I helped several people with their home insurance last week. They all own or are buying homes in the Dallas / Fort Worth area. In each case I discussed what their new home policy covers, but one seasoned home owner asked me something different and that was what does his policy not cover.
I talked with a prospective client last week. We’d worked together in the past and he wanted to see if I could help him lower what he was paying for all his insurance policies. We reviewed his current coverage on his car and home insurance, as well as his umbrella policy and I prepared quotes on each of them for us to discuss. As it turned out, the auto quote I presented him was about $1,000 lower than his current rate, and the umbrella was about the same as what he was currently paying. The issue was he had a lower rate on the home and he wasn’t sure what to do.
Texas home insurance rates continue to climb and remain the highest in the country. There are two broad reasons most insurance companies give for our high rates; weather and increases in the cost of claims. With that in mind, I thought it was time to revisit the top four home insurance claim types, as well as where they are occurring geographically.
Last year, I wrote a post, Insurance Apps & Insurer’s Use of Your Questions (see http://50.87.248.161/~wiseinsu/insurance-apps-insurers-use-of-your-questions/) where I outlined two insurance related bills the Texas Legislature passed. One bill allows Texas drivers to carry proof of insurance on their smart phone, the other bill barred insurance companies from using customer inquiries to cancel or non-renew, or to increase their premiums.
Several times a year, I receive a call from an individual or family member who’s very anxious. They’ve found their dream home in north Texas, put their earnest money down, and ordered the inspection. The inspection outlines an issue and they find out days or a week before closing from their insurance agent that this issue prevents them from getting home insurance.
On a day with a clear blue sky dotted with the occasional puffy white cloud, Sheri and I hoisted our backpacks and headed up the Four Pass Loop Trail in Colorado. We love backpacking, and this trip promised to be enjoyable and a little challenging, while providing a week’s escape from the August heat in Dallas.
Sheri and I went backpacking in Colorado last week for our vacation. It was wonderful to get out of the 100 degree temps in Dallas and enjoy some milder weather, the mountain views, and the challenge of breathing while lugging a pack up a 13,000 foot pass. Before, and after, our two person tent became our abode for three nights, we stayed in a condo. Like many condos in Colorado’s ski areas, this one is a family’s second home, and it led me to think about home insurance for second homes.
I been working with several young couples on their home and car insurance. They have several things in common with each other; they are buying their first home and I’m the first independent insurance agent they’ve ever worked with. In each case, the individual or couple have asked me one of two questions as we completed the applications for their policies; do they pay me for the service I’ve provided or will I be their agent after the policies are written?
Students begin heading for college this week and classes will start in the next week or two. Along with the clothing, furniture, decorative items, and supplies they’ll be taking, there will also be smart phones, tablets, laptops, mini fridges, microwaves, coffee pots, game consoles, and a host of items to outfit the new dorm room or apartment.
Last week we introduced the three types of rental property insurance policies; fire, Dwelling Policy Form 1, and Dwelling Policy Form 3 (see http://50.87.248.161/~wiseinsu/3-types-rental-property-insurance-policies/). I’d like to build on that in this week’s post with a look at the coverage that should be on a Form 3 Dwelling Policy in order to provide the best coverage for the property owner.
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