 With insurance rates rising over the past several years, many policyholders are looking to reduce coverage to offset those increases.
While this is understandable, by doing this they are taking on sizable financial risk that they likely can’t cover if the unexpected were to happen. Here are 3 examples:  If you've tried renewing or shopping for homeowners insurance lately, you might've noticed fewer options—or worse, gotten a non-renewal notice. You're not alone.
A growing number of insurance carriers are either pulling out of southeastern states or tightening their guidelines. But why is this happening? Here are 4 major factors:  Most people know their credit score matters when buying a car or getting a mortgage—but did you know it also affects your auto insurance premiums?
Many insurers use something called a credit-based insurance score, something a little different from your regular credit score. Here’s what goes into this score and how it affects your insurance premiums.  Most standard homeowners insurance policies with "all-perils" coverage do include protection against tornado damage. However, that doesn’t always mean you're fully covered.
Certain exclusions, limitations, and policy conditions could affect how much you receive after a storm. Here are some key factors that could impact your tornado coverage:  In the past, homeowners who occasionally rented their properties for local events often relied on their standard homeowners insurance.
But with the rise of short-term vacation rentals, insurance policies have changed - making it essential to reassess your coverage. Here are five critical areas to review:  Ready to head out on your spring vacation trip? Traveling for leisure carries its own risks and considerations that impact the insurance coverage you should have
Here are a few considerations to think about to ensure you have just the right coverage for your itinerary.  Did you know that investing in home security not only provides peace of mind but can also reduce your homeowners insurance premiums?
There are a number of great home security options thanks to technology, but here are three upgrades that may result in the best return on your investment on your insurance premiums while also enhancing the safety of your home.  Surprisingly, your credit score IS one factor that can influence the price you pay for homeowners insurance coverage but why and how does it affect your insurance premium?
Studies have shown a correlation between credit history and insurance loss potential, indicating that individuals with poor credit tend to file more insurance claims and are considered to be a higher risk. In general, people with higher credit scores are seen as demonstrating more responsible financial behaviors, which may translate into more cautious and responsible actions in other areas of life, including homeownership. Insurance companies typically use credit-based insurance scores, not traditional FICO scores. These scores are specifically designed to predict insurance claims and are based on certain credit-related factors. including:  The aftermath of a weather disaster like Hurricane Helene can be overwhelming. Once the storm has passed and you begin assessing damage and making repairs, you might be wondering — do you need to update my insurance coverage?
The short answer is: possibly. Here are 5 items that trigger an update:  With insurance premiums having risen significantly over the past several years, increased attention has been directed on neutralizing climbing costs.
One effort that has gained attention for slowing and reducing these costs is tort reform. Tort reform refers to a set of changes to civil justice laws to reduce the number and cost of lawsuits. Evidence indicates that implementing tort reforms can help lower insurance premiums for both individuals and businesses. When insurance companies face lower costs from lawsuits and settlements, they can pass those savings on to customers through reduced premiums. Georgia has implemented tort reforms in phases, with significant legislation in 2005, additional measures through 2023, and continual refinements since then. How have past tort reform efforts regarding insurance premiums in Georgia fared? Here's a recap:  When it comes to protecting your belongings, you need to have something called contents insurance.
What should you consider "contents?" This is best described by any personal items that are not permanently attached and that you would take when you move. This includes not only inside your home/apartment but items outside, too, like in a storage shed. People commonly underestimate the value of their contents because they forget about little things that make a significant difference in the total value. How do you best go about accurately calculating this for your home/apartment? Here is an organized step-by-step method that will help you determine how to get your contents coverage just right:  Insurance shopping can be frustrating. You submit the same information to multiple companies only to receive veryy different quotes.
There are numbers of reasons why these differences occur, and being aware of them can help you make more informed decisions about your coverage. Here are five:  Have you noticed the increase in house fires during the winter season?
According to the National Fire Protection Association, they occur most frequently during winter. The top cause of house fires? Cooking fires. Not surprisingly, these happen most frequently around Thanksgiving and Christmas. The second most common cause of house fires? Heating equipment. Space heaters can be extremely useful for supplemental heating, but they can also pose a huge fire hazard if not used correctly. Here are key tips for using space heaters safely:  When the temperature drops and a freeze is on the way, it's easy to focus on getting inside and overlook items sitting in your car. Certain items can be damaged by freezing temperatures or create safety issues.
Here are 3 things you should bring inside from your vehicle when the weather turns frigid:  Insurance is designed to safeguard your assets against unexpected events. There are times when an insurer decides not to renew an insurance policy. This can be stressful to insureds, especially if they're unsure why it happened or what steps to take next.
Here's what you need to know about why insurers make the decision to non-renew an insurance policy and how you can respond effectively.  Homeowners insurance covers against many misfortunes, but it does have gaps. Some exclusions, like damage from earthquakes and floods, are more widely known.
There are other typical gaps in coverage in standard homeowners insurance, but may not be as well understood. Here are 7 to be familiar with: How Do You Determine The True Value Of Your Expensive Holiday Gifts For Insurance Purposes?12/31/2024
 Determining the true value of your holiday gifts for insurance purposes is a step you don't want to overlook in ensuring adequate policy coverage. Here are 6 key methods to accurately assess the value of your presents:
 Did you know that the New Year's holiday typically sees a spike in insurance claims?
Celebratory activities, including the use of fireworks, can lead to unexpected accidents and, in some cases, insurance claims. By taking a few quick precautions, you can ring in the new year without the stress of dealing with insurance claims. Here are 10 practical tips to keep in mind if you plan to include fireworks as part of your celebration:  Did you know domestic burglaries increase substantially once the clocks are turned back to standard time in November?
This additional veil of darkness gives thieves more time to stake out and burglarize your home. Knowing this, you can minimize the possibility of you being a victim of a home break-in. Here are 10 specific actions you can take:  After Thanksgiving, the Christmas season is another significant period when home fire risks increase significantly.
According to the National Fire Protection Association, holiday decorating causes an average of 790 home fires each year, resulting in substantial property damage and insurance claims. To keep your holiday merry and safe, here are 5 decorating tips to significantly reduce the risk of fire and the potential for filing an insurance claim. From Parking to Protection: How Situational Awareness Can Prevent Theft And Insurance Claims12/3/2024
 Parking lots may seem mundane, but they’ve a common setting in the CSRA for theft and personal safety risks, especially during busy times like the holiday season.
Numbers of social media posts by local shoppers describe how they noticed they were being followed in a store or were being watched or approached by someone once they left the store and headed to their vehicle in the parking lot. Staying alert and aware of your surroundings like these shoppers can make all the difference in becoming a victim of theft and avoiding the hassle of filing an insurance claim. Here are 9 steps to stay safe and secure when parking your vehicle to avoid being a victim and having to file an insurance claim for theft.  Did you know there are more home fires on Thanksgiving Day than any other day of the year?
According to the National Fire Protection Association, there are 3 to 4 times more fires on Thanksgiving, compared to a typical day. The main cause? Cooking. Unattended cooking and cooking equipment are the 2 leading factors, and a common thread involved deep frying turkeys. Deep-frying a turkey can be delicious but obviously risky if not done safely. Here are some tips to minimize fire risks:  After flying to a far-off destination and back, the last thing you want to experience is to find your vehicle missing from the parking lot of the airport where it was parked.
Recent reports reveal that crime rings are now targeting airport parking lots to steal vehicles. Thefts have spiked in this past year at airports from Anchorage to Atlanta and everywhere in between. Just this year, over 300 vehicles have been stolen from Atlanta's Hartsfield. Which vehicles are targeted?  Insureds along the southeast corridor got a rude awakening in September as a result of the historic damage caused by Hurricane Helene. Many affected were far inland and geographically not used to the catastrophic levels of wind and water this storm produced. Thousands are still in process of understanding what their insurance policies cover, filing claims, and getting estimates for repairs. The damage from this hurricane included:
Most homeowners have a standard homeowners policy. What does that cover? It can vary significantly, but in general:  Hurricane Helene has swept through, leaving many car owners dealing with unexpected damage from falling trees and flying debris.
As you face this stressful situation, understanding the details of your auto insurance policy can make the claims process smoother and help you get back on track faster. Here are 5 key points to help you understand your policy's coverage and claims process better: |
AuthorDennis Lam Archives
July 2024
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