will help you navigate through what is available in the market place and how to make sense of it all.

 3.   POLICY FEES-  Another way rates can be different is if a policy fee is applied. Policy fees must be disclosed on the quote, and/or application.  There are many shops that charge additional fees to do business with them.  You can easily determine this by looking at the quote and application for disclosure of fees.

 

So MYTH #1, busted.  Agents don’t control the rates for home and auto insurance in TX, when it comes to rating we have very little control.  If you receive quotes from the same company and the premiums are different, look closely at the coverage’s on the quote, the discounts applied, and policy fees. 9 out of 10 times, this is where the difference lies.

 

WHAT DOES ALL THIS MEAN FOR ME?

Companies setting rates can be a good thing for you as the consumer, this really means it’s more important to find a good agent you trust because he or she will do their best to quote the broadest, most applicable coverage’s, apply all the available discounts, and help you understand everything from claims, to billing, to coverage’s.  The consumers that understand this, get the most for their insurance dollar.

What else would you like to know?  Submit questions to steve@stevewhiteinsurance.com

 

 

 

                                

 

The National Alliance

Congratulates

Steve White,

Certified Insurance Counselor (CIC)

 

The National Alliance congratulates Steve White for attaining the designation of CIC—Certified Insurance Counselor. By earning and maintaining the CIC designation, Steve has demonstrated professional competence through a series of rigorous written examinations focusing on all major fields of insurance, agency operations, and insurance management. This achievement signifies a commitment to continuing education, required of all those who have earned the CIC designation. To learn about what a CIC can do for you and your insurance program, call Steve White at 214-865-9966 or get quotes online here https://www.stevewhiteinsurance.com

 

Short answer, no.

 

 

Make no mistake, all TX homeowners policies are not the same. There are significant differences, a few minutes to learn and digest some of the major differences will most certainly stack the cards more in your favor come claim’s time.

The good news is, with respect to “major” events, most policies will provide coverage.  Examples would be wind, hail, theft, fire, vandalism…these types of events will be addressed under the majority of homeowner’s policies, subject to some sort of deductible.  Please note that with many policies there may be special limits on theft for certain items like jewelry, watches, furs, gun collections, and other collectible type items.  Be sure to discuss this with your agent.

 

SO WHAT ARE THE DIFFERENCES THEN?

 

Below are 3 areas that we commonly see claims in TX homes.  These are also areas that policies differ greatly.

1.   WATER DAMAGE COVERAGE- (from pipes leaking or breaking)

Texas is one of the only states (if not the only) that differentiates between 2 types of water damage coverage.

 

 

                                     a)   Sudden & Accidental

Generally defined as finding a leaking pipe within 2 weeks sometimes 30 days, but what about that slow leak that has been dripping for months leading to your dishwasher?

 

 

                                     b)  Continuous & Repeated

              Generally defined as leaks that go beyond sudden & accidental

The best policies address both of these coverage’s up to what the home is insured for.  So if the home is insured for 200k, you have coverage for both up to 200k.  That said, many policies will only offer sudden & accidental coverage.  It is important to know this and ask.

 

 

 

IMPORTANT NOTE ABOUT FLOOD INSURANCE: Surface water rising from rivers, oceans, lakes, ponds, or heavy rains is excluded in homeowners policies.  Coverage for these types of claims is available through FEMA or another private program depending on your individual needs.

 

 

 

2.    FOUNDATION COVERAGE- (not related to general maintenance or lack thereof)

 

 

Generally meant to address breaking/leaking pipes leaking within, and sometimes beneath the foundations.  It is usually designed to provide coverage for access to the leaking or broken pipe and repair of the house back to its original condition.  It does not pay for the damaged pipe.

The best policies provide coverage up to what the house is insured for.  Some policies will not cover this at all and others may offer coverage up to a certain dollar amount.

 

 

 

3.     SEWER BACK-UP COVERAGE-

 

 

Generally addresses coverage for a city sewer line that would become backed up in your house. Not usually meant to address if someone backups up a toilet in your house and damages your floor.  This is more for if you have sewage from the city line backing up and coming through your open plumbing holes.  The city will usually claim governmental immunity and for your home policy to address this, you will need this coverage either built in to the policy or added on.

The best policies provide coverage up to what the house is insured for.  Some policies will not cover this at all and others may offer coverage up to a certain dollar amount.

 

 

TEXAS CONSUMERS BE SURE TO VISIT THIS LINK TO COMPARE VARIOUS POLICIES: http://www.opic.state.tx.us

 

 

DISCLAIMER:  This article is to be used as general reference material to help TX homeowners be more informed about their homeowner’s policies, it is not meant to replace or reword your policy.  Your actual policy, circumstances, and company will dictate whether you have coverage.

Home and Auto Claims….How Long do They Stay on My Record?

Claims generally stay on your record for either 3 or 5 years.  Companies are filed with the state to look back in a time window of usually 35-60 months. This means that rates can affect you for up to 5 years. But the good news is that you get a “clean slate” every 3 to 5 years in TX depending on the company.

When possible, it’s best to consult with your agent prior to filing to go over pros and cons.  Often times filing smaller claims is more costly than paying out of pocket to fix repairs. There is value that a good agent can bring beyond finding you good rates and coverage. A good agent will be also be able to factor in your claims history, deductible, life situations, and state of the insurance market to help you decide if filing a claim is the right decision which may help you keep unnecessary claims off your record.

Feel free to email questions to steve@stevewhiteinsurance.com.

I Have General Liability Coverage For My Business, I’m covered!

Don’t Be So Sure…

 

Many business owners think that a general liability policy is their end all be all savior for claims against their company. What many fail to realize is that for the most part, general liability policies are inherently, well…pretty restrictive.  Mostly, a general liability policy will address things like someone slipping and falling on your property, or damage to the building you rent/occupy (even that coverage is often limited to 100k).  There are other events the GL policy can address, but many times the coverage you need most is outright excluded in your general liability policy.

How about your products causing damage to others, or if you are a professional giving advice and the advice causes damage to someone, a restaurant that over serves liquor to a customer, a contractor that pollutes the environment due to a chemical spill, or that same contractor’s completed work…The point is that many if not all of these are often times specifically excluded from general liability policies, and are many times your biggest exposure.

We encourage you to consider that your general liability policy, while most often is a necessary piece of your insurance package, it is often times just that, only a piece.

If you have any questions feel free to email steve@stevewhiteinsurance.com

 

DISCLAIMER: ALL INFORMATION PROVIDED IS MEANT FOR GENERAL INFORMATIONAL PURPOSES.  YOUR POLICY AND COVERAGES WITHIN WILL VARY. THE COMPANY YOU ARE INSURED WITH AND THE POLICY YOU HAVE WILL ALWAYS DETERMINE WHAT COVERAGE IS AVAILABLE.

Rates go up and down and are based on many factors, too many to list in a single format.  But here are 11 factors that can affect your personal insurance rates:

1. Your credit score
2. Your location (zip code)
3. Age of house
4. Size of the house
5. Age of roof
6. Combining your insurance with one company
7. Age of HVAC/heating system
8. Number of claims
9. Large weather events from the recent past (effect everyone’s rates)
10. Married or single
11. What’s going on in the stock market (many companies invest premiums and rates can be affected by the returns on their investments)

Rates fluctuate based on these and other factors and can change drastically (up or down) year over year.   To help you have solid coverage and competitive pricing, we recommend working with a good independent agent that can offer multiple solutions for your insurance.

Have we quoted your insurance yet?  Let us try to find you a better solution by clicking here –> http://www.stevewhiteinsurance.com/request-a-quote/

 

 

The CIC (Certified Insurance Counselor) designation is a national designation program developed by the National Alliance.  A CIC is recognized throughout the industry as someone who has a dedication toward self improvement. The CIC designation indicate a strong indication that an agent has the knowledge, personal dedication, and expertise to succeed in an ever-changing, demanding profession.

The CIC program is recognized for its practical, hands-on approach to learning. Approved for continuing education credits in all states, CIC is one of the most highly recognized professional education designation programs in the insurance industry! The program provides a comprehensive and continuing education program to individuals who have made a career commitment to insurance.The institutes and examinations are based on the premise that the student has a good grasp of the subject matter before coming to the institute. The program is not designed for beginners.

Individuals may complete the institutes in any order and need not attain a passing grade on the exam before continuing on to the next institute. Individuals have five calendar years from the time you pass the first exam to complete the program. Individuals are encouraged to complete all five institutes to earn the designation, though it is not required. The designation requires an annual update.

Source: PIA.org

3 Tips To Help You Document Your Belongings Now, Before A Major Loss

 

This will take most people 10-15 minutes depending on the size of the house.  It will prove crucial and you will e glad you did this should you ever face a major loss.

1. Take pictures and video with your smart phone of each room in your house and email them to multiple safe email addresses.

2. For a more detailed analysis, try this website:www.knowyourstuff.org

3. Email pics,receipts, descriptions, appraisals to your agent and have them attach to your file.

 

 

For help with this or any of your insurance needs, call or email us.

info@stevewhiteinsurance.com

    

So How Do You Do This?

So How Do You Do This?

You have a home policy and you automatically assume if someone steals your wife’s wedding ring and the antique jewelry grandma passed down to her, that it’s covered.  Well possibly, but probably not for what your hoping for.

Most home policies (large majority) have very limited jewelry coverage built in.  Sometimes as little as $500 or $1,000 (rarely more than $2,500), AND it’s subject to a deductible.  So the most you will ever get back from the company for a true theft loss is what ever the built in limit is, and will be subject to a deductible, of times of 1% of what your house is insure for.  So a 200,000 home would often carry a $2,000 deductible.

Another important thing to consider is that with most home policies, “mysterious disappearance” is specifically excluded.  So if you are on vacation and you plainly lose a wedding ring, most often this claim would be excluded under most home policies.

So How Do You Do This?

If it’s important to you, SCHEDULE IT.   Scheduling simply means to add it to your policy.  Companies will most often require a recent appraisal or receipt of purchase, but this accomplishes multiple things.

1. It establishes a current value to the item
2. It most often adds mysterious disappearance coverage back to your policy.
3. It most often removes the deductible, so you now have a $0 deductible.

If you have items that are of great value to you, that you would like coverage for, it is our general recommendation to NEVER assume you have coverage,  always talk to your agent.  It is feasible that you will need to take additional steps to insure you have coverage that you are comfortable with.

If you would like to discuss this or anything insurance, feel free to call or email us.

 

www.stevewhiteinsurance.com

Twitter- @swinsurestx

 

DISCLAIMER:  This is intended as a general coverage overview.  All claims and coverage decisions are ultimately determined by the company you are insured with, your policy, and individual circumstances.  This does not alter, amend, or change any coverage you have in any way.