Monthly Archives: May 2014

What are the different limits offered on an umbrella insurance policy?

When you are considering an umbrella insurance policy for your car, it is important to understand the limits and options that may be available. Your auto insurance and the vehicle that you own may play a role in the coverage that you need.

Limits on Your Auto Policy

Umbrella coverage may be useful, but the amount that you need can depend on your current auto insurance. For example, if you have taken your policy to the maximum limit that your insurer will allow, then you may not need a large umbrella policy. On the other hand, if you have limited coverage and worry that you may be sued if an accident occurs, then you may want to consider an umbrella policy that covers the amount that you may expect to pay in a lawsuit.

Expected Payments

You can get an umbrella policy for a variety of different amounts. For example, if you have an expensive car, then you may need a large policy to address potential legal issues if an accident occurs. An expensive car increases the risk that other drivers will assume that you can pay a larger amount. In that case, you may need more than $500,000 to $1,000,000 in protection because of potential lawsuits.

The situations that you can expect may vary, so the amount that you need depends on your assets and liabilities. The greater number of assets that you own, the more protection you need on your insurance policy.

Auto insurance is not always enough to address liability, especially if you have significant assets or own an expensive vehicle. Umbrella policies are designed to address those situations and the limits may vary based on your situation. Contact us to talk to an agent for more details.

Is there any change in the insurance policy if the property becomes unoccupied?

If you have a property that becomes unoccupied, you should get in touch with the company handling your coverage. While all companies have different sets of rules, unoccupied properties normally require a different type of coverage.

Unoccupied Property Insurance

If you are only going to be away from your home for a few weeks, you should not experience any changes to your policy. Most companies use a 60 to 90 day rule for determining if a residence is unoccupied. However, if you move out and are selling your home, you need to change your plan right away.

Unfortunately, unoccupied properties are more subject to theft, vandalism or unauthorized use. In addition, a water pipe could become broken and the damage not noticed for several days. All of these factors add to an increase in the coverage costs.

If you are selling your residence, you still need the coverage until the home officially changes hands. If your home was damaged, you would lose the equity you have built. You are also responsible if someone is injured on the premises, this makes continuing your protection important.

While the rates for an unoccupied home are normally higher, you may be able to receive discounts on your plan. You can consider raising your deductible. However, you should ask if the cost would be lower if you had a reliable person care for your residence on a weekly basis. Properties with frequent activity are less likely to be damaged by vandalism or unauthorized entry.

As your independent insurance agency, we can help you take care of your coverage needs easily. If you need to make changes, get in touch with us and we will handle the details for you. You can also use our site to get quotes online to compare different policy costs.

I was in a car accident, what are my options for getting the damage appraised?

After an auto accident, you may discover that your insurance coverage in Colorado can make the claims process a little complicated. Before your insurer will pay for the damages, the cost of repairs must be evaluated. The appraisal process may vary between insurers, but it usually involves a claims adjuster.

Appraisal by an Adjuster

A claims adjuster is a professional from the insurance company that looks at the damage to your vehicle and then determines the amount that is appropriate for the repairs. Depending on the extent of the damages and the situation, the adjuster may or may not offer an appraisal.

Some adjusters are trained to handle appraisals, which can speed up the process of getting your car repaired. On the other hand, the company may not offer funds in a complicated situation until you have multiple opinions.

Auto Repair Shops

In the case of major damage to the body or even the engine, the appraiser may require several estimates from a variety of repair and auto body shops. The estimated cost of repairs can help an appraiser determine a fair amount to pay for the damages.

Estimates can vary widely based on the shop and the location, so the actual appraisal may be an average of the different estimates. In some cases, the appraiser may determine that the car is a total loss based on the estimated cost of repairs so you will be given funds to replace your vehicle with a similar car of the same year.

The appraisal process is a necessary step of getting the funds that you need to repair your vehicle. Your insurer will determine the appropriate method to appraise the damages. Contact us to learn more about your options and speak to an agent.

My home was damaged during a burglary. Will this damage be covered?

Most people know that their homeowners insurance will cover items that are stolen from their home, up to a point, but, what’s a little more uncertain is whether other problems related to the robbery are covered. Burglaries are often violent affairs, with doors or windows being broken in, valuables being smashed and furniture being tossed around in a search for more valuables. It’s natural to wonder if all of this damage will be covered by your homeowners insurance.

The good news is that your homeowners coverage will cover most losses related to a burglary in your home, including items damaged in it. As long as your policy is current, paid for and you have an accurate record of what was in your home, you can probably expect reimbursement, less the deductible, of course. The only thing that would be likely to negate your claim would be if the insurance company somehow found you to be negligent in some way that related to the damage. For example, if you had a makeshift burglar trap that involved a tripwire that dropped your $2,000 television set on the unsuspecting burglar, damages to that television may not be covered.

Every situation is different when it comes to homeowners coverage, so if you have questions, it would be wise to discuss them with an expert. As an independent agent we can answer all of your questions about how to best protect yourself from losses from a burglary or other threats to your home. We can also help you to find the best coverage for your needs and even get you multiple quotes so that you can be sure you’re getting the best price, so call us today!