Insurance Tag

17 Oct 2016

A discussion about deductibles

If you have any kind of insurance - and who doesn't - you have likely paid or at least, discussed a deductible with your insurance provider. The basics are pretty easy to understand: You, as the policyholder, agree to pay a certain amount or percentage toward the overall claim paid by your insurer. In the case of auto or home insurance, the amount of your deductible usually ranges from a few hundred to a few thousand dollars. But why do deductibles exist anyway? It's a matter of shared risk. The insurer pays the claim, and in turn, you are rewarded with a lower insurance premium. Generally, the higher the deductible, the lower your premium cost. While it may not seem like much,...
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22 Aug 2016

Does your college student need insurance?

If this month’s plans include sending a child off (or back) to college, our thoughts are with you. This is an exciting – and emotional – time for both parents and students. But between selecting the right meal plan, decorating a dorm room or apartment and shopping for the latest technology, it’s important to take a moment and consider the security of your student’s personal belongings. Today’s college students take everything to campus – from computers, tablets and printers to flat-screen televisions, video gaming systems and cameras. And that’s just technology. Factor in furniture, sports equipment, bicycles, musical instruments, textbooks, room décor, bedding, clothing, designer shoes, jewelry and accessories – and you’re talking a pretty hefty haul. According to the National Association of...
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13 Jul 2016

Wedding Day Blues

wedding cake
You've planned and planned for your special day so everything would be just right. On average, the cost of wedding festivities, clothing, travel and photography is about $26,000. But then the day comes and it's a disaster. Your reception venue is flooded and your out-of-town guests and your photographer are stuck halfway across the country because the airport is closed, due to a hurricane. But fear not. A wedding disaster can be fixed – at least financially – if you have prepared in advance. It's called wedding insurance. And while it can't fix everything (or cold feet before you reach the altar - more on that later), it can provide financial protection and reimbursement for expenses incurred if you have to cancel or...
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27 Jan 2016

It’s Time for Your Insurance Check-up

Has the New Year brought a fresh resolve to get the things done you’ve been putting off? Does making a maintenance appointment for your car, or seeing your doctor for a check-up come to mind? While making all those other appointments, you may want to schedule an insurance check-up while you’re at it. Life events Your life, health and personal insurance could be affected or need adjustment by many things that can occur in the course of a year. That’s why we recommend that you review your insurance coverages annually. Is that new car covered at the limits you need? Have you gotten married or moved into a new home? Did someone get some jewelry over the holidays that needs extra insurance? Are...
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16 Dec 2015

‘Tis the Season for Giving

It’s the time of year when many of us will be receiving things that sparkle or fun new gadgets to play with. But before you get too excited about your gifts, take the time to make sure they are properly insured. Often it is assumed that items such as jewelry, artwork, antiques, furs and cameras are automatically covered to their full value under the homeowner’s policy. In most cases coverage for items such as these is limited, and you need to have special coverage to cover them to their full value. A personal articles policy will provide the specialized coverage you need. In case of a covered loss, this specialized coverage allows you to recover the value of the insured item.  When...
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13 Nov 2015

Oh Deer!

I love our house. It’s back off the road in what I call the “country,” and on any given night, you can see stars for miles. We live on a few acres of land, and it suits us better than the hustle and bustle of city living. But there’s one big drawback: deer. While these seemingly gentle creatures are beautiful and carry with them a sense of quiet magic, deer plus country roads plus vehicles equals a deadly combination. In the Unites States, there are more than 1.5 million deer-related car accidents each year. That’s over 1.5 billion in damages! And it’s not just the country roads are a susceptible to deer collisions. It’s not unusual to see deer near major highways, residential subdivisions...
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5 Feb 2014

The Allen Tate Family of Companies: Part 2

As I previously wrote when I introduced you to Allen Tate Mortgage, “family” is a powerful word. These are the people that help you feel secure … people you can count on. But it can also mean a non-familial group that provides assistance and protection. That is the inclusive family I think of when I think of the “Allen Tate Family of Companies.” Another Allen Tate family member you should know is Allen Tate Insurance. Now, I know that insurance is one of those things you buy and hope to never use. But few things can give you more peace of mind than knowing that you and your family are properly protected in the event of something bad happening. Allen Tate Insurance...
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9 Dec 2013

It’s the most wonderful time of the year

The holidays are one of my favorite times of year. I get to spend extra time with friends and family, my home feels a little cozier with all of the decorations, and my daily drive to work is filled with holiday music that brings a smile to my face. During this special time of year, I have the joy of hosting my family. I love Rockin’ around the Christmas Tree with them, and I can spare myself a Blue Christmas knowing that I have a homeowners insurance policy that would cover me should Grandma get run over by a reindeer or someone gets decked while decking the halls. A homeowners insurance policy can include personal liability coverage, usually up to $500,000 or...
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4 Oct 2013

Avoid Forced Placed Insurance Coverage on Your Home

Home closings are stressful enough, but if you aren’t prepared with your insurance coverage in place on the big day, your stress level may be just the beginning of your problems. When a bank is offering a mortgage on a home, they require it to be insured to protect their interest in the property. I repeat – They are protecting THEIR interest and investment, not yours. When insurance is not in place at closing, the lender will purchase insurance on your behalf, which is referred to as “forced placed” coverage. This cost is then added your mortgage payment. The key thing to remember in this situation is that the lender only insures your property for the amount they would need to recoup...
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28 Aug 2013

Does My Credit Affect My Insurance Prices?

credit scoreTo the typical consumer, insurance rates and credit score probably seem completely unrelated.  Who would think that the price you pay to insure your home, autos, and personal property would be directly related to your credit?

As a 30-year veteran of the insurance industry, I’ve personally seen the ebbs and flows of the business. It’s been interesting to observe how insurance companies choose their individual philosophies on how to succeed and take care of their clients, but also how they figure out the cost of that service and product.

In the last decade, the relationship between credit scoring and insurance pricing has come to the forefront of the industry. And as with any controversy, you have people on both sides of the topic.

Despite personal opinions, the simple truth is that most insurance companies and actuaries have found mathematical links between the credit score and insurance pricing. Because of this information, companies can better determine the profitability of a risk and an insured client’s likelihood to file a claim.