Home renovations can be a time-consuming and complicated process. There is a saying in renovations: It always takes twice as long and costs twice as much as initially quoted by the contractor. This could be due to changing the scope of your renovation during the process, uncovering unforeseen issues behind the walls like structural damage or electrical wiring that isn’t up to code or perhaps your contractor inadequately estimating the project timeline and costs upfront.
These tips can help you protect your investment and feel more secure during the renovation process:
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Most of us approach home renovations with an eye for design and modern features without considering how we can ensure the best outcome and stay safe. Learn how your insurance coverage could be impacted by home improvements and renovations, what you should report to your agent and how Nationwide Private Client can respond.
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Why it’s better to buy when you are young?
Not that long ago, I was in my early 20s, healthy and single. No children depended on me. And purchasing life insurance was the last thing on my mind.
But that quickly changed, in a way I could have never expected.
Download the attached PDF to read the full story.
If you have your eye on expenses, you may be tempted to trim your auto insurance bill by dropping or lowering your coverage—especially if you have not recently had a claim. Dropping some of your coverage—like comprehensive or collision—to the lowest legal level can cut your premium, but it could also put you at serious risk.
Study the following guidelines and work with Preferred Insurance Services, Inc. to ensure that the coverage you purchase is enough to protect your assets.
Which Coverage Do I Need?
An automobile insurance policy is designed to provide you with a level of protection against property, liability and medical costs if you are involved in an accident.
- Property coverage pays for damage to or theft of your car.
- Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
- Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
- Under-insured motorists coverage pays for property damage and bodily injury caused by another driver whose coverage is insufficient to cover damages suffered.
Selecting the correct liability limits is fundamental. 100/300/50 means you are covered for up to $100,000 in bodily injury coverage per person, $300,000 in bodily injury coverage per accident and $50,000 in property damage per accident.
Many states have minimum liability limits of 25/50/10, although some states are higher or lower than this. While it may lower your premium, reducing your liability limits to minimum legal levels and dropping under-insured motorists coverage could open you up to substantial risk.
Collision Insurance—Know the Worth of Your Car
Your policy will not pay for repairs that exceed the value of your vehicle. For this reason, if you are driving a vehicle that isn’t worth more than a few thousand dollars, it may not make sense to purchase collision coverage. Preferred Insurance Services, Inc. can help you determine whether or not collision insurance makes sense for you.
Protecting Your Well-being
There are many reasons to buy insurance, but the best one is the financial security it provides. You insure yourself to protect your assets. A large accident could easily exceed low insurance limits, putting your house, savings and investments at risk. If you’ve dropped underinsured motorist coverage, you could be risking even more. Accidents happen to cautious drivers, too, and having adequate insurance can save you from serious financial burden should one happen to you.
We can help you determine which automobile insurance coverage is needed and what limits to buy. Contact Preferred Insurance Services, Inc. at (703) 359-5910 today to discuss your options.
Best Ways to Save on Your Premium:
- Consider raising your deductible
- Keep up your good driving record
- Drive less to qualify for a low-mileage discount
- Drive a car with safety features such as anti-lock brakes, airbags, etc.
- Install an anti-theft device
- Ask about our multi-policy discounts
Selecting Liability Limits
Most states require car owners to purchase a minimum of bodily injury and property damage liability insurance. In the event of a serious accident, you want enough insurance to cover a judgment against you in a lawsuit, without jeopardizing your personal assets, such as your home and savings.
By purchasing liability limits to account for both your current assets and future net worth, you can help protect yourself against this risk. We will help you select limits that meet your unique needs.
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Are You Putting Yourself and Others At Risk Due to Driver Distractions?
When was the last time you talked on your cell phone while driving or ate behind the wheel? If you are like many drivers, you have made it a habit, putting yourself and others at risk and possibly breaking the law. Here are some tips for playing it safe and avoiding driver distractions.
Dangers of Multi-tasking at the Wheel
While there may be little you can do to control another person’s driving, you can certainly control your own distractions. To minimize your risks while driving, avoid:
- Talking on a cell phone or texting
- Touching up makeup or hair in the rearview mirror
- Tending to smoking materials
- Adjusting the radio
- Reading directions or operating a GPS
While many drivers’ attention may be diverted as a result of multi-tasking behind the wheel, nothing tops the cell phone as a driver distraction. Many drivers use their cell phones to turn their cars into mobile offices, to catch up with friends and loved ones, or to simply squeeze more “productive” time into their day.
Cell phone use is especially dangerous because drivers typically cannot divide their attention between the road and their conversation or text. Even if you use a hands-free device, you risk being distracted and inattentive.
It’s Against the Law
Many states have laws outlawing the use of cell phones and texting while driving. To avoid a ticket and a potentially dangerous accident, do not use your cell phone in any capacity while driving. If you must make a phone call or text, pull off the road safely and then do so. No message is more important than saving someone’s life.
In addition to avoiding distractions, give driving your full attention by driving defensively to minimize your risk of an auto accident. Driving defensively means being aware of the movement of drivers around you and making adjustments to your driving accordingly.
Staying safe behind the wheel is simple. The two best strategies to beat auto accidents due to driver distraction while driving are:
- Avoid any activity that diverts your full attention from the road, and
- Drive defensively!
What Protection Does Renters Insurance Offer?
Just because your landlord has coverage doesn’t mean that you do, too. In most cases, your landlord’s insurance policy covers only structural damage to the building itself. If the structure goes up in flames, your landlord’s coverage would include repairs to the building, but not reimburse you for your possessions.
Renters insurance provides protection against both property loss and liability in the event that you cause injury or property damage.
Renters insurance covers your possessions against damage for things such as fire, smoke, lightning, vandalism, theft and water damage—but not flooding—to name a few. It also extends beyond on-premise theft and hazards, covering property that is stolen from your car, or lost or damaged anywhere you happen to be. There are two personal property coverage options to choose from: replacement cost value or actual cash value. We recommend insuring your personal property for its replacement cost value so that you can replace yesterday’s purchases at today’s prices.
In addition to protecting your personal property, renters insurance also protects you in the event that you are responsible for injury or property damage to others. That means you’ll likely be protected if someone slips and sprains their ankle at your annual birthday bash. Liability also provides coverage for legal defense costs and judgments in a lawsuit, whether the incident occurred within your rented residence, or elsewhere.
Is Renters Insurance Coverage Affordable?
Because renters insurance covers only the value of your belongings, not the building, the premium is relatively inexpensive. For about the same cost as going to the movies once a month, you can gain peace of mind, regardless of life’s unexpected mishaps.
We’re Here to Help!
Contact us at (703) 359- 5910 to learn more about all of our personal risk management and insurance solutions for your home, auto, and life.
You and your family probably spend a considerable amount of time in your home, playing in the backyard and driving to school or work in your car. Your house and automobile are two of the most valuable purchases you’ve made, and it makes sense that you want to protect your home and automobile with insurance coverage.
Download the attached PDF to learn more.
There is a growing trend in the number of motorcycle fatalities and accidents each year, making motorcycle safety a real concern for riders.
Download the attached PDF for some basic tips to help you arrive at your destination…safely.
Like many industries, the world of insurance has its own unique set of vocabulary to describe its products.
Download the attached PDF to help you understand the terminology used in a life insurance policy.
A condominium/co-op insurance policy is designed specifically to meet your unique homeowner needs, including coverage for your personal possessions, structural improvements made to your living space and additional living expenses incurred due to an accident.
Read more by downloading the attachment.