Renters…Top 5 Reasons Why You Need Renters' Insurance
If you are a renter and you don’t have renters’ insurance, the question we want to ask you is…Why? Renters' insurance is essential to peace of mine. Even though you don’t own a home at this moment does not mean you should not be insuring and securing the items you purchased which are important to you and your family. You worked hard for what you got, so getting insurance for the ‘fruits of your labor’ should be a no-brainer. Therefore, we put together a list of the top 5 reasons why you need to get renters’ insurance today if you don’t have it now. They are as follows:
The number one task you must do today is: Review your homeowners’ policy. As I speak to new clients and ask them about their existing home insurance policy, I now understand how a recent study done by a recognized insurance consultant firm found that 2/3 of Americans under-insure their home. While another survey found that 50% of American homeowners do not have a clear understanding of their home insurance coverage. Meaning they do not know the A, B, C & Ds of their policy (Coverage A, B, C & D).
Most consumers believe their policy limits are based on the real estate value of their home, rather than the replacement cost of the physical structure. A question I hear asked is, why do I need so much insurance if the value of my home has plummeted? The assumption that these two numbers are tied together causes people to think they are paying for coverage they don’t need.
People must recognize that market values are based on factors such as locations, condition of neighboring properties, prevailing interest rates, local market conditions and even property taxes. None of these influences what your insurance really covers: your home’s replacement cost. The cost to rebuild your home exactly as it is now, in its current location, and using the same materials and workmanship. Despite a severe economic downturn, the cost of building has shown no signs of decline.
A big misconception is that new home prices reflect the cost to rebuild. Reasonable assumption, but not true. Rebuilding a home is almost always more expensive than building a comparable new one. Demolition and removal of a destroyed home must occur before rebuilding even begins, local ordinances often place regulations on demolition that can increase expenses and builders can’t buy materials at volume discounts when working on a single home.
The reality is that some people buy their policy and never look at it again. I recommend that you review your insurance coverage at least every other year, but it’s especially important to adjust your policy when you make improvements like adding a deck, a bathroom, or updating your kitchen.
The value of your insurance is not as much about the price as it is about protecting your assets. You worked hard for what you have, and protecting your family’s financial security is just the other half of the equation. So, by being proactive you can influence both sides and have the peace of mind you deserve.
Auto Insurance 101- Top 3 Keys You Need To Know
I have found that when I ask potential new clients about their existing auto policy, the average insured person doesn’t have an inkling or clue to what is in his/her policy. Which ultimately means they don’t know what they are paying for, nor how much protection they truly have. Therefore, let’s do a quick rundown of the top 3 components of your auto policy you need to know. They are as follows:
Try these 4 Ways to Reduce Your Auto Insurance Premiums
Through my time as an independent agent I’ve learn that knowledge is power. This power has assisted my clients with meeting and exceeded their objectives. One way to help meet one’s financial objectives is to reduce personal expenses and streamlining auto insurance premiums can assist with that goal.
Remember insurance premiums are based on three fundamental questions – Where do you live? Who are you? What do you drive? However, there are tactics that can help to create a savings cushion for your personal finances. Here are my top four ways that I help my clients reduce their auto insurance costs. They are as follows:
Auto insurance is a necessary price we all share in order to drive. However, it’s not a compelling topic and most people don’t like to spend a lot of time on it. However, with a little due diligence and time, a car owner can save a lot of money. Connect with a partner that can do the work for you. We are talking in many cases hundreds of dollars in savings per year. It’s worth it.