by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
Insurance is not a one-size-fits-all product. Policies can vary widely from company to company and even between individuals with the same provider. While this customization is excellent for those who take the time to get the right coverage, it can be disastrous for those who don’t. The effort you put into understanding your insurance needs can save you money now and protect you from financial disasters in the future. To help you avoid costly mistakes, we’ve compiled a list of the top 20 most expensive insurance mistakes you must avoid.
1. Fragmented Planning
Comprehensive planning is crucial to ensure all your insurance needs are met. Avoid relying solely on direct or captive agents who can only offer their own products. Instead, work with Page Insurance, which has a broad array of products from various insurance companies, providing you with a more comprehensive plan.
2. Insufficient Liability Coverage
Having enough property coverage but not enough liability coverage is a common mistake. Get an umbrella policy that adds at least $1 million in liability coverage to your existing policies to protect yourself from substantial financial losses.
3. Lapses in Coverage
Never let your auto or home insurance lapse. If you do, reinstate it right away and keep it in force. Lapses in coverage can make it more challenging to obtain insurance or increase your premiums in the future.
4. Misplaced Loyalty
While some insurance companies offer loyalty discounts, shopping around every few years is essential to ensure you’re getting the best deal. With Page Insurance, you can easily switch companies anytime you want, and we’ll proactively suggest it when we find something better for you.
5. Overlooking Regional Insurance Companies
Regional insurance companies can offer excellent coverage and pricing, but gaining access to them can be challenging. Page Insurance can help you navigate your choices among all these companies, ensuring you only work with the best.
6. Assuming Coverage
Don’t assume your policy covers everything. When in doubt, ask. Page Insurance is here to help you get clarity on your coverage.
7. Not Updating Policies
Life changes and your policies should change along with it. Review your policies at least annually to ensure they still meet your needs.
8. Not Checking with Page Insurance
You haven’t truly shopped for insurance until you’ve checked with our team at Page Insurance. We have no salespeople, offer zero-pressure assistance, and strive to provide objective advice. Let us help you get the coverage you need with less hassle and headache.
9. Underinsuring Your Home
Ensure that your home insurance policy covers the total cost of rebuilding your home, not just its market value. This prevents you from being underinsured in the event of a disaster.
10. Skipping Renters Insurance
Don’t assume your landlord’s insurance covers your personal belongings if you rent. Get renters insurance to protect your possessions from theft or damage.
11. Ignoring Flood Insurance
Even if you don’t live in a high-risk flood zone, consider getting flood insurance. Flooding can happen anywhere and cause significant damage.
12. Overlooking Discounts
Ask your insurance agent about discounts you may qualify for, such as bundling policies, good driver discounts, or safety features on your car.
13. Not Reviewing Your Auto Policy
Review your auto policy regularly to ensure you have adequate coverage and aren’t overpaying for unnecessary add-ons.
14. Buying the Cheapest Policy
While saving money is essential, choosing the cheapest policy might leave you underinsured. Work with Page Insurance to find a policy that balances coverage and cost.
15. Failing to Document Personal Property
Document your personal property with photos or videos and keep an inventory to ensure you have accurate records in case of a loss. This documentation will make filing a claim much more manageable.
16. Not Insuring Your Home-Based Business
If you run a business from your home, make sure to inform Page Insurance. Homeowner’s policies typically don’t cover business activities, and you may need additional coverage to protect your business assets and liability.
17. Not Updating Beneficiaries
Life events like marriage, divorce, or having children can change your beneficiary needs. Review and update your life insurance beneficiaries regularly to ensure your loved ones are protected.
18. Skipping Umbrella Insurance
Umbrella insurance provides additional liability coverage beyond your standard policies. It can protect your assets in case of a significant claim or lawsuit. Consider adding umbrella insurance to your insurance plan.
19. Opting for Low Deductibles
While low deductibles can be tempting, they can lead to higher premiums. Consider choosing higher deductibles to save on your insurance premiums, but ensure you can afford the deductible in case of a claim.
20. Not Understanding Your Policy
Take the time to read and understand your insurance policy. If you have questions or need clarification, reach out to Page Insurance. It’s crucial to know what’s covered and what’s not before you need to file a claim.
Avoiding these 20 costly insurance mistakes can save money and protect your financial future. At Page Insurance, we’re here to help you navigate the complexities of insurance and find the best coverage for your unique needs. Don’t wait for a disaster before realizing your insurance plan isn’t up to par. Reach out to our team of experts today, and let us help you find the perfect insurance solutions for your life.
Click here to have us shop for you and find the best deal.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by John Page | Feb 11, 2022 | Insurance Tips & Tricks
Don’t Assume Your Homeowner’s or Renter’s Insurance Covers All Your High-Value Items
Many people assume that their standard homeowner’s or renter’s insurance policy covers all their possessions, including high-value items. However, this is often not the case. Most policies have sub-limits on various types of high-value items, meaning that the coverage provided may not be enough to fully protect your valuable possessions. In this guide, we’ll help you understand the unique challenges in insuring expensive items, common mistakes people make, and how to ensure your treasures are adequately safeguarded.
Understanding Sub-Limits and the Need for Additional Coverage
Sub-limits are the maximum amounts that an insurance policy will pay for specific categories of items, regardless of their actual value. For example, a policy might have a $2,500 sub-limit for jewelry, meaning that if you have a $5,000 necklace, only half of its value would be covered. To ensure your high-value items are fully protected, you may need to consider additional coverage options.
Types of High-Value Items
- Jewelry and watches
- Fine art and antiques
- Collectibles (coins, stamps, etc.)
- Designer clothing and accessories
- High-end electronics and equipment
- Rare and vintage vehicles
Common Mistakes in Insuring High-Value Items
- Underestimating the value of possessions: It’s easy to overlook the true worth of your belongings, especially if they’ve been in your possession for a long time. Always have your high-value items appraised to ensure accurate coverage.
- Relying solely on standard home or renter’s insurance: As mentioned earlier, standard insurance policies often have limitations and exclusions for high-value items, which may leave you underinsured.
- Failing to update appraisals and coverage: The value of certain items can fluctuate over time. Regularly updating appraisals and adjusting coverage accordingly is crucial for adequate protection.
- Not maintaining proper documentation: Keep detailed records, receipts, and appraisals of your high-value items to streamline the claims process in case of loss or damage.
Review Your Current Policy and Take Inventory of High-Value Items
Start by reviewing your current homeowner’s or renter’s insurance policy to understand its coverage limits and any sub-limits that apply to your high-value items. Next, take inventory of your valuable possessions, noting their estimated values and any existing documentation, such as appraisals or receipts. Consider using a secure cloud-based spreadsheet and recording a video of your possessions for easy access and additional documentation.
Consulting with Your Insurance Agent
Once you have a clear understanding of your current coverage and an inventory of your high-value items, consult with your insurance agent to discuss any gaps in coverage. They can help you determine whether you need to update values, ensure replacement cost coverage, and include mysterious disappearance coverage for items that may be lost without a clear cause.
Obtaining Additional Coverage for High-Value Items
There are two main options for obtaining additional coverage for your high-value items:
- Scheduled personal property endorsements: This option allows you to add coverage for specific items to your existing homeowner’s or renter’s policy, with coverage amounts based on appraised values.
- Valuable items insurance policies: These standalone policies are designed specifically for high-value items and can provide broader coverage than a standard home or renter’s policy.
Compare options and costs with your insurance agent to determine the best solution for your needs.
Appraisals and Documentation
Obtaining accurate appraisals for your high-value items is essential for ensuring adequate coverage. Even if your insurance company doesn’t require an appraisal, it’s still a good idea to have one. Accurate appraisals help you avoid over-insuring (and overpaying for) items or being underinsured in the event of a loss. Update appraisals regularly, as the value of some items may change over time. Be sure to maintain detailed records, including receipts and appraisals, for each high-value item.
Tips for Protecting Your High-Value Items
- Safeguarding items with proper storage: Store your valuable possessions in a secure location, such as a safe or safety deposit box. This not only protects your items from theft or damage but may also qualify you for discounts on your insurance premium.
- Installing security measures: Implement security measures, such as alarm systems and surveillance cameras, to further protect your valuable items.
- Regular maintenance and care: Take care of your high-value items by cleaning and maintaining them regularly, and ensuring they are stored in appropriate conditions to prevent damage.
- Keeping an up-to-date inventory: Regularly update your inventory of high-value items, including any new acquisitions, to ensure your coverage remains adequate.
Filing a Claim for High-Value Items
In the event of loss or damage to your high-value items, follow these steps:
- Report the incident: Notify your insurance provider as soon as possible, providing them with details of the loss or damage.
- Provide documentation: Submit any relevant records, receipts, and appraisals to support your claim.
- Work with an experienced insurance provider: An insurance agent with expertise in handling high-value item claims can guide you through the process and help ensure a fair and efficient resolution.
It’s crucial not to assume that your standard homeowner’s or renter’s insurance policy provides sufficient coverage for your high-value items. Review your current policy, take inventory of your valuable possessions, and consult with an experienced insurance agent to ensure that your treasures are adequately protected. By taking these steps, you can have peace of mind knowing that your most cherished belongings are safeguarded.
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the clients in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, and traveling with his wife and three kids, who are the loves of his life. John is a big hockey fan who loves rooting for the local Idaho Falls hockey team.
by John Page | Feb 10, 2022 | Insurance Tips & Tricks
Embarking on the Journey of Homeownership
Congratulations on your decision to buy a home! Homeownership is a significant milestone; there’s so much to look forward to as you make your house a home. However, with this new chapter comes added responsibility, and one of the most critical aspects of homeownership is having the right insurance coverage to protect your investment. In this blog post, we’ll guide you through home insurance and share some essential tips and insights to ensure you have the coverage you need.
Understanding Home Insurance: Covering the Basics
Before we dive into the details, let’s start with the basics of home insurance. A standard home insurance policy typically consists of several types of coverage, each designed to protect different aspects of your home and belongings.
- Dwelling Coverage: Protects the structure of your home and any attached structures, such as a garage, in the event of damage or loss due to covered perils.
- Other Structures Coverage: Protects detached structures on your property, like a shed or detached garage.
- Personal Property Coverage: Covers your personal belongings, such as furniture, appliances, and clothing, against damage or loss due to covered perils.
- Loss of Use Coverage: Helps cover additional living expenses if your home becomes uninhabitable due to a covered loss.
- Personal Liability Coverage: Protects you and your family members against liability claims resulting from injury or property damage to others.
- Medical Payments Coverage: Helps cover medical expenses for guests injured on your property, regardless of fault.
The Importance of Adequate Liability Coverage
One aspect of home insurance that many first-time homebuyers may overlook is the importance of having adequate personal liability coverage. This coverage protects you and your family from the financial burden of potential lawsuits resulting from injuries or property damage to others. To illustrate the importance of having sufficient liability coverage, let’s take a look at a couple of real-life examples:
- A homeowner’s dog bites a neighbor, resulting in severe injuries that require multiple surgeries and ongoing rehabilitation. The neighbor’s medical bills and lost wages quickly exceed $300,000.
- A visitor slips and falls on an icy walkway at a homeowner’s property, suffering a traumatic brain injury. The visitor’s medical expenses, long-term care, and lost income amount to over $1 million.
In both cases, having at least $300,000 in liability coverage and a $1 million umbrella policy could help protect the homeowners from significant financial loss. These examples demonstrate that even though such incidents may seem unlikely, preparing for worst-case scenarios is essential.
Working with Loan Officers and Realtors for a Smooth Closing
At Page Insurance, we understand the importance of working closely with your loan officer and realtor to ensure a smooth closing. One essential document that loan officers often request is a “binder,” which proves your home insurance coverage. We’ll work with your loan officer to provide the necessary binder, ensuring all the required coverage is in place for a seamless closing process.
Home Warranties vs. Home Insurance
It’s crucial to understand the difference between home warranties and home insurance. While home insurance covers damages to your home and personal belongings due to covered perils, a home warranty is a service contract that covers the repair or replacement of essential home systems and appliances that break down due to normal wear and tear. Home warranties can provide added peace of mind, especially for first-time homeowners who may not be familiar with their new home’s maintenance and repair needs.
Common Insurance Mistakes to Avoid
First-time homebuyers can sometimes make mistakes when it comes to home insurance. Here are some common pitfalls to avoid:
- Not scheduling high-value items: If you have expensive items such as jewelry, artwork, or collectibles, you may need additional coverage, known as “scheduling,” to ensure they are adequately protected.
- Not getting enough liability coverage: As discussed earlier, adequate liability coverage is crucial. Consider at least $300,000 in coverage and the possibility of an umbrella policy.
- Not understanding that flooding from the outside is usually excluded: Standard home insurance policies typically do not cover flooding from external sources like heavy rain, snowmelt, or irrigation water. You may need separate flood insurance for such events.
- Not being aware of policy limits and exclusions: Take the time to review your policy thoroughly with your agent to understand any limits or exclusions that may apply.
- Not considering term life insurance: Term life insurance can provide financial security for your family in the event of your untimely passing, helping to pay off the mortgage and other expenses.
Interesting Home Insurance Statistics
Now that we’ve covered the importance of adequate liability coverage let’s look at some interesting statistics related to home insurance. Please note that these figures are just averages, and many claims can be much higher. When considering your insurance coverage, preparing for worst-case scenarios, not just averages is essential.
- Approximately 1 in 20 insured homes annually have a liability claim (Insurance Information Institute).
- According to the Insurance Information Institute, about 6% of insured homeowners file a property damage claim yearly.
- Approximately 98% of personal liability claims are due to dog bites, slip-and-fall accidents, and defamation (Insurance Information Institute).
- The average cost of a dog bite liability claim is around $$45,000 (Insurance Information Institute).
- A study by CoreLogic found that 60% of homes in the United States are underinsured by an average of 20%.
- Fire and lightning claims are less frequent but tend to be the most costly, with an average claim cost of around $75,000 (Insurance Information Institute).
- In a recent survey, 85% of homeowners said they understood their insurance coverage, but only 30% could correctly answer basic questions about their policies (Insurance Information Institute).
Navigating the world of home insurance as a first-time homebuyer can be overwhelming, but with the proper knowledge, you can protect your investment and enjoy peace of mind in your new home.
Ready for a quote? Click here.
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the client in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, traveling with his wife and three kids, and cheering on the local Idaho Falls hockey team. His family and passion for sports bring joy and balance to his life.
by benpage1974 | Feb 10, 2022 | Insurance Tips & Tricks
Congratulations on reaching the milestone of retirement! I sort-of know what it feels like now that I’m nearing 70. This stage of life brings excitement, anticipation, and possibly some concerns. You might have yet to think much about your insurance needs during retirement. While you’ve likely set up insurance coverage long before now, reviewing your insurance as you transition into retirement is essential.
Adapting Your Auto Insurance
As a retiree, your driving habits may change, potentially impacting your auto insurance. Here’s what to discuss with your agent:
- Less mileage: With no daily commute, you might qualify for lower rates based on reduced mileage.
- Defensive driving class: Some insurers offer discounts for seniors who take a defensive driving course.
- Higher deductible: It might lower your premium if you can afford a higher deductible.
- Occasional use vehicle: If you have a car you rarely drive, explore options to maintain adequate coverage while potentially saving money.
Remember, maintaining adequate liability limits is crucial to protect your financial well-being.
Home Insurance Considerations
Paying off your mortgage is a significant achievement, but it doesn’t mean you should cancel your homeowners’ insurance. Here are some points to consider:
- Keep your policy in force: Your home, belongings, and personal liability coverage are still essential, even without a mortgage.
- Review your coverages: Assess whether your policy limits are sufficient and your possessions are accurately accounted for.
- Travel plans: Will you be traveling more during retirement? Discuss how this might impact your coverage needs with your agent.
The Snowbird Lifestyle
If you plan on spending months away from home each year, consider the following:
- Coverage while you’re away: Ensure your home and belongings are protected during your absence.
- Auto insurance at your destination: Discuss with your agent how to maintain proper coverage for your vehicle(s) while you’re away.
- Different state regulations: Ensure you understand insurance requirements in the states you visit.
Reevaluating Life Insurance
Assessing whether life insurance is still necessary for your circumstances is essential during retirement. Consider the following questions:
- Would your spouse or dependents face financial hardship if you passed away?
- Are all your debts paid off?
- Have you set aside funds for funeral expenses?
- Would your estate trigger tax burdens for your family?
- Do you have enough savings to support your spouse and dependents for 10, 20, or 30 years?
Long-term Care Insurance
Planning for long-term care is an essential part of retirement. Long-term care insurance can protect your assets, savings, and inheritance, but planning early is crucial. Some points to consider:
- Different care options: Long-term care ranges from hourly in-home assistance to full-time nursing home care.
- Costs: Long-term care expenses can vary greatly depending on the type and location of care.
- Self-insurance: You may self-insure if you have sufficient funds and assets to cover long-term care costs.
- Marital status: The decision to purchase long-term care insurance may differ if you’re single or married.
Working with Professionals
Retirement is a complex phase of life, and it’s essential to work with professionals to navigate the insurance landscape:
- Insurance agent: Consult your insurance agent to discuss your changing needs and adjust your coverage accordingly.
- Financial planner: A financial planner can help assess your financial situation and recommend insurance strategies.
Reviewing and adjusting your insurance policies can save money and ensure you’re well-prepared for the future.
Remember, it’s essential to work closely with your insurance agent (we’re here!) and financial planner to make informed decisions about your coverage. They can help you navigate the complexities of retirement and provide tailored advice based on your circumstances.
With the right insurance strategy, you can enter your retirement with confidence and peace of mind, ready to enjoy this new chapter in your life. Maybe I’ll see you out on the golf course!
Ready to explore options with the Page team? Click here.
Sid Page, the founder of Page Insurance, has over 40 years of experience in the industry. After working as a captive agent for a leading insurance corporation, he established Page Insurance in 1998. Specializing in Property & Casualty and Life, Health, and Disability insurance, Sid has received numerous awards for his client-first approach and community involvement. Passionate about meeting new people, Sid enjoys golfing, fishing, and spending time in the Tetons. He cherishes his family, including his wife, sons at Page Insurance, and beloved grandchildren.
by benpage1974 | Feb 10, 2022 | Insurance Tips & Tricks
Buying your first car is an exciting and significant milestone in life. I still remember when I bought my first car – a Pontiac Fiero. I was only 14 and didn’t yet have my drivers license – so I’d drive it around in circles in the back yard. The excitement comes with the responsibility of understanding the car-buying process and securing the right insurance coverage. This guide is designed to walk you through everything you need to know, step by step, as a first-time car buyer with zero experience with insurance.
Preparing to Buy a Car
First, you need to set a realistic budget. Consider not only the purchase price of the vehicle but also ongoing costs such as maintenance, gas, and insurance. Research different makes and models, comparing fuel efficiency, safety ratings, and reliability. Understanding your financing options is crucial, so compare interest rates, loan terms, and fees from various sources. Decide whether a new or used car is right for you, and test drive several vehicles before deciding.
Understanding Car Titles
When buying a car, you’ll come across different types of titles which provide information about the car’s history. A clean title indicates that the vehicle has never been in a major accident or experienced significant damage. A salvage title is issued when a car has been deemed a total loss by an insurance company due to severe damage or theft. A rebuilt title is assigned to a vehicle previously given a salvage title but has since been repaired. These title types can affect insurance rates and coverage options, so be aware of the implications before purchasing.
Understanding Car Insurance
The importance of car insurance cannot be overstated. It helps protect your financial well-being, ensures you comply with state laws, and provides peace of mind. Here’s a breakdown of the main types of car insurance coverage:
- Liability Coverage: Mandatory in most states, liability coverage is essential to protect you from financial fallout if you’re found responsible for an accident. It covers both bodily injury and property damage:
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- Bodily Injury Liability: This covers medical expenses, lost wages, and legal fees if you injure someone in an accident. It is expressed as two numbers, such as 50/100, which means $50,000 per person and $100,000 per accident in coverage.
- Property Damage Liability: This covers damage to someone else’s property, typically their vehicle, but it can also include buildings, fences, or other structures. The third number in the 50/100/50 example represents property damage liability, with $50,000 in coverage per accident.
We recommend a minimum liability coverage of 300K combined single limit, which means bodily injury and property damage are covered under a single limit of $300,000, without separate limits per person or accident. This provides more flexibility when allocating the coverage amount between bodily injury and property damage claims. We also encourage everyone to consider an umbrella policy for times when this isn’t enough.
- Physical Damage Coverage (sometimes called ‘full-coverage’): Protects your vehicle from collision events and non-collision incidents like theft, vandalism, or natural disasters. This coverage includes:
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- Collision: Covers damage to your car resulting from a collision with another vehicle or object. A deductible applies- the amount you’ll pay out-of-pocket before your insurance kicks in. Typical deductible options are $500 or $1,000.
- Comprehensive: Covers damage to your car caused by events other than collisions, such as theft, vandalism, fire, or natural disasters. Like collision coverage, a deductible applies, and you can usually choose the deductible amount based on your preferences and budget.
- Uninsured/Underinsured Motorist (UM/UIM) Coverage: Protects you if you’re involved in an accident with a driver without insurance or insufficient coverage. It covers medical expenses and property damage. We strongly recommend always matching UM/UIM coverage with your liability limits and never going without it. It’s very inexpensive and incredibly valuable. Be cautious of companies that cut this coverage to appear cheaper – this is not a smart trade-off.
- Medical Payments (MedPay) / Personal Injury Protection (PIP): Pays for medical expenses for you and your passengers, regardless of fault, after an accident. It may also cover lost wages and other related expenses.
- Optional coverages: These additional coverages can provide extra protection and peace of mind:
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- Rental Reimbursement: This covers the cost of a rental car while your vehicle is being repaired after a covered accident.
- Roadside Assistance/Towing: This provides help if your vehicle breaks down or you need assistance, such as towing, jump-starts, or tire changes.
- GAP Insurance: This covers the difference between the amount you owe on your car loan and the vehicle’s actual cash value if it’s declared a total loss after an accident. We recommend considering GAP coverage to anyone who might be upside down on a loan.
By understanding these coverages, combined single limit, deductibles, and how they are represented in your policy, you can make more informed decisions when purchasing car insurance and ensure you have the protection you need.
Saving on Insurance Premiums
To save on insurance premiums:
- Shop around and compare quotes from different providers.
- Contact us at Page Insurance if you live in Idaho, Utah, or Wyoming; we offer personalized service and access to multiple insurance carriers.
- Bundle your policies to get discounts, choose a higher deductible, and maintain a good driving record.
- Take advantage of any discounts you may qualify for, like good grades or safe driving courses.
Insurance and Parents’ Policies
As a first-time car buyer, you may wonder if you can be listed on your parent’s insurance policy or if you need your own. This depends on factors such as the ownership of the car and the insurance company’s rules. You can sometimes be added as a driver on your parents’ policy, which may result in lower premiums. However, if you own the car, you may need your own insurance policy.
Factors Affecting Insurance Rates
Insurance rates can be affected by your age, driving experience, vehicle type, location, and credit history, among other factors. Younger drivers and those with less experience typically have higher insurance rates due to a higher risk of accidents. Living in urban areas with more traffic and crime may also result in higher premiums. The car’s make, model, and age can affect your rates, with expensive or high-performance vehicles costing more to insure. Maintaining a clean driving record and good credit can help keep your rates low.
Co-signing Considerations
If you need a co-signer for your car loan, it’s essential to understand the pros and cons. Co-signing can help you secure a loan if you have limited credit history, but it also places responsibility on the co-signer if you fail to make payments. Consider alternatives to co-signing, such as saving for a larger down payment or working on building your credit before purchasing a car.
Purchasing Your Car
When you’re ready to buy your car, be prepared to negotiate the price. Review and sign paperwork carefully, ensuring you understand all the terms and conditions. Register the vehicle with your state’s Department of Motor Vehicles (DMV) and secure the appropriate license plates.
Preparing for the Road
Before hitting the road, create an emergency kit for your trunk that includes a first aid kit, flashlight, jumper cables, and a tire inflator. Familiarize yourself with essential vehicle maintenance, such as checking oil, tire pressure, and coolant levels. Practice safe driving habits, like obeying traffic laws, avoiding distractions, and being cautious in adverse weather conditions.
Handling an Accident
If you’re involved in an accident, remain calm and follow these steps:
- Check for injuries and call 911 if necessary.
- Move your vehicle to a safe location, if possible.
- Exchange information with the other driver, including names, contact details, insurance information, and license plate numbers.
- Document the scene by taking photos and getting witness statements.
- Report the accident to your insurance company and follow their instructions on filing a claim.
The journey to becoming a car owner is both exciting and filled with responsibility. By understanding the car buying process, securing the right insurance coverage, and practicing safe driving habits, you’ll be well-prepared for this new chapter in your life. Remember, when you’re ready to start a policy or need help finding the best coverage, don’t hesitate to contact us at Page Insurance. We’re here to help you every step of the way.
When you or your parents are ready to get a quote, click here.
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the client in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, traveling with his wife and three kids, and cheering on the local Idaho Falls hockey team.
by John Page | Feb 10, 2022 | Insurance Tips & Tricks
So, you’ve been binge-watching every episode of Joanna Gaines’s home makeover show, and now you’re thinking, “Hey, I could do that!” Who wouldn’t want to transform their home into a magazine-worthy oasis? Well, hold onto your sledgehammer for a moment because, before you go all DIY superstar, there’s one crucial thing to consider: insurance. But don’t worry; we’re here to guide you through the ins and outs of insurance concerns related to remodeling. After all, we want your home improvement journey to be as smooth and stress-free as possible!
Understanding Your Homeowners
Insurance Coverage Your standard homeowner’s insurance policy may provide some coverage during a remodel, but it could be limited. Discuss your plans with your insurance agent to ensure you have adequate coverage for your specific project. They can help determine if additional coverage, such as a builders’ risk policy, is necessary.
Common Insurance Mistakes to Avoid
When remodeling your home, avoiding common insurance mistakes can save you time and money. Some pitfalls include:
- Not updating your insurance policy to reflect your home’s increased value after the remodel
- Failing to verify your contractor’s insurance coverage
- Forgetting to obtain the necessary permits for your project
Hiring a Contractor vs. DIY Remodel
Deciding whether to hire a contractor or tackle the remodel yourself? Both options have their pros and cons. Hiring a contractor can save you time and stress, but it’s crucial to ensure they have proper insurance coverage, including:
- Workers Compensation: Covers workers injured on the job
- General Liability: Covers injury or property damage the contractor may cause
- Builders Risk: Covers damage to your home and materials, including those not yet installed
On the other hand, DIY remodeling can be a fun and rewarding experience but comes with risks and insurance implications. We’ll dive into these considerations in this section.
Verifying Contractor Credentials and Insurance
If you hire a contractor, verify their credentials and insurance coverage. Ask for proof, called a certificate of insurance, and request that it be sent directly from their agent. This way, you can be confident that it’s legitimate. A trustworthy contractor will be more than happy to provide this information.
DIY Remodel: Ensuring Proper Permits and Coverage Going the DIY route?
Before starting:
- Check with your city or county to ensure you have the proper permits.
- Consult your insurance agent to determine the right coverage for your project.
- Remember, a DIY remodel means you’re solely responsible for the work, so it’s essential to be adequately protected.
Updating Your Homeowners Policy After the Remodel
Once your remodel is complete, it’s time to revisit your homeowner’s insurance policy. You may need to adjust your coverage limits based on the new materials, furniture, and valuables added to your home during the project. Make sure to inform your insurance agent about the completed updates, so they can help you adjust your policy accordingly.
Remodels That Could Save You Money on Insurance
Did you know that specific updates might save money on your homeowner’s insurance? Upgrades like new plumbing, heating, electrical systems, a new roof, security systems, or other safety features could lead to discounts on your policy. It’s worth discussing these potential savings with your insurance agent!
Real-Life Stories:
The Importance of Proper Insurance During a Remodel These stories illustrate the importance of having the right insurance coverage during your home remodel, whether hiring a contractor or going the DIY route:
Sarah’s Story: Sarah hired a contractor to renovate her kitchen, but the contractor accidentally damaged a water pipe, causing extensive water damage to her home. Luckily, Sarah had verified that her contractor had General Liability insurance, which covered the cost of the repairs.
- John’s Story: John decided to tackle a bathroom remodel himself. While working on the project, he discovered hidden water damage and mold. Because he had discussed his DIY project with his insurance agent beforehand, John was prepared with the proper coverage to handle the unexpected issue.
- Lisa’s Story: Lisa and her husband remodeled their beautiful backyard, including a new deck and landscaping. After the project, they remembered to update their homeowner’s insurance policy, ensuring their increased property value was adequately covered.
These stories emphasize the value of proper insurance during a remodel and the importance of working with your trusted insurance experts at Page Insurance.
Well, We wish you all the best in your remodel! Joanna and Chip make it look easy… Whatever the case, following this guide and consulting with your trusted insurance experts at Page Insurance, you can focus on creating your dream home while being confident that you’re adequately protected. Remember, the team at Page Insurance is always here to help you navigate the complexities of insurance coverage during a remodel. So, reach out to us with any questions or concerns. Happy remodeling!
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John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the client in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, traveling with his wife and three kids, and cheering on the local Idaho Falls hockey team.
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