The Importance of Renters Insurance

If you live in a rental home or apartment, chances are you don’t have the proper insurance. Even Uncle Jesse & Joey needed renters insurance!! Despite the fact that rented homes are more likely to be burglarized than owner-occupied properties, nearly 60 percent of renters don’t have a renters policy.

Why does it matter?

“If you rent a house or apartment and think that your landlord is financially responsible when there is a fire, theft or other catastrophe—think again,” warns the Insurance Information Institute*. “Your landlord may have insurance to protect the building you are living in. But your landlord’s policy won’t replace your personal possessions or pay for your living expenses while the building is being repaired. The only way to protect yourself financially against disasters is to buy a renters insurance policy.”

Renters insurance covers your possessions, liability and additional living expenses. Let’s take a look at these three types of protection:

Possessions

Standard renters insurance protects your personal belongings against damage from fire, smoke, lightning, vandalism, theft, explosion, windstorm, water and other disasters listed in the policy. Floods and earthquakes are not covered.

To decide how much insurance to buy, you need to know the value of all your personal possessions—including furniture, clothing, electronics, appliances, kitchen utensils and even towels and bedding. The easiest way to figure this out is to create a home inventory, a detailed list of all of your personal possessions and their estimated value.

There are two types of renters insurance policies for your possessions:

• Actual Cash Value pays to replace your possessions minus an amount for depreciation (the reduction in the value of items due to age and use) up to the limit of your policy.
• Replacement Cost pays the full cost of replacing your possessions (with no deduction for depreciation), up to the limit of your policy. The price of Replacement Cost coverage is about 10 percent more than Actual Cash Value coverage, but can be well worth the additional cost. 

Note that a standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.

Liability

Standard renters insurance policies also provide liability protection in the event you or members of your familiar cause injury to others or damage their property.  It also pays for damage your pets cause.

If you are sued, the liability portion of a renters policy may pay for both the cost of defending you in court and for court awards, up to the limit of the policy. Liability limits generally start at about $100,000. Your policy may also provide No-Fault Medical coverage. If visitors are injured in your home, regardless of fault, you can submit their medical bills directly to your insurance company. You can generally get $1,000 to $5,000 worth of this coverage. It does not however, pay medical bills for your own family or your pets.

Additional Living Expenses

Many people are pleasantly surprised to learn that Additional Living Expense (ALE) coverage is typically included in a renters insurance policy. If the home or apartment you are renting is damaged or destroyed and you need to live elsewhere while it is being repaired or rebuilt, renters insurance will cover your additional living expenses—namely the difference between your regular living expenses and the additional costs incurred by having to live away from your home, such as hotel bills, temporary rentals, restaurant meals, etc. 

Need help deciding what coverage is best for you? Contact us today at (925) 447-2565 or visit our website at www.genemorganinsurance.com.  Please note we are only authorized to do business in California.

Preparing an Effective Evacuation Plan

We have seen the recent headlines of the destructive fire in Arizona and the families who have been evacuated from their homes. In the event of a sudden emergency such as a wildfire, you may have just minutes to gather your family and important papers, and get out of your house, possibly for good. Are you prepared? With preparation and practice, you stand the best chance of getting out with what you and your family need, and ending up in the right place. Planning ahead is crucial; this five-step plan can help get you and your family on the road to safety.

1. Arrange your evacuation ahead of time. Identify Where you can go in the event of an evacuation. Try to have more than one option: the home of a friend or family member in another town, a hotel or a shelter.
2. Create a home inventory. A home inventory will help ensure that you have purchased enough insurance to replace your personal possessions. It can also speed the claims process.
3. Plan what to take. Medicines, bottled water, flashlights & batteries, special items for infants or elderly or disabled family members, computer or laptop, photographs, pet food.
4. Gather important documents. Keep important documents in a safe place that you can access easily (insurance policies, prescriptions, birth & marriage certificates, passports, drivers license and social security cards).
5. Take the 10 minute challenge. To find out if you are ready, do a real-time test. Give yourself just 10 minutes to get your family and belongings into the car and on the road to safety.

Auto Insurance Fraud is Costing Policyholders Millions

During these uncertain times it is no surprise that fraudulent insurance claims are on the rise. Criminals are staging accidents to collect on innocent victims insurance policies, which is costing policyholders and insurers millions of dollars every year. That is why it is important that you stay informed and know exactly what to do at the scene of an auto accident.

The National Insurance Crime Bureau (NCIB) noted that “fraudulent automobile accidents occur more frequently in urban areas, where there is a greater number of vehicles, and in wealthier communities because drivers there are perceived to have better insurance coverage.”

Some examples of staged accident scenarios are as follows:

• Side Swipe: Typically occurs at busy intersections with dual left turn lanes. The criminal positions his vehicle in the outer lane. As soon as the victim’s vehicle drifts into the outer turn lane, the criminal side-swipes it.
• Drive Down: In this scheme, the victim merges his vehicle into traffic after being motioned to do so by the criminal. As the innocent driver begins to merge, the criminal speeds up and causes a collision. When questioned, the criminal denies motioning the victim to merge into traffic or gives excuses.

For additional information on typical staged accidents and warning signs that fraud is being perpetrated please visit www.iii.org.

It is recommended that you take notes at the scene of an accident. Generally, the back of your insurance ID card should give you some tips of what information to get, but if it does not, note the following:

• The names and addresses of all drivers and passengers involved
• License plate numbers
• Make and model of each vehicle
• Drivers license numbers
• Insurance Information
• Names and addresses of witnesses
• Names and badge numbers of police or emergency personnel

Be sure that your entire family knows what to do in the event of an accident to protect yourself and your assets.

Tips For Making Sure You Are Properly Covered For A Disaster

This year has already seen multiple earthquakes, tornadoes, and a tsunami that rocked the world. Extreme weather is as terrifying as it is uncontrollable. That is why it is so important to make sure your home is properly covered in the event of a natural disaster. According to Marshall & Swift 59% of today’s homes are underinsured by an average of 22%.

Homeowners should be sure to update their insurace regularly to include improvements, alterations, additions, and increased rebuliding costs. Many consumers confuse the real estate value of their homes with what it would cost to rebuild. In reality the cost of materials has gone up not only because of the devastation from last years storms, but because of increased global demand.

Here are a few things to consider when evaluating the cost to rebuild your home:

• Replacement Cost – Most policies cover replacement cost for damage to the structure. A replacement cost policy pays for the repair or replacement of damaged property with materials of similar kind an quality.
• Extended Replacement Cost – Provides additional percentage of insurance coverage over the amount that you carry for your structure. This can be critical if there is a widespread disaster that pushes up the cost of building materials and labor.
• Inflation Guard – Automatically adjusts the rebuilding costs of your home to reflect changes in construction costs.
• Ordinance or Law – In the event of a loss, you may be required to rebuild your home to meet new building codes (indoor fire sprinklers, etc.). This coverage provides a specific amount towards these costs.
• Water Back-Up – Insures your property for damage from sewer or drain back-up.
• Flood Insurance – Standard homeowners policies do not have coverage for floods. Coverage is available through the National Flood Insurance Program as well as other private insurers.

Additionally, you should be sure you have enough coverage to replace your possessions. Maybe conduct a home inventory to get an idea of how much coverage you should have.

Another thing to think about is additional living expenses. If you have to move out of a home due to a covered loss you could be out for months. Ask your agent how much coverage you have, and if you can increase it if need be.

The Insurance Information Institute (www.iii.org) has many helpful articles for disaster preparedness. Check their website to see information on evacuation plans, and protecting against certain disasters.

Call your agent today to review your homeowners insurance!

May 15-21 is National Dog Bite Prevention Week

Owning dogs is a fun and rewarding experience, however, if not dealt with responsibly, dogs can become a tremendous liability.

“Dog bites accounted for more than one-third of all homeowners insurance liability claims paid out in 2010, costing nearly $413 million, according to the Insurance Information Institute”

Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I said “The average cost per claim has risen over the last eight years which can be attributed to increased medical costs as well as the size of settlements, judgments and jury awards given to plaintiffs, which have risen well above the rate of inflation in recent years.”

Your homeowners liability typically covers dog bites, as long as your dog is not a restricted breed. Ask your insurance agent for information on a list of unacceptable dog breeds. If a liability claim exceeds the limit of liability on your homeowners policy, the dog owner is then personally reponsible for all damages above that amount, including legal expenses. An analysis of homeowners insurance data by the I.I.I. found that the average cost of dog bite claims was $26,166 in 2010. While most homeowners insurance policies carry liability limits of $100,000 up to $500,000  it isn’t a bad idea to get an umbrella policy, which will provide you excess liability starting at $1 million in the event a claim exceeds your underlying limit. Considering the rise in medical and legal costs many people find it prudent to purchase the umbrella to protect their assets in the event they are sued.

So, if you are a dog owner make sure you know all the facts. Protect yourself as well as others, because even the most docile dog may bite when it is frightened or provoked. Call your insurance agent today and snuggle up with your pup tonight knowing you have the knowledge and protection you need!!

It’s Almost Boating Season… Don’t Let Insurance Sink Your Summer Fun!

As we get closer to summer, boat owners should all be assessing their insurance needs if they do not carry boat insurance already.

If you have a boat, you need boat insurance.  Some people assume their homeowners’ policy is all they need to protect their boat. Not true. Typically, homeowners policies limited coverage for boats and may not cover injuries or accidents while you’re on the water. To make sure you’re covered for boat injuries, theft and damage, buy a watercraft insurance policy.

Tune ups aren’t just for cars.  When you’re out on the water, make sure your gas tanks are vented and bilges are free of vapors, oil, waste and grease. Carry a fire extinguisher and keep it charged.

Have your boat’s operating systems checked at least once a year by a certified marine technician. The Coast Guard Auxiliary and United States Power Squadrons also offer free vessel safety checks. For information, go to http://www.vesselsafetycheck.org.

Eight out of 10 boating fatalities happen with untrained captains on the wheel. Experts say most boating accidents could be prevented by an experienced driver. Make sure anyone who drives your boat is properly trained. You also can qualify for discounts on your boat insurance by completing a safety course with the Coast Guard Auxiliary or U.S. Power Squadrons.

Life preservers aren’t just for kids. Hundreds of people drown in boating accidents every year – and nearly all of them were not wearing a life jacket. It’s not enough to just have life jackets on board – you must wear them. In an accident, people rarely have time to reach for a life jacket. The rule applies for adults, too; more people in their 30’s die in boating accidents than any other age group. New lighter, more comfortable and attractive life jackets available today, making it even easier to get passengers to suit up.

Live in California and want a boat insurance quotation?

We can help!! Call (925) 447-2565 or visit our website at http://www.genemorganinsurance.com to request your free, no-obligation boat insurance quote. We represent many companies that offer excellent boat insurance coverage, including Progressive, Safeco, and Allied insurance.

May 1-7 is Declared Wildfire Awareness Week in California

If you live in California, you live in an area prone to wildfire. Are you prepared?

Governor Brown has declared May 1st-7th Wildfire Awareness Week. To help promote it, here are some tips to be sure you are adequately covered for a wildfire; as well as suggestions to reduce your potential loss should you become victim to a wildfire.

Know what your insurance covers and how much you need. Your homeowners’ insurance policy will cover repair or rebuilding cost. If you can’t live in your home, it should also pay additional living expenses. Your insurance policy will also pay to replace your personal belongings that were damaged in the fire. Review your policy to verify you have these important coverages.

It is important that you review your insurance policy once a year to make sure you have enough coverage to rebuild based on current construction costs. We recommend you work with an independed appraiser to get a precise estimate, and make sure you talk to your agent about your home’s unique and special features.

You CAN reduce the chance of losing to a wildfire. No building is fireproof, but there are steps you can take to better the chances when wildfire strikes.

1. Remove or prune low hanging tree branches.
2. Cut grass and weeds regularly and keep your roof and yard clean.
3. Define your defensible space: a 30-foot, non-combustible zone around your home.
4. Choose fire-resistant plants and trees.
5. Stack wood piles or other burnable materials at least 30 feet from your home or other buildings on your property.
6. Keep signs and addresses visible so firefighters can easily locate your property.
7. Rate your roof – is it fire resistant?
8. Recycle yard debris and branches instead of burning.

When a wildfire strikes, protect yourself and your family. If a wildfire starts in your area, monitor local news reports for evacuation procedures. Prepare for evacuation by turning off gas valves and pilot lights, closing all windows and doors and packing your car for quick departure, if there is time and it is safe to do so. Return to a burned area only when local authorities have instructed you to do so.

Want to review your current homeowners’ policy or get a new quote? Call (925) 447-2565 to speak to an agent, or submit your information to us on our website at www.genemorganinsurance.com!

Have You Heard? Pt. 2!

“Karla knows who I am and always gets right back to me when there are questions.” -Joyce D. from Livermore, Ca

“Everything is taken care of with one phone call and in a professional manner. Karla is a great agent!” -Jerry C. from Pleasanton, Ca

“Great service overall. Any changes/questions/ additions are very easy transactions.” – Brooke H. from Brisbane, Ca

“Low price and great service! Great agent – honest – great communication.” – Steve B. from Pleasanton, Ca

“All the staff and owner were most pleasant to do business with. Also, they were highly recommended!” – Brian A. from Livermore, Ca

“Very problem attentative with any questions. Most questions or information needed are answered or looked up at time of phone call. Can get answer immediately.” – Gloria B. from Oakley, Ca

“Terrific efficiency. Always knows me. Always prompt & no mistakes. Great at reminding me of all my needs! Michelle Morgan is #1 with me!” – Susan C. from Oak Hills, Ca

We would like to thank all our wonderful clients who have such great things to say about our agents.

You’re No Kid, And That’s No 10-speed

As the weather gets warmer outside most motorcycle riders are beginning to ride more often. Now is the best time to review your motorcycle insurance to make sure you are properly covered! In addition, please take note of the below important safety tips to keep you safe on the road!

Nine out of 10 motorcycle accidents involve untrained riders. When you’re controlling this much force, it’s essential to have complete command of your machine. More than 90% of riders involved in accidents haven’t taken a formal motorcycle driving course.

Know your bike’s capabilities – how it performs in a curve or on slick roads and how quickly it can stop. Errors like overbraking, driving too fast or undercornering are major factors in many solo accidents.

Most insurance companies offer discounts to riders who attend the Motorcycle Safety Foundation’s safe riding courses or are active in one of the 25 approved groups that promote safe riding. Do both those things and you can reduce your premium significantly!

In a crash, the SUV wins. When cars and motorcycles collide, it’s usually because the driver of the car failed to see the cyclist. With more SUV’s on the road, it’s even more critical to take extra steps to become more visible. Use your headlamps – both night and day – and wear yellow, red, or orange jackets to make yourself easy to see. Make a point of positioning yourself in your lane of visibility.

Remember: Ride sober. Driving impaired is more deadly for bikers than other drivers. In fact, more than half of all motorcycle deaths occur when the rider has been drinking.

No one’s too old to wear a helmet. A motorcycle rider not wearing a helmet is five times more likely to sustain a critical head injury in a crash. Buy a full-faced helmet for the best protection for your head and eyes. Wear other protective gear as well: heavy leather or synthetic gloves, long pants and jacket and over-the-ankle leather boots.

This advice applies to ALL riders – not just teenagers learning to ride! Today, more than 44% of all fatal motorcycle accidents involve riders in their 40’s. That’s three times higher than a decade ago.

Want a motorcycle quote, or to review your existing policy?

If you are a California resident, call our agency at (925) 447-2565 or visit our website at http://www.genemorganinsurance.com for your free, no-obligation quote today!

Schedule Your Valuables Today!!

Do you have a diamond ring? A fur coat? Even a stamp collection? If so, are you sure that it is covered correctly under your home insurance policy? You might be surprised to find out that items such as jewelry and furs have a specific limit of coverage under a standard homeowners insurance policy. Not only that, but the coverage would be subject to your homeowners deductible as well!

What is the solution you ask? Schedule your valuables!!! Take inventory of what you have and call your insurance agent. They can add a scheduled personal property endorsement onto your homeowners insurance to insure that you have the correct amount of coverage for those items. Also, scheduled personal property is not subject to a deductible!

Don’t wait until your ring goes down the drain, or your dog gets a hold of your fur coat. Call your agent today and make sure you have coverage for your valuables!!