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Find all of the answers you need at http://www.personalinsuranceanswers.com/.

All the same great content, but on our own site.  Ask questions and get answers to your personal insurance questions without wasting a lot of time.

If you don't see the answer to your question submit it to us and we'll respond. Chances are someone else has the same questions.

See you there.

Why am I paying more for car insurance after being hit?

It's not fair.  You didn't do anything wrong except being in the wrong place at the wrong time.  So why are your insurance rates going up?  It wasn't you that just rear-ended the car in front of you, or merged into a lane with other cars in it.  You're the victim.....in more ways than one.

Auto insurance carriers have developed intricate and sophisticated computer programs that analyze everything.  Credit, driving record, location and gender are just a few of the factors that go into a rate. The predictive modeling done by insurance carriers tells them exactly how much they have to charge a particular driver in order to make enough money to cover all expenses, claims, marketing and profit they have in their budgets.

One factor is Not-At-Fault accidents.  The computer says drivers that have been in a not-at-fault accident are statistically more likely to get into an At-Fault accident.  It's apparently just math.  And it's not fair to a lot of drivers.  But it is understandable on some level.  For instance, it's probably more likely that an aggressive driver will get hit by another car because of how they drive...changing lanes, speeding up and slowing down, etc...  A defensive driver, on the other hand, is probably more reliable and predictable.  They don't follow too close, they don't stop short that often and they change lanes only when necessary.

All of this means you have to be very careful about what gets reported to your insurance company when you're not at fault in an accident.  If you can be reasonably assured you'll get a proper settlement with the other driver's insurance than that may be the best choice.

Your agent should have a quick conversation with you about what to do in the case of an accident or claim so you can make an educated decision.  If not, you're probably not getting the service you deserve.

How do you prove what you lost?

Can you remember everything you owned, where you got it and what it cost?  Those are some of the questions you'll need to answer if you want to take advantage of your insurance policy's Replacement Cost for your personal property.

After a loss, most insurance companies will give you a check that covers the Actual Cash Value (aka: depreciated value) of your personal property (couches, TV, clothes, etc...)  In order to get the full replacement cost you have to re-buy the stuff.  However, many companies want to have some idea of what was in your home before you replace an Ikea couch with something from Ethan Allen.

It's a good idea to take pictures of your home.  Get a snapshot or two of each room and then put the images somewhere safe OUTSIDE OF YOUR HOME.  It's a whole lot easier to prove what you had (and what you didn't, i.e. original Picasso) and it should only take you a matter of minutes.

Contact us for more good ideas that aren't that exciting, but really do make sense.

Insurance a must in the dorms

If you're counting on your parents insuranc to cover you in your dorm, or in your apartment at school, it may not cover everything you think.  Small property claims (i.e. stolen/misplaced laptop) aren't really covered because most of the time they won't be more than the deductible your parents carry on their house.

Read this article for more information.

Insurance a must in the dorms

There are also niche programs that offer what you need.  Like this one:
https://www.gallagherkoster.com/students/student-personal-property/

How Personal Injury Claims are Evaluated

So you were hit by another vehicle and were injured in the accident. Now what? Hopefully none of us will ever be in this position! Just in case, here's a great article that explains how personal injury claims are evaluated to help you be well informed if you ever find yourself in this position.

http://www.accidentattorneys.com/resources/accidents/accident-claims/how-personal-injury-insurance-claims-evaluated

When my car gets hit, when does it get fixed?

One of the stickiest situations for an insurance agent is when their client gets into an accident and it's the other person's fault.  Why, you ask?  Because any report, of any kind, to your own insurance company becomes part of your driving history.  So you're at the mercy of the other party's insurance carrier, and that's where things can get ugly, or usually just slow.

I'll explain more after the jump.

A Few Tricks to Keep Your Treats

Halloween is quickly approaching! Here is an article to help keep everyone safe this Halloween.

http://www.suite101.com/content/halloween-safety-tips-for-homeowners-a147959

My apartment is ruined. Now what?

What happens after there is a covered loss at your apartment?  Half of your stuff is undamaged, but the landlord says you can't live in the building while the damage is being fixed.  What happens next?

If you have renters insurance then you're probably in luck, there is coverage for the extra expenses you incur after a loss.  On most policies it's called "Loss of Use".

Porch Collapse

Here's a question that came into our inbox regarding the liability faced by having a porch at your apartment/condo....

Hi Dan:

I was listening to the radio as I was driving home last night and there was a story about a Chicago apartment's porch falling and injuring 10 people. Who would be liable in this case? Would it be the landlord since it's their property or could the renter be held liable as well? I have a porch and entertain quite often so I want to make sure I'm insured properly.

Thanks!

Condo Insurance FAQ

Across the broad spectrum of personal insurance policies and quotes you'll find homeowners on one end and renters on the other. Somewhere in themiddle is condo owners insurance.  You're responsible for more than just your contents, but for less than you would be if you owned a single family home.

There are a lot of ins and outs, so we'll tackle the most common questions and differences here.

Wear and Tear Not Covered

Prior to entering the insurance industry, I thought insurance covered any and all claims resulting from a loss. Boy was I wrong!

I was scanning the internet this morning and came across the blog linked below by Ryan Hanley of New York. The blog discusses wear and tear not being covered under your Homeowners Policy. I recommend you all take a look at this post as it provides helpful insight on what perils are covered and provides a great example of wear and tear on property.

http://www.ryanhanley.com/2010/09/10/wear-and-tear-is-not-covered/

Have Some Valuables? Personal Articles Coverage

Here's a question that came into Personal Insurance Answers:

I'm a 25 year old girl who my family finds to be picky and tough to buy for. Therefore, my family has resorted to purchasing jewelry for Christmas and birthdays as an easier solution. They know I'll like it, which I always do!

I've accumulated quite a collection over the years. So how do I insure my jewelry properly? Is it insured on my Renters/ Homeowners Policy under contents? How do I place a value on my grandmother's jewelry, that, in my eyes, is irreplaceable?

Personal Insurance Answer(s):

Your Homeowners Policy can provide some coverage, but with deductibles and limitations. A Personal Articles Policy might be a better option because it can provide the additional coverage that may be needed. Besides jewelry, Personal Articles Policies can also cover furs, cameras, musical instruments, golf equipment, fine arts, collectibles, sports equipment, and computer equipment.  It can be written as part of a homeowners/renters policy or it can be written separately. All the details of that are here.

Needless to say, I purchased a Personal Articles Policy to cover my valuables and have recommended my friends to do the same!

Auto Insurance: Rental Reimbursement

A common option on most auto insurance policies is something called "rental reimbursement" or "extended transportation expense".  Basically they help pay for a rental car should you not be able to use your own car. Typically the coverage is for 30 days, and the policy will give you a per day allotment ($30 or $40).

However, that doesn't mean you always get up to 30 days to rent a car when you don't have access to your own.  If you car is totalled in an accident you may have as few as five days of rental coverage before you're on your own.

Think about it, you've just been in an accident that damaged your car so much that the insurance company has deemed it a total loss.  You reported the claim, waited for the adjuster to make his decision and then realized you needed to start car shopping.  The clock is running.

This probably differs from company to company, but just be aware that you probably don't have a lot of time to make a decision.

Ask your agent for more information on your specific policy because you might be surprised.

Dan

4 Items to Consider Prior to Remodeling

As the housing market continues to struggle Americans are finding it difficult to sell their homes. Off hand, I know 3 individuals that have had their homes on the market for over a year and have not had any potential buyers! They've tried everything. Hiring real estate agents, professional cleaners, and finally, remodeling, my friends are feeling the pain of their hard earned cash escaping their pockets.

Sinking more money into the existing home in hopes of making their home more attractive to home buyers can be a great solution. Sometimes, however, remodeling is not the route to go. Here are 4 things you should consider before remodeling your home.

http://www.usatoday.com/money/economy/housing/2010-08-27-personalfinance27_ST_N.htm

Going Hybrid is Going Green (in a weird way)

Back when hybrid cars first hit the market there was a certain type of person that was attracted. For the most part, they were environmentally friendly and aware, they were defensive drivers on the road and they actually got credits on their insurance policies because they were "safe" drivers compared to the rest of us.

Not any more.  I've been hearing this talked about for a couple of months, but hadn't seen it actually proven, other than some insurance company underwriters making jokes.  I just read an article from Insure.com that makes the case that, for insurance purposes, driving a hybrid car will cost you money.

If you don't drive a hybrid you can laugh and exclaim "I knew it!"  If you do drive a hybrid feel free to tell yourself that you're not one of the problems.

http://www.insure.com/car-insurance/hybrid-drivers-social-responsibility.html

Enjoy.

Auto Insurance After a DUI

Hopefully it's something that you'll never have to deal with...getting insurance after being convicted of Driving Under the Influence (DUI).  It's not impossible, but it will almost certainly cost more and will mean moving your insurance to another carrier.

In most cases, after your day in court, in order to drive at all you need to have an SR-22. That's the form name for a "statement of responsibility" or in other words a document from an insurance carrier to the government saying you've got coverage.  It's the form required when you've lost your regular driving rights and that can happen for more than just a drinking-related offense.

After a conviction, or sometimes just the ticket itself, you might be non-renewed from your current carrier.  You'll then need to find something else quickly.  We use Progressive Insurance. They are a very good company that, to my knowledge, will take all comers.  Yes, it will be more expensive, but that was a foregone conclusion.

It's also possible that nothing will happen and your carrier doesn't find out about the incident. That depends on the state and insurance company as some carriers will do periodic motor vehicle record checks on existing insureds and some don't.

Either way, the sooner you speak with your agent the better because this process does take some time.  If you have more detailed questions about your situation or if you have more information you'd like to share please post in the comments section.

Replacement cost increases? In this market?

There is a battle being waged everyday in the offices of independent agencies across the country over what is commonly known as "inflation protection".  The idea is that a personal homeowners policy will increase the replacement value of a home year-over-year to keep up with perpetually rising costs.

Then came 2007, 2008, 2009 and now 2010, when if you've picked up a newspaper, turned on a TV or listened to the radio you would have heard something about the housing market and it's not so sunny outlook. We'll lay out the reasoning behind both arguments and discuss how that effects homeowners insurance quotes, premiums and rates.

Replacement Cost vs. Market Value

In homeowners insurance there is a constant question between insured and carrier about the amount of insurance on a home.  Insurance carriers want to insure a home for its reconstruction cost, the actual price of materials and labor to rebuild the home.  The homeowner typically thinks of his home's value in terms of market value. And while there are certainly some commonalities between the two...they are separate concepts.  We'll explore the relationship between Replacement Cost vs. Market Value next...

Take Action! after a water loss

We get dozens of calls a year from people with water problems...water in the basement, sump pump failures, leaky roof, damp walls, etc.....  There are a few action steps that people should take immediately to minimize the damage.  We are going to detail some of the most important first steps on this blog that should help you and minimize your insurance loss.

Travel Insurance

Travel insurance takes many forms and has many variations, so how do you know which one is right for you?  Not to throw more questions at you than answers, but the answer is "it depends."  You need to ask yourself a couple of questions first....

-What am I spending on the trip?
-Is any of the cost of the trip refundable?
-Are we going somewhere with access to decent medical care?
-Do I need coverage for my belongings?
-What happens if I have a pre-existing condition.

Here's an article from the New York Times that hits on these points and more.

http://travel.nytimes.com/2010/06/20/travel/20prac.html?ref=travel

I work with a company called Travel Guard that has customizable solutions for whatever you want. The cost ranges from about 4% of the trip cost to 25%.  Please note that if you buy this through a travel agent, they will probably give you a comprehensive option that has a whole lot more add-ins than you want or need.

Call me if you have questions.