Page 13 – Chrinco

How do alarms affect insurance?

Mon, 21 Feb 2022 16:24:00 GMT

If you’re thinking about getting an alarm on your home here’s what you need to know about the discounts.

First, there are two types of alarm systems – Fire and Burglar – and each one has its own standalone discount.

Second you have two classifications of alarms – you have locally monitored alarm system – which is when alarm system notifies you of an issue, maybe through a mobile device, for example. And then you have centrally monitored alarms – which is when your alarm triggers a notification to a call center.

Quick side note here, the fire alarms we’re speaking of are not smoke detectors, but rather, heat sensors that notify either you or the fire department of a potential fire issue.

Insurance companies typically give the best discounts for Centrally Monitored Fire and Burglar alarms with the fire alarm making up the lion’s share of the discount. Some, but not all insurance companies, will offer discounts for the locally monitored alarms.

To qualify for the alarm discount, the insurance company will require an alarm certificate from your alarm company which can often times be printed off the alarm company’s website. And lastly, the discount isn’t really that great and on the high end can cover the cost of about one month’s monitoring.

Want to see what insurance rate look like in your area? Get a quote online at shopitnnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance simplified.

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Are you underinsured on your home?

Thu, 17 Feb 2022 14:23:00 GMT

It’s no secret that things are getting more and more expensive. From food prices to energy prices, it seems like all corners of the economy are being affected. We’re seeing supply chain issues, raw material shortages and labor supply issues all putting inflationary pressures on most consumables. And one area we’re seeing significant increases is in the cost to build a home.

This is super important because you may be underinsured on your home. You see, when you purchased your home, your insurance company calculated the cost to rebuild your home from scratch and your dwelling coverage most likely met or exceeded this calculation.

However, over the past 24 months, we’ve see a rapid increase with building materials and labor which has increased the cost to rebuild by 20-30% percent or more depending on the location. The net result is that we’re seeing renewals with dwelling coverages $50K-$100K less than the cost to rebuild.

Unfortunately, we’re seeing customer disregard this alarm bell but the reality could be catastrophic to their financial well-being if they experience a total loss situation. In fact, some homeowners run the risk of the insurance company exercising the co-insurance provision within the policy which basically says that if the insured only insures a certain percentage of the home, then the insurance company will only cover that same percentage of the claim.

Therefore, if you’re underinsured you could end up paying thousands of dollars out of pocket even on a relatively small claim due to this co-insurance provision. My recommendation is to contact your insurance carrier or agent immediately and inquire whether you have sufficient dwelling coverage.

Want to see what insurance rate look like in your area? Get a quote online at shopitnnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance simplified.

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Home Insurance Claim Denial?

Thu, 10 Feb 2022 21:18:00 GMT

Today we’re discussing one of the most common reasons for a home insurance claim denial but before we get there, let’s briefly discuss what a home insurance policy is and what it is not.

A home insurance policy is intended to pay for damages to your home and personal property that are caused by direct physical loss. Insurance agents commonly use the phrase “sudden and unexpected” to generally explain whether something might be covered.

For example, if lightning strikes the home and fries the AC it would likely be covered because lightning striking the home was “sudden and unexpected”. Now whether coverage applies, of course, is subject to your deductible and your policy and there are certain exclusions with every home insurance policy which means your policy may provide different coverages than your neighbors policy.

On the other hand, a home insurance policy is not a home warranty which leads us to the most common reason for a home insurance claim denial which is wear and tear. It’s no secret that homes require maintenance and that the four main systems to the home degrade over time. Eventually, these systems need to be replaced. Just like you wouldn’t file a claim on your car insurance when your AC goes out, you shouldn’t file a claim on your home insurance when your AC goes unless something sudden and unexpected caused the failure of your AC….such as a lightning strike.

Want to see what insurance rate look like in your area? Get a quote online at shopitnnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance simplified.

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Auto insurance rate increases in 2022?

Sun, 30 Jan 2022 14:00:00 GMT

Recently we had a customer call in to let us know that he had sold one of his cars and that he would like the vehicle removed from his policy. While talking to the customer he mentioned that he sold the vehicle for $4,000 more than what he paid for it. While that is great news for him it underscores a potential issue in the auto insurance marketplace that we expect will trickle down to you, the consumer, later this year.

You see, the price of auto insurance is largely determined by the actual cash value of the vehicle being insured. In normal markets, the actual cash value of a vehicle depreciates which is why the cost to insure a 1992 Camry is less than the cost to insure a 2022 Camry. However, with all of the supply chain and labor supply issues facing the auto industry, we’re actually seeing these inflationary pressures increase the values of used cars.

Naturally, the appreciation of a vehicle being insured will result in the cost of auto insurance increasing as well. This means that 2022 could be a bumpy ride for auto insurance.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance Simplified.

Want an auto insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Mortgage company didn’t pay insurance?

Sat, 08 Jan 2022 13:17:00 GMT

If you have a mortgage with an escrow account, you have likely or will likely experience a time when your home insurance fails to get paid by your mortgage servicer before its expiration. This can be a terribly frustrating time for you. But if you live in Florida, just know that the state of Florida has your back.

In Florida, the state gives you a 90 day grace period for the home insurance to be paid by your mortgage company out of your escrow account. If the payment arrives to your insurance carrier within that 90-day window, the state requires the insurance company to reinstate your insurance retroactive to the policy expiration date without a lapse or gap in coverage.

So what if your received a cancellation notice from your insurance company…..does this mean you’re not covered?

Technically, yes it does, that is… until your insurance payment arrives. So long as your mortgage company remits payment to your insurance company within that 90-day window….coverage will be retroactively reinstated and your good to go.

But it doesn’t stop there…..what if your mortgage servicer fails to pay within the 90 days. In this instance, you would have a gap in coverage but the state will require your mortgage company to pay the difference between what you were paying for insurance and the cost of a new comparable home insurance policy for two years.

Want to see what insurance rate look like in your area? Get a quote online at shopitnnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance simplified.

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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What happened to flood insurance?

Fri, 19 Nov 2021 20:14:00 GMT

Recently, FEMA rolled out Risk Rating 2.0 and the rollout has been quite shocking for many Florida residents. Risk Rating 2.0 is a methodology used to accurately charge for flood insurance based upon a property’s own unique flood risks. Prior to Risk Rating 2.0 flood insurance rates were largely determined by what flood zone a property was located in.

This meant that someone living in Kansas whose property was not located in a flood zone would pay roughly five hundred dollars per year for flood insurance and someone living in Cocoa Beach, Florida whose house was not located in a flood zone would pay the exact same amount. With Risk Rating 2.0, ratings are intended to be actuarily sound. In the prior scenario, the person living in Kansas could actually see a rate reduction to roughly four hundred dollars per year whereas the person living in Cocoa Beach, Florida may see an increase to two thousand dollars per year or more.

So here’s what you need to know if you’re buying a home….

First, if you’re buying a property in a flood zone, the mortgage company will require flood insurance. It has become increasingly important to shop flood insurance at the beginning of the purchase process as we have seen flood insurance rates in coastal counties be five six even seven thousand dollars per year which could jeopardize your ability to qualify for the mortgage. Interestingly, Elevation Certificates are no longer required so you can get an accurate flood quote in just a few short minutes without having to fork out a couple hundred dollars to a surveyor.

Second, consider seeking alternatives to a federally backed flood insurance policy. With the passage of the Biggert Waters Act there has been a surge of private flood insurance companies stepping in to offer flood coverage at competitive rates. In the past, private flood insurance seemed like an expensive option but with FEMA’s Risk Rating 2.0, Private Flood insurance is quickly becoming the most viable option for many coastal residents due to price.

Lastly, inquire about a policy assumption. This is where you, as a buyer, can assume the current flood insurance policy of the seller of the home. In so doing, you may be able to continue with their legacy flood insurance rates until their rates increase annual to an amount equal to the risk rating 2.0 rates. It is possible that this program could be removed in the future but it’s definitely worth looking into.

Want to see what insurance rate look like in your area? Get a quote online at shopitnnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance simplified.

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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How is COVID affecting car insurance?

Sat, 06 Nov 2021 15:30:00 GMT

It’s no secret that COVID has changed the way many companies are doing business in the United States and the same is true for auto insurance carriers as well. With all the supply chain issues and manufacturing shortages, we’re not only seeing the price of new and used automobiles increase in value, which is increasing the cost to insure, but more importantly we’re seeing vehicles take longer and longer to get repaired after a covered claim. In fact, we’ve seen completely repaired vehicles sit for months waiting for a chip. We’ve seen parts that used to take days to come in, take months. We’ve seen some parts come in and have to sit for weeks while other parts make their way to the repair facility.

So what should you do?

At Chrinco.com, we recommend reviewing your coverages and ensuring that you have the maximum limits of rental car reimbursement coverage available. This is the coverage that pays for a rental car while your vehicle is being repaired. Many times, this overlooked coverage has a per day cap and a per occurrence cap but even with these caps it can save you thousands in unplanned out of pocket expenses.

One final note, these repair delays have caused tremendous backlogs with all auto insurance carriers which has impacted their response times and their hold times. Please note that all carriers are hiring and working diligently to work through the backlog.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance Simplified.

Want an auto insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Want to go solar?

Thu, 22 Jul 2021 16:56:00 GMT

Recently, we have received a number of calls from customers inquiring as to whether the installation of solar panels will affect their home insurance.

Most likely….yes, it will.

Many insurance companies have recently tightened their guidelines and no longer will insure homes with solar panels. Those that do insure homes with solar panels typically have stipulations that they will only insure home with the fabric solar equipment used for heating pools. Or that they will insure homes with solar panels so long as the homeowner hasn’t entered into a net-metering agreement with the power company.

What’s the concern?

The concern with the insurance company is that the installation of solar equipment onto a perfectly good roof could cause damage to the roof and lead to leaks. Another concern is the cost and the location of the equipment. Most times, these systems are installed on the roof or are unprotected outside the home. Let’s assume a hailstorm comes through and damages the solar panels and the roof. What could have been a $15,000 claim could now be a $70,000 claim.

And lastly is the liability, if you enter into a net metering agreement, the power company will likely require that you secure a one million liability policy to indemnify the power company should your solar equipment cause damage to the power grid. Most insurance companies in Florida will not offer this additional coverage as they are in the business of insuring homes….not power grids.

However, there are a handful of carriers that will accommodate the homeowner looking to install solar panels. Our recommendation is to ensure that the cost of the solar equipment is included with the dwelling coverage limit on your policy and to always ensure your agent or insurance company is aware of your intent to go solar.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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What is an HO6 policy?

Thu, 12 Nov 2020 22:14:00 GMT

When buying a condo, part of your association dues goes towards a master condo insurance policy purchased by the condo association. This policy insures the condo building for covered losses. An HO6 policy picks up where the master policy ends and pays for the internal structures to your particular condo unit.

For illustration, let’s assume a condo building sustain a total loss and has to be rebuilt. Once the condo building has been rebuilt you would hypothetically get your keys, unlock the door and you would have an unpainted drywalled shell for a condo unit. You would have plumbing sticking out of the floor where your toilets and showers are supposed to go. Electrical conduits where your range and lighting fixtures are supposed to go. No cabinets, countertops, or flooring.

And this is where your HO6 policy comes into play.

The HO6 policy finishes the additions and alterations to the condo unit and can provide coverage for things like cabinets, countertops, vanities, lighting fixtures, tubs, toilets, sinks and also provide coverage for your personal property within the condo unit such as couches, beds, tables, chairs etc.

When combined with the master policy, the HO6 policy provides the unit owner with peace of mind knowing that these two policies dovetail together to mitigate significant gaps in coverage.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Does home insurance cover lightning strikes?

Wed, 28 Oct 2020 17:28:00 GMT

Florida is considered the lightning capital of the US with 17 of the top 30 cities nationwide for lightning. Strikes. As such, the question we commonly get asked is “does home insurance cover lightning strikes?”

And the answer is ….. yes.

In fact, lightning related claims have approached nearly $1B per year with nearly 77,000 claims filed annually. And which state leads the way for the number lightning claims? You guessed it …. Florida. Nearly 10% of all lightning claims happen in Florida and nearly 10% of all lightning related claim payout happen in Florida as well.

If you experience damage to your house as a result of a lightning strike, remember your duties after a loss. First, report the loss to the insurance company directly or to the agent. Second, make reasonable and necessary temporary repairs to protect the property from further damage. Take photos and keep receipts where appropriate. And lastly, prepare an inventory of damaged property and don’t throw anything away until the insurance companies give you the green light to do so.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

Want more tips like this?

Did you know we’re building amazing technology that will simplify insurance shopping? Want to learn more – Click Here and let us know!

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How does reinsurance affect Florida home insurance?

Fri, 23 Oct 2020 19:36:00 GMT

Rates Increase? Denied Coverage? Non-Renewed?

It is no secret that the Florida Home Insurance market is one of the toughest markets for home insurance companies in the entire US. In fact, many of the national carriers refuse to offer home insurance homes in Florida because we are the lightning capital of the world, hurricanes have us on eggshells every year, we’re susceptible to hailstorms among other things.

Oftentimes, we will enter into a season in the home insurance market where it seems like every carrier is raising their rates or non-renewing policies or tightening guidelines to where seems impossible to find a competitive home insurance policy. When this happens, all eyes turn to one place……reinsurance.

Similar to how you have an insurance company to protect your home against covered perils, your insurance company likely has insurance companies that they cede risks to in an effort to protect your insurance company against losses. By having reinsurance, insurance companies can maintain an A-Rating, write more insurance policies, and do not have to maintain so much capital on hand.

The downside, however, is that the reinsurance companies are largely unregulated and therefore essentially control the market. When the cost of reinsurance goes up, the increases affect your insurance companies which ultimately trickle down to you, the homeowner.

To maintain their capital surplus requirements, margins, and A-ratings, your insurance company is left with three options….tighten guidelines in an effort to bring the cost of reinsurance down, non-renew certain policies, and lastly file for rate increase to roll the increased cost of reinsurance to the you the consumer.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Mortgage company ask for a replacement cost policy?

Fri, 16 Oct 2020 18:54:00 GMT

When you are financing the purchase of a home the mortgage company, as part of the underwriting process, will request a home insurance policy and will oftentimes state that the policy needs to be a replacement cost policy.

This request comes directly from the Fannie Mae guidelines and their request is really two-fold.

First, they want to ensure that your home insured on a replacement cost basis as opposed to an actual cash value basis….or to put it another way that your losses are covered dollar for dollar up to policy limits.

And second, that your policy limits for the home, or dwelling coverage, meets or exceeds the entire cost of rebuilding your home in the event of total loss.

Having a replacement cost policy with dwelling limits that meets or exceeds the cost of reconstruction will generally satisfy mortgage requirements and will help to get you to the closing table.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Did you know we’re building amazing technology that will simplify insurance shopping? Want to learn more – Click Here and let us know!

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Is your detached garage covered?

Sat, 10 Oct 2020 03:46:00 GMT

On a standard home insurance policy written on an HO3 form in the state of Florida, there is a section of the policy for other structures. This is commonly noted as coverage B on your declarations page.

Some carriers will automatically provide you with 10% of your dwelling coverage for other structures while other provide 2%. Your dwelling coverage is typically reflected in coverage A. If you have $250,000 in dwelling coverage for your home, your coverage would generally fall between $5,000 and $25,000.

Coverage B (other structures) is defined as the coverage for structures set apart from the dwelling by a clear space. If your detached garage is on the same parcel of land as your home and is completely detached from the home, Coverage B should be the coverage that insures the structure.

Now you simply have to determine if the coverage limit fully covers the cost of rebuilding the detached garage in the event of a total loss.

What about flood insurance?

Flood insurance, on the other hand is a bit different. A federal flood insurance policy has dwelling coverage that maxes out at $250,000 for the dwelling.

The policy verbiage states that 10% of the dwelling coverage can be used for a detached garage. The maximum amount of coverage for a detached garage on a federal flood policy is $25,000. It’s important to note that this isn’t additional coverage like the homeowner’s policy, but instead part of the dwelling coverage.

Lastly, if the detached garage is more than 10% of the dwelling, you can always purchase the detached garage its own flood insurance policy.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Did you know we’re building amazing technology that will simplify insurance shopping? Want to learn more – Click Here and let us know!

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Read this if you have had a recent Fire or Liability claim.

Fri, 02 Oct 2020 17:09:00 GMT

Did you know there two types of home insurance claims that can stay on your record for longer than the typical 3-5 year timeframe. These two types of home insurance claims are fire claims and liability claims.

Home insurance claims are generally classified into two categories – claims associated with the home and claims associated with the person. By default, fire and liability claims are typically associated with the person and not the home. Therefore, an insurance company will generally want to see an extended time-period before offering coverage to an individual who has experienced one of these two types of claims to ensure there isn’t a pattern of claim activity developing.

Some insurance companies even go so far as rendering a scenario ineligible for coverage if the applicant has ever experienced such a loss. Other insurance companies require a five-year timeframe to have passed since the loss. Still other companies will ask to see documentation from the loss before determining eligibility. This is why it’s important to keep good records if you ever experience a fire or liability claim and secure these records in a safe place for easy future access.

If you have a previous fire claim, insurance companies will typically want to see the fire marshal’s report at a minimum to ensure that the fire wasn’t arson and to ensure that the fire wasn’t started due to negligence such as an unattended grill stove or fryer, or because the use of a space heater, or through the misuse of a fireplace to name a few.

If you have a prior liability claim, the insurance company will want to see the loss report from the prior carrier, at a minimum, to determine if the cause of the liability claim is still present and to determine if efforts have been made to ensure these scenarios have been mitigated moving forward. For example, is the dog that bit somebody still in the home, is the trampoline that somebody was inured on still in the yard.

Keeping good fire and liability claim records can mean the difference between having competitive insurance offers in the future and not.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Have your home insurance rates increased?

Fri, 25 Sep 2020 15:04:00 GMT

There are times in the Florida home insurance marketplace where the majority of home insurance carriers file for rate increases on or around the same timeframe. When this happens, it can be difficult to find a competitively priced home insurance policy. Here are four things you can do to bring down your home insurance policy:

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Can I drop hurricane coverage from my home insurance?

Fri, 18 Sep 2020 00:44:00 GMT

Sometimes when people payoff their home, they will naturally consider making changes to their home insurance policy in an effort to save some money.

You see mortgage companies require certain things to be covered on a home insurance policy in Florida. One of the things they require coverage for are hurricanes. But before you remove hurricane coverage from your policy, there are two things you need to know.

Recently, we had a customer call in for an insurance quote and he mentioned that he was shopping his insurance because his insurance company didn’t cover the damage to his roof that was caused by a recent hailstorm and he was frustrated with his insurance company. In reviewing his current home insurance policy, we noticed that the policy was what we call an X-Wind policy.

This means that policy does not provide any coverage for damages caused by wind or hail. The customer told us that he removed hurricane coverage from his policy when he paid off the house a couple a years ago. But in speaking with him, it became apparent that he did not realize that when he removed the hurricane coverage from the policy that there were other coverages removed as well.

This takes us to the two things you need to know ….

When you remove hurricane coverage from a home insurance policy in Florida, you are also removing coverage for any other wind related event, such as tornados or other windstorms, and you’re also removing hail coverage from the policy as well.

Before removing hurricane coverage from your policy, be certain to ask the insurance company or agent if any other coverages will be omitted from the policy as well.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Did you know we’re building amazing technology that will simplify insurance shopping? Want to learn more – Click Here and let us know!

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Will installing a pool affect my insurance?

Thu, 10 Sep 2020 21:02:00 GMT

There are four things you need to know about your home insurance to ensure the installed pool complies with the requirements set forth by most home insurance carriers.

A swimming pool is classified by insurance companies as an attractive nuisance, which means it is an appealing item that may present a danger to children who encounter it. As such, home insurance carriers will require the pool to be secured. This means that the pool area, typically the back yard, will need to be fenced in and the gate that allows access to the back yard will need to be a self-latching gate. Alternatively, you can opt for a screen enclosure going over the pool so long as the screen enclosure has a locking screen door.

There are two features to a pool that can that cause you to get dropped by your current insurance carrier. One is a slide and the other is a diving board. These two features pose too much of a liability concern for insurance carriers and most carriers render pools with these features as ineligible for coverage.

You’ll want to add the cost of pool construction to your dwelling coverage if it’s attached to the home or as an “other structure” if it’s set apart from the dwelling by a clear space. Doing so will ensure you are adequately insured should you experience a claim event.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

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Does home insurance cover flooding?

Sat, 05 Sep 2020 02:14:00 GMT

Well…..it depends.

In Florida, a home insurance policy written on an HO3 form will typically include coverage if your house is flooded but the coverage is generally limited to water damage cause by accidental discharge or overflow. This means an appliance failed and caused water damage or a pipe burst and leaked into the home causing damage.

If the flooding, however, is caused by rising waters, such as a storm surge or from torrential rainfall, well your home insurance does not generally provide any coverage.

So what should you do?

If you’re concerned about damages from rising water floods not being covered by your home insurance, you need to buy flood insurance. These policies are easy to obtain and the best part is that the federally backed policies have prices set by the National Flood Insurance Program so you won’t have to shop around to find the best price.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

Want a home insurance quote from a local agent in Melbourne, FL? Click Here to get started!

Want more tips like this?

Did you know we’re building amazing technology that will simplify insurance shopping? Want to learn more – Click Here and let us know!

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Do home insurance claims affect my rates?

Fri, 28 Aug 2020 20:17:00 GMT

Insurance companies generally classify claims into two basic categories. Claims that are property specific and claims that are specific to you, the insured.

Property Specific claims….

These claims are situations that occur which put the insurability of the home into question. For example, if there are a couple recent plumbing related water losses on the home, perhaps the home has some significant plumbing issues which needs to be addressed. Many times, insurance companies are not willing to insure homes in these situations. If they are willing to insure the home, they’ll charge higher rates due to the increased risk of future plumbing related losses.

This can be frustrating to an insured because the claims may not necessarily be your fault but because the home presents a higher risk to the insurance company, you are the one who ultimately gets penalized with higher insurance rates. In fact, sometimes these property specific claims can cross over into our next category of claims too.

Insured Specific claims….

The second type of claim situations are claims which are specific to the insured. These are situations where something you did or did not do results in a claim event occurring. These claims can be frustrating for an insured because they feel like they are completely out of your control.

Here is a real-life example of one of these claims and how the insurance company looked at it for rating purposes:

Recently, we had a customer call in for a quote on a second home. While going through the quoting process, it was mentioned that there was a claim event on their primary residence in another state. The claim was caused by an AC drain line getting clogged and water backing up causing roughly $10,000 in damage to the home. The customer did not quite understand why the insurance company would want to know about that claim or why it even mattered.

Why it matters…

AC companies recommend homeowners check AC drain lines every 30 days or so to ensure clogs do not occur. The drain line getting clogged could be indicative of the homeowner not checking the AC drain line every 30 days which could also be indicative of other suggested maintenance to a home not being followed as well. The claim on the primary residence for this customer ultimately resulted in the claim free discount being removed from the quote for the second home here in Florida. The higher rate provides for the additional premium to the insurance company to compensate for the additional risk of a proposed insured potentially not following a home maintenance plan.

As crazy as it sounds, this claim will be on this customers claim history for up to five years.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

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Can discounts be applied to home insurance mid-term?

Fri, 19 Jun 2020 19:05:00 GMT

Today we are talking about whether you can get wind mitigation credits applied to your current home insurance policy or do you have to wait until your next renewal.

Many time’s we have customers call in who have just purchased a home and the home, at the time of inspection, did not qualify for the opening protection credits. In this scenario, we are talking about storm shutters or impact rated windows.

Generally, the home does not qualify for the discount due to the wind mitigation inspection reflecting one or more openings to the home not being fully protected. Depending on the age and location of the home, this could mean the loss of a $1000 discount or more.

Naturally, our insureds want to get that discount back as soon possible, but they can’t improve the home until they own the home. In these situations, here are the steps to follow to get the discounts applied to the policy:

Once we have the revised wind mitigation inspection showing that the home now qualifies for the discount, we update the policy accordingly and a pro-rated refund is generated and mailed to the insured.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

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Is home insurance all the same?

Thu, 21 May 2020 13:22:00 GMT

One of the things we always say is that home insurance seems to be the same until you have a claim. Here is an example to help explain what we mean.

We recently had a gentleman call in for a home insurance quote for a large house. We provided a him a quote and then he got a second quote for roughly $500 less per year. Fortunately, the customer called back and asked our thoughts on the second quote and here is what we found.

While most of the coverages limits and deductibles were very similar between the two quotes, the quote that was $500 less was covering the roof at Actual Cash Value whereas our original quote was covering the roof at Replacement Cost.

So why is this important?

The roof on the home was a 25-year-old roof which would cost roughly $80,000 to replace. The hurricane deductible for the home was roughly $16,000. This means that if the roof were damaged because of a hurricane and needed to be replaced, the Replacement Cost policy would provide him with roughly $64,000 in coverage for his roof replacement.

But the Actual Cash Value policy would first depreciate the roof before determining the amount of coverage available. When you couple the depreciation with the $16,000 deductible for hurricane damage, it’s plausible that if the roof needed to be replaced due to hurricane damage and the customer purchased the Actual Cash Value policy that payout for his roof could be close to zero.

So is that worth the $500 savings…. probably not.

With this example you see how these two insurance policies were seemingly the same, until we looked at a claim scenario. It is always important to ask if the policy has any uncommon coverage restrictions before purchasing the policy. Doing so could save you big money down the road if you need to file a claim.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

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Non-Renewed? Read This

Fri, 15 May 2020 23:59:00 GMT

Unfortunately, in the State of Florida, it is common for insurance carriers to reduce their hurricane exposure by non-renewing certain policies. Insurance carriers in Florida are required by statute to give advanced notice of non-renewal. Many times, homeowners will receive the non-renewal and then wait until a week or two prior to the expiration of their current home insurance policy before looking for another policy. Here are three reasons why you should start your search for a replacement policy immediately upon receiving a non-renewal notice.

First – Claims.

The reality is you do not know when a claim event will occur. Most insurance companies will not issue a new policy if you have an open claim or if the damage is pending repairs. This is one of the main reasons we recommend switching sooner rather than later if you receive a non-renewal notice so you can avoid the potential pitfall of a claim event occurring as your current policy is expiring.

Second – Inspections.

If you have an older home, 40 years or older, generally speaking. It’s possible that the insurance carrier will require you to provide documentation showing that certain things have been updated such as the roof, the AC, the water heater to name a few. These updates are reflected on a four-point inspection. If your four-point inspection notes certain issues with the home, it’s possible that you’ll need to remedy these issues before a new insurance company will insure your home. All these things take time so if you own an older home it super important to begin your insurance search as soon as possible.

Lastly – Hurricane Season.

As a hurricane approaches the State of Florida, many insurance companies will restrict binding. This means that they will not allow new policies to be issued. If the expiration of your policy falls during hurricane season and you wait until the last minute to find a replacement policy, and it just so happens to be at a time of binding restriction, it’s possible that your home could be uninsured during a hurricane. Now this is a worst-case scenario, but it’s a likely scenario and a completely preventable scenario as well.

Want to see what insurance rates look like in your area…..get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified!

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Placing your home into a Trust or LLC…..read this!

Thu, 19 Mar 2020 14:37:00 GMT

If you’re thinking about placing your home into a trust or into an entity such as an LLC don’t forget about your insurance! A few times a year we’ll have a customer call in for a home insurance quote and we’ll notice that the homeowner is listed as a trust or an entity such as an LLC. By itself, this isn’t really a big deal. However, when we request the prior insurance, we sometimes see that the insured listed on the policy is not the trust or the entity but rather the trustees of the trust or the members of the LLC. The trust or LLC is nowhere to be found on the policy.

Is this a big deal?

This scenario of not having the Trust or Entity listed as an insured on the home insurance policy can potentially cause huge problems for you in the event of claim. In 2018, the Michigan Court of Appeals said that when a trust owns real estate and there is an claim event on the property, if the trust is not listed as an insured on the insurance policy, the insurance company does not have to pay the claim. While this decision wasn’t handed down in Florida but Michigan, it should be enough of a shock to make you take pause.

So what should you do?

Generally speaking, you’ll want to add the trust as an additional insured and list the trustees as named insureds on the home insurance policy. And if the property is in the name of an LLC, you’ll want to list the LLC as the named insured. Lastly, if you’re thinking about changing the ownership of your home – always call your agent or your insurance company before you make any changes. Doing so can save you from having a huge problem down the road.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754 – Chrinco.com – Insurance Simplified!

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Will I get a refund if I cancel my insurance?

Thu, 16 Jan 2020 19:28:00 GMT

Most home and auto insurance companies will refund your unearned premium after you cancel your policy and they calculate the refund on a pro-rata basis. This simply means that if you paid for a full year of insurance and you cancel your insurance roughly six months into the policy, you’ll receive a refund of roughly six months of unearned premium.

But did you know that there are a couple other types of cancellation refunds you should be aware of?

One is called the short rate cancellation and the other is called minimum earned premium. A short rate cancellation is a type of cancellation that is intended to disincentivize the insured from canceling the policy before the expiration date. With a short-rate cancellation, the insurance company is entitled to retain a larger percentage of the unearned premium when compared with pro rata cancellation. Generally, a short rate cancellation schedule would be included in your policy. In these situations, if you were to cancel roughly six months into a 12-month policy, instead of receiving a 50% refund…you may only receive a 45% refund.

The other type of cancellation refund is minimum earned premium. Often, an insurance company will set a minimum earned premium amount to serve as a deterrent to early cancellation. The minimum earned premium is typically set as a percentage of the total premium and generally covers a portion of costs associated with issuing a policy. Like the short rate cancellation, the minimum earned premium percentage would be noted in your policy, if applicable.

Keep in mind that these situations are not common to your standard home and auto insurance policies, however, if you’re seeking insurance in the surplus lines market because you have a higher risk scenario….you’ll want to ask if there are any special cancellation provisions within the policy before agree to purchase the policy.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754 – Chrinco.com – Insurance Simplified!

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Is termite damage covered by home insurance?

Thu, 09 Jan 2020 21:17:00 GMT

We occasionally receive phone calls asking if damage to the home caused by certain insects is covered. Just last week we received a call from a homeowner who, after noticing a small hole near the roof of his home, found that carpenter wasps had found their way into the home and had caused damaged to a small section of the roof. The question is – would home insurance cover something like this?

What does the policy say…

The standard home insurance policy has verbiage that addresses these situations. Unfortunately, it’s in the exclusion section of the policy. The exclusion states that damage to the home caused by birds, rodents, insects, nesting or infestation is not covered in a standard home insurance policy.

Because of this it’s always a good idea to regularly inspect the exterior of your home for any exposed wood and/or exposed points of entry such as missing soffits. Doing so can potentially save your thousands of dollars in out of pocket repair expenses.

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrino.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Will polybutylene pipes prevent me from getting home insurance?

Thu, 19 Dec 2019 21:23:00 GMT

Polybutylene is a type of plastic supply line plumbing material that was manufactured and installed between 1978 and 1995. This material was popular because it was less expensive than copper and it was far easier to install. However, many homeowners began filing insurance claims due to the pipes bursting and causing water damage to their homes. In 1995, a class action lawsuit was brought against a manufacturer of polybutylene and shortly thereafter the material was found to no longer be acceptable by building codes and we haven’t seen this material used in new construction since.

If you’re buying a home and your inspector finds polybutylene plumbing – you really have only two options when it comes to insuring the home.

Option A, you can replumb the house and then purchase insurance.

Option B, you can find an insurance company that will allow you to purchase the home insurance policy for the home with a water loss exclusion. This means that if the polybutylene plumbing fails and causes water damage to the home, the insurance company will not cover it.

While this solution isn’t the best option, it can satisfy mortgage requirements which allow you to purchase the home while you save up for the replumb.

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrino.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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How to determine your auto insurance coverage….

Sat, 14 Dec 2019 01:58:00 GMT

Often times, we have customers request an auto quote and they’re uncertain how much coverage they need. The following is the general process we use to determine adequate coverage those customers.

Start with the car…

If someone were to steal your car, or if a tree were to fall on I,t or if it were damaged in a hailstorm, or if you had a crack in your windshield would you want your insurance to coverage it? If the answer is yes, then you’ll need comprehensive coverage.

If you were to get in an at-fault accident or if someone were to run into your car and leave the scene of the accident or not have enough coverage to pay for the repairs to your car would you want your insurance to cover it? If the answer is yes, you’ll need collision coverage.

Then look at some of the common add-on coverages…

If your vehicle is being repaired due to a covered comprehensive or collision claim do you want your insurance to provide you with a rental car? If the answer is yes, you’ll need rental reimbursement coverage. If you break down and your vehicle needs to be towed would you like for your insurance to reimburse you for the towing expense? If the answer is yes, you’ll need emergency roadside coverage.

Lastly, we look at the more important coverages…

If somebody runs into your car and you’re injured, and the at-fault party either they doesn’t have insurance or they don’t have enough insurance would you like for your policy to pay for your injuries, lost wages, and pain and suffering. If the answer is yes, you’ll need to add uninsured motorist coverage and then work with the agent to determine how much coverage you’ll need – twenty five thousand, fifty thousand, one hundred thousand?

Then we look at liability coverage. Liability coverage will provide coverage should you get in an at-fault accident. It’s generally broken up into two sections – bodily injury and property damage. Bodily injury is the amount of coverage you’ll have to pay for other people’s injuries in the event your involved in an at-fault accident. Property damage is the coverage you have to pay for the repairs to their car. How much coverage should you have? As much as your budget will allow.

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrino.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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What is an insurance score?

Thu, 05 Dec 2019 16:25:00 GMT

Did you know that many insurance companies use an insurance scoring model to determine your insurance rates in a similar way that a mortgage company uses your credit score to determine your interest rate? You see insurance rates are mostly data driven and there are really two areas of concern for the insurance company -the object being insured, such as a car or house, and the customer.

The object being insured is the easy part. The insurance company knows, with a high degree of certainty, how much it will cost to repair a $50,000 car involved in a front-end collision. They know how much it will cost to put a new roof on a 2000 square foot home damaged by a hail-storm. That’s the easy part – the customer, however, is not as easy to assess as a static object. Insurance companies have limited information about their customers from the insurance application such as name, date of birth, past insurance history, past claim history, and past lapse/cancellation/non-renewal history etc.

Enter the insurance score……

Insurance companies’ contract with third party vendors who have access to consumer reports from Experian, Equifax and Transunion. The information contained in these reports such as account history, payment history, outstanding debt, types of accounts in use, derogatory credit information etc are used to generate a risk profile of the customer. The risk profile is essentially a statistical analysis of a customer’s likelihood of filing an insurance claim based largely upon financial history and it’s called an insurance score. The crazy thing about insurance scores is that they’re really accurate. Actuarial studies have found that insurance scores are one of the most accurate predictors of future insurance claims.

It’s important to note that accessing insurance scores is not a credit pull and does not show up as a hard credit inquiry – in fact, insurance companies are generally unaware of your credit score and most times they don’t require a social security number to access your insurance score. But the bottom line is this – a higher insurance score will result in lower insurance rates whereas a lower insurance score will result in higher insurance rates.

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrino.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Is my home over-insured?

Sat, 23 Nov 2019 21:39:00 GMT

Often times we have customers call in to shop their home insurance and in the process of reviewing their coverages we find that they’re over-insured. We typically see people over insured in two areas – dwelling coverage and personal property coverage. Before we explain these things, please note that we believe it’s always better to be over-insured than under-insured, but you want to make certain you’re not grossly over-insured and throwing money down the drain.

So let’s break this down…

Your dwelling coverage is the amount of insurance you have on your home to rebuild your home if the worst-case scenario happens and you sustained a total loss. Keep in mind that this coverage is not how much your home is worth. Insurance companies don’t insure the market value of your home but instead insure the cost to rebuild and the amount doesn’t include the land value.

The most frequent occurrence we see of homes being over-insured is when the initial policy has an inflation guard, and the customer has been with the same carrier for a long period of time. In some situations, we’ll see the dwelling coverage far out-pace the increasing costs of labor and materials resulting in a home significantly over-insured. As an example, a home with $250,000 in dwelling coverage with a 5% inflation guard would have nearly $330,000 in dwelling coverage in just five short years…..in 10 years the home would be insured for over $400,000.

Your personal property coverage is the amount of insurance you have for personal belongings in your home which are not attached to the home. This coverage doesn’t generally provide adequate coverage for big ticket items such as jewelry or collectibles and it doesn’t generally cover motorized vehicles. What we’re left with are couches, beds, televisions, dressers, dining room tables, chairs etc etc.

The home insurance policy will generally provide automatic coverage for your personal property in an amount equal to 50% of your dwelling coverage. So if have $250,000 in dwelling coverage, your policy will typically cover up to $125,000 for personal property automatically if you don’t address this coverage. But what if you’re a first time home buyer without a ton of personal belongings or what if you’re a minimalist and only have thirty thousand dollars of stuff or what if you live alone and have empty bedrooms in the home – you get the picture.

So what should you do….

If your insurance company or agent is not already reviewing your coverages annually, specifically, ask them to double check your dwelling coverage to ensure you’re not over or under insured. And second, do an inventory of your personal belonging and calculate how much it will cost you to replace all these items with new ones. Compare that amount to your personal property coverage. If you’re over insured, inquire about reducing this coverage.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Does my home insurance cover golf carts?

Thu, 14 Nov 2019 22:33:00 GMT

We occasionally receive questions from customers, who have just recently purchased a golf cart, asking if their home insurance will cover the golf cart. And the short answer is, not really. In general, you’d be looking at two different types of coverages for the golf cart. Liability – meaning the bodily injury or property damage you potentially cause to other people, and physical damage – meaning the repairs to the golf cart should you get into an accident.

While a standard home insurance policy does have a provision that can potentially provide coverage for liability, the physical damage of the golf cart would have to be added to the policy by endorsement. It’s important to note that not all insurance companies offer this endorsement. It’s also important to note that the restrictions and conditions of the coverage for both liability and physical damage make the coverage extremely limited.

What are some of the conditions or restrictions?

For example, no coverage applies if the golf cart is registered for use on public roadways. Additionally, no coverage applies if it’s not registered for use on public roadways but it should be. Then there are size restrictions – it cannot be designed to hold no more than 4 people and the max speed cannot exceed 25 miles per hour. Then there usage restrictions – it can be used only at the golf course or driving to or from the golf course or in restricted communities where there is an HOA.

What do we recommend?

With so many restrictions and conditions on this coverage, we always tell our customers not to rely on the home insurance for coverage but instead purchase the golf cart its own policy. Not only is the coverage far less restrictive, you’re also not jeopardizing your home insurance policy with a golf cart related incident.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Home insurance with a dog in the home?

Mon, 11 Nov 2019 16:58:00 GMT

Home insurance has a coverage section called liability and medical payments to others. These coverages can be triggered when someone is injured as a result of your negligence. In some instances, these coverages can be triggered even when you’re not negligent, but the injury occurs on your property. Injuries caused by dogs is not only one of the leading liability claims, but it’s also one of the costliest with payouts averaging just shy of $40,000 per occurrence.

Insurance companies, in an effort to mitigate their risk, will restrict their exposure to certain dog breeds where the data shows an increased level of claim activity for a particular breed. Some insurance companies will render you completely ineligible for insurance if you own one of these breeds while other insurance companies will simply have you sign a disclosure acknowledging that your policy will not respond to animal liability claims. In fact, it’s becoming more common for insurance companies to exclude animal liability from its standard coverages regardless of dog breed.

While each insurance company maintains a different list of ineligible dog breeds, for the most part they will all contain the following:

Chow, Presa Canario, Pitbull, Staffordshire Terrier, Akita, Doberman, Rottweilers and German Shepherds

If you own one of these dog breeds, it’s definitely possible to get home insurance however, you’ll want to mention this small bit of information up front so that you can get an accurate quote.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Loss of Use coverage?

Thu, 31 Oct 2019 20:48:00 GMT

Did you know that if your home is uninhabitable after a covered claim, you may be entitled to additional benefits under your Loss of Use coverage.

Most home insurance policies on a primary residence in Florida have a coverage called Loss of Use which is commonly listed as Coverage D in your insurance policy. Most policies has some variation of verbiage that states that:

…if you sustain a covered loss where your home is not fit to live in, the insurance policy will generally cover any necessary increase in living expenses incurred so that your household can maintain its normal standard of living.

The payments made to you by the insurance company will either be for the shortest time period required to repair or replace the damage or, if you’re forced to permanently relocate, the shortest time required for your household to settle elsewhere.

Most insurance policies will also cap the loss of use coverage by a specific dollar amount – which is listed on your declarations page under Coverage D.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Planning a major remodel on your primary residence?

Sun, 27 Oct 2019 18:27:00 GMT

There are a couple of things to consider about your home insurance if you’re planning a major remodel. First, if you’re not going to be living in your home while the remodel is taking place, your current home insurance may have automatic coverage suspensions that take place after 30 and/or 60 days of unoccupancy. In some instances, coverage could get totally suspended after a certain amount of time where the home is unoccupied.

Another thing you’ll want to consider is the coverage. A standard home insurance policy is meant to provide coverage for your home and the contents in your home among other things. But what about the thousands or tens of thousands you’ve spend on building supplies and materials? On a standard home insurance policy, they may not be covered.

So what are you to do?

You may want to look into a short-term builder’s risk policy. These policies can provide very broad coverage and can include the theft of building materials, property in transit, property in storage, and even property owned by subcontractors and suppliers. Builders risk can also cover damage to newly paved surfaces and even installed trees, lawn, shrubs and plants. Another benefit to these policies is the flexible policy terms. Whereas a standard home insurance policy is a 12-month policy, builders risk policies can oftentimes be purchased in three, six or nine months terms.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Can you insure a vacant home?

Thu, 17 Oct 2019 21:19:00 GMT

Did you know that a standard home insurance policy for a primary residence includes a clause buried deep within the policy called a vacancy clause? The vacancy clause can completely suspend your coverages if the conditions of the clause are met.

What are some examples of a vacant home?

We commonly see these situations where the owner of the home is deceased and the home is going through probate. Or when somebody moves out of their home into a new home and their old residence is sitting vacant while listed for sale. Or when somebody purchases a new home but won’t be moving into the new home for 2 or more months.

So what exactly is the vacancy clause?

The vacancy clause is commonly listed in the “change of occupancy” paragraph in the conditions section of the policy. It states that after 60 days of vacancy any loss occurring from the 61st day onward will be excluded from coverage. The verbiage goes on to state that if this occurs, the premium would be refunded for the period during which the coverage is suspended. In other words, this means that if a home is sitting vacant for 60 days and the house burns down on the 61 ^st day, the most you’ll likely get from your insurance company is a partial refund of your insurance premium.

So what do you do?

The first thing you’ll need to do is to notify your insurance company that the home is vacant. Most times the insurance company will either cancel or non-renew your current policy, but they’ll generally give you advanced notice of the cancellation. Then you’ll want to secure a vacant home insurance policy. Keep in mind that these policies are quite a bit more expensive than a standard home insurance policy, but they’ll provide coverage for the dwelling while it sits vacant.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Is water backup covered by home insurance?

Thu, 03 Oct 2019 15:18:00 GMT

Today we’re talking about something that you may expect to be covered by your home insurance when it actually is not. Today we’re talking about water back up coverage. With water backing up we’re dealing with dirty water so we’re talking about a drain lines or sewage lines failing and that dirty water or sewage backing up into the home and causing damage to the floors and baseboard and furniture…..not to mention the clean-up.

Where is this mentioned in my policy?

A standard home insurance policy has a section of exclusions and in the exclusion’s section is a section for water damage. A sub-heading in this part of the policy typically states that water or water-borne material which backs up through sewers or drains or which overflows or is discharged from a sump, sump pump or related equipment is excluded from coverage. In other words, this section is saying that damage caused by water backing up through sewage or drain lines is not covered.

What should I do?

There is an endorsement to the policy which is typically available for all home insurance customers called water backup coverage. For a nominal fee, typically around $25 a year or so, you can add about $5000 of this coverage to your policy. My recommendation is to always add this optional coverage.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Are insurance companies OK with PEX plumbing?

Thu, 26 Sep 2019 15:59:00 GMT

Today we’re talking about a certain type of plumbing material that many insurance companies are beginning to classify as an ineligible type of material. Meaning that if the plumbing material is used in the home, the insurance company will refuse to insure the home. This plumbing material is call PEX.

What is PEX?

PEX is a type plastic tubing used for water supply piping and generally offers many advantages over other types of plumbing material. The main advantages are that it’s flexible, it’s easier to install and it offers high heat-resistance. But the issue is that there were many class action lawsuits against manufacturers of PEX plumbing after the material started failing prematurely at connection points resulting in leaks and in some instances flooding. Some of these lawsuits resulted in tens of thousands of homes being replumbed.

Is there PEX that is acceptable?

Many insurance companies are so concerned about this type of plumbing material failing that they will render a home ineligible for coverage even when the main plumbing supply lines are copper or PVC but those short connection lines under the sink are PEX. However, the insurance companies that do take issue with PEX generally have a guideline that if the PEX was installed after 2010 or 2011 that the plumbing material is acceptable. This is because the PEX material was manufactured after the dates of the class action lawsuits and the newer PEX material doesn’t pose the potential of leaks or flooding that the older PEX material does.

What if I have PEX installed prior to 2010?

Please note that if your home or the home you’re are looking to purchase does have PEX material and the plumbing was installed prior to 2010, there are still a handful of insurance companies that are willing to insure the home – however, your choices for coverage may be limited.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Prior to Hurricanes, our #1 call is….

Fri, 13 Sep 2019 16:03:00 GMT

As Hurricanes approach the east coast of Florida, we’ll have so many phone calls the week leading up to the storm on the same topic. The question is generally some version of the following:

Can I get flood insurance?

And the answer is typically………. no. You see flood insurance falls into one of two categories. You have federally backed flood insurance through FEMA’s National Flood Insurance Program, and you have private flood insurance which is flood insurance without federal backing but generally complies with the federal coverage guidelines.

As Hurricanes approach Florida, the private flood insurance market typically closes to new business. In the insurance world we call this binding restriction. Simply put, the insurance companies won’t let insurance agents issue new policies until the storm has passed. Insurance companies do this to mitigate their losses and to limit their exposure when there is a catastrophic event on the horizon.

Federally backed flood insurance operates a little differently. The National Flood Insurance Program requires a standard 30-day waiting period on new business unless the flood insurance is required for a home closing where a mortgage is involved. Most of the customers that call in prior to a hurricane are current homeowners looking for flood coverage on their current residence. This means the 30-day wait would apply at which point the Hurricane would no longer be a threat.

So what should you do?

Buy flood insurance now in preparation for the storms to come. Even if you’re not in a flood zone, you can purchase flood insurance. And the best part is the federally backed flood insurance rates are set by the government, so you don’t need to shop around to find the best price as they’ll be the same from company A to company B to company C.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Hurricane prep? Don’t forget about your insurance.

Fri, 30 Aug 2019 19:05:00 GMT

If you find yourself in the unfortunate situation of needing to file a claim after a hurricane, there are certain things that you need to know. In every home insurance policy, there is a section entitled the duties after a loss. This section outlines the things that the you, the insured, are expected to do after a potentially covered claim event occurs. Now these things can vary slightly from company A to company B to company C – but for the most part, most insurance companies will include some variation of the following (keep in mind this is not an exhaustive list):

First, you must give prompt notice to the insurance company. Before calling, you’ll want to ensure you have the facts of the loss. This includes the date the damage occurred, what type of damage did your property sustain and your policy number.

Next, you’ll also want to take steps to protect the property from further damage. If repairs to the property are required, you must make reasonable and necessary temporary repairs to protect the property from further damage; and keep an accurate record of any repair expenses.

Third, if there is any personal property damaged, you’ll need to prepare an inventory of damaged items. This includes the quantity, description, actual cash value, replacement cost and amount of loss. You’ll want to collect all bills, receipts and related documents – such as photos or video – that justify the figures used in the inventory.

Lastly, insurance companies will require proof of all damaged property . So don’t throw anything away until the insurance company gives you the green light to do so. Keep all records, keep all receipts, and keep all damaged items for consideration of reimbursement. Also, you’ll want to take photos of the damage and take video of the damage if possible. Doing so can help ensure a better claims experience.

Shifting gears for a moment, here are a couple of things to keep in mind….

Remember – Insurance companies will be backed up in the claims department after a hurricane which can result in longer hold times and longer turnaround times by their field adjusters. Rest assured that if you file a claim, the insurance company and their adjusters will contact you.

Good Idea #1 – Also, before the hurricane hits, it’s a really good idea to take inventory of your personal property. At minimum, do a video walk-through of your home with your mobile device.

Good Idea #2 – It’s also a good idea to take steps to help mitigate losses before the hurricane. This can include cutting back trees and removing furniture and plants from porches and patios. It’s important to note that many home insurance policies in Florida typically don’t cover rain damage to the inside of the home unless a covered peril first creates an opening to the home that allows the rain to get into the home. This means that unless the hurricane first breaks a window, blows in a door or rips off a section of the roof (for example), that rain damage to the interior of the home will most likely not be covered. Therefore, it’s a really good idea to ensure your windows and doors are properly sealed. That any stucco cracks are sealed. You may even want to use sandbags at the base of entry doors to prevent water intrusion.

What if you need to file a claim?

If you need to file a claim we have a list of all the insurance companies we represent and their respective claim numbers on our website at www.chrinco.com/claim .

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance Simplified.

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Does your home insurance cover flooding?

Sun, 25 Aug 2019 16:47:00 GMT

I recently had a customer reach out to me from a region of Florida that is prone to flooding. They had several days of rain and the water began to pool in the yard and then onto their back porch and then into the home. They were reaching out to me to determine whether they had any coverage that would apply.

First, let’s look at the home insurance policy…

It’s important to note that a standard home insurance policy written on form HO3 has an exclusion for certain types of water damage – included in this exclusion is the statement that flood, surface water, waves, tidal water, overflow of a body of water, or spray from any of these, whether or not driven by wind are excluded in the policy. So in this situation, the home insurance is not going to offer any coverage.

What about the flood insurance policy…

However, it is possible that a flood insurance policy would provide coverage for this situation assuming the rising water meets the definition of a flood by FEMA. For flood coverage to apply, the flooding must cover at least 2 acres of land OR must occur on two premises. For example, flood water in the neighbor’s yard or flood water in the public street meets the requirement for flooding under the policy. However, the flooding of just one property is not considered to be a covered flood event under a NFIP policy unless the area of water displacement is at least two acres. So if you experience a flood event, be certain to take photos and video of your property and the surrounding properties. This ensures you have evidence of more than two properties flooding to provide to the insurance company.

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance Simplified.

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Want cheaper home insurance? Look for these 3 things when buying a house.

Thu, 15 Aug 2019 19:39:00 GMT

Occasionally we have customers contact us during the home buying process and ask if there are certain types of homes that have lower insurance rates than other types of home. While there are many factors that go into determining the insurance rates. There are three things that you should look for that when combined can save you a lot of money on your home insurance.

First thing is the age of the home….

The first thing is the age of the home. The building code in Florida changed in 2001 and any home built after March 1, 2002 is built to the 2001 building code. Any home built prior to March 1, 2002 is not up to code but the home is grandfathered in.

Second thing is the construction type….

Masonry construction homes will have lower insurance rates than frame construction homes. Quick note here, if the exterior walls of a home are a combination of masonry and frame construction, such as a masonry construction first floor and a frame construction bonus room, the insurance company will generally allow you to keep the masonry construction rating so long as the exterior walls are at least 67% masonry construction.

The third thing is the roof shape….

Lastly, roof shapes matter. Generally speaking, if the roof perimeter is at least 90% hip than you will get the greatest roof shape discount. A hip roof has slopes on all sides – kind of like the great pyramids.

In summary….

Now if you combine all these features together – a masonry home built after March 1, 2002 with a hip shaped roof – your insurance will be much lower than the alternative. In fact, I randomly selected two local houses in the same zip code – one was frame construction with a gable roof built in 2000 and the other was a masonry home with a hip roof build in 2002 and there was a twelve hundred dollar difference in the cost of insurance.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Are slab leaks covered by insurance?

Thu, 08 Aug 2019 13:23:00 GMT

One of the realities to home ownership is that building materials degrade over time. The degradation of plumbing materials can lead to pipes breaking or pipes leaking in the slab. If a slab leak happens to you and you see water coming up through the floor or hear water running and don’t see any water running anywhere in the home, the first thing you need to do is turn the water off to the house. This can prevent a bad situation with a relatively minor fix from becoming a terrible situation for you that could end up costing tens of thousands of dollars.

So would these situations be covered by your home insurance?

Before we answer this question, let’s briefly walk through a home insurance policy. A standard home insurance policy written on an H03 form provides coverage for direct physical loss to the property. It has an exclusion in the policy, however, for wear and tear. Insurance companies typically look at pipes breaking or leaking as a wear and tear situation. In other words, the plumbing materials have degraded over time and began leaking. As such, coverage to fix the pipe causing the slab leak would generally not apply.

What if the leak damages the house?

However, if there is damage to the home as a result of the slab leak, coverage could apply. Examples of this include damage to baseboards, damage to the flooring, damage to drywall, damage to cabinets etc etc. This damage could be covered subject to your deductible. So if there is damage as a result of your pipes leaking, be certain to take photos and to keep all invoices and receipts for consideration of reimbursement.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Are you changing the use or occupancy of your home?

Fri, 02 Aug 2019 12:50:00 GMT

Did you know that if you change the ownership, title, occupancy or use of a home that you have insured, you have a limited amount of time to notify your insurance company and failure to do so can result in your coverage being suspended?

The conditions section of many home insurance policies says that if the insurance company has not been notified within sixty (60) days of any change of ownership, title, use or owner occupancy including:

that any loss occurring from the 61 day after such change to the date proper notice is given will be excluded from coverage.

What does that mean?

This means that if you change a primary residence to a second home or rental property you have 60 days to notify your insurance company. If you fail to notify your insurance company and if the house burns down on the 61 ^st day, there is a chance that your claim would be denied.

What are some other common situations?

We also see this situation played out in estate situations where the insured is deceased and the home is vacant or unoccupied but the representative of the estate continues to pay the deceased individuals home insurance without notifying the insurance company that the home is vacant or unoccupied.

Bottom line – if the ownership, title, use or occupancy changes on a home you own or represent, call the insurance company straightaway to ensure you’re adequately covered.

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance simplified.

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Are septic tanks covered?

Sat, 27 Jul 2019 00:57:00 GMT

Roughly once a month or so, we get asked the question whether septic tanks or wells are covered under a home insurance policy. Generally speaking, most standard home insurance policies written on an HO3 form either do or can provide coverage for these items. The coverage provided is contingent upon a covered peril causing the damage. This mean that a direct physical loss must occur that caused the damage. Examples include lightning strikes, fires, windstorm or hail to name a few. However, what we commonly see is damage from leaks, clogs or tree roots and these are not typically covered in a home insurance policy.

Where should I look on my policy?

The important thing to note here is that most home insurance companies will consider a septic system or well to be an “other structure” which means that you’ll want to ensure you have sufficient Coverage B on your home insurance policy to cover the cost of these structure. Most policies have verbiage that states that an “other structure” is defined as something set apart from the dwelling by a clear space. Even if it’s connected by a fence or utility line it can still be considered an “other structure.” The utility line mentioned could be a sewage line so it’s probably a good practice to purchase ample “other structures” coverage if you have these items on your property.

Anything else?

Additionally, we commonly sewage backup claims associated with septic systems. This is a tough one because sewage backup is generally excluded on a home insurance policy and requires an endorsement to the policy which would add sewage backup coverage. Many recent court decisions have found that coverage should apply regardless of having the endorsement or not. My recommendation, however, is to add the water or sewage backup coverage to your policy if you have a septic system…. don’t leave it to the courts to decide.

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance Simplified.

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Buying a home with pending repairs?

Thu, 18 Jul 2019 20:16:00 GMT

Almost every week we have customers call in who are looking to purchase a home, but the home has some existing damage or some component of the home is outside of insurance guidelines that would generally make the home uninsurable – such as an old roof. The concern is that the customer doesn’t want to pay for pending repairs on a home they don’t own, but they feel like they’re caught in a “catch-22” because they’re unable to get insurance unless the home has a new roof.

So what do you do?

The answer to this question is typically dependent upon on the extent of the pending repairs and the amount of time needed to remedy the situation. For example, if the home is not currently insurable due to a number of deficiencies and is in need of a new roof, a replumb, a rewire, an HVAC swap out and let’s assume that the repairs are going to take 3-4 months to complete. Most insurance companies will decline the request for a standard home insurance policy and will instead require a builder’s risk policy which would typically require the oversight of a general contractor.

This would allow you to close on the home even though the repairs are done at the time of closing and then you can switch to a standard home insurance policy once the repairs are complete.

What if the pending repairs are something small?

If the repair are relatively minor such as a new roof and the repairs can be done in 30-45 day, most insurance companies will give you a grace period to complete the repairs after closing. In this situation you’d simply provide documentation, such as receipts and/or photos, once the repairs are completed and you’ll be good to go.

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Hit by an uninsured motorist?

Thu, 11 Jul 2019 18:44:00 GMT

If someone runs into your car and it turns out that they’re an uninsured motorist, do you know which coverage you need on your insurance policy, in the State of Florida, to ensure your vehicle is fixed?

And the answer isssss…

It’s collision coverage. Most people mistakenly believe that since you were hit by an uninsured motorist that you’ll need uninsured motorist coverage to repair your car. However, in Florida uninsured motorist coverage provides coverage for your injuries when your hit by an uninsured motorist. It can also provide coverage for your lost wages, pain and suffering, etc etc…but it provides no coverage for your vehicle repairs.

So what do I do?

Collision coverage, on the other hand, pays for repairs to your vehicle when it collides with another object. Now the unfortunate part is that the repairs in this situation are subject to your deductible. This means that even though you weren’t at fault, you’ll have to pay the deductible you chose when you purchased or renewed your policy.

However, many times, insurance companies will attempt to recoup their expenses and your deductible from the at-fault party through a process called subrogation if they can prove that the other party was at fault. So you’ll want to take photos of the incident, get contact details from any witnesses, and get the contact details from the at-fault party (such as their driver’s license if possible), get the at-fault parties tag number, call the police. Doing so can help your insurance company recover your hard-earned money.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance Simplified.

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What is wind driven rain?

Fri, 21 Jun 2019 13:06:00 GMT

Most standard home insurance policies in Florida are written on an HO3 form. This is commonly referred to as a special coverage form or an open perils form. These policies commonly have verbiage that states that the insurance company will “insure for sudden and accidental direct loss to property”. However, every insurance policy will then outline a list of exclusions. These exclusions are super important because these are the areas of the policy that serve as the basis for denying a claim. One of these sections outlines an area that has become a hot topic in the insurance world and has been referred to as wind driven rain.

What does the exclusion say?

The exclusion says that insurance companies do not insure for losses caused by rain, snow, sleet, sand or dust to the interior of a building unless a covered peril first damages the building causing an opening in a roof or outside wall, door or window and the rain, snow, sleet, sand or dust enters through this opening.

What does this mean?

During severe storms and hurricanes, it’s common to see rain not falling straight down but instead going sideways. This wind driven rain can cause water intrusion around inadequately sealed windows, doors and even cracks in stucco. The exclusion outlined in the policy states that if the covered peril caused the opening, such as a broken window caused by flying debris during a hurricane (if your policy has hurricane coverage), and rain got into the home than coverage would typically apply. But if the rain enters through an improperly sealed wind, door or through cracks in the stucco…then there is a good chance your claim could get denied.

What should you do?

Before hurricane season gets into full swing, be certain your windows and doors are properly sealed. Also check to see if your exterior walls have any cracks that need to be sealed and tend to them accordingly. Doing a little maintenance before a storm can save you thousands of dollars after a storm. And lastly, while most carriers exclude coverage for wind driven rain, there are some carriers that have added this coverage to their standard policy. If this is an important coverage for you, make certain your agent knows so they can advise accordingly.

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Ever heard of the term subrogation?

Fri, 14 Jun 2019 22:54:00 GMT

Subrogation is a term commonly used in the insurance industry for when a customer files a claim on their insurance policy, the insurance company pays for the damages but then determines that the liability can be assigned to a third party.

Want an example?

Many years ago, I had a customer come home from dinner and the entire interior of the house was covered in a yellow powdery film. When the customer went into their laundry room while inspecting the house, they found that the nozzle of their fire extinguisher had blown off which caused all of the fire retardant to blow throughout the laundry room.

Their AC handler and the intake happened to be laundry room as well. When the AC turned on, the powder was allegedly sucked into the AC unit and the AC unit blew the powder throughout the house. The claim was over $100,000. And the insurance company felt that the manufacturer of the fire extinguisher was at least partially liable for the damages.

After the insurance company payed for the damages of the insured. The insurance company pursued the fire extinguisher company for reimbursement through a process called subrogation.

Does subrogation only apply to home insurance?

Most times we see subrogated claims with auto accidents but keep in mind they can occur on homes as well because most home insurance policies have a subrogation a clause built into the policy.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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What is builder’s risk home insurance?

Thu, 06 Jun 2019 19:44:00 GMT

I was recently on the phone finalizing a home insurance policy for a customer when the customer told me that instead of doing some remodeling, like we had originally discussed, that he and his wife had decided to bulldoze the entire home to build their dream home. Assuming the customer was paying cash for the home there is nothing wrong with his plan; however, by bulldozing the home, the standard home insurance policy is basically rendered useless since there will be no structure to insure or personal property in the home.

So what should we do?

The proper policy for this situation is a builder’s risk policy. These policies are designed to cover homes during construction. They typically cover theft/vandalism of the tools and equipment being used to build the house. It also covers the materials used to construct the home once they are home the homesite. Many times, you can also include materials being held offsite. While these policies are generally more expensive than a standard home insurance policy, it is the proper policy to have should a covered event occur.

So what if you’re doing a major remodel – such as adding a bonus room over a garage or building an addition to the back of the house?

In these situations, you’ll most likely still need to purchase a builder’s risk policy. For minor remodels, however, a standard home insurance policy should suffice.

Here are some final tips for you:

If you’re using a contractor always check their insurance…. specifically their liability and workers’ comp insurance. If you’re doing an addition, don’t forget to increase your dwelling coverage to account for the new replacement cost of the home. And if you’re doing a small project and have friends helping, consider increasing your liability and medical payments coverage on your home insurance in the event one of them gets injured.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Home insurance rates increased?

Fri, 31 May 2019 14:44:00 GMT

Have you ever wondered why your home insurance rates just seem to keep going up and up even when you haven’t filed a claim?

We often have people call in for an insurance quote and their reason for shopping their insurance is that their home insurance rates increased substantially from the prior year. Many of these customers mentioned they’ve never filed a claim and didn’t understand why their rates increased.

While there are many different factors that go into determining accurate home insurance rates, we’re going to explain the three main factors that could be the reason for your home insurance rates increasing.

First is risk pooling. Insurance companies take in premium from thousands of customers each year with rates based on projected claims in the hope that the premiums from many will cover the claims of a few. And then a hurricane comes…. and then another hurricane comes…. then another hurricane comes, and these events can increase claim activity beyond the insurance company’s projections. This can result in home insurance rates increasing for everybody – even if you didn’t file a claim.

But don’t insurance company keep reserves for all of those years when we didn’t have any hurricanes?

The answer is yes. Which leads the second factor – investment income. Insurance companies keep what’s called a float and use investment income to offset underwriting losses. With average insurance losses of $21 billion per hurricane, you can see how a series of storms can put a huge dent in reserve capital and cripples the insurance companies’ ability to offset losses with investment income….the net result…rate increases for everyone.

And lastly, to a lesser degree you simply have the increased risk of an aging home. Without question, a 50-year-old home is more susceptible to pipes breaking, electrical fires, roofs leaking, water intrusion, etc when compared to a new construction home. As a home ages, the building materials will degrade. Insurance companies will price for this increased risk year over year and it’s common to see small rate increases year over year as your home ages.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Does home insurance cover other structures on my property?

Fri, 24 May 2019 21:05:00 GMT

Have you ever wondered if your home insurance covers other structures on your property such as a detached garage? The answer is yes it can. Home insurance does have coverage available for detached structures, but the coverage will generally need to be added to the policy. While some insurance companies automatically provide 10% of your dwelling coverage for other structures, other insurance companies may only provide 2% of your dwelling coverage for detached structures. However, most insurance companies will allow you to increase this coverage to ensure you’re adequately covered.

So what are other structures?

Many insurance companies typically define other structures as structures on the “residence premises” set apart from the dwelling by clear space. This can include structures connected to the dwelling by only a fence, utility line, or similar connection.

Examples include detached garages, sheds, and fencing. It’s important to note that there are generally two restrictions to the coverage. First, the structure cannot be used in whole or in part for “business” purposes. And second, the other structure cannot be rented. Quick side note, if you do have an other structure on your property that you rent, many insurance companies will allow for an endorsement to the policy to extend coverage in these situations, but the coverage is not automatic.

Final Note….

The big thing to remember about other structures is that sufficient coverage may not be automatically included in the policy but may be available. If you have other structures, you’ll want to discuss them over with your agent.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance simplified.

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Home insurance claim check?

Thu, 16 May 2019 21:04:00 GMT

If you have a mortgage on your home when filing an insurance claim, the insurance company is required, by the terms of the policy, to make the check payable to you and any lienholders on the property.

Why?

Because the mortgage company has an interest in your home, and they want to ensure that their investment in your property isn’t jeopardized by damage to the property.

So what do you do with this check?

The process is typically determined by the value of your claim check and will vary from lender to lender. Generally, if the insurance claim check is less than $15,000-$20,000 the mortgage company will request that you endorse the check for deposit only and then mail the check to the mortgage company’s claim processing department. Upon receipt of the check the mortgage company will also endorse the check for deposit only and will typically overnight the check to you so you can deposit the check and get the repairs underway.

Depending on the size of your insurance claim or the type of damage the property sustained, your mortgage company may require some type of confirmation that the repairs were completed in a timely manner. Failure to provide this documentation can violate the terms of your mortgage. It’s super important that you give them what they ask for.

What if it’s a large claim?

If your insurance claim check is greater than $15,000-$20,000 dollars, the mortgage company’s process is still the same as previously mentioned, however, your mortgage company may hold the money in escrow and request that any bills relating to the repairs of your home be sent to them directly. The mortgage company will then pay the contractor(s) on your behalf. The mortgage company is simply looking to ensure that the home is in the same, or better, condition that it was before your claim event occurred so that the value of your home remains intact.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Ever wonder how long a home insurance claim stays on your record?

Fri, 10 May 2019 14:31:00 GMT

Many times, we have customers calling in for a quote and are surprised to find out that even though they had a significant home insurance claim from a prior hurricane, they’re still able to find insurance at competitive rates. Home insurance claims typically fall into two categories. Those that are ratable and those that are considered Acts of God.

How are claims classified?

Ratable home insurance claims are those that are generally a reflection of the underlying risk. This means a reflection of you or your house. For example, if you have a prior liability claim where someone was injured at your home, an insurance company may consider you a higher risk person and will consider this a ratable claim when quoting your insurance. Or if your house has a broken pipe that causes water damage to the home, an insurance company may consider your home a higher risk home and will consider this a ratable claim when quoting your insurance.

Act of God claims, however, are situations that are generally not a reflection of the underlying risk. These are considered situations where you couldn’t have done anything to prevent the claim from happening in the first place. Examples are Hurricanes, Hailstorms, Tornados etc.

So how long do these claims stay on my record?

Insurance companies consider claims on a 3-5 year lookback. it depends on the company. If you have a single claim during this time frame and it’s considered an Act of God claim, many insurance companies in Florida will not surcharge your quote if you’re out shopping around for new insurance. If it’s two or more Act of God claims within a 3-5 year period, you may have difficulties finding competitive insurance.

However, if your claims are of the ratable type, such as a liability claim or a water damage claim, you may have difficulties finding competitive insurance until the claims are 3-5 years old…..and this can be true even if it was only one claim.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – Insurance simplified.

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What is recoverable depreciation?

Fri, 03 May 2019 19:43:00 GMT

Many times, people are surprised to see that the check received as settlement for their home insurance claim has a line item deducting for depreciation. This can happen even if the policy is a replacement cost policy. However, if you do have a replacement cost policy the depreciation is typically recoverable depreciation which means you may be able to get it back.

Want an example?

Let’s say that your 15-year-old roof is damaged due to some event that is covered by the insurance policy, such as hail. Let’s also assume that the insurance adjuster determines that you need a new roof. The insurance company will cut you a check for the cost of a new roof, that’s the replacement cost provision within the policy. But they first subtract for deprecation and then they’ll subtract your deductible.

So what’s depreciation?

For easy math, let’s assume that your roof has a useful lifespan of 30 years and that the cost of the roof is $20,000. In our above claim scenario, the roof is 15 years old when it was damaged by hail, so it was half way through its useful lifespan. Since the roof had only half its remaining value left, your insurance company will only pay half the cost of a new roof, or $10,000.

So how do you get the recoverable depreciation back?

In our claim scenario, you would simply show the insurance company that you have replaced your roof. You do this by providing a Certificate of Completion or Invoices or Roofing Contracts or final permits. Ultimately, it’s up to the insurance company and the insurance adjuster will advise you on what’s required, but when you provide the documentation they will send you a second check for deprecation.

Want to see what insurance rates look like in your area – get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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What do I do if I need more than $250,000 of flood insurance?

Fri, 26 Apr 2019 15:28:00 GMT

Did you know that a federal flood insurance policy offers maximum dwelling coverage of $250,000? Moreover, the maximum amount of personal property coverage on a federal flood insurance policy is $100,000.

So what are you to do if you need $500,000 in dwelling coverage or $200,000 in personal property coverage? Are you simply out of luck?

The answer is….no you’re not out of luck.

There are actually two options for you. The first option is that you can purchase a private flood insurance policy. While private flood insurance is not backed by the federal government. It does offer higher coverage limits.

The second option is that you can purchase the maximum federal flood insurance policy and then purchase an excess flood policy. In this situation, you’d have two policies. A federally back flood insurance policy with $250,000 in dwelling coverage and/or $100,000 in personal property coverage and a second policy that would fill the gap between the federally backed flood policy and the amount of coverage your desire.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com of give me a call at 321-586-3754. Chrinco.com – Insurance Simplified.

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How are personal property claims handled?

Thu, 18 Apr 2019 14:22:00 GMT

I recently had a customer ask if a claim was ever made for personal property what is needed to actually obtain that amount to replace the covered items.

In a standard Florida homeowners insurance policy, there is a section called the “Conditions” section. In the conditions section is a paragraph called “duties after a loss.” This section outlines the duties of an insured – this would be the homeowner – after a loss, including personal property, and it says:

Prepare an inventory of damaged personal property showing the quantity, description, actual cash value and amount of loss.

The insurance company may also ask for supporting documents such as receipts, bills, and/or invoices, if applicable.

What if I don’t have receipts?

Many times, receipts can be hard to come by. Therefore, it is recommended that a video walkthrough of your home be performed as soon as possible. Or, at minimum, take pictures to document your personal belongings. Some homeowners choose to prepare an inventory prior to a loss so that it’s on-hand in the event a loss occurs at some point in the future. While this practice isn’t required, it’s definitely a good practice.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com of give me a call at 321-586-3754. Chrinco.com – Insurance Simplified.

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Will my home insurance cover my car in a house fire?

Thu, 11 Apr 2019 15:26:00 GMT

We were recently going over the personal property coverage with a first time home buyer and he said, “if my house burns down and my car is in the garage, will my home insurance cover it.”

And the answer is…..unfortunately, no.

In a standard home insurance policy there is a series of paragraphs in the personal property section entitled “property not covered.” One of the paragraphs in this section list “motor vehicles” as “property not covered.”

So are you just simply out of luck?

Not necessarily. For your car to be covered in this situation, you’ll need to ensure that you have auto insurance on the vehicle. The coverage that you’d be looking for on the auto insurance policy will generally be called comprehensive coverage. Some insurance companies call the coverage “other than collision” coverage. Nevertheless, it’s not your home insurance that would provide coverage in this situation.

Want to see what insurance rate look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com insurance simplified.

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Hail Damage? Here’s what you need to know.

Sat, 06 Apr 2019 18:17:00 GMT

Today we’re talking about high points of hail damage. The first thing you need to know is that hail damage is typically covered under a standard HO3 policy. The HO3 policy is the policy that provides coverage for sudden and direct losses unless the cause of the loss is a specific exclusion to the policy. It’s the most common policy form used for a primary residence.

Hail damage is not generally listed as a specific exclusion unless you purchased a policy that excludes wind coverage. Most insurance companies call the wind exclusion a wind and hail exclusion. So, if you exclude wind coverage from your policy, like hurricane coverage for example, the chances are that the hail coverage is excluded as well.

What about deductibles?

The next thing you need to know is that in Florida, homeowner’s insurance policies that do have wind coverage generally have split deductibles – one for hurricane and one for everything else. The hurricane deductible is generally 2% of your dwelling coverage and the other deductible is typically $1000-$2500.

However, some insurance companies don’t refer to larger wind deductible as a hurricane deductible but instead refer this deductible as the wind and hail deductible. To know which deductible applies to your hail damage, you’ll need to look at your declaration page and find the deductible section of your policy. This section will outline whether your larger deductible is a hurricane deductible or the wind and hail deductible.

What about my screen enclosure?

One of the things we often see damaged after a hailstorm are screen enclosures. Most times, screen enclosures are not covered by your home insurance unless you have specifically added this coverage to your policy. If you have added the coverage to your policy, most insurance companies provide coverage only for the aluminum framing and not the screens. However, there are some insurance companies that do cover the screens so you’ll want to refer to your policy to determine how your screen enclosures are covered – or just give your agent a call so they can look it up for you.

Want to see what insurance rate look like in your area, get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Do you need flood insurance?

Fri, 29 Mar 2019 13:40:00 GMT

Did you know that the number one natural disaster in the US according to FEMA is flooding? In fact, annual flood damage has been averaging close to $10B per year. Here’s a stat that will boggle your mind. Over the course of a 30 year mortgage, you have a one in four chance of experiencing a flood loss and this is twice the probability of having fire damage to your home.

Not in a flood zone?

Over 20% of all flood claims received by the National Flood Insurance Program are for properties not located in a flood zone.

Here’s what you need to know…

Most home insurance does not cover rising water floods. There are some insurance companies that will allow you to add a flood rider or flood endorsement to the policy. But rising water floods are generally a specific exclusion within a home insurance policy. It important to note that rising water includes storm surge from a hurricane.

So what do you do?

You need to purchase flood insurance before the rainy season or hurricane season. The reason is that FEMA imposes a 30 day waiting period before coverage can begin unless you need flood insurance to close on a mortgage in which case FEMA will grant an exception.

One last thing to note, the rates for a federal flood insurance policy are determined by FEMA. Therefore, the rates for a federal flood insurance policy will be the same from company a to company b to company c.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Looking to turn your primary residence condo into a rental?

Fri, 22 Mar 2019 14:00:00 GMT

Many times, we find customers changing the occupancy of their home from a primary residence to a rental property and they forget to update their insurance accordingly. In most primary residence policies, there is verbiage that will exclude coverage for damage to your personal property and exclude coverage for liability if you rent the property. However, unlike a standard home insurance policy which requires an entirely different policy, a condo insurance policy is really easy to update to ensure you’re adequately insured.

So what do you do?

You need add the “unit owner rental to others” endorsement to your policy. This endorsement typically removes the personal property exclusion and liability exclusion verbiage from the policy when the property is rented and instead acknowledges that these coverages are part of the policy. This coverage will also provide coverage for theft with some exclusions for high ticket items such as jewelry, watches, furs etc etc. It will also provide coverage for medical payments to others.

And the best part….

It’s not terribly expensive to add this endorsement. It’s generally around 10% or so of the annual premium….which is a small price to pay to be adequately insured.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Own an Older Home? Here’s something you need to know about home insurance!

Fri, 15 Mar 2019 14:47:00 GMT

Did you know that many insurance companies have verbiage in the policy that will cap payouts from water damage at $10,000 on older homes? In this situation, we’re not talking about water back up but rather damage caused by pipes breaking or leaking, appliances leaking, roofs leaking, etc. You see insurance companies know that as a home ages, the potential for claims from water damage increases. This could be from the degradation of plumbing material over time or even aging roofing materials or even aging appliances. However, in an effort to mitigate these types losses to keep insurance rates low across the board. Insurance companies will typically cap such losses at $10,000 once a home reaches a certain age – commonly 40 years old.

So what are you to do if you own an older home?

Simply put, you ask for an exception. The first thing you need to know when asking for an exception is that insurance companies like new things. Specifically, they like to see newer appliances and fixtures, newer AC’s and Water Heaters. But that’s not all, they typically will rely on the opinion of a third party when deciding whether to grant an exception. In this case, they generally want you to provide a plumbing inspection or some type of certification from a licensed plumber verifying the plumbing systems are functioning properly and that there are no visible signs of leaks or damage.

Now before you spend the money on the inspection or certification, you’ll want to check with your insurance company first for two reasons. The first is that not all insurance companies offer exceptions. The second is that the companies that do offer exceptions generally have specific guidelines that need to be followed if they are going to consider an exception. Many times, if a plumber will certify that the plumbing systems are in good condition without any signed of leaks or damage, the insurance company will remove the $10,000 cap for losses caused by water damage.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Roofing material can affect home insurance!

Fri, 08 Mar 2019 19:36:00 GMT

Did you know the roofing material on your home can impact your insurance? This topic is especially important if you’re looking to purchase a home.

Insurance companies have a ton of data on the degradation of roofing material. There is a high correlation between the age of the roof and the prevalence of insurance claims. As such, insurance companies will place age restrictions on roofs based upon the roofing material. Most insurance companies have their own standards based upon their own unique claim experiences with their customers, but most companies will adhere to similar practices.

Here’s what you need to know:

If the roofing material on the house you’re looking to purchase is 3-tab shingles, it will typically need to be less than 15 years old. If it’s architectural shingles, it will generally need to be less than 20 years old. Metal Roofs will generally need to be less than 30 years old. And tile roofs will need to be less than 40 years old.

In addition to the age requirement, insurance companies will typically want some assurance that the roof is in good condition and has no existing damage and/or leaks present. Lastly, one thing we want to mention is that even though the roofing material may have some crazy long warranty period, like a 50-year warranty on a shingle roof for example, the insurance companies don’t take this into consideration when determining the remaining useful life of roofing material. They instead rely on their experience and their claim history which suggests that roofing materials here in sunny Florida rarely meet or exceed the manufacturers limited warranty.

Want to see what insurance rates look like in your area? Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Why do insurance companies not like trampolines?

Fri, 01 Mar 2019 15:22:00 GMT

Have a trampoline on your property? Here’s what you need to know!

The attractive nuisance doctrine applies to civil law in the United States. It basically says that a landowner may be held liable for injuries to children who are trespassing onto the landowners land if the injury to the child is caused by an object on the land that is likely to attract children. It’s been said that the spirit of the law is to protect children who are not able to appreciate the risks associated with certain objects and as such, the attractive nuisance doctrine assigns liability to you, the landowner.

Say what?

In other words, if you have an object or objects on your property that a kid would want to play on and a child is injured as a result of playing on the object or objects. You may be liable even if the child is trespassing onto your land.

Can you give me an example of an attractive nuisance?

Some examples include trampolines, skateboard ramps, bicycle ramps, empty pools, cars on blocks, abandoned cars, appliances or other debris in yard such as a lumber or dirt pile, etc etc. To be fair, it could be virtually anything.

Here’s what you need to know…

Insurance companies, in an attempt to mitigate their risk and keep insurance rates low, typically will deny coverage up front when you apply for home insurance or cancel your policy if your property has obvious signs of an attractive nuisance.

The reason is that your home insurance policy typically will provide coverage for liability. And part of that liability coverage is to provide for your defense in the event of a claim where somebody is injured. If the insurance company is aware of high-risk objects on your property, they are also increasing their likelihood of a future claim.

With that said there are some insurance companies that will allow trampolines or diving boards, but they’ll either charge you additional premium or require that you sign a disclosure acknowledging that liability and medical coverage is specifically excluded from your policy.

Want to see what insurance rate look like in your area? Request a quote online at shopitnow.chrinco.com or give us a call at 321-586-3754 – Chrinco.com – insurance simplified.

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Did you know that parking lot accidents account for nearly one in five auto insurance claims?

Fri, 22 Feb 2019 15:49:00 GMT

Did you know that parking lot accidents account for nearly one in five auto insurance claims? In fact, in the United States there are over 200 auto related parking lot fatalities each year. And one of the more surprising things about parking lots is that many normal traffic laws don’t apply unless your driving puts the safety of others at risk.

Want an example?

Today, we’re going to look at one of the more common parking lot situations and tell you three things you can do to avoid this situation happening to you. Almost one in four parking lot accidents occur when one vehicle is backing out of a parking space and another vehicle in an opposite parking space is backing out at the same time.

At least one of the drivers fails to see other driver backing out and the vehicles collide. Then the driver in vehicle A gets out and feels that the vehicle B driver hit them. The vehicle B driver gets out and feels that the driver in vehicle A hit them. And chaos ensues.

Want to avoid this situation?

Here are three things that we recommend that can improve your chances of avoiding a parking lot accident:

#1 Put the phone down – distractions play a major role in these accidents occurring. Just a momentarily glance is all it takes to back into another car. Put out in front of someone. Or worse, hit a pedestrian.

#2 Back out slowly – Also keep your head on a pivot because you’re probably the only one in the parking lot driving slow so people are going to be driving like maniacs all around you. Driving slow ensures that you give other drivers the ability to react even if they’re in the wrong. It also gives you the opportunity to react as well.

And finally…

#3 Park far away from the store entrance – There is always a concentration of vehicles in the front of the anchor stores of a parking lot. And with this concentration there is always a flood of people entering and exiting the store entrance. Exiting and entering the parking lot. Returning buggies and so on. Avoid the chaos and the increased potential for an accident by parking near the back of the parking lot or in the perimeter of the parking lot.

Do these three things and the likelihood of you getting into a parking lot accident is reduced considerably.

Want to see what insurance rates look like in your area? Request a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754. Chrinco.com – insurance simplified.

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Does my home insurance cover my boat?

Fri, 15 Feb 2019 21:03:00 GMT

If you own a small boat, it may be covered under the personal property section of your homeowner’s insurance. Here’s what you need to know. The coverage, although present in most homeowners’ policies, is typically capped at $1500. And this $1500 generally includes the watercraft, the trailer, it’s furnishing, equipment and motor. Therefore, if you have a $10,000 boat and you experience a covered claim, your home insurance will typically cap the settlement at $1500. So we’re talking about really small boats such as jon boats, kayaks, canoes, small sailing vessels etc.

What about liability coverage?

The next thing you need to know is that the insurance will generally extend liability coverage to a boat you own but there are size requirements. For clarity, liability is bodily injury or property damage to others. For liability coverage to be considered by the insurance company, the boat, if it’s a sailing vessel, needs to be less than 26 feet. If it’s a motorized boat with an inboard motor, it’ll generally need to be less than 50 horsepower. And if it’s a motorized boat with an outboard motor it will generally need to be less than 25 horsepower.

What should I do next?

Now, if your boat exceeds the $1500 cap or exceeds the size requirements for liability, you need to purchase the boat its own policy. However, if it falls within these parameters, you need to doublecheck you homeowner’s insurance to ensure it has a watercraft provision in the personal property and/or liability section of the policy.

Lastly, it’s important that you know what events are covered. On a home insurance, personal property is typically covered against losses such as fire or lightning, windstorm or hail, vandalism or theft. But then there is also coverage for things like volcanic eruption for all you folks here in Florida concerned about the next volcano. For a complete list of covered events, you’ll need to check your policy. And keep in mind that a deductible will apply and there are exclusions within the policy for things like boat racing for example.

Want to see what insurance rate look like in your area? Request a quote online at shopitnow.chrinco.com or give us a call at 321-586-3754 – Chrinco.com – insurance simplified.

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Buying a multifamily home? Read this first!

Fri, 08 Feb 2019 15:46:00 GMT

We’ve had a wave of customers recently who are looking for quotes on multifamily homes. Mostly where the customer lives in one of the units and rents out the remaining units. Each customer has asked a variation of the same question.

Does the insurance cover the tenants too? And the answer is….no.

While the insurance policy will provide coverage for the building and internal structures like you’d expect an insurance policy would. There are some coverages that are unique to you, the policy holder.

For example, if you have personal property coverage on your policy and the building burns down, your personal property is typically covered under your policy. However, there is no coverage for the tenant’s personal property.

Or what if the tenant invites somebody over the person slips on water in your tenants’ kitchen and falls. Typically, there is no coverage on your policy for this situation either.

What should I do?

So, if you’re looking to purchase a multifamily home here’s what you need to do. Require all tenants to secure renters’ insurance to not only cover their own personal property, but to also provide liability coverage to cover situations where their negligence causes bodily injury or property damage.

Want to see what insurance rate look like in your area? Request a quote online at shopitnow.chrinco.com or give us a call at 321-586-3754 – Chrinco.com – insurance simplified.

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If you own a home, here is a tip just for you!

Fri, 01 Feb 2019 14:26:00 GMT

Recently we had a customer call in a panic because a hot water valve in the kitchen broke off. Hot water was literally spraying across the kitchen in gallons and flooding out the kitchen and dining room while we were on the phone. The customer was uncertain what to do and was desperately seeking some guidance.

What you need to know

Every home has water shutoffs at certain supply lines. They’re those little knobs you see behind toilets and under sinks. These will shut off water to the corresponding fixtures. But in this situation, it was one of those valves that failed. In situations such as these, you need to know where the main water shutoff is to the entire house. It’s typically is outside of the home. As a side note, if you shut off the main water valve to the house … it’s probably a good idea to turn the hot water heater down to its lowest setting to ensure you don’t damage the water heater.

One more tip

Now, in the situation with my customer, hot water sprayed across the kitchen for nearly 10 minutes. But could you imagined what would have happened if this family were on vacation when the valve failed? The water could have run for days! Therefore, we always recommend shutting out the water to the house if you’re going on vacation. Same thing goes for the hot water heater. In fact, many newer hot water heaters have a vacation setting on the temperature knob.

Want to see what insurance rates are like in your area – request a quote online at shopitnow.chrinco.com or give us a call at 321-586-3754 today.

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Are homes with flat roofs hard to insure?

Fri, 25 Jan 2019 16:07:00 GMT

In certain areas of Brevard County where older homes are present, areas such as Cocoa Beach, Satellite Beach, Merritt Island, and certain areas of Melbourne and West Melbourne, we often find older homes with flat roofs.

Insurance companies aren’t big fans of flat roofs. The reason is they’ve found that due to constant direct sunlight the roofing materials common to flat roofs can degrade more quickly. This degradation reduces the lifespan of the flat roof. But probably the biggest fear, however, is water pooling. Water pooling on the roof decking can significantly shorten the lifespan of the roof. This can result in roof leaks which, in turn, results in a higher claim frequency when compared to other roof shapes. When insurance companies experience high frequency of claims, they make guidelines to mitigate their risk.

If you’re looking to purchase flat roofed home, here’s what you need to know.

Some carriers don’t accept flat roofs, period. Other carriers will accept flat roofs so long as the flat roofs aren’t over living areas. And still other carriers accept flat roofs but only if it’s a small percentage of the total roof deck – like 10-20%. There are only a few carriers that will insure homes if the entire roof is flat. My point here is that the number of carriers willing to insure flat roofed homes in Brevard is limited. However, those that do insure flat roofed homes all agree on one thing – it can’t be an old flat roof. In fact, most carriers want to see the flat roof less than 10 years old if the flat roof is over a living area.

Want to see what insurance rates are like in your area – request a quote online at shopitnow.chrinco.com or give us a call at 321-586-3754 today.

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Will I get dropped if I file a home insurance claim?

Fri, 18 Jan 2019 19:08:00 GMT

Today we’re talking about what happens to your home insurance if you need to file a home insurance claim.

Will your rates go up? Will you get dropped? Will you have trouble finding new insurance? Are you stuck with your current carrier for a certain number of years?

Most times, the insurance carriers here in Brevard County will not arbitrarily increase your rates because of a single claim event. However, not all claims are equal in the eyes of the insurance company. If your claim is the result of an “Act of God” such roof damage due to wind from a hurricane or if a tornado causes a tree to fall on your home, insurance companies will generally classify these types of claims as a non-ratable claim. This means, since you couldn’t do anything to prevent the damage from occurring – you typically won’t be penalized with higher rates.

Other types of claims, such as some fires, liability claims, medical claims, water loss claims including pipe breakage or water intrusions from wind driven rain are commonly classified as ratable claims. This means that insurance companies will generally charge additional premium or remove claim free discounts if you file this type of claim. The increase is generally in the 10-20% range.

Will I get dropped?

Now with that being said, insurance companies won’t typically drop you unless you’ve had multiple claims in short period of time (e.g. 2-3 claims in a three-year period). However, if you do file a claim, the insurance company will want to see some type of documentation that the repairs have been done within a reasonable amount of time or they can and typically will send you a non-renewal notice.

Can I still find insurance?

Most importantly, if you do file a single claim you are not stuck with your current carrier and you typically won’t have difficulties finding new insurance unless your claim is a liability claim. And even if you do have a prior liability claim, most insurance companies will only do a three-year lookback on your claim history.

Want to see what insurance rates look like in your area – give us a call or visit shopitnow.chrinco.com – Chrinco.com – insurance simplified.

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Why do I have Medical Payments on my home insurance?

Fri, 11 Jan 2019 21:30:00 GMT

Today we’re talking about a little know coverage on a home insurance policy that can be a tremendous help if someone is injured in your home or on your property – it’s called medical payments to others.

This is one of two coverages we commonly see on home insurance policies here in Brevard that help to protect your wallet if someone is injured at your home. The other, of course, being liability coverage. The difference between the two is that medical payments typically deal will smaller injuries and doesn’t typically require you to be found liable or negligent for payment to be made.

When does coverage apply?

Generally speaking, for coverage to apply, the injured party must not be a resident of the home and their injuries need to be accidental. There are some exclusions to the coverage – such as injuries as a result of business, for example. But if an accidental injury occurs to a guest at your home, the policy will typically cover expenses for medical or surgical expenses, x-rays, dental services, ambulance services, hospital expenses, professional nursing, prosthetic devices among other things. Also, it’s important to note here that deductibles typically do not apply to medical payments to others – meaning the insurance company covers the first dollar of the claim up to policy limits.

Do I need to add the coverage or is it built-in?

Most home insurance policies provide a minimum amount of medical payments to others coverage – generally around $1000 or so. But if you’re the type that frequently has guests over, you may want to consider maxing out this coverage as it’s not too expensive to do so….generally $25-$50/yr to increase the coverage to $5000.

Want to see what home insurance rates look like in your area – give us call or get a quote online by visiting shopitnow.chrinco.com. Chrinco.com – insurance simplified.

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Roof Shapes Matter with Home Insurance!

Fri, 04 Jan 2019 17:30:00 GMT

o Home insurance carriers look at a myriad of things when determining your home insurance rates. And one of these items is the shape of the roof. Now obviously you can’t really do anything to change the shape of your roof – but if you’re in the market to purchase a new home or are looking to do an addition to your existing home then you should know this information.

What are the main roof shapes?

In Brevard County we commonly see three types of roof shapes….seen here:

The roof on the left is a hip roof. It’s the most wind resistive roof shape and therefore receives a fairly significant discount because in the event of a hurricane – no matter which direct the wind is coming from it will hit an angled surface on the roof. The other two roof shapes, gable and flat roofs, generally don’t receive any discounts because they simply aren’t as wind resistive as the hip roof.

What happens when you have multiple roof shapes such as a flat roof over the back porch or a gable over a garage?

Uou typically will lose the hip roof credit and your roof shape will generally default to “other” for rating purposes. There is a caveat, however, that you should know about. If the flat roof or gable roof is less than 10% of the entire roof perimeter then you typically get to keep the hip roof credit.

Why is this so important?

It’s because the closer the home is to the ocean or the older the home is, the bigger the hip roof discount. In fact, we have customers receiving discounts of almost $1000/yr in Satellite Beach because of the hip roof credit. So if you’re in the market for a new house and want to save some money on home insurance – look for homes with a hip roof. And if you have a hip roof on your house currently and are thinking about doing an addition – perhaps a bonus room over a garage – keep the roof shape in mind because nobody likes to lose discounts to their insurance for doing improvements to their home.

Want to see what home insurance rates look like in your area – give us call or get a quote online by visiting shopitnow.chrinco.com. Chrinco.com – insurance simplified.

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What is the 80% Rule for home insurance?

Wed, 02 Jan 2019 13:48:00 GMT

Today we’re going to share with you a little know home insurance rule that could cost you thousands of dollars out of pocket if you need to file a home insurance claim and this rule applies – it’s called the 80% rule.

Home insurance on a primary residence in Florida is generally covered on replacement cost basis. This typically mean your losses are covered dollar for dollar up to policy limits. However, insurance companies require that you insure at least 80% of the total replacement cost of the home for the insurance policy to be a replacement cost policy up to policy limits. If your insurance coverage falls below this threshold – things get complicated and very expensive.

Here’s an example

Let’s assume that the replacement cost of your home is $250,000. You will need to have at least 80% of this amount to ensure your policy is a replacement cost policy up to policy limits. This means that you will need to have at least $200,000 in coverage to have a replacement cost policy.

Quick side note here – you’d still be underinsured by $50,000 in this scenario. So if your house were to burn down to the ground you wouldn’t have enough money from the insurance company to rebuild your house. However, your losses would still be covered dollar for dollar up to policy limits – in this case $200,000.

But what if you only had $150,000 in coverage on your insurance policy?

The short answer is a coinsurance clause kicks in. This means that because you only chose to insure 75% of the required amount of coverage, your insurance will only cover 75% of your claim. To put it another way – if you only want to insure 75% of your home, then the insurance company will only cover 75% of your losses. So, if you have a $20,000 claim due to a small kitchen fire, you’ll likely only receive $15000 less your deductible.

So what should you do?

The first thing to do is see how much dwelling coverage you have on your homeowner’s insurance policy. If you suspect it’s lower than the cost to rebuild your home, contact your insurance company or your insurance agent and ask them to do a revised replacement cost estimate. In just a few short minutes they’ll be able to calculate the replacement cost and tell you if you’re underinsured.

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How to find the best insurance quote.

Fri, 21 Dec 2018 15:00:00 GMT

Did you know that a recent study found that 41% of people who are shopping their insurance are looking for a better price? In fact, price outranked Customer Service, Claim Handling, and Coverages…. among other things.

While price is definitely an important factor when shopping your insurance, I want to caution you about using price as your primary deciding factor. You see insurance is a non-tangible item. It’s not like purchasing a new pair of shoes or a new suit. You can’t see it, you can’t touch it and so it gives the impression that insurance is all the same. And to be fair, it can feel like they’re all the same too coming out of your bank account…. that is until you have a claim. And if you have a trimmed-up policy at the time of a claim, you may be out of pocket tens of thousands of dollars. On the other hand, you don’t want to waste money on insurance by being over insured and covering things you don’t even need coverage for.

So what should you do?

If I were shopping for insurance, this is what I’d do:

First, I’d ask the insurance company for two quotes. The best price they can give and then their recommended coverages.

Second, I’d ask for them to explain the differences between the two quotes. You see in that conversation, you’ll be able to determine whether you want that coverage or not. This conversation could also open doors to things that perhaps you haven’t thought of.

And lastly, once I’ve determined the coverages I need, I’d ask if the company they’re quoting has any policy exclusions that I should know about. Examples of this could be animal liability exclusions, no hurricane coverage for screen enclosures, no liability coverage for slides or bounce houses, etc. etc.

Using this system for getting quotes ensures that you’ll get the best priced carrier out of the subset of carriers the insurance agency represents, and it also ensures you get the coverages you need.

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Can I get home insurance if I own a Pitbull?

Fri, 14 Dec 2018 17:39:00 GMT

With dog bites making up one-third of all homeowner liability claims, it’s no wonder why animal liability has become a hot topic in the insurance industry. Get this, the average dog bite claim is just over$32,000 and payouts collectively total over half a billion dollars in the US annually.

This is what insurance actuaries call an outlier. When outliers happen, insurance companies generally respond by doing one of three things.

The list of ineligible dog breeds is quite lengthy and includes Pitbull’s, German Shepard’s, Rottweilers, etc. etc. But here’s what you need to know if you have one of these dogs breed in your home…..you can still get insurance.

While most insurance companies will simply refuse to offer you insurance on your home if you have certain animals in the home – there are insurance carriers that will offer you insurance at competitive rates even if you have a Pitbull, a German Shepard or a Rottweiler in the home. They simply have you sign an acknowledgement excluding liability coverage should your pet injure somebody else.

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Will my insurance cover someone else if they drive my car?

Fri, 07 Dec 2018 18:37:00 GMT

We often received phone calls from our customers asking some form of the following: If I allow ‘so and so’ to drive my car, are they covered under my insurance or their insurance.

How to find out….

In your auto insurance policy is a definitions section. In the definitions section, the policy will outline who is an insured person. It’s important to note here that not every policy is the same. You’ll need to doublecheck your own policy, but typically an auto insurance policy in Florida will define a insured person as:

…you, any resident relatives, any person listed as a driver on your policy declarations page, and any other person if their use of your auto is with your express or implied permission.

That last part of the definition is saying that if you give permission for someone to drive your car, you may also be allowing them to use your insurance. This means that if they wreck your car it’s your insurance that will most likely pay for the damages, it’s your insurance that will see the increased rates, and it’s you who will be responsible for the deductible.

That’s not all…

It only gets worse from there – there’s actually a Florida Statute that says the owner of a motor vehicle who loans their vehicle to any permissive user shall be liable for the operation of the vehicle or the acts of the operator. While the statute does set caps on liability, the cap is in the hundreds of thousands of dollars. This means that if you give permission for someone to drive your car and they wreck it….you may be on the hook.

So what should you do….

The best course of action is to not let anybody drive your car. However, if you do allow someone to drive your car you may want to first consider raising your liability limits….then hope for the best.

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Replacement Cost vs Actual Cash Value

Thu, 29 Nov 2018 18:52:00 GMT

Replacement Cost and Actual Cash Value.

These are the two ways that insurance companies use to determine how much to pay you when you file a claim. The Actual Cash Value loss settlement will factor in depreciation of the damaged items when determining how much the insurance company should pay if your claim is covered by your insurance policy. In this scenario you’d get a check for what the damaged items are worth at the time of your claim event. This means that you’ll have higher out of pocket costs to get things back in order. On the plus side, however, your insurance premium will generally be lower on an actual cash value policy when compared to a replacement cost policy.

The second loss settlement option is replacement cost. This type of loss settlement does not factor in depreciation but instead determines how much will it cost you to purchase new items to replace the damaged items. This is obviously the preferred loss settlement when you have a claim, but your insurance premium will generally be higher when you choose this type of loss settlement.

Want an example?

Let’s say that your house gets struck by lightning and as a result all of the electrical components of your house are fried. TV’s, DVD players, microwaves, etc. Let’s assume that it’s going to cost you $10,000 to replace all the damaged items. Let’s also assume you have the standard $1000 deductible. If you have a replacement cost policy, you’d likely receive a check for $9000. Which is $10,000 less your deductible.

If you have an actual cash value policy, the insurance company would have to determine how old the damaged items were at the time of the lightning strike. They would then depreciate accordingly, and you may only receive a check for maybe $2000-$3000. Which would be $10,000 less depreciation less your deductible.

One final word of caution….

There are many insurance agents out there, unfortunately, who try to entice you with a lower price and they do so by changing the personal property and/or roof from replacement cost to actual cash value without telling you. While the price looks great, you may be faced with thousands of out of pocket costs if you if you unknowingly choose this type of policy. When getting quotes, be certain to ask if the dwelling, personal property and the roof have replacement cost settlement before signing on the dotted line.

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What is an umbrella policy?

Wed, 21 Nov 2018 15:58:00 GMT

Many times, the maximum amount of liability coverage you can purchase in a homeowner’s insurance is roughly $500,000. And the maximum amount of auto insurance liability coverage you can purchase is roughly $250,000. So what if somebody is injured at your house and they sue you for $1M? Or what if you wreck your car and cause more than $250,000 in injuries or property damage? Are you simply out of luck and on the hook for the damages?

If you’re found to be liable in one of these situations and your insurance is completely exhausted, you’ll more than likely have to provide for your own defense – meaning you’ll need to pay your own legal fees. Additionally, should the other party prevail in their claim against you – you’ll be responsible for the amount above and beyond what the insurance company paid on your behalf. If you fail to pay, you run the risk of having your bank accounts levied, your wages garnished, and even liens placed on property you own.

So what do you do?

You plan ahead for the worst-case scenario by purchasing an umbrella policy. An umbrella policy is sold in blocks of $1M in additional liability coverage. It can provide additional liability coverage if you find yourself in a situation where you’ve run out of liability coverage on your home or auto insurance policy. And one of the best parts about an umbrella policy is this – it can help to pay for your legal fees.

Want an example?

Here’s a scenario to help understand how this policy works – let’s assume you get in an at-fault car accident and unfortunately you cause $750,000 in property damage. In this scenario, let’s also assume that you only have $250,000 in property damage liability coverage. If your auto insurance carrier agrees that you’re at-fault, they’ll cut a check for $250,000 and then they’re done. They’ve met their obligation to you and no longer have to provide for a defense. You are now on the hook for $500,000 and any legal fees moving forward.

However, if you have an $1M umbrella policy, which is commonly written on what’s called a follow form, your umbrella insurance will kick in and provide for your defense moving forward and could also pay the additional $500,000 allowing you to move on with your life.

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Changing home to a rental property? Read this first…

Fri, 16 Nov 2018 15:41:00 GMT

If you turn your primary residence into a rental property, do you need to address your current insurance policy or will the insurance policy you currently have suffice for a rental property?

The short answer is, you’ll need to address your current policy.

Here’s what you need to know….

A primary residence homeowners’ policy for a single-family home is typically written on policy form H03. A rental property for a single-family home is typically written on policy form DP3. The DP3 policy form has verbiage to address the unique risks associated with a rental property whereas the H03 policy is written and packaged in a way to protect a primary residence homeowner against loss.

Want an example of this?

One of the easiest examples of the coverage difference to understand has to do with personal property. If you’re insuring a primary residence, chances are you have all or most of your personal belongings in your house. As such, the H03 policy will include personal property coverage in an amount generally equal to 25-50% of your dwelling coverage. So, if you have a $250,000 house, you’d be looking at roughly $60,000 – $120,000 in personal property coverage. Alternatively, if you’re insuring a rental property, chances are that you’re renting the property unfurnished. The DP3 policy does not include personal property coverage as part of its standard coverages. Of course, you can add personal property coverage; but it’s not typically included like it is for an H03 policy.

What should you do?

Many times, we find customers simply forget to inform their insurance company, or agent, that their primary residence will become, or has become, a rental property. Afterall, insurance is typically included with the mortgage payment so out of site out of mind.

However, we sometimes have customers concerned that they won’t be able to get insurance if their home turns into a rental or that it will be more expensive. The truth is the DP3 policy is typically less expensive than an H03 policy and it’s relatively easy to get insurance on a rental property.

The reality is that if you fail to inform your insurance company that your primary residence has become a rental, you run the risk of your claims being denied and/or your insurance policy getting non-renewed. This is one of those situations where it’s best to be proactive to ensure you’re properly covered.

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What is full coverage auto insurance?

Wed, 07 Nov 2018 14:15:00 GMT

Perhaps once or twice a month we’ll be speaking with a customer about auto insurance and they’ll request full coverage auto insurance. It’s typically in reference to a recently financed car purchase or a new leased car purchase. Many times, it’s the bank or the dealership that tells the customer that because there is money owed on the vehicle that the customer will need full coverage auto insurance.

What we have found though is that full coverage auto insurance means something different to everybody. To some it means if something happens to the car itself that it’s covered. To others it means that they have every coverage that the insurance company offers – essentially a policy without any gaps in coverage.

So why all the confusion on what full coverage means?

It’s because full coverage is not a term insurance companies use to define a policy. Moreover, there hasn’t been a standard set for full coverage by the carriers or the state regulators.

So what are your to do?

Instead of asking for full coverage, have the answers ready for these six questions before requesting a quote:

By having the answers to these questions ready when you request an insurance quote, you’ll be setting a framework for a meaningful discussion with your insurance agent or insurance company so that they can tailor a policy to your specific needs.

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Do I need condo insurance?

Thu, 01 Nov 2018 16:47:00 GMT

Many times, we have customers call into to our office looking for a condo insurance quote and they’ll say things like:

We didn’t know we needed insurance

We thought the condo associations coverage covered us

We paid cash for our condo and nobody told us we needed insurance

Before we begin to talk about condo insurance, let’s first talk about what the association’s policy covers. Most condo associations collect monthly association dues from the unit owners. And the board of the condo association uses the collected dues to purchase several insurance policies, among other things. These policies are typically for liability, for the directors and officers, for the condo building, etc. The insurance purchased by the association for the condo building typically covers the condo structure, the plumbing and electrical systems within the walls, the roof, etc. But when it comes to the inside of a condo unit, there generally is no coverage in the associations policy.

Here’s an example to better explain coverage:

Let’s say that a condo building is damaged because of a fire. The association’s policy will generally cover the rebuilding of the entire condo building. They’d give you your keys, you’d open the door, and there would be an empty shell for your condo unit. You see the internal structures such as cabinets, countertops, flooring, lighting fixtures, vanities, toilets, tubs, etc are the responsibility of the unit owner. These features can really add up. In a standard 1500 square foot condo, you may be looking a $75,000 or more to redo the inside of the condo unit.

And this is where condo insurance comes into play. A unit owners condo insurance policy will typically begin coverage where the association’s policy stops. These two policies will generally dovetail together to ensure you can get back on your feet without having to pay tens of thousands of dollars out of pocket.

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Here’s what you need to know about storm surge coverage…

Thu, 25 Oct 2018 14:18:00 GMT

Today we’re diving into a standard homeowners insurance policy to see what it says about storm surge. More specifically, we’re answering the question as to whether hurricane coverage would cover storm surge if the storm surge is caused by a hurricane.

The short answer is …… it’s not covered.

A standard homeowners insurance policy, written on an HO3 policy form, used to be known as an all risks or an open perils policy. This terminology meant that claims were covered unless the policy had a specific exclusion excluding coverage for a particular situation. Many years ago, the terms all risks and open perils were dropped because the courts found that the terms were confusing to the consumer. The HO3 policy form is now known as a special coverage form which means that coverage generally applies unless the situation falls under a specific exclusion within the policy.

Now that the history is out of the way, let’s talk about exclusions.

The HO3 policy form has standard exclusions built into the policy. These exclusions include things like earthquakes, nuclear hazard, war, neglect among other things. Included in the exclusion section is – you guessed it – water damage.

The exclusion for water damage, when pertaining to rising water situations such as a storm surge, is more narrowly defined within the policy. And it says the following is excluded:

Floods, surface waters, waves, including tidal wave and tsunami, tides, tidal water, storm surge, overflow of any body of water, or spray from any of these, all whether or not driven by wind, including storm surge.

Now that last part is important – this means that even though the winds from a hurricane caused the storm surge, your hurricane coverage does not apply in this situation.

So what are you to do for coverage can it be added back into the policy?

The answer is you need to purchase flood insurance if you want coverage for storm surge. Just a few inches of water in your home from a storm surge can cause 10’s of thousands of dollars in damage to your home. Don’t assume that because you have hurricane coverage that you’re covered for storm surge. Purchase flood insurance to ensure you’re adequately covered.

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Rental Car Insurance – Do I need it?

Mon, 22 Oct 2018 14:10:00 GMT

If you’ve ever rented a car, you’ve probably had the clerk at the rental car counter ask if you’d like to purchase insurance for their vehicle. This begs the question, does your car insurance cover their vehicle?

The answer is generally yes but there are three things you need to know:

Before you rent a vehicle, call you insurance company or your agent to ensure you’ll be adequately covered. Failure to ensure you’re adequately covered can end up costing you 10’s of thousands of dollars out of pocket if you get in an accident.

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Jewelry, Watches & Collectibles – Are they covered under home insurance?

Fri, 12 Oct 2018 21:10:00 GMT

Does my home insurance cover collectibles?

A standard primary residence home insurance policy will generally provide personal property coverage in an amount equal to 25-50% of your dwelling coverage. So if you’re insuring a $200,000 home, you typically have anywhere from $50,000 – $100,000 in coverage for your personal belongings. This coverage is intended to get you back on your feet in the event of a significant claim. It typically covers things like furniture, beds, clothing, pots and pans etc.

But what if you have sports memorabilia, jewelry, watches, art or other collectibles – will your policy cover these items?

The answer is generally yes – but not to the extent that you’d expect.

Homeowners insurance is intended to get you back on your feet after a claim – it’s not intended to cover high ticket items. In fact, most primary residence home insurance policies have special sub-limits when it comes to these types of items. And the coverage is extraordinarily limited. The coverage typically maxes out coverage to no more than $1500 or so per item and no more $1500 or so in total coverage. So it could be one item covered for $1500 or 5 items covered at $500 each….or any variation thereof. But my point here is this – it’s not a lot of coverage.

So what should you do if you have high ticket items?

You’ll either need to schedule these items on your home insurance policy or purchase a separate policy that is meant to cover high ticket items. Depending on the items you’re looking to insure, you may need to have them appraised or provide receipts.

If you purchase a separate policy – it typically comes with no deductible or a very low deductible. It also will provide worldwide coverage and will typically provide more extensive coverage than a home insurance policy. The premium is typically 1-2% of the total value of the items you’re looking to insure. This depends, of course, on the item, its use and its location. So if you’re looking to insure $20,000 of collectibles – you’d be looking at roughly $200-$400 per year in additional premium.

If you have high ticket items in your house, don’t just assume they’re covered – call your insurance company or your agent to inquire.

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Wind Mitigation Inspections explained here!

Fri, 05 Oct 2018 14:37:00 GMT

What are wind mitigation inspections, and do I need one?

Wind mitigation inspections identify seven wind resistive features of the home. The more wind resistive features your home has, the more discounts you’ll get on the hurricane portion of your homeowners’ insurance.

What are the wind resistive features?

The wind resistive features include:

What you need to know…

Many of these features are what they are – meaning you really can’t do anything to change them. For example, your home was either built to the 2001 Florida building code or it wasn’t. You either have a gable roof or you do not. However, there are a couple of things you can do that will give you a more favorable inspection which can result in a less expensive insurance policy.

One is a new roof and other is the opening protection credit. However, the biggest bang for your buck is going to be the opening protection credit. To get the opening protection credit, you will have to have every opening that contains glass protected with a verifiable measure of protection. This includes garage doors with glass, skylights, etc.

The inspectors will need to be able to prove to the insurance company that the home meets state requirement. They do this by looking for labels on windows, labels on metal panels, labels on garage doors and so on. If every opening is verifiably protected, then the hurricane portion of your insurance policy can be reduced considerably.

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Flood Insurance – Does it cover detached structures?

Fri, 28 Sep 2018 16:54:00 GMT

One of our customers recently called in with a question asking if flood insurance covered anything outside the home. Great question!

The first thing we need to mention is that a standard home insurance policy does not provide any coverage for rising water floods. The flood insurance policy our customer was speaking of was a separate policy purchased through FEMA’s National Flood Insurance Program that specifically covers rising water floods.

Although the flood insurance policy can cover up to $250,000 for the dwelling, there is nothing listed on flood insurance declaration’s page addressing other structures coverage like a home insurance policy commonly does under coverage B.

So is coverage for other structures built in to the policy?

The answer is typically no. While flood insurance can provide coverage to the main home for damage caused by rising water, it generally doesn’t cover anything outside the home. FEMA’s Flood insurance summary of coverage states this:

Property and belongings outside of a building such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools are not insured under dwelling coverage.

However, if the other structure on the property is a detached garage, the insured can use up to 10% of their dwelling coverage to cover the detached garage.

And lastly, if the other structure on the property is a detached building – you can purchase the detached building its own separate flood insurance policy. In this case you’d have two flood insurance policies – one for the main home and one for the detached building.

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Insurance Company Inspections – Everything you need to know!

Sat, 22 Sep 2018 20:39:00 GMT

One of the realities about home insurance in Florida is insurance company inspections. But before we get into the things that insurance companies are looking for – let’s first talk about the who and the why?

What you need to know…

Home insurance companies in Florida have 90 days by statute to thoroughly underwrite your insurance application to determine if your home meets their guidelines. Many times, these insurance companies will pay for an inspection company to come out to your property to do an exterior inspection. However, depending on the size of the home or the value of the home, they may pay for a full interior and exterior inspection. They will use this inspection to help determine if the home meets their guidelines.

What are they looking?

Insurance companies are typically looking for three things:

First, they’re looking for obvious signs of hazard. This can include certain breed of dog’s, trampolines, diving boards, cracks on driveways or sidewalks, large tree branches overhanging the roof, swimming pools without a gate, etc.

Second, they’re looking signs disrepair and/or areas in need of attention. Most commonly, this can be stucco cracks, tree limbs in contact with the roof, missing and/or curled shingles, etc.

Third, they’re looking to verify things that are noted on the application. For example, is the home all concrete block construction or is it combination of concrete block and frame? Is the home really in a gated community? Is the roof a hip roof all the way around or does it have a small section with another roof shape – perhaps a flat roof or gable roof on the back of the house. The insurance company will also recalculate the replacement cost of the home to compare to the replacement cost on the application. They’re looking to ensure you’re adequately insured according to their estimation.

What happens after the inspection?

Most times nothing at all. However, if signs of hazard or disrepair are noted, the insurance company can and typically will require that hazards be removed and the areas in need of attention are attended to. The carrier typically gives a reasonable amount of time to address the situation. Failure to provide repair and/or hazard removal documentation such as photos and/or receipts before their deadline can result in the insurance policy being cancelled with only 20 days notice.

Additionally, the insurance carrier can remove certain discounts if they find the home doesn’t qualify for the discount being given. For example, if your application says the home is 100% concrete block construction but the second floor turns out to be frame construction, well your rates can change. Or if it appears you have a hip roof but the inspector notes a gable in the back of the house, your rates can change.

Lastly, if the carrier calculates the replacement cost of the home and it’s higher than what is estimated on your insurance application – they can and typically will increase your coverages which means your rates can change after policy inception.

Can I do anything about it?

With all that being said sometimes insurance underwriters, and the inspectors they hire, make mistakes – they’re human. If their requests don’t make any sense to you or their replacement cost calculations seem ridiculous – the best course of action is to let the agent know so they can go through all the options with you.

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Stolen Car – Will my insurance cover the cost of a rental car?

Thu, 13 Sep 2018 18:47:00 GMT

We recently fielded a question that came from a Facebook follower of ours. She asked if auto insurance covers the cost of a rental car if her car is ever stolen. This is a great question.

If your car is stolen, and you’d like for your insurance to cover it, you’ll need to first ensure you have comprehensive coverage. Most times when a vehicle is stolen the insurance company will have a waiting period. This waiting period is commonly called the recovery period and is intended to see if your car is found by the police department. The recovery period is typically 2-4 weeks.

So you see, this is a great question because it’s entirely plausible that you could be without your car for a month. Which means that, in addition to your car payment and your insurance payment, you’ll also need pay for a rental car too. Just think – $50/day for 30 days comes out to $1500 bucks!

Is it covered?

With all this in mind, here is the answer to the question – while some insurance companies provide for rental car reimbursement up to policy limits provided you have comprehensive coverage, others will require you to have rental car reimbursement coverage on your policy to cover the cost of the rental car.

What should I do?

Check your policy for loss of use coverage under the comprehensive section where it speaks of vehicle theft. If it’s not there then you need to add rental car reimbursement coverage to ensure you’re not paying for the rental car out of pocket!

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Broken Windshield – What’s my deductible?

Fri, 07 Sep 2018 18:13:00 GMT

Often, we hear people mention that their broken windshield is covered without a deductible simply because they live in Florida and that’s what Florida requires.

Before we get into what is or what is not covered, let’s first talk about broken windshields:

So you’re driving down the road and a rock hits your windshield causing a small crack. It doesn’t look all that bad. And let’s face it – you’re really busy not really in the mood to pay any money to have your broken windshield replaced. So you decide you’ll get to it later. A few weeks go by and another rock hits your windshield. This time, however, because of the initial crack affecting the integrity of the windshield the second rock goes through the windshield causing injury to the driver or one of the passengers.

What’s the point?

The State of Florida is in the business of mitigating as much risk as possible for the citizens of the State. With this scenario I just described in mind, the good folks in Tallahassee wanted to remove one of the potential barriers to consumers getting their windshield repaired or replaced. There is actually a Florida statute that requires insurance companies to cover the repair or replacement of the broken windshield without a deductible. However, the vehicle must have comprehensive coverage for the broken windshield to be repaired or replaced. If you do not have comprehensive coverage on your auto insurance policy, then you’ll be paying for your broken windshield out of pocket.

What should I do?

If you want to ensure you’re covered for a broken windshield, check your auto insurance policy and look for comprehensive coverage (sometimes this coverage is called Other than Collision). You can also call your agent or your insurance company and they’ll be able to tell you if you have this coverage.

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Home Insurance Claim then non-renewed? Read this!

Fri, 24 Aug 2018 20:43:00 GMT

Most insurance companies will not non-renew a customer after one home insurance claim. So before we begin, let’s talk about insurance companies to gain a better understanding on risk mitigation. Insurance companies like to mitigate as much foreseeable risk as possible. They do this in an effort to reduce future home insurance claim activity.

For Example, let’s say that you’re in the market for to purchase a home. You find a home you love, but it’s a home built in the 70’s. Your insurance company will most likely ask you to obtain a 4 point inspection to ensure the HVAC, plumbing, electric and roof are in good order and not in need of repair. If there are areas of disrepair noted, such as a plumbing leak, the insurance carrier will require the leak be fixed prior to issuing a policy. The reason? It is now foreseeable that the leak has the potential to cause a future home insurance claim.

So how is this related to my claim?

Ok, now let’s change course here a bit. Let’s assume that you’re living in a home and you have pipe break. Let’s assume that the pipe breakage causes $10,000 in damage and the insurance company gave you a check for $9000 because you have a $1000 deductible. The insurance company will give you a reasonable amount of time to get your home back in order. Then they’ll require some type of documentation to show the repairs have been completed. This documentation could be photos, invoices, work orders, etc.

However, if the insurance company doesn’t receive documentation reflecting the completion of the repairs, they will likely send you a non-renewal notice.

Just like how the insurance company will not generally issue a policy with existing damage to the home; they’ll also not generally renew a policy with existing damage to the home.

So what should you do?

Gather all of the documentation showing the repairs have been completed and send it to your insurance company, or to your agent, straightaway and request a renewal offer. Many times, the insurance company sent notices requesting this information prior to the non-renewal. But in all of the craziness of the claim, and the vast amount of paperwork associated with the claim, these notices get missed. Nevertheless, if you only have one home insurance claim and provide the documentation showing the repairs, the carrier will most likely rescind the non-renewal notice and you’ll be good to go!

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Home Insurance Quote? Read this first and get informed!

Thu, 09 Aug 2018 19:52:00 GMT

Shopping for a home insurance quote?

If you’re in the market for a home insurance quote don’t be duped by a shady agent. Today we’re pulling back the vail on some shady insurance practices that can leave you unknowingly paying thousand more out of pocket if you find yourself in need of filing a claim.

Tell me more…

I was recently explaining to a customer, who received a home insurance quote from another insurance agent for the same property and from the same carrier, that all agents pick from the same trees. This means that if he were to get a home insurance quote from another insurance agency for the same coverages, same deductibles and same carrier then the price should be the same as well. This is important information for you, as a consumer, to know.

Ok, so what are they doing?

Some insurance agents, to win business based upon price, will eliminate certain coverages from the quote in an effort get a lower price. They know that price is the most important factor when shopping for insurance. Here’s where these agents fail – they don’t tell you they eliminated these coverages to get you a better price. So, let’s get you prepared…. here’s some things that these agents do to get a lower price:

By making these 5 changes to the policy the premium could be reduced by 30-50%. Now if you chose to reduce these coverages, great. However, some insurance agents are quoting this way and they never mention to coverage reductions to you. And if you have a claim with this type of policy, you could be paying tens of thousands of dollars out of pocket to get your home back in order.

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Vacation Home Insurance

Fri, 03 Aug 2018 20:21:00 GMT

Vacation Home Insurance – Is it hard to get?

Generally speaking vacation home insurance is the same insurance you would find on your primary residence. The difference is that vacation homes pose a greater risk to the insurance company, so the premium is generally higher. Often coverage can be restricted for certain things as well – like jewelry, for example.

Anything I should know?

Here are a couple of things to remember if you’re in the market for a vacation home and are shopping for insurance. First, the home must be furnished and suitable for year-round habitation. If the home is unfurnished, then the carrier will consider the property vacant. This would typically deem the home ineligible for vacation home coverage.

The next thing to consider is how often you expect the home to be unoccupied. If the home is going to be unoccupied for more than 3 consecutive months (some carriers will allow up to 6) the insurance company will generally require the home to be a secured residence to help mitigate their risk. If the home is unoccupied for more than 9 months, the residence will generally become ineligible for admitted markets and will require surplus lines coverage.

What is a secured residence?

This could include one or more of the following: a gated community, a guarded entry to the community, monitored fire/burglar alarms, the home to be managed by a professional management firm, or a reputable party to oversee the residence on a regular basis who lives within 50 miles of the home.

Can I rent a vacation home?

Renting a vacation home would generally be a different situation altogether. However, some carriers will allow you to rent your vacation home so long you are renting to friends or family and the home is rented for less than 60 days per year.

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Uninsured Motorist Coverage – What you need to know!

Fri, 27 Jul 2018 18:23:00 GMT

What does Uninsured Motorist Coverage cover?

Almost every customer we speak with thinks that uninsured motorist coverage in the State of Florida covers injuries and the damage to the vehicle should they get hit by an uninsured motorist. This is only partially correct. In Florida, uninsured motorist coverage will generally only cover your injuries, lost wages, pain and suffering if you’re hit by a driver who either doesn’t have insurance or doesn’t have enough insurance.

But what about your car?

Not covered. That’s right, your car is not covered by uninsured motorist coverage.

So how do you get your car fixed?

It’s actually collision coverage that covers your car if you’re hit by an uninsured or underinsured motorist. If you have collision coverage, your policy will cover the repairs, but it will be subject to your deductible. Remember that deductible you picked when you purchased the policy (commonly around $500)? So you’ll be out of pocket that amount if you’re hit by an uninsured motorist and want your insurance company to pay for the repairs to you vehicle.

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Ordinance or Law Coverage – Do I need this?

Fri, 20 Jul 2018 16:45:00 GMT

Ordinance or Law Coverage – What’s that cover?

Ordinance or Law coverage provides additional insurance to bring your home up to code after a loss.

Can you give me an example?

Let’s say that a home has a fire in the kitchen. As part of the fire, let’s assume that some of the electrical systems were damaged. The home insurance would generally cover the replacement of the damaged kitchen and the damaged electrical systems. However, code enforcement / city officials may require that the home’s entire electrical system be replaced if it’s original installation was prior to the most recent code change. Even if it wasn’t completely damaged. The insurance company would consider the replacement of the entire electrical system an improvement to the home and would most likely deny that portion of the claim. However, if the homeowner has Ordinance or Law coverage their policy would most likely provide additional coverage to bring the electrical systems up to code.

How much coverage do I need?

The last significant building code change in Florida was in 2001 and any homeowner with a home built prior to 2001 should have a significant amount of Ordinance and Law coverage – 25% of coverage A at a minimum. Remember, as a home ages and when building codes change this coverage becomes more and more important.

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Liability Coverage – What’s that for?

Fri, 22 Jun 2018 20:23:00 GMT

You may have seen the news where a 5-year-old boy from Kansas knocked over a sculpture that was on display in a community center. The art on display was valued at $132,000 and the community center filed the claim on their own insurance. Their insurance company then they sent a demand letter to the parents of the 5-year-old alleging the parents were negligent for failure to monitor their child. Situations such as these are where liability coverage can help protect your hard-earned assets.

So what should you do if your find yourself in a similar situation?

First try not to freak out. One of the most overlooked sections of the homeowner’s insurance policy is a section called liability coverage. Most homeowner’s insurance policies come standard with $300,000 in liability coverage. So check your policy.

What does liability insurance cover?

In general, if a claim or suit is brought against you for damages caused by bodily injury or property damage, your homeowners insurance may provide coverage. The liability coverage will pay up to policy limits for damages you are legally liable, but that’s not all. It also will provide for your defense….even if the suit is groundless, false or fraudulent.

So what do I recommend?

Here’s what I would do if I found myself in a comparable situation. First, I would take pictures and video of the surrounding areas where the incident occurred. This could help my defense. Was the area roped off? Were signs posted that the sculpture wasn’t to be touched? All this could be preserved if it’s photographed and/or filmed. Next, I’d ask for the contact details of witnesses and for copies of any surveillance video. Third, I would not admit fault but would provide my contact details to the community center. Lastly, I would send any notices or demand letters to my insurance company straightaway.

Some final comments….

Let your insurance company provide for your defense and let the attorneys negotiate the settlement, if applicable, on your behalf. Don’t take the allegations personally. And lastly, don’t contact the other party or their insurance company without first speaking with your insurance company or legal counsel.

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Flooded car? Here’s how to determine if it’s covered….

Sat, 16 Jun 2018 16:21:00 GMT

Auto insurance can cover a lot of things – liability, uninsured motorists, rental cars, towing. But there are just two coverage’s that cover the vehicle itself. One is called collision coverage, which covers the damage caused objects you collide with. And the other is comprehensive coverage, which generally covers damage from things other than collision – like a flooded car.

Do you have the proper coverage?

When trying to determine if you have coverage for a flooded car, you first need to reference your auto insurance policy to see if you have comprehensive coverage. Comprehensive coverage will sometimes be listed as “Other than collision” coverage. Comprehensive coverage not only covers a flooded car, but it also covers, theft, vandalism, storm damage, cracked windshield among other things.

What is your deductible?

Next, you need to identify your deductible. Your deductible is the amount of damage you’ll cover out of pocket before the insurance coverage kicks in. Let’s say, for example, your car is worth $20,000 at the time of the loss. And for illustration, let’s assume you have a $500 comprehensive deductible. If you sustain a total comprehensive loss due to flooding, your insurance company will cut you a check for $19,500 and you would sign your title over to the insurance company.

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Is my dock insured?

Mon, 11 Jun 2018 15:35:00 GMT

One of our customers in Cocoa Beach, Florida called in recently ask if their dock was insured. The short answer is:

It depends

Let’s take a deeper dive on this topic because there are a couple things you need to know.

What type of policy do you have?

If you have a home insurance policy in the state of Florida and the policy is written on form HO3, then you have what is called an ‘All Risk’ policy. This means that any direct loss you sustain to your property will typically be covered unless the loss is listed as an exclusion in your policy.

Do you have coverage for other structures?

An HO3 home insurance policy generally includes 10% of your dwelling coverage to cover other structures not attached your house. These can be items such as a detached garage, a shed, a fence and you guessed it….docks.

Check your policy to see if you have “Coverage B – other structures” on your home insurance policy. This is the place where docks would generally be covered. And while this coverage is most times included in a home insurance policy – this coverage could have been reduced or eliminated altogether when you originally purchased your policy to save money – so doublecheck your coverages.

What about waves and storm surge – is this covered?

The last thing you need to know is that the exclusions section of an HO3 policy has an exclusion for losses from surface water, waves, tidal waves, tsunami, tides, tidal water, and storm surge. Well if you have a dock, this is probably the only coverage you want…..but unfortunately, it’s an exclusion.

Let’s recap

Three things to recap dock coverage – pull out your home insurance policy and see if it’s an HO3 policy, if it is great! Now check “Coverage B – other structures” to see if the dollar amount listed is sufficient, if it is great! Now go to the “Section 1 – Exclusions Section” to get informed as to what’s excluded from your home insurance policy.

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Will my Home Insurance cover my furniture while moving?

Thu, 31 May 2018 20:01:00 GMT

Great question! The short answer is yes. Let’s explain because there are three things you need to know about home insurance in Florida when it comes to moving.

My stuff covered anywhere?

First, most standard home insurance policies in Florida will typically cover your personal property anywhere in the world. However, the insurance company generally limits coverage to 10% of your personal property coverage. So if you have $100,000 in Personal property coverage on your policy – you’ll generally have only $10,000 to cover your personal property during the move.

What about deductibles?

Second, your deductible will apply. Most home insurance policies in Florida have an All Other Perils deductible of $1000. This means that your losses must exceed $1000 before your coverage kicks in.

Anything else?

Lastly, standard home insurance in Florida typically covers personal property on a named peril basis. This means that the policy only covers personal property losses if the loss is caused by perils listed in your policy. Not included in this list are losses from shifting items, losses from poorly secured items, or losses from moving company neglect.

So what should you do –

If you’re comfortable with your deductible, the 10% limit of coverage and the named perils that are in your policy then you should be good to go with your current home insurance policy.

Prefer more extensive coverage? Coverage that typically comes with a lower deductible? Then you should look to secure moving insurance. Your moving company should be able to help.

Want more tips like this?

Click Here for an article that can help you if your looking to get a home insurance quote. Click Here to have Hurricane Deductibles explained.

Did you know we’re building amazing technology that will simplify insurance shopping? Want to learn more – Click Here and let us know!

Join the Chrinco.com community! We not only provide insurance tips to consumers but are also developing a new way to shop for insurance. Join the journey that we believe will change an industry.

Chrinco.com – Insurance Simplified.

The post Will my Home Insurance cover my furniture while moving? appeared first on Chrinco .

Masonry or frame construction – which is the more expensive home to insure?

Fri, 25 May 2018 14:32:00 GMT

The short answer is a frame construction home will typically be more expensive to insure when compared to a masonry construction home. There are three main reasons why this is the case:

It’s only natural for insurance companies to price for these additional layers of risk when determining the insurance premium. Another interesting fact is that frame construction homes have insurance premiums that increase at an increasing rate when compared to masonry construction homes.

Say what?

While a new frame construction home may only have $100 difference in annual premium when compared to a masonry construction home, a 25 year old frame construction home may have a premium difference of $1000 or more.

So what happens when you have a home of mixed construction such as a masonry construction first floor and a frame construction second floor?

Every insurance company looks at this situation differently. Some companies will consider the home masonry construction for rating purposes if the frame construction is less than 33% of the total construction. Other carriers will consider a home masonry construction if the home is less than 50% frame construction. While other carriers will give a masonry type of rating if the frame home is covered with masonry stucco.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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Will home insurance cover the golf course’s golf cart that I wrecked?

Fri, 18 May 2018 15:42:00 GMT

A question we recently received was this “If I wreck a rented golf cart at a golf course, will my home insurance or auto insurance cover it?”

And the answer is……most likely your home insurance.

Let’s take a minute to explain how this works. Most home insurance policies in Florida have a provision in the exclusions section of the policy that prohibits liability coverage from extending to a motorized vehicle. However, it typically says that the exclusion does not apply to “A motorized golf cart when used to play golf on a golf course.”

What’s important to note here is that we’re talking about liability or, in other words, damage you cause while operating the golf cart. This typically does not include damage to the golf cart itself.

What if I own the golf cart?

If you own the golf cart or use a golf cart for purposes beyond the golf course, you either need to inquire with your insurance agent about endorsing your homeowner’s insurance to cover the golf cart, if possible, or you need purchase a separate insurance policy for the golf cart itself.

Obviously, the most extensive coverage would be offered if you purchase the golf cart its own policy.

We’re building some amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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Do I need sinkhole coverage?

Sat, 12 May 2018 19:07:00 GMT

Do I need Sinkhole Coverage?

To understand sinkhole coverage you must first understand Catastrophic Ground Cover Collapse coverage. While insurance companies in Florida aren’t required to cover for sinkhole losses, the good folks in Tallahassee do require insurance companies to insure Ground Cover Collapse.

What’s the difference you’re asking?

Four things must happen for the Ground Cover Collapse coverage to kick in. First, there must be an abrupt collapse of the ground cover. Second, there must be a depression in the ground that’s visible to the naked eye. Third, there must be structural damage to the building and foundation. And fourth, the structure must be condemned and ordered to be vacated by a governmental agency.

If these four things happen, then a standard homeowners insurance policy should provide coverage. If all four of these things do not happen, but the losses are the result of sinkhole activity – then that’s when you need sinkhole coverage.

Now here’s the unfortunate part….

Depending on where you live in Florida, a sinkhole inspection may be required before the insurance company agrees to offer sinkhole coverage – and this could cost you a couple hundred dollars out of pocket. The other unfortunate part is the deductible, many insurance companies require a 10% deductible for sinkhole losses. If you have a $250,000 home, you’re looking at sinkhole deductible of $25,000. Catastrophic Ground Cover Collapse, however, will typically fall under your standard deductible – which is commonly around $1000.

After hearing all of this, if you decide that you want sinkhole coverage, take a look at your policy to see if you already have it or call your agent. Don’t just assume you have sinkhole coverage because you live in Florida.

Want to know if there are sinkholes reported near your home? Check out the Essential Florida Sinkhole Guide.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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All you need to know about auto insurance property damage liability…

Sat, 05 May 2018 18:30:00 GMT

How does Property Damage Liability work?

Many times on an auto insurance policy in Florida you will see liability coverages displayed as 100/300/100 or some other set of numbers separated by a “/”. These numbers are in thousands of dollars and depict the amount of coverage you have for liability insurance.

The first number is the amount of bodily injury liability per person ($100,000). The second number bodily injury liability per accident ($300,000). And the third number is the amount of property damage liability per accident ($100,000).

Property damage liability is the coverage that pays for objects you damage as a result of an automobile accident.

Here’s an example….

Let’s assume the red car pictured above has an auto insurance policy with liability coverages of 100/300/100. And let’s also assume that the red car is 100% at-fault when it hit the yellow car. The red car has $100,000 of property damage liability insurance (the third number in the set) to cover the repairs to the yellow car. In this situation, it would appear the red car has sufficient coverages to cover all property damage losses.

But what if the coverages were 10/20/10….

If this were the situation, the red car would only have $10,000 of property damage liability insurance. For illustration, let’s assume the yellow car was worth $30,000 at the time of loss. This means the owner of the red car would have to pay $20,000 out of pocket to cover all property damage losses.

What should you do….

Check your coverages! Don’t just assume that because you have an auto insurance policy that you have sufficient coverages. Plan for the worst and hope for the best.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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Screen Enclosure Coverage – Does insurance cover it or not?

Sat, 28 Apr 2018 18:10:00 GMT

Insurance companies in the Florida are not required to include screen enclosure coverage. However, this doesn’t necessarily mean that they’re not covered. Some insurance companies include the coverage automatically. Yet other insurance companies exclude screen enclosure coverage and require the coverage to be added to the policy if the coverage is desired.

So what’s covered when you have screen enclosures coverage?

Once you have the coverage on your policy, you’ll need to ask your agent what’s covered as part of the screen enclosure coverage. The reason this is important is because not all policies are created equal. Some policies will cover just the screen enclosure cage while others cover will cover the cage and the screens.

How are screen enclosure claims handled?

Once you have the coverage and you know what’s covered, you need to know how it’s covered. Losses on screen enclosures can be settled on a replacement cost basis – meaning how much does it cost to replace the screen enclosure. However, some insurance companies settle these losses on an actual cash value basis – meaning how much was the enclosure worth at the time of loss. Naturally replacement cost will provide greater coverage at the time of loss.

Bottom line….

If you want your pool enclosure to be covered, don’t assume it’s included in the policy. Be certain request this coverage while getting quotes.

And remember these three questions when asking for the coverage:

Is it covered?

What’s covered?

How’s it covered?

Insurance always seems the same until you have a claim – don’t find out what you’re paying for after a loss. Plan ahead!

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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Hurricane Deductibles Explained Here

Sun, 22 Apr 2018 16:47:00 GMT

In the state of Florida, most insurance companies have a split deductible on their homeowner’s policies. One deductible is called the All Other Perils deductible and the other deductible is called the Hurricane Deductible.

The All Other Perils deductible typically starts around $500-$1000 and will apply in situations such as fire, theft, lightning, etc. Hurricane deductibles typically starts around 2% and will apply when an insured sustains losses from a hurricane or named storm.

So the question we often hear is – What does the 2% Hurricane deductible mean?

The Hurricane Deductible is 2% of dwelling coverage. Dwelling coverage is listed as Coverage A on your homeowner’s insurance policy and should be equal to the replacement cost of your home. For example, if the replacement cost of your home is $250,000, then Coverage A on your homeowner’s insurance should be no less than $250,000. If you have a 2% hurricane deductible and have $250,000 of dwelling coverage, then your Hurricane deductible will equal $5,000 (e.g. $250,000 X 2%).

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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I live in a condo – do I need additional Loss Assessment coverage?

Fri, 13 Apr 2018 21:06:00 GMT

We often will field a question from customers that is so good that we feel it is necessary to write about it and publicly share the answer. This question is one we hear quite often, and the short answer is if you live in a condo and additional Loss Assessment coverage is available from your insurance company – buy it!

Generally speaking, most condo policies will offer some level of Loss Assessment coverage but the coverage is typically capped at $1000-$2000 per occurrence. Many insurance carriers will allow the customer to increase this limit of coverage up to $10,000 or more for a slight increase in annual premium.

What is Loss Assessment Coverage?

This coverage is easiest to explain using a real-life example. In 2017, Brevard County was hit by Hurricane Irma. Many of the condos on the beaches in Brevard County sustained damage to the common areas and to the common structures of the condo development. Condo associations generally have a master insurance policy to cover the damages in situations such as these, but these policies typically have deductibles that can put a huge dent into the Condo Associations reserve account. The condo association will generally replenish their reserve account by charging the unit owner a special assessment called a loss assessment. And this is where loss assessment coverage come into play. The unit owner should forward the loss assessment notice from their condo association to their insurance company for consideration of reimbursement.

So back to the originally question – do you need loss assessment coverage – the answer is yes! Unit owners need to understand that loss assessments not only can be assessed to cover deductibles but can also be assessed when the master policy’s coverage is exhausted and fails to cover all the damages after a direct loss. In short, for a nominal fee, the unit owner can help mitigate their potential out of pocket expenses due to loss assessments by purchasing as much of this coverage as possible.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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Shopping for Home Insurance? Have This Information Ready

Mon, 18 Sep 2017 14:00:00 GMT

It’s easy to get a quote for home insurance, but the question is whether that quote is going to include enough coverage for your home and belongings. If you use an inaccurate home insurance quote, and there comes a time where you need to make a claim, you might not be fully covered for your losses. You can avoid a hassle in the future by taking the time upfront to make sure you have the right coverage and limits for your home insurance.

To ensure you are getting the right insurance and limits, have the following information ready when seeking a home insurance quote.

Information About Your Home Needed for Home Insurance Quote

You will need to know the square footage of your home, including each living floor and a basement if you have one. If you don’t know this information, there are various places where you can find it without having to manually measure your home:

Other information you will need include:

Details about the construction of your home also play a part in determining an accurate quote for your home insurance. You will need to know:

Making Sure All Your Home Insurance Needs Are Covered

No two homeowners’ needs for coverage are exactly the same. You want to make sure that you are covered for everything that needs coverage. You will want to supply the insurance agent with additional information, such as:

Being prepared ahead of time with your home insurance information will help ensure you are getting the coverage you need.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

Want more tips like this? Join the Chrinco.com community and follow us as we not only provide insurance tips to consumers but also are developing a new way to shop for insurance. Join the journey that we believe will change an industry. Chrinco.com – Insurance Simplified.

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What are the Different Types of Auto Insurance?

Tue, 05 Sep 2017 09:00:00 GMT

When it comes to an auto insurance policy, there are actually many different components. Aside from the standard liability coverage, there are types of auto insurance that cover medical payments, theft, and vandalism. It sounds complicated, but all of these options exist for your benefit and not all of them are a required part of your auto insurance policy. Keep this in mind when shopping for auto insurance .

Types of Auto Insurance

Liability Coverage

In the event that you are found at fault in an accident, liability insurance will pay for the property damage and medical expenses of the other driver. Liability coverage is the foundation of most auto insurance policies, and it is required in pretty much every state.

You’re required by law to have a minimum amount of liability coverage. This amount will vary state-by-state, but it’s always a good idea to purchase more than the minimum amount because any damages that exceed your coverage limit will need to be paid out of pocket.

Uninsured or Underinsured Driver Coverage

Not everyone is a perfect, law-abiding citizen who purchases liability coverage, and that’s where uninsured driver coverage comes into play. This coverage will help pay for your injuries in the event that you get into an accident with an uninsured or underinsured (that guy who only got the minimum amount of liability coverage) and they are found at fault.

You might be asking how common it is to run into uninsured drivers. Nationally the number is around 12%, which might already be higher than you were expecting. In Florida, the number is a staggering 23.8% . Looking at numbers like these, it’s clear that coverage against uninsured drivers is a smart buy if you want to be fully covered.

Medical Coverage

Medical coverage is exactly what it sounds like. If you or someone in your vehicle is injured in an accident, medical coverage helps pay for required medical treatments. This coverage will kick in regardless of who is at fault, so it’s a good thing to have in your auto insurance policy.

Another kind of medical coverage is Personal Injury Protection. PIP is actually a little more comprehensive than standard medical coverage, paying for the ancillary costs of an injury like lost income or child care.

Comprehensive Coverage

Comprehensive coverage insures you against things that aren’t accident related, such as natural disaster, theft, or vandalism. It will pay for repair costs up to the market value of the vehicle. Comprehensive coverage is a good idea if you live in areas prone to inclement weather (tornadoes, hailstorms, hurricanes) and you will be required to purchase it when leasing or financing a car.

Collision Coverage

Collision coverage is exactly what it sounds like, coverage against collisions. This could be a collision with another vehicle or even stationary objects like fences or signposts. This is another one of the types of auto insurance that are typically optional but may be required by your lender when purchasing or leasing a car.

Now that you are aware of the different types of insurance, think carefully about your driving habits, automobile, and financial situation to determine the best coverage for you. Auto insurance was designed to cover medical expenses and the damage done to your vehicle in the event of an accident. Will the coverage you are considering provide the compensation you need when you need it most, without placing undue financial burden on you? If so, it may be the best policy for your needs.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

Want more tips like this? Join the Chrinco.com community and follow us as we not only provide insurance tips to consumers but also are developing a new way to shop for insurance. Join the journey that we believe will change an industry. Chrinco.com – Insurance Simplified.

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Should I Call an Insurance Agent or Shop for Insurance Online?

Tue, 22 Aug 2017 09:00:00 GMT

It wasn’t too long ago when your only option for buying any type of insurance was to call an insurance agent and ask for a quote or make an appointment to discuss your insurance needs. Today with the availability of the internet, you can also shop for insurance online without ever having to speak to an insurance agent to get your quote. There are pros and cons to each method of shopping for insurance.

Calling an Insurance Agent Directly

When you call an insurance agent directly for a quote, you might not always receive the best quote available. This depends on whether the agent is an independent broker/agent or one that is an exclusive agent for an insurance company.

An exclusive agent writes policies for a single insurance company. They usually are very familiar with their company’s insurance products. If you need to make a claim, the agent can act as your representative with the insurers. But you might not get the best quote when calling or meeting with an exclusive agent because they only provide quotes for the products their company sells.

When you work with an independent agent, you will be able to receive several quotes from the various companies the agent works with. The agent usually does not receive incentives to steer you to a particular company and can give you objective advice on which policy would be best for you. However, some agencies charge an administrative or service fee on top of your insurance premiums. So be certain to double check the quote for any questionable items.

Shopping for Insurance Online

When you shop for insurance online, you can have multiple quotes in minutes instead of having to call multiple agents and waiting for quotes. You will see higher priced and lower priced quotes and what you will be covered for. While you may save time when you shop for insurance online, you might not always be getting the best deal. You might not fully understand what coverage you are buying if you do not read the fine print. Therefore you may end up purchasing a policy that may look great with reference to price, but ultimately lacks the coverage you need.

It’s also common for insurance buyers to be suspicious about purchasing insurance online because of all the personal information that they need to enter into websites. Depending on what site you use, you could also receive a deluge of phone calls from multiple insurers within minutes of entering your information, and this could continue for months.

So, what is the answer when you need to shop for insurance, whether it’s auto or homeowners insurance? The answer is a new way to shop online for insurance that respects your privacy and only sends your information to the insurance agent that you choose to work with after viewing their quote. And that is what you can expect from Chrinco.com .

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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How to Tell if You’re Over-Insured on Your Home

Tue, 08 Aug 2017 09:00:00 GMT

You already know how important it is to maintain homeowners insurance on your home. While you hope to never have to use this insurance, you always want to have enough coverage in case you do need it in the event your home is damaged or even worse, destroyed. But what you might not realize is that it’s possible to be over-insured on your home. These days when every penny counts, if you’re over-insured, then you are also paying too much to insure your home. And this means you are throwing money away on insurance premiums that are higher than they should be.

Are you over-insured on your home? Here are some things to look for when evaluating your homeowners policy.

Review Your Coverage Each Year

This seems simple enough, but many people just blindly pay their homeowners insurance year after year without reviewing their coverage. There could be errors in your level of coverage or you could be paying for things you just might not need. Just as you wouldn’t pay for hurricane coverage in the mid-west, there could be things covered on your policy that you would never need.

One thing to look for when reviewing your coverage is whether your policy includes an inflation-adjustment rider that raises your premium to accommodate rising costs to replace your home. Check to see what the average cost is per square-foot to build a home in your local area and compare that to how much this rider is estimating your costs to be.

Be Aware of Fluctuating Values

Market values of homes, actual cash values, and replacement costs can fluctuate from year to year. A local realtor can provide you with a realistic idea of how much your home is actually worth. Checking with local builders to get an accurate idea of how much it would cost per square foot to replace your home. This can give you a realistic picture of how much insurance you should have for replacement costs so that you are not over-insured on your home.

Know What Exactly You Are Insuring

Make sure that you are only insuring your home and not the land that it is sitting on. Your home is what is at risk from perils like fire, windstorms, theft and other potential catastrophes. Your land can recover from a fire or storm damage, while a damaged home will need repairs or replacement to put it back into livable condition. Don’t include the value of your land into the value of replacing or repairing your home.

While it could be possible that you are over-insured on your home, you need to always make sure that you aren’t under-insured either. Take time to work with an insurance professional to determine how much coverage you need.

Why did my car insurance rates increase?

Tue, 25 Jul 2017 09:00:00 GMT

You thought you had a good driving record, but when your latest car insurance renewal showed up in your mailbox, you were shocked to find out that your car insurance rates unexpectedly increased.

So why did your car insurance rates increase?

There are a few reasons why car insurance rates increase, even for good drivers.

Did You Have an Accident or Receive a Ticket?

If you had an accident or ticket over the past year, you could be seen as a higher risk to your insurance company. If you haven’t been in an accident and didn’t receive any tickets, it could be possible that there is erroneous information on your driving history. It’s a good idea to check your driving record if your rates have been incorrectly raised for an accident or ticket.

Rise in Claims

More people are taking to the roads thanks to lower gas prices and increased job growth. With more vehicles on the roads, the likelihood of accidents increases. According to the Insurance Research Council, the average payout for a bodily injury claim for an accident rose by 32 percent between 2005-2013. Insurance companies then recoup their losses through higher premiums for all customers.

Increased Accidents from Distracted Driving

The number of accidents caused by distracted driving, including texting while driving in the United States continues to increase at an alarming rate. Increased accidents mean insurers are paying more to cover claims. We’re all paying the price, as costs are spread across all insured drivers.

Insurance Fraud is Growing

According to the Insurance Information Institute , almost $32 million is lost each year because of insurance fraud. Half of that amount can be attributed to high-risk drivers falsifying information on their insurance applications to gain better rates that are given to drivers with clean driving records. Most of the remainder is paid out for claims for faked injuries in a car accident. The cost of insurance fraud makes rates go up for everyone, including good drivers.

Your Credit Took a Hit

Many insurers consider your credit history when calculating your car insurance rates. In most states, a “poor” or even “good” credit history instead of excellent credit could cause your insurance rates to rise, even if you have a perfectly clean driving history. If your credit took a nosedive over the past year, that could cause your car insurance rates to increase.

Victim of Price Optimization

Another little-known reason why car insurance rates go up for apparently no reason at all is what is known as price optimization. A recent report by Consumer Reports shows that over 50 percent of consumers stay with their car insurer for about 15 years. Insurers sometimes give loyalty discounts, but they also have calculated how much they can get away with increasing rates for loyal customers .

To prevent this from happening to you, it’s always a good idea to shop around to compare your current rate to other insurer’s rates.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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Why wasn’t my insurance claim covered?

Wed, 07 Jun 2017 20:59:00 GMT

Let’s face it. People don’t generally trust their insurance companies. Money is paid to the insurance company – month after month, year after year – in the hopes that if a major insurance claim is filed the insurance company will be there to help pay for the losses incurred.

The reality is that a sizeable percentage of claims are closed each year without payment to the customer. These situations always leave the customers feeling disenchanted and fuel the notion that insurance companies are out to take advantage of the consumer. However, home and auto insurance is regulated at the state level and each state requires insurance companies to cover items listed in the insurance policy. If your loss should be covered according to your insurance policy, then it’s likely that your insurance company will gladly cover the loss with little, if any, resistance.

The vast majority of insurance claims closed without payment generally fall into three categories:

1. The insurance claim was less than the deductible. Many times, people forget that a deductible generally applies before the insurance coverage begins. Deductibles are chosen at the time of policy inception and are an agreement between the insurance company and the customer as to how much of the loss the customer will pay before coverage kicks in. Deductibles can range from a few hundred dollars to many thousands of dollars. If you file a claim and it’s denied because the loss is less than the deductible, there is a good chance that your insurance company will require proof of repairs. If proof of the repairs is not submitted to the insurance company, the insurance company reserves the right to drop you as a customer. This is particularly true with homeowners’ insurance.

Tip: Always check your deductibles before filing a claim.

2. There is no coverage on the policy for the loss incurred. There are generally two areas in the insurance policy in which this could happen. The first place is on the declarations page. When you purchase your insurance policy, you elect and decline certain available coverages. The second place is in the specific exclusions section of your insurance policy – items such as wear and tear, defect or corrosion may be excluded items.

Tip: Review your declaration pages annually and be informed as to the specific exclusions.

3. The policy lapsed for non-payment. While this is may seem like it’s not noteworthy, surprisingly it happens more often than you think. The reality is that if your policy lapses for non-payment, your insurance company will not pay for your losses. Your insurance company may allow you to reinstate your policy if it lapses, but they will most likely require a written statement that no losses have occurred in the interim. If you have a loss while your policy is lapsed, not only will the insurance company not cover it but they also reserve the right not to reinstate it.

Tip: Don’t let your policy lapse. In addition to losses not being covered you may be surcharged upon reinstatement as well.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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Does auto insurance follow the car or the driver?

Mon, 10 Apr 2017 17:13:00 GMT

This is a question we often get asked at Chrinco because, let’s face it, auto insurance can be confusing. In Florida, most insurance coverages follow the car that you insure. For example, the comprehensive or collision coverage you purchased for Vehicle A cannot be used to cover Vehicle B. There may be some caveats to this rule with reference to rental vehicles which will require you to reference your auto insurance policy in such a case, but, in general, your coverage follows your vehicle.

However, in the state of Florida, there is one coverage that follows you around almost everywhere you go. It’s a required coverage for every auto insurance policy purchased in the state.

What is this coverage that follows you around called?

It’s called Personal Injury Protection . Some people call it pip or P.I.P. or no-fault coverage but regardless the name given, the coverage is still the same. Personal Injury Protection is the coverage that covers a portion of your injuries and lost wages should you get in an accident – regardless who is at fault. In Florida, it covers injuries from a car accident before your health insurance kicks in.

Your Personal Injury Protection will cover your injuries if you’re a passenger in a friend’s car when they’re involved in an accident. We’ve also seen it cover pedestrians who are hit by cars. We’ve even seen it cover someone’s injury when they hit their head getting into their own car.

The coverage only covers the first $10,000 and it’s a co-insurance which means it only covers a certain percentage of the covered claim, but it’s probably the most versatile coverage in the auto insurance policy.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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Does home insurance cover flooding?

Mon, 10 Apr 2017 16:41:00 GMT

If you’re wondering whether or not your home insurance covers flooding, the short answer is: it depends on the type of flooding.

First, there is the rising water flood. These are the types of floods that you will see on the news. You know, when heavy rains push the river over its banks and the standing water is up to the windows wreaking devastation on entire neighborhoods. And then there are the more benign types of flooding like pipe breakage floods. The kind of flood that, while damaging, doesn’t typically result in a total loss.

If the flooding your referencing is the former – the rising water flood – then the answer is unfortunately, no, your home insurance does not cover it. If you’re looking for this type of coverage, then you’ll need to purchase a separate flood insurance policy. And while there are certain caveats within the flood insurance policy that determine whether your rising water flood is covered, the policy can typically be purchased at a relatively low cost.

But let’s say that you come home from dinner one night to find water pouring from the house and out of the garage due to a pipe breakage. Typically, this type of flooding will be covered. Your insurance policy will most likely cover, subject to your deductible, any damage caused by the flood event. Be certain to do what you can to mitigate the loss from continuing – such as shutting off the water to your house, using squeegees and mops, and using fans.

Other things you’ll want to do if you experience a flood loss is to take pictures, keep all damaged goods until the insurance company says you can throw them away, and keep all receipts for consideration of reimbursement from the insurance company. Remember, your insurance company is not in the repair business – they’re in the pay for the repairs business – so document everything.

Lastly, just a quick word of advice. If you’re going to be leaving your house for an extended time, consider turning the water off to the house before leaving.

For more tips on homeowners insurance, check out this article on deciding whether or not to file a claim on your home insurance .

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

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Want an easy way to shop for auto insurance?

Sun, 19 Mar 2017 17:08:00 GMT

Tell me if this sounds familiar…

You’re paying your monthly bills and notice a significant increase in your auto insurance payment. Frustrated, you contact the insurance company and ask why they didn’t notify you of the change in payment before taking money out of your checking account. They tell you they did notify you – they mailed you a notice with your insurance cards. You acknowledge receiving your insurance cards with your renewal but feel that their way of notifying you of such a substantial premium increase was a bit underhanded so you decide to shop for auto insurance.

You call the first agent – they say they’ll call you back later today and take down some details. They never call.

You call the second agent – it takes 20 minutes and the quote is about the same as what you’re currently paying.

Disillusioned, you take to the internet for help…

You visit the first website and spend 20 minutes filling in details for one of the big insurance companies to give you a quote – turns out it’s about the same.

You find another website that promises instant quotes from multiple companies – it looks legit so you spend another 20 minutes filling in forms, including your contact details – you click the submit button… nothing. No instant quotes.

For the next month, you get completely bombarded with phone calls and emails. You realize you plugged your details into a lead generation website and your information has been sold to multiple insurance companies. You consider changing your phone number. After an hour of wasted time and a month of being hounded by salespeople, you acquiesce and decide to stay with your current agent.

Sounds familiar – perhaps partially familiar?

What if you could plug your details into a secure environment and insurance companies could provide quotes but they couldn’t see your contact details unless you liked their quote?

What if once you plugged in your details, your profile was saved so you never had to do it again?

What if, because your details were saved, you could shop for homeowners insurance again in the future with just the click of a button?

At Chrinco, we’re building this technology – technology that we believe will change an industry. Technology that will make our platform the single best way to shop for auto insurance.

If you’d like to join us for beta testing, would like to receive updates on the release of our industry changing technology or would like to provide insight as to what we could do to improve our product, let us know! We’d love for you to walk with us on this journey as we change an industry! Click Here to join us.

Does the color of your car affect your insurance rate? Find out here.

Want more tips like this? Join the Chrinco.com community and follow us as we not only provide insurance tips to consumers but also are developing a new way to shop for auto insurance. Join the journey that we believe will change an industry. Chrinco.com – Insurance Simplified.

The post Want an easy way to shop for auto insurance? appeared first on Chrinco .

The single best way to shop your homeowners insurance is…

Sun, 19 Mar 2017 16:06:00 GMT

As homeowners, most all of us have been there.

Your mortgage payment goes up for some unknown reason so you call your mortgage company. Your mortgage company informs you that your insurance has increased and they needed to adjust your payment to make up the shortfall in your escrow account AND adjust your payment to ensure there are ample funds in the escrow account to cover the insurance renewal next year.

You’re not certain if you should be upset with your mortgage company or your insurance agent for not notifying you of the increase – but there’s no doubt you’re one unhappy homeowner! And since it’s easier to switch insurance companies than it is to switch mortgage companies – you roll up your sleeves and begin looking for better insurance rates.

You call the first agent – they say they’ll call you back later today and take down some details. They never call.

You call the second agent – it takes 20 minutes and the quote is about the same as what you’re currently paying.

Disillusioned, you take to the internet for help…

You visit the first website and spend 10 minutes filling in details for one of the big insurance companies to give you a quote – turns out it’s about the same.

You find another website that promises instant quotes from multiple companies – it looks legit so you spend another 10 minutes filling in forms, including your contact details – you click the submit button… nothing. No instant quotes.

For the next month, you get completely bombarded with phone calls and emails. You realize you plugged your details into a lead generation website and your details have been sold to multiple insurance companies. You consider changing your phone number. After an hour of wasted time and a month of being hounded by salespeople, you acquiesce and decide to stay with your current agent.

Sounds familiar – perhaps partially familiar?

What if you could plug your details into a secure environment and insurance companies could provide quotes but they couldn’t see your contact details unless you liked their quote?

What if once you plugged in your details, your profile was saved so you never had to do it again?

What if, because your details were saved, you could shop for homeowners insurance again in the future with just the click of a button?

At Chrinco, we’re building this technology – technology that we believe will change an industry. Technology that will make our platform the single best way to shop for homeowners insurance.

In the meantime, learn one thing you can do to lower your homeowners insurance rates .

Want more tips on ways to save and shop for homeowners insurance? Join the Chrinco.com community and follow us as we not only provide insurance tips to consumers but also are developing a new way to shop for insurance. Join the journey that we believe will change an industry. Chrinco.com – Insurance Simplified.

The post The single best way to shop your homeowners insurance is… appeared first on Chrinco .

My friend wrecked my car – now what?

Mon, 06 Mar 2017 22:13:00 GMT

In the State of Florida, when you allow someone to use your vehicle you are also allowing them to use your insurance. While there are certain situations where this doesn’t apply – in most instances, the friend who wrecked your car would be considered a permissive use driver in the auto insurance policy. The owner’s auto insurance (not the driver’s) would be considered primary coverage for the accident and subsequent repairs.

So the good news is that your insurance company will likely cover the accident.

And, well, that’s about all of the good news – the bad news is that the owner of the vehicle is responsible for any deductibles. Sure, you can chase down your friend for reimbursement or you can have them pay the deductible to the repair facility directly, but the reality is you are the one responsible for the deductible and your vehicle won’t be released from the repair facility without some type of payment arrangement.

Also, depending on your claim history with the insurance company, you may lose your accident-free discount, you may receive an accident surcharge, or you may even lose your insurance altogether and have to find another carrier. This incident will also be recorded on your insurance record which could affect your insurance rates for three years or more.

As if that is not enough, the most concerning piece of this scenario has to do with liability. In the State of Florida, the owner of the vehicle can be just as liable as their permissive use driver. So in the scenario where your friend wrecks your vehicle, there is a really good chance that if you don’t have enough insurance to cover the damages or injuries that your friend caused, you may be standing shoulder to shoulder with them in the courtroom.

The bottom line is this – when allowing people to drive your vehicle, choose wisely. But truthfully, there really isn’t a good reason to allow someone to ever use your car. You’d be better off giving them a ride or hailing an Uber. And lastly, always always always ensure you have sufficient coverage.

Learn the best time to shop for auto insurance in this helpful article .

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

The post My friend wrecked my car – now what? appeared first on Chrinco .

Should I file a claim on my home insurance or not?

Mon, 06 Mar 2017 21:49:00 GMT

One question we often get asked at Chrinco is whether or not the homeowner should file a claim on their home insurance for a small loss.

The short answer is – it depends.

There are several factors to consider before filing a homeowners insurance claim. First, how high is your deductible. We have had many people inquire about filing a claim on a small $1000 loss only to find out that their deductible is $2500. Obviously in situations such as these, filing a claim is fruitless as the claim will most definitely be denied.

Second, consider is your claim history. How likely, or unlikely, you are to file a claim can make a difference with not only your insurance rates but also with your ability to secure coverage with a top-rated carrier. If you have been using your insurance for small claims, there will come a time when your insurance company will either raise your rates or non-renew your policy.

One thing to take note of…

If you do file a claim, whether the claim is denied or not, be prepared to receive a poorly worded letter from the carrier stating that they need proof of the repairs or they will non-renew your policy. This is always a disconcerting letter for the homeowner to receive. And it is these situations where we typically hear stories of people saying “I was with XYZ Insurance for five years; I filed one claim and they said they were going to drop me.” While you most likely won’t be dropped for filing a single claim, always take photos of the repairs and keep receipts as your insurance carrier will most likely request them prior to your next renewal.

And a rule of thumb…

The decision to file a claim is completely up to the homeowner. Our rule of thumb here at Chrinco is this – is the loss at least double your deductible? If it is, file the claim – if it’s not, pay out of pocket. So if you have a $1000 deductible and have $1100 in covered damages – you may want to consider just forking out another $100 and avoid the run-around with your insurance company. However, if the covered damages are $2000, you may want to consider filing a claim. In the latter situation, you’d pay $1000 and your insurance company would pay the remaining $1000.

For a helpful tip to lower your homeowners insurance rates, check out this post .

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

The post Should I file a claim on my home insurance or not? appeared first on Chrinco .

Somebody ran into me and left the scene – will my insurance cover it?

Thu, 26 Jan 2017 18:34:00 GMT

Let’s say you’re sitting at a red light and someone runs into the back of your car and one of two things happens either the person who ran into you doesn’t have insurance or they left the scene of the accident. You call the police and file a report, but then what? Do you file the claim on your own insurance? Can you file the claim on your own insurance? Will your insurance company cover it? Will you have to pay a deductible? Will this affect your insurance rates?

Many times, people in this situation are hesitant to contact their insurance company for a variety of reasons – but to be fair, the insurance company will help you navigate your unfortunate situation. However, there are a few things to keep in mind.

1.You will need to have collision coverage on your policy for this situation to be covered by your insurance company.

Collision coverage is the coverage that pays for repairs to your own vehicle in the event of an accident – this includes not at fault accidents. If you’re not paying for this coverage as part of your policy, then you insurance company will not pay for the repairs to your vehicle.

2. Your deductible will apply.

For some reason, this always seems to surprise customers. When you purchased your policy and agreed to the deductible, you were saying to your insurance company that you would pay for repairs up to that amount and that you wanted your insurance company to cover anything above that amount. For example, you purchase a policy with a $500 collision deductible. If somebody

For example, you purchase a policy with a $500 collision deductible. If somebody runs into you causing $1000 in damage and leaves the scene of the accident, you will be responsible for $500 of the repairs and your insurance company will be responsible for the remaining $500.

3. Your insurance company will attempt to get your deductible back.

This process is called subrogation. If your insurance company knows who the at-fault party is they will attempt to get their money back and your deductible back as well. This situation generally comes up when somebody runs into you and they didn’t have insurance but they hung around long enough for you to exchange details. Be patient though….while most times the subrogation process is fairly swift, I’ve have seen it take almost a year. Keep in mind that the insurance company is attempting to get someone who didn’t pay their insurance to reimburse them for damages – not an easy task.

4. Your insurance rates shouldn’t go up.

If you haven’t filed a claim recently (generally three years is considered recent) then you shouldn’t be concerned about your rates going up. However, if you are a frequent claim filer then you may experience a rate increase at your next renewal or worse, you may get dropped. You may want to ask your insurance agent for some advice on this topic before filing the claim.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

The post Somebody ran into me and left the scene – will my insurance cover it? appeared first on Chrinco .

Want lower home insurance rate – here’s a tip…

Thu, 26 Jan 2017 16:57:00 GMT

Everybody would like lower home insurance, right? The thing is most people have a possible solution just a phone call away and don’t even know about it. While many people living in the coastal regions of Florida have already taken advantage of this simple insurance rate reduction tool, the fact is a large percentage of people living in the central part of the State have no idea that a simple report could literally save hundreds, and in some instances thousands, of dollars on their homeowners insurance.

What is this report? It’s called the Wind Mitigation Inspection

This is an inspection that will cost you around $75 to $150 and will indicate whether your home has certain wind mitigation features present. Things such as your roof’s shape, whether you have hurricane straps, whether you have rated storm shutters, and the type of nails used on your roof can all result in discounts.

If your home was built prior to 2001 and you do not have a wind mitigation report on file with your insurance company, your insurance company will assume that you have no wind mitigation features present in your home – i.e. default insurance rates. With the inspection, however, your insurance company will discount the hurricane portion of your insurance. I have personally seen insurance premiums cut in half after the inspection.

Who benefits from the Wind Mitigation Inspection?

If your home was built prior to 2001 and†you have replaced the roof on your home after 2001 then you should definitely call your insurance agent as you will most likely save quite a bit. Lastly, your insurance agent should be a good source for a reputable inspection company. Keep in mind that the inspector is required to be licensed by the State of Florida and he/she will need access to your attic. Your insurance agent can help ensure that you’re not hiring an unlicensed, or unscrupulous, inspector.

We’re building amazing technology that will simplify insurance shopping. Want to learn more – Click Here and let us know!

The post Want lower home insurance rate – here’s a tip… appeared first on Chrinco .

Do you need sinkhole coverage?

Wed, 18 Jan 2017 16:35:00 GMT

Sinkhole coverage in the State of Florida is an interesting coverage. It’s seemingly easy to understand what it covers….sinkholes….right? It’s actually a little more complicated than that. Sinkhole coverage is one of the few coverages that is potentially different than what most people perceive.

When you think sinkhole, do you think:

1. An abrupt collapse of the ground
2. A clear depression to the naked eye
3. Structural damage to your home including the foundation
4. Your home being unlivable and condemned by local authorities

If you answered yes to the above, then your homeowners insurance most likely has the coverage you desire without you adding the sinkhole endorsement to your policy. In Florida, a law change requires authorized insurers to include Catastrophic Ground Cover Collapse as a covered peril in the homeowners policy. But the catch is that for coverage to apply, all four above points must be met.

So what happens when only one, two, or three of the four items occurs? Well that’s when you need the sinkhole coverage endorsement. If you come home one day and there are cracks in your foundation and/or running up the walls but your home is still livable, your insurance company will not have to pay for the repairs unless you have the sinkhole endorsement added to your policy.

Lastly, keep in mind that adding sinkhole coverage isn’t always a cakewalk. Naturally, if you call your insurance company and ask to add sinkhole coverage, they’re going to wonder why. And depending on where you live in Florida, the insurance company may require a 30 day waiting period before coverage begins or perhaps even a satisfactory sinkhole inspection before allowing you to purchase the coverage.

If you think you’d be upset if your insurance company didn’t cover cracked walls, a cracked foundation and the like then call your insurance company straightaway and inquire as to whether you have the sinkhole coverage endorsement.

The post Do you need sinkhole coverage? appeared first on Chrinco .

Does the color of your car affect your insurance rates?

Wed, 18 Jan 2017 16:21:00 GMT

This is a great question and one I’ve heard countless times. While there is probably evidence to suggest that people driving in a red vehicle may be more prone to getting in an accident, the reality is that it’s not significant enough to factor into the insurance company’s rating models. Simply put, insurance companies are more concerned about you than they are about the color of your car.

Allow me to explain…

Insurance companies used risk based models to determine your insurance rates. They adjust your quote based upon the answers you provide to their questions. These questions are determined by their actuaries and are based upon loads of data compiled from the insurance company’s experiences with past customers among other things.

The variables insurance companies are typically concerned with are:

How many minor moving violations have you had recently?
How many major moving violations have you had recently?
How many insurance claims have you had recently?
Have you had any recent at fault accidents?
Where do you live?
How old are you?

The list goes on and on but you get the picture…..nothing about the color of your vehicle. So the next time you’re in the market for a new car don’t worry about color of the vehicle affecting your insurance rates. Insurance companies aren’t concerned and you shouldn’t be either.

The post Does the color of your car affect your insurance rates? appeared first on Chrinco .

Shopping for home insurance? Know your replacement cost!

Wed, 28 Dec 2016 19:56:00 GMT

Many times people begin shopping for homeowners insurance without a plan. They pick up the phone, call a few companies and simply ask for a home insurance quote. At Chrinco, we believe in equipping insurance shoppers so they not only know what coverages to ask for but also how much coverage to request.

Homeowners insurance is a fairly complex policy. With its many available coverages such as personal property, detached structures and loss-of-use coupled with its add-on coverages such as replacement cost versus actual cash value, it’s easy to lose your way in the myriad of choices and make your decision based solely upon price.

Homeowners insurance is not just about price. I have often said that homeowners insurance is all the same….until you have a claim. It’s when a claim is filed that most people find out what they’ve been paying for. At Chrinco, we strive to educate insurance consumers so they know what they’re buying before they stroke a check.

The next time you’re shopping for a home insurance quote there is one thing you must do before picking up the phone or filling in an online form. You must determine the replacement cost of your home. Not the market value; the cost to rebuild.

There are some serious repercussions for being underinsured when a loss occurs. Namely, your loss will not be fully covered even if it’s a partial loss. And while most insurance companies have safeguards to ensure you’re adequately covered at all times, there are some insurance companies out there that will allow your coverages to remain below desired levels.

Additionally, many of the ancillary coverages within a homeowners insurance policy are determined as a percentage of the replacement cost. Short change yourself in dwelling coverage and you will be short-changing yourself on other coverages as well.

The next time you looking to shop for homeowners insurance, remember to research the replacement cost of your home before looking for quotes. You will be a more informed consumer and will make a better buying decision as a result.

The post Shopping for home insurance? Know your replacement cost! appeared first on Chrinco .

The single best time to shop for car insurance

Wed, 28 Dec 2016 19:52:00 GMT

When you shop for car insurance, realize it’s more of a science than an art. Insurance agents plug your information into a computer which runs an algorithm and this algorithm generates a price. If two of the exact same people request insurance quote with the same coverages at the same time, they will get the exact same price. With this in mind, it’s important for people to know that there are certain times to shop for auto insurance to ensure you’re getting the best price available.

Many people shop their auto insurance at the absolute worst time. They get in an accident, experience a rate increase and this is when they decide to shop for better rates. Truth be told, they may actually find better rates. But keep in mind that within the algorithm that determines price is a variable regarding the customer’s driving history. If prior accidents are present, then the output is a higher quote. The best rates are not reserved for people with a recent ticket, accident or claim.

So when is the single best time to shop your auto insurance? Answer the below questions to find out:

If you answered yes to all of the above then you need to shop your insurance coverage. While we cannot guarantee you will be able to obtain a better rate, we can tell you that you have an extremely high likelihood of getting better coverage at a better price if you choose to shop now.

The post The single best time to shop for car insurance appeared first on Chrinco .

Page 13 – Chrinco

How do alarms affect insurance?

Are you underinsured on your home?

Home Insurance Claim Denial?

Auto insurance rate increases in 2022?

Mortgage company didn’t pay insurance?

What happened to flood insurance?

How is COVID affecting car insurance?

Want to go solar?

What is an HO6 policy?

Does home insurance cover lightning strikes?

How does reinsurance affect Florida home insurance?

Mortgage company ask for a replacement cost policy?

Is your detached garage covered?

Read this if you have had a recent Fire or Liability claim.

Have your home insurance rates increased?

Can I drop hurricane coverage from my home insurance?

Will installing a pool affect my insurance?

Does home insurance cover flooding?

Do home insurance claims affect my rates?

Can discounts be applied to home insurance mid-term?

Is home insurance all the same?

Non-Renewed? Read This

Placing your home into a Trust or LLC…..read this!

Will I get a refund if I cancel my insurance?

Is termite damage covered by home insurance?

Will polybutylene pipes prevent me from getting home insurance?

How to determine your auto insurance coverage….

What is an insurance score?

Is my home over-insured?

Does my home insurance cover golf carts?

Home insurance with a dog in the home?

Loss of Use coverage?

Planning a major remodel on your primary residence?

Can you insure a vacant home?

Is water backup covered by home insurance?

Are insurance companies OK with PEX plumbing?

Prior to Hurricanes, our #1 call is….

Hurricane prep? Don’t forget about your insurance.

Does your home insurance cover flooding?

Want cheaper home insurance? Look for these 3 things when buying a house.

Are slab leaks covered by insurance?

Are you changing the use or occupancy of your home?

Are septic tanks covered?

Buying a home with pending repairs?

Hit by an uninsured motorist?

What is wind driven rain?

Ever heard of the term subrogation?

What is builder’s risk home insurance?

Home insurance rates increased?

Does home insurance cover other structures on my property?

Home insurance claim check?

Ever wonder how long a home insurance claim stays on your record?

What is recoverable depreciation?

What do I do if I need more than $250,000 of flood insurance?

How are personal property claims handled?

Will my home insurance cover my car in a house fire?

Hail Damage? Here’s what you need to know.

Do you need flood insurance?

Looking to turn your primary residence condo into a rental?

Own an Older Home? Here’s something you need to know about home insurance!

Roofing material can affect home insurance!

Why do insurance companies not like trampolines?

Did you know that parking lot accidents account for nearly one in five auto insurance claims?

Does my home insurance cover my boat?

Buying a multifamily home? Read this first!

If you own a home, here is a tip just for you!

Are homes with flat roofs hard to insure?

Will I get dropped if I file a home insurance claim?

Why do I have Medical Payments on my home insurance?

Roof Shapes Matter with Home Insurance!

What is the 80% Rule for home insurance?

How to find the best insurance quote.﻿

Can I get home insurance if I own a Pitbull?

Will my insurance cover someone else if they drive my car?

Replacement Cost vs Actual Cash Value

What is an umbrella policy?

Changing home to a rental property? Read this first…

What is full coverage auto insurance?

Do I need condo insurance?

How to find the best insurance quote.