Month: May 2014

What if the amount of insurance is greater than the payoff value of your home?

Posted on by AgentInsure

When you have insurance for your home that exceeds the payoff value of the property in San Antonio, TX, you may worry about how it will impact your coverage. Although the payoff value is important when it comes to purchasing insurance on your house, it may not have the impact that you expect when it comes to the coverage.

What is Necessary

In general, the coverage that you purchase initially may relate to the requirements of your insurance provider, not your personal concerns. Over time, you may adjust your policy to fit your needs; however, the value for a payoff may exceed the amount that you owe on your property or what your mortgage lender requires. That may or may not be a problem, depending on the current market value of your property.

Evaluating Your Needs

Generally, the amount that you need to obtain on your property may vary based on your specific concerns. Depending on the situation, you may or may not want to maintain the coverage that is currently available on your house.

Even though the amount may differ from the requirements, it is usually set when you obtain your loan and it is in the amount of the loan that you obtain. Over time, you will have more coverage than the amount you owe as you build equity on the property. It may or may not be necessary to adjust your policy.

Maintaining your insurance policy depends on your specific goals. You may or may not need to make changes, depending on your preferences and the requirements of your specific mortgage lender. Contact us to speak to an agent to learn more about your coverage options and the solutions that may be available if you want a new plan.

Will home insurance go up if you buy a pit bull?

Posted on by AgentInsure

Some dog breeds are just more controversial than others, and when it comes to purchasing home insurance, the dilemma continues: will buying a pit bull or other dog breed characterized as "aggressive" cause your insurance premiums to go up? Here’s what you need to know.

Depending on your insurance company, you could actually lose coverage completely if you own a pit bull, rottweiler, or other stereotypically aggressive dog. This is definitely a factor to consider when choosing a pet and when choosing an insurance company.

The good news? Some insurance companies, like many dog owners, believe that there are good and bad dogs in every breed–and they don’t discriminate against pits, rottweilers, chow chows, or any other specific breeds.

Other insurance companies will request an "interview" with the dog in question–mostly just to try to find out what they can about your pet’s temperament and the way it reacts to strangers before they’ll offer you a policy.

If you already have a dog and are looking into home insurance policies, you’ve got a wide variety of options–just make sure you double-check with potential insurance agents about their pet policies before you make a commitment. If you’ve already purchased home insurance, though, and are considering adding a new pet to your home, your options might be more limited–just be up-front with your agent and see what you can work out.

When looking for a new home insurance policy, talking to a local independent agent in Comal County or Bexar County is your best option to make sure you get a policy that’s tailored to your specific situation, your pets, and your needs. By taking the time to ask questions and figure out those details ahead of time, you’re saving yourself many headaches down the road.

What is full coverage auto insurance?

Posted on by AgentInsure

Like most states, Texas has a minimum liability law, meaning all drivers have to insure their vehicles for no less than the minimum amount state law requires. According to the Texas Department of Insurance (TDI,) “The current minimum liability limits are $30,000 for each injured person, up to a total of $60,000 per accident, and $25,000 for property damage per accident. This basic coverage is called 30/60/25 coverage.” What Full Coverage Auto Insurance Includes Drivers who borrow money to buy a car and still owe money on that car must also have comprehensive and collision coverage. Comprehensive auto insurance covers the car’s actual cash value, not including the amount of your deductible. It also includes damages related to vandalism, hail, fallen objects, and other non-collision related damage. If your car is stolen, comprehensive insurance covers that, as long as you notify the police and file a police report. Collision insurance pays for car repairs or replacement, up to the amount of the cash value of your car before the damage, not including the dollar amount of the deductible. Full coverage auto insurance also includes liability coverage of no less than the state required minimum level of coverage. Liability pays for damages or injury to other passengers or a vehicle, because of an accident for which you were responsible. Liability includes payment for funeral costs, medical expenses, lost wages, and compensation for pain and suffering. It also covers the cost of repairing or replacing the other driver’s car, the cost of a rental car while theirs is being fixed, and any punitive damages the court may award the other driver because of the accident you caused. It also covers legal fees if you’re sued by the other driver, and bail, up to $250, if you’re arrested after the accident. Full coverage auto insurance also includes medical expenses (to you or your passengers, regardless of who caused the accident,) and personal injury protection (PIP,) which covers 80 percent of lost wages and the cost of hiring a caregiver to take care of the insured hurt person. It also covers family members and passengers regardless of who was responsible for the accident. Other protection includes coverage for underinsured or uninsured motorists, towing, rental car costs, and out of state or country driving, and other drivers named on your policy. Talk to your insurance agent to discuss auto insurance and whether you should buy full coverage insurance for your car in San Antonio, Bexar County, or Comal County, TX.

What do auto insurance companies consider when deciding cancellations?

Posted on by AgentInsure

At the time when your auto insurance policy is about to expire, you may receive a cancelation letter in the mail. It is usually sent 45 to 60 days before your policy expires. It is also possible to have a policy canceled in the middle of an insured period. Although auto insurance companies have a variety of reasons to stop your coverage, there are certain factors that will contribute to the risk.

Late or Missing Payments

When your policy is canceled in the middle of an insured period, it may relate to your payments. Late or missing payments can contribute to your insurer’s decision to stop your coverage. While a single late payment may be forgiven by some companies, a missed payment or consistently paying late are key factors in the decision to cancel a policy.

Inaccurate Data

Inaccurate information in your application can result in a cancelation at any time. An insurance company may consider the inaccurate data as a fraud, even if the mistake was accidental. It is important to carefully fill in the application so that all of the data is accurate before sending it to the insurance company.

Non-Renewal

At the time that your policy is expected to renew, you and your insurance company have the right to discontinue the policy. Non-renewal does not necessarily have a specific reason. Some auto insurance companies may stop your coverage, even if you have not made a claim or missed a payment.

There are reasons that an insurance company may discontinue your coverage, but the factors that contribute to a cancelation in the middle of an insured period are usually related to the data you provided or a lack of payments. Contact us to talk to an agent for more information.