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“Ask Jeff" is a weekly post made on the RyanAgency.com Blog.
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How Can I Determine if My Home is Properly Insured?
July 16, 2019
Is My Home Over Insured? Is My Home Under Insured?
Determining whether or not your house is over or underinsured starts with the “valuation” for your residence/dwelling. Let’s begin with some foundational information. Proper limits of coverage on the residence/dwelling starts with an understanding of the loss settlement provision your policy contains. Are your home’s losses paid based on?:
- Replacement Value (essentially the cost to rebuild)
- Actual Cash Value (essentially the cost to rebuild minus depreciation.
- Some other type of valuation.
- Location-based costs of materials and labor
- Square footage
- Year built
- Construction features
- Work with your agent or company representative and review your company’s replacement cost estimator. It is not uncommon for the details of your replacement cost guide to be inaccurate.
- This is the best way to resolve appropriate limits of coverage for your specific policy.
- Find a free replacement cost estimator and compare to your current limits. Here is one you could try: Cost to Build a Home
- Other Structures - 10 to 20% of the dwelling amount
- Personal Property - 50 to 70% of the dwelling amount
- Loss of Use/Additional Expenses - 20% (or more) of the dwelling amount
This article was originally published at https://www.quora.com/profile/Jeff-Ryan-24
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“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
