Your insurance needs change over time, so it is important to review your policies periodically to make sure they are up-to-date. Tragically, many people are not insured after devastating natural disasters. It’s never too late to do a homeowner’s insurance checkup before the next threat heads your way. This article highlights some important insurance coverage you should consider such as:
Steps To Help Secure The Right Coverage
Make sure your homes information is up to date. Your agent should shave to right square footage and replacement value.
Research the replacement cost for new construction in your area.
Have our agency provide you with coverage options for competitive insurance products.
Consider getting a “floater” to your home insurance policy. If you own valuable furs, jewelry, guns, collections, silverware, or artwork, a “floater” can cover the full value of those items. Consider adding building code or ordinance or law endorsement, which will help pay the higher cost of bringing plumbing, wiring, or other key systems up to current codes when rebuilding.
An Auto Insurance Update
You may have noticed your auto premiums are increasing. In fact, auto rates are increasing all over the country. The reason for the increases are not what you may think. It is not because the insurance companies want to make more profit, it is due to the overwhelming number of accidents and the cost of these accidents. Most major auto insurers are paying out more in losses than they are taking in premiums.
The two contributing factors are the number of distracted driving accidents, and the cost of repairing newer, technologically sophisticated cars.
Distracted driving accidents are increasing in America due to the growing use of hand-held devices. Too many people are interacting with their phones while driving. Phones and sophisticated dashboard technology are among some of the top activities that lead to accidents.
Driving while using a hand-held device increases the likelihood of a car accident by 400%.
Driver distractions are the leading cause of most vehicle crashes and near-crashes. According to a study released by the National Highway Traffic Safety Administration (NHTSA) and the Virginia Tech Transportation Institute (VTTI), 80% of crashes and 65% of near-crashes involve some form of driver distraction. The distraction occurred within three seconds prior to the vehicle crash!
Here is a link to a good article
Cost of Repairs Are Up Dramatically
Most new cars are designed with sophisticated technology that is expensive to repair. Even the cost of bumpers has increased over 100% according to the Insurance Information Institute. Today’s vehicles are equipped with expensive computers that control and monitor hundreds of features on the vehicle. These computers are typically not repaired, but are replaced, which increases the total cost of the auto repair.
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72% of auto insurance in the United States is with just 10 companies. If you have not had us shop your auto insurance, now is the time.