Did you know that it sometimes cost you more to have state minimum auto liability coverage? Statistically, people with state minimum have more accidents and claims, so standard carriers prefer clients with better rates and often give them a discount for having better coverage. I don’t recommend anything less than 100/300 for auto liability coverage. I just switched a new client to a new carrier and quadrupled her coverage from state minimum and she still saved money! Please contact me if you’d like a free audit of your current coverages.
Home insurance is one of the most important purchases home owners make. After all, how many people can afford to just build a brand new home out of pocket should their home burn down? Despite this being such an important investment, many people do not understand their coverages. The most important coverage is your dwelling coverage. This coverage is based on the cost to rebuild your home and to remove the debris if your home were completely destroyed. It is not based on market value. In today’s market, it is not uncommon for your dwelling coverage to be much higher than the market value or appraised value of your home. Your insurance agent will do a replacement cost estimator to determine the dwelling coverage amount and you can request to see a copy. The carriers will also do an exterior inspection to see if this amount needs to be adjusted. Another important coverage is your liability coverage. I recommend at least $300,000 since there is not much of a difference in premium from the lowest coverage of $100,000. The next coverage you want to look at is your personal property coverage, this is usually based on a percentage of your dwelling coverage and covers your belongings not attached to your home. If you have any high value items, you want to check with your agent to make sure they are covered. If you want more information about your coverages, please feel free to contact me for a free insurance audit and I am always happy to answer questions whether I am your agent or not.