Homeowner’s Insurance May Not Cover Theses

Homeowner’s insurance

home

Your home will be one of the most significant investments you will ever make, both economically and emotionally. Your family will spend countless hours there, among some of your most prized possessions. In the event of any misfortune, let us give you the peace of mind knowing that you are well protected.

Here are a few things not covered under a standard home insurance policy.

Business Activities

If you run an in-home business, your homeowner’s insurance will not cover the liability arising out of running your business. Homeowner’s insurance will also not cover damaged property owned by the business. We recommend you purchase a business owners policy.

Your Sewer Backed Up

Torrential downpours could cause sewer backups into your drains and basements, causing thousands of dollars in damage. Most sewer backups, however, are not covered under a standard policy, nor are they covered by flood insurance. The good news: You may be able to purchase a separate rider for protection.

Certain Dog Breeds

Certain dog breeds are also sometimes not covered under your homeowner’s liability insurance. While the list varies by insurance carrier, breeds that are large or thought to be aggressive—like pit bulls, Rottweilers and German shepherds may not be covered under your policy.

Flood

All homeowner’s insurance policies do not cover damage resulting from flood. You will need to obtain coverage through the Federal Flood program.

Wear & Tear

Insurance is designed to cover unexpected accidents. If your carpet is worn out, that does not constitute a covered claim.

ATV, Boats And Other Motorized Equipment

Recreational equipment such as an ATV used in your own backyard is not covered. If you take that same ATV off of your property and sustain a loss it is also not covered under your homeowner’s insurance. These items require separate insurance and we can provide you with options.

Items You Borrow

If you borrow your neighbor’s boat for the day and damage it, your insurance may not the pay for the damage or liability. The same would hold true if you lent your boat to your neighbor. Your boat insurance would be the policy that responds, if you had one.

Please call our office today if you need to make any changes in your insurance program. As an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.

Amberg Insurance has been voted First Place for Best Insurance Agency and Best Agent by the Charlotte Sun Newspaper and First Place for ‘Harbor’s Hottest’ Insurance Agency by Harbor Style Magazine.

How Our Agents Help Save You Money

Your Personal Insurance

money

Our team of agents works very hard to make sure your premiums are as competitive as possible. There are many ways in which we help our clients keep insurance costs down. We also believe that it is equally important to have the right kind of coverage that meets your needs at a competitive price. 

Are you paying too much for your personal insurance? If you believe you are paying too much for your current insurance coverage, then the following suggestions may help you save money:

Auto Insurance Savings Tips

Ask about discounts

Most insurance companies offer discounts. While the availability of discounts will vary depending on your insurer, where you live, and whether you meet eligibility, make sure to ask if there are any discounts you can take advantage of.

Drive safely

OK, this one is obvious but true. Drivers with no accidents, tickets, or insurance claims, almost always pay less for their auto insurance coverage.

Good Grades 

Most insurance companies offer discounts to student drivers who have good grades.

Remove or reduce coverage on older vehicles.

If your car is getting up there in age, you may want to think about dropping the collision or comprehensive coverage (or both) on your policy.

Bundle your Services with one Agent 

Bundling your home and auto with the same agent often provides efficiencies in time and money.

Home Insurance Savings Tips

Raise your deductible

A deductible is the amount of money that you are responsible for paying toward an insured loss. The higher your deductible, the more money you can save on your premium.

Make your home more secure

Invest in a home security system. Having a smoke detector, burglar alarm or deadbolt locks on your home can earn you a 5% discount, depending on your insurer.

Bundle your insurance

Bundling auto and home insurance with the same company typically saves you 5% to 15% on your homeowners premium, according to data from the Insurance Information Institute. Again depending on your insurer.

Make improvements to your home

Updating your roof, furnace, water heater, or windows can help reduce your insurance cost.

If you’re a homeowner, your premiums could be quietly costing you more money than they should. The good news is that insurers provide relatively easy-to-obtain discounts that can shave money off your homeowner’s insurance premium.

Please call our office today if you need to make any changes in your insurance program. As an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.

Amberg Insurance has been voted First Place for Best Insurance Agency and Best Agent by the Charlotte Sun Newspaper and First Place for ‘Harbor’s Hottest’ Insurance Agency by Harbor Style Magazine.

A Personal Insurance Update

insurance

Every homeowner in needs competitively priced personal insurance. Personal insurance can be tricky especially if you take your advice from certain entertaining television advertisements.  Many of these ads make insurance buying sound as simple as getting a cup of coffee.  The problem with this kind of thinking is that if you do not know what kind of personal insurance you need, how can you know what kind of insurance to buy?

The good news is we are here to help you find the right combination of coverage, price, and service.  We can help you identify what kind of insurance you need, then get you the best coverage at an affordable price.  The last thing you want is to find out after you have a claim that you have no coverage for that claim.

We put together a short list of mistakes many people make when buying insurance.  We hope you will call our office to get a no-obligation personal insurance review.

Common Insurance Mistakes

  1. Not knowing the replacement value of your home. Many people don’t understand the difference between “market value” and “replacement value.” Market value refers to the value of your home for resale purposes.  Replacement value refers to the cost to rebuild your home from the foundation up.  Ask your agent to help you define what it might cost to rebuild your home using current new construction costs.
  • Assuming you have flood and earthquake insurance.  All personal insurance policies exclude flood damage and earthquake damage to your home and personal property.  We can provide you with a competitively priced option for both kinds of coverage based on your individual needs.  There is a 30 to 45 day waiting period before any flood insurance can go into effect.
  • Assuming that sewage backup is automatically covered under your homeowner’s insurance policy.  Sewer backup coverage can be added at a very low cost and is recommended.  Sewer backup usually is defined as being caused by issues with the sewer line outside of the home.
  • Setting your deductible too low.  Many people set their auto insurance or home insurance deductibles too low.  Often a small increase in deductibles can offer significant savings from year to year.  If you have a good claim or loss history, it will pay you to increase your personal insurance deductibles.
  • Failing to use an independent agent.  Independent agents, like our firm, can shop your insurance to dozens of insurers and work with you to find the best possible combination of coverage, price, and service.  We are also there to help you manage and process all your personal insurance claims. We work for you—not for the insurance company.
  • Paying premiums in monthly installments. If you are able to pay your insurance in full, it can save you as much as 5% off your premium, depending on the coverage and insurance company.  There are also billing fees that are added to monthly premium installments.
  • Buying insurance based on price alone. Low priced insurance is good, but it may mean that in order to get a low price, the company is offering limited coverage.  Low priced insurance is good at first, but if you have a claim and have to pay a large amount out of your pocket, it really is not low-cost insurance.  We also recommend looking to A.M. Best, J.D. Power and the Better Business Bureau for ratings on an insurance company’s financial strength, handling of claims, and customer service/business practices, respectively.  We can also help you better understand which company may be better for your individual needs.
  • Only purchasing the legally required amount of auto liability coverage. The minimum amount of insurance is just that—the minimum.  If you have a claim over the policy limit, you will be required to come up with the money to settle all claims against you, including attorney’s fees.   If you own property or have any investments like a 401K, we recommend buying auto liability limits above the minimum requirement.  If you want to save money, consider dropping collision and/or comprehensive coverage on older cars worth less than $1,000.
  • Not bundling your home and auto insurance. One very good way to reduce your personal insurance premiums is to bundle your insurance policies with one insurer. You also might consider combining your boat, RV or motorcycle with one insurer as well. Bundling can save you a lot of time when it comes to making claims. If a fire in your garage damages your car and motorcycle, one phone call can start both the homeowners and auto insurance claims.
  1. Thinking stay at home parents don’t need life insurance. Life insurance can be just as important for the stay at home parent as it is for the breadwinner. Think of the cost of all the activities a stay at home parent undertakes, and put a dollar amount to these.

Please call our office today if you need to make any changes in your insurance program. As an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.

Amberg Insurance has been voted First Place for Best Insurance Agency and Best Agent by the Charlotte Sun Newspaper and First Place for ‘Harbor’s Hottest’ Insurance Agency by Harbor Style Magazine.