With the holidays, comes cold weather, rain and lots of shopping!  There are some tips to help make these times trouble free, and more enjoyable with the shopping part.

Cars:

-Check your tires, is it time for replacements?  Worn out tires could cause less traction in the wet rainy weather, and are also more prone to flats, which are definitely no fun in the rain and cold weather.

-Keep gifts, valuables and shopping bags out of sight.  While you are in the mall enjoying some shopping… there are some that are going through the parking lot, doing their own shopping.  Unfortunately their type of shopping includes a broken window for you and stolen goods.

-Do you have roadside service?  Now is a good time to consider adding that coverage.  Changing a flat is never any fun, and it is less fun doing it in the rain and cold weather.  Sometimes the coverage could be as low as $1 per month when combined with your auto policy.

 

Home:

-Check and clear any debris from your rain gutters.  With winter coming after fall, there is a good chance that some leaves and debris have made their way into your gutters.  It is best to have these cleared so that the rain can drain off your roof, straight through your gutters.

-How is your roof?  When was the last time you have inspected your greatest protection from the outside elements.  We all love having a roof over our heads, but a leaky roof could cause a lot of headaches. Fix and replace any broken tiles or shingles to help avoid any unwanted leaks and problems.

-Do you have a fire extinguisher handy?  These are a great asset to help protect your home.  Christmas tree fires are a high risk during the holidays.  This is cheap insurance to have around your home, and they can be found at your local hardware store.

-Keep your blinds or shutters closed when you are away from your home.  Unfortunately thefts are more common during the holiday times, due to thieves knowing there is a good chance that there are presents in the home, which makes it an easy task for them.   Keep your doors locked, and presents out of direct sight.  Now could be a good time to consider a home alarm, which can also earn you a significant discount on your homeowner’s insurance policy.

 

We at Preferred Insurance hope that you enjoy your winter season, and coming holidays.  You can always contact us with any questions you may have regarding any of your insurance needs.

If you have heard that sentence then you know the difficulty of finding Home insurance that will accept your home, let alone give you an affordable rate.  There are many insurance companies doing business in California and their guidelines are not all the same.  If you are denied home insurance by multiple companies it does not mean that you are uninsurable.  We will go over what brush means to Homeowners insurance and what insurance coverage choices you have when insuring a home close to brush.

You might be denied insurance coverage due to brush if your home is:

1. In a forested area.
2. Close proximity to hills, mountains, or rugged terrain.
3. Open fields near home that are not maintained

 

Being located in Riverside, Ca we have come across countless properties that meet the above description.  In general, California’s geography is not flat and many homes are built close to brush hazards.  Some companies have their own software that determines your homes fire risk; others use a mapping tool and require your home to be a certain distance away from this brush hazard.  This could range from 2,000 feet to 250 feet depending on the company.  So it is important to ask why your home is being rejected for brush.  Are all the companies you obtained a quote with requiring 2000 feet of clearance? If so, you simply did not call the right company and you still have options.

Companies that do have a higher tolerance for brush generally charge a higher rate.  This is due to the fact that they are taking on more risk.  It does not mean the price is not affordable.   In a situation where your home is denied coverage with more than 3 companies, you still have the option to get insured with the California fair plan which is sold through your agent.  The California Fair Plan does not provide you the standard coverage that a regular homeowner’s package affords.  This could be corrected by issuing a Difference In Condition (DIC) policy along with the California Fair Plan.

If you are having a difficult time insuring your home due to proximity to brush or your current rates are high, it is important to know that you have options.  Not all company guidelines are the same.  We are here to help you with your Home insurance needs; we can analyze the risk and determine the best option for insurance for your property.

Preferred Insurance Team

951-689-4830

questions@preferredinsurance.net

1.       Do I need to insure my trailer / toy hauler?

A:  If your trailer or toy hauler is financed, most finance companies will require that you carry comprehensive and collision coverage to help protect their interest.  Liability is not required in most states, as the primary coverage from your auto insurance will provide coverage for a towed trailer.  Most auto insurance policies will not provide coverage for theft or damage to your trailer.

2.       Are my toys covered by my trailer insurance?

A:  Unfortunately no, things such as dirt bikes, quads, UTV’s etc.  Need to be covered through separate policies.  The rule of thumb with insurance, is that if there is a policy tailored specifically to a vehicle / toy (motorcycle, car, etc.), it would not fall under the coverage of a separate policy.  An example is how homeowners insurance would not provide coverage for your automobile, even if it is parked in the garage.

3.       What about my personal Items in the trailer, are those covered?

A:  Personal effects is an optional coverage on most policies, which would provide coverage for items such as clothing, cameras and equipment used with cameras; portable radios and CD players.  Ask your agent if this coverage is available on your policy.

4.       I use my trailer for business, what type of coverage would I need?

A:  Coverage under a commercial auto policy is what you would need.  These policies are specifically tailored to the nature of the business being conducted, and they offer greater coverage limits, which are essential for a business.  Most personal trailer and RV policies exclude coverage for any business use. Tools and most business equipment would need to covered under a separate general liability business policy.

5.       Can I insure my toy hauler on my auto insurance policy?

A:  Some companies will offer coverage for your toy hauler or RV through your current auto policy.  Always check with your agent or insurance professional for details and availability.

6.       Does my homeowners insurance provide any coverage for my trailer?

A:  Some things that may be covered through your homeowner’s policy, are items of clothing, and personal items such as laptops, cameras, etc.  Check with your homeowner’s insurance policy for details.  Homeowner’s insurance does not cover the toy hauler or RV for any theft, damaged or accidents.

7.       Are there any discounts available for trailer / toy hauler insurance?

A:  Some companies offer discounts for being a part of an RV membership or association.  Multi policy discounts are available, if you have multiple policies through the same company.  Contact your agent for details.

8.       Are my optional accessories that are attached to the trailer covered?

A:  Permanently attached equipment such as AC units, lighting and stereos would be covered under the toy hauler policy.  Make sure you disclose the features to your agent when you start a policy.

as always if you have any addtional questions feel free to contact us!

1. Good Driver: Up to 20%, this is one of the biggest discounts you can qualify for. You cannot have more than 1 point on your record, so it pays to have a good driving history.  Your record is generally checked on each renewal period and the discount applied.

2. Multi Policy: By combining your auto & home insurance you can save as much as 15%. Insurance companies want to earn your business and they reward you when you have more than one policy with them.  It’s easy to package you policies, we can do it all for you. Just provide us the information and we will do the rest.  The discount also applies to Renters insurance and Motorcycle Insurance.  So if you rent you can still apply for this discount.

3. Association: Are you a college graduate? Are you an educator, engineer, doctor? If so you can save up to an additional 7%.  You worked hard for your professional designation, now let it work for you by saving you some money.  Submitting your degree or proof of membership in a professional field can save you money.  Contact us to see if your job qualifies you for a discount.

4. Good Student:  Good student can save up to an additional 10%.  If you are under 25 and are attending school full time and have at least a 3.0 GPA you qualify for the discount.  This can help you save money especially if you have a young driver on your policy.

 

If you have any questions about these discounts or you want to see if you qualify for one, please feel free to contact us.

You can never go wrong with having higher limits of protection.  Let’s look at liability a little deeper.  The minimum limits required for auto insurance in California is:

$15,000 bodily injury per person / $30,000 bodily injury per occurrence / $5,000 property damage.

Many people make the mistake of settling for the basic liability limits when purchasing insurance.  Doing this can cause you unforeseen losses down the road.  For example most vehicles on the road cost more than $5,000, so if you have only the minimum limits and hit a vehicle with a value of $15,000 your insurance company will only pay the $5,000 and you will be liable for the difference.  The same example is true for bodily injury.  Bodily injury could easily go over the minimum limits; an ambulance ride can easily cost over $2,000.

Increasing your car insurance limits of liability does not have to be expensive.  In most cases the difference in premium is only a couple of dollars depending on the drivers driving record.  People might assume that if you don’t own your home or have financial assets to protect then going with the minimum is sufficient.  This is not the case because you can be risking lawsuits for the unpaid liabilities.  So the point is ask what the difference will be to raise your limits, your insurance agent will provide the price difference.  Based on that difference you should be able to make a decision if the cost outweighs the benefits.  The more liability the better the protection, in insurance claims the cost can quickly climb so make sure you are adequately protected.

 

Please feel free to contact us with any questions or to get a rate quote on your insurance.

For the past 8-10 years home values have been on a rollercoaster ride, going up then down and now they seem like on their way up again!  How does this affect your coverage on your homeowners insurance?  The value of the sales price of a home has no connection to what it actually cost to build your home.  Homes that are being bought in the last 2 years are actually being covered on insurance for more than what the house was bought for.  The reason being is that there are many things that insurance companies factor into the value of the home in case of a total loss.  You have demolition, clean up, plans that have to be drawn and so on.  All this goes into the dwelling value, so it is important for you to review your coverage every year and make sure you have adequate coverage.  If you are unsure you can give us a call and we can evaluate the range your dwelling limits should be at no cost to you.  Stay on top of your home insurance coverage, it’s usually the biggest asset that we have.

We are proud to announce that we have attained the Gold Level in the Mercury Insurance service Excellence program.  As an independent agency in Riverside, CA we strive to provide the best service possible to our customers.  We know we can always do more, so we always strive to find ways to make it easier to do business with Preferred Insurance.  We are one of a few insurance agencies to complete the Mercury insurance program in Riverside.  Suggestions are always welcome on how we can better serve you.  As always we would like to thank you for trusting us with all your insurance needs.

The following is a description of the Award:

The Mercury Service Excellence Program was designed by Mercury Insurance Company and its affiliates to assure world class customer care from its network of independent agencies. Agents who participate in the program must pass through stages of recognition for meeting the needs and exceeding the expectations of policyholders. Mercury recognizes the value of customer loyalty and the agents who add value to the customer experience.

                                             

     Actors and Professional Athletes have agents that represent them in their business dealings.  So why shouldn’t you have an agent that represents and advises you on your insurance needs.  An Agent is a professional who analyzes their customer’s needs and advises them on the best course of action.

     When it comes to insurance, an Independent Local agent is the best person to represent you.  The agent does not work for the insurance company, rather he works for you.   An independent local agent has access to multiple insurance companies to choose from.  Sure you can get a quote without an agent, but how long will it take you to quote 40 different companies?  Well you might say if you do it yourself you will save more money!  That’s an INCORRECT statement.  Many Agents do not charge a fee for their services.  They do get a commission from the insurance company that they place you with, but that has no bearing on your insurance premium, if you don’t use an agent you will get the same price regardless.

                Here are some reasons to have a local agent:

1. They work for YOU! not the insurance company
2. They shop multiple companies to save you money
3. They work and live in your community
4. They guide you on the coverage that best fits your needs and budget
5. You get to deal and build a relationship with an agent you know, Instead of talking to a different person every time over the phone

These are just some of the benefits of an Independent Agent.  I would advise you to make sure that the agent is reputable and licensed.  If that agent does not take the time to understand your situation and advise you on the different options of insurance coverage you should not give them your business.  All our agents live and work in Riverside, CA and have been with the company for over 7 years.  Isn’t it time that you talk to an Agent to advise you on your insurance needs?

What is a total loss as it relates to your auto insurance policy?

     A total loss refers to an insured vehicle involved in a loss that the insurance carrier determines is not economically viable to repair.  When an insured vehicle is involved in an accident, the insurance carrier will do an appraisal of the damages to get an estimate of the cost to repair the vehicle.  If the cost to repair is close to or greater than the market value of the vehicle, then the carrier will treat the vehicle as a total loss.  This means that the company will pay the insured the Actual Cash Value (ACV) of the vehicle less any policy deductible instead of repairing the vehicle.  They will then sell the vehicle to a salvage yard or auction.

TIPS TO PROTECT YOUR HOME

If you own your home, homeowners insurance is definitely something you don’t want to be without. It is also a type of coverage that you hope to never need to use.  The following are some tips to help protect your home from burglars / thieves.

 -Keep your home well lit at night, some dusk until dawn exterior light fixtures help keep potential thieves moving on to the next dark / easier access home.

-Make it a habit to keep doors and windows locked.  Whether at or away from home; it is always good to keep access doors locked.

-Keep shrubbery and trees trimmed.  Making your property more visible to yourself.  This also gives fewer areas for someone to hide or go un-noticed.

-when you plan on being away for a weekend, it is always a good idea to leave one or two lights on throughout the house, to make the home seem occupied.

-A good security system is a great piece of mind, and can help save a little extra money on your homeowner’s insurance premium.  Most systems can be directly linked to notify police or the fire department in the case of a break in or fire.

-When it comes to social media websites, it is best not to post your vacation plans online.  You never know who is reading.

These are just a few tips to help.  Maintaining a loss free history also helps keep your homeowners insurance premium low.  In the situation where you need to file a claim, it is great to know that you are insured by someone who cares and is ready to help!

Just another friendly reminder from our team,Preferred insurance service inc.

You have insurance, BUT… is it going to cover you when you need it?

 You Pay your insurance premiums, and you know you have at least what the law or your Lien holder requires you to have… and that makes you feel secure, right?  Well I wish I could tell you that it was as easy as that, but unfortunately it isn’t.  Most people are unaware of the coverage limits that their policy actually provides.  This is why it’s a good idea to review your insurance coverage at least once a year with your trusted agent.

            The California law only requires you to maintain liability property damage limits of $5,000.  This is the limit that your insurance company will pay to any property you damage, whether it is a vehicle, fence, wall etc.  This limit was introduced many years ago.  According to the FTC*, the average cost of a new car sold in the USA is $28,400.  What happens in a situation where you only carry the minimum limits, and you are involved in an accident with one of these “average new cars”?  You will be held liable for the balance of any damages exceeding $5,000.  This has the potential to put you on the hook for a big dollar amount! Along with your liability coverage, the state minimum includes bodily injury limits of up to $15,000 per person and $30,000 total per accident.  This might seem to be a decent amount of coverage.  But with the increase of medical costs sky rocketing over the years, these limits will not go far.  This is why it is a great Idea to review your coverage with your agent.

            Insurance is defined as a transfer of risk.  You are paying your insurance company a premium, to transfer your risk of paying a large sum in the case of an accident.  Not all Insurance is created equal.  You should feel comfortable knowing you have the coverage that you need to help keep you out of court, or from paying extra out of pocket in the case of an ugly accident.  In most cases the increase in coverage is only a few dollars more per month.

            Optional coverage’s are also another thing to consider.  Does your policy provide you with Rental car coverage in the case of an accident?  Rental car rates are also on the rise.  I was just recently on a vacation in northern California, where we had to rent a small car for the weekend.  That small car for 3 days cost us close to $300.  Most of the time, adding rental coverage to your policy is as little as a couple dollars per month… and it is greatly beneficial if you do not have substitute transportation.  Another great optional coverage is uninsured motorist.  In California we still have a significant amount of people driving around without insurance… whether they just don’t have it, or are 5 days behind on a payment.  They just flat out have no coverage.  Uninsured motorist protects you against these drivers.

            At the end of the day, you want to feel assured that you have the coverage that you need.  Talk to your agent, or get in contact with one that is willing to help, and understand your situation to help insure your assets, and protect you and your family financially.  Most of the time you will be surprised that the extra coverage is about the same cost of a coffee from one of those fancy coffee houses.

http://www.ftc.gov/bcp/edu/pubs/consumer/autos/aut11.shtm*

http://www.dmv.ca.gov/pubs/brochures/fast_facts/ffvr18.htm#minliareq

Do you have an Agent?

     Actors and Professional Athletes have agents that represent them in their business dealings.  So why shouldn’t you have an agent that represents and advises you on your insurance needs.  An Agent is a professional who analyzes their customer’s needs and advises them on the best course of action.

     When it comes to insurance, an Independent Local agent is the best person to represent you.  The agent does not work for the insurance company, rather he works for you.   An independent local agent has access to multiple insurance companies to choose from.  Sure you can get a quote without an agent, but how long will it take you to quote 40 different companies?  Well you might say if you do it yourself you will save more money!  That’s an INCORRECT statement.  Many Agents do not charge a fee for their services.  They do get a commission from the insurance company that they place you with, but that has no bearing on your insurance premium, if you don’t use an agent you will get the same price regardless.

                Here are some reasons to have a local agent:

1. They work for YOU! not the insurance company
2. They shop multiple companies to save you money
3. They work and live in your community
4. They guide you on the coverage that best fits your needs and budget
5. You get to deal and build a relationship with an agent you know, Instead of talking to a different person every time over the phone

These are just some of the benefits of an Independent Agent.  I would advise you to make sure that the agent is reputable and licensed.  If that agent does not take the time to understand your situation and advise you on the different options of insurance coverage you should not give them your business.  All our agents live and work in Riverside, CA and have been with the company for over 7 years.  Isn’t it time that you talk to an Agent to advise you on your insurance needs?

What is a total loss as it relates to your auto insurance policy?

     A total loss refers to an insured vehicle involved in a loss that the insurance carrier determines is not economically viable to repair.  When an insured vehicle is involved in an accident, the insurance carrier will do an appraisal of the damages to get an estimate of the cost to repair the vehicle.  If the cost to repair is close to or greater than the market value of the vehicle, then the carrier will treat the vehicle as a total loss.  This means that the company will pay the insured the Actual Cash Value (ACV) of the vehicle less any policy deductible instead of repairing the vehicle.  They will then sell the vehicle to a salvage yard or auction.

 Why declare a vehicle a total loss when the cost to repair might be less than the ACV?

     Often the first estimate of the cost to repair is not the last.  A body shop may find additional damage once they begin to tear down a vehicle for repair.  These additional repairs often cause the repair cost to rise above the vehicle value.  Plus, there are other costs incurred during this process:

–          Loss of use (the carrier may be paying for a rental car during the repair process).

–          Parts quoted in the estimate may not be available so other more expensive parts may be required.

–          When additional damage is found during the repair, the carrier may determine the vehicle to be a total loss at that point.  By then,   they will have incurred the cost of the tear down and any work already completed.

–          There may be additional costs to dispose of the vehicle after the tear down.

 What if the insured can not replace their total loss vehicle with the ACV payment?

     Section 2695.8 (c) of the California Code of Regulations addresses this issue.  If an insured can not find a comparable vehicle for the gross amount of their total loss settlement (plus their deductible) and they notify their carrier within 35 days, the carrier will have to reopen and reevaluate the claim and settlement.  Most carriers address this requirement by providing information on available comparable vehicles at the time of the settlement.

Do you Rent?

            Do you have renters insurance? If your answer to that question is yes, then you probably don’t need to read this article, but you should do so anyway!  The majority of Renters are unaware of renters insurance or they have a misconception that it’s expensive.  Lets briefly talk about what renters insurance does, and the average cost for the coverage.

             Renters insurance covers your personal property, things like TV’s, Furniture, Clothing, Jewelry, etc.  In case of a fire or theft, you will be compensated up to the limits of your policy.  You might be thinking… I won’t get burglarized or my dog skip will get those criminals to think twice.  Poor skip should not bear all that responsibility, what if the poor dog was sleeping on the job.  All joking aside if you rent, you should have Renters insurance…  Ok what is the cost?

            For about $220 a year you can cover your personal property in the amount of $25,000 and get $100,000 Liability coverage.  For that price you can’t afford to go without renters insurance.  This coverage also satisfies the requirements from your landlord.  We have payment plans if you don’t want to pay in full.  If you ever move, we can move your coverage to the new address.  Call us today for a quote, and we can get your policy started the same day.

    Do you have questions regarding this Article or would you like us to discuss another insurance topic?  Send your comments or recommendations.

 What are your liability limits?

 

 Are you telling me you don’t have this memorized?  Sure most of us have liability coverage, but do you know what that liability covers and how much?  Many people shopping for insurance are unaware of the dizzying options one has for Liability limits.   Some people have no clue what amount of liability they have, until they get into an accident.

 You might be asking yourself why I should care what limits I have, all that matters is that I have insurance!   Having insurance is a great first step, but having the right amount of insurance can protect you from law suits and unnecessary expenses.  Most of the time the cost for better protection can only be an extra $5 a month,  that’s definitely worth peace of mind.

 Let’s go over the basics, the state of California requires that drivers have the following limits in California $15,000 per person for injuries, $30,000 per occurrence for injuries, and $5,000 in property damage.  If you’re thinking that those limits are not sufficient, I would agree with you.  Most cars on the road cost more than $5,000, factor in labor costs and a minor fender bender can easily go over $5,000.  What if you are involved in an accident that causes a chain reaction that damages more than one car?  An ambulance ride to the hospital can easily cost $2,000, that’s without factoring in the injury itself.  What if that injured person is unable to work because of the accident? You get the point; there is not enough money to go around to cover all the “what if” scenarios.

 What kind of limits should you have?  I would recommend that liability limits not be lower than $25,000 per person, $50,000 per occurrence, and $25,000 in property damage.  With these limits you can have peace of mind that you will have sufficient coverage to cover injuries or damages in most accidents.  If you only had the minimum required in California it would leave you vulnerable to expenses that might not be covered by your insurance liability limits.  If you have substantial financial assets to protect I would suggest at least $100,000 per person, $300,000 per occurrence, and $50,000 in property damage.  The point is that you can never have enough liability limits because we can not predict the outcome of an accident.  You should have enough coverage so that in the unfortunate chance you are involved in an accident you don’t have to worry on whether your insurance company will cover the damages or not.

 More coverage sounds great but it also costs a lot of money, right? Not necessarily.  If you have a good driving record, having higher limits in most cases will only increase your payments by $5 to $10 a month.  Personally, I would rather pay an extra $10 a month than be liable for $10,000 worth of damages or injuries.  In the case where the driving record is not spotless (we have all been there before) the price increase is worth the coverage.

 Take a look at your liability limits and ask yourself, is this enough coverage in the case of an accident?  Know your coverage so that in case of an accident you are confident of the protection you have.  Call us and we can provide you with a free quote on higher limits of liability.

 Things to know about Homeowners Insurance

When was the last time you checked your home insurance coverage or compared your rate?  Let’s be honest, in today’s world we have so many things to do and so little time to do it, that we don’t find the time or effort to go over tedious things such as homeowners insurance.  Home insurance is not the most exciting thing to talk about, but knowing your coverage and the way it works can save you a headache incase of a loss and will protect your biggest asset.  If you have your home insurance payment combined with your mortgage payment you might not have checked your premium or coverage in a while, so its time to dust off those home insurance declaration pages, it might end up saving you some money.

So what are the different parts of a homeowner’s policy and what do they cover?

Dwelling coverage:  This is the amount that the insurance company will pay up to in case of a loss.  This is where the bulk of the premium is charged, the higher your dwelling coverage usually translates to a higher insurance rate.

Other structures:  This is coverage for structures that are not part of your house, but are on your property, like a tool shed.

Personal Property:  This covers your personal belongings/possessions in case of damage or theft as long as the damage is a result from a covered loss.

Loss of use:  Protects you in the event that your home is destroyed or damaged and you must seek other living arrangements while repairs are made.

Personal Liability:  This coverage would protect you against lawsuits brought against your and your property.

Medical:  This is the amount the insurance company would pay incase a person is injured on your property and did not wish to pursue a lawsuit against you.

Let’s go over some of this coverage in more detail:

It is always important to check your dwelling coverage; you want to make sure you have enough coverage to cover your house in case of a total loss.  It is also a good idea to have extended replacement cost coverage on your home.  This will extend your dwelling coverage an additional 25%-50% in case of a total loss.

For personal property, you should know the difference between Actual Cash Value (ACV) and Replacement cost.  ACV will pay you the depreciated value of your personal contents, so if you bought a TV for $1,000 and the value at the time of loss is $200 the company will only pay $200.  Replacement Cost would pay $1,000.  Insurance companies have limits on contents such as Jewelry, Firearms, and art.  If you have possessions that go beyond these limits make sure you schedule those on your policy with your insurance agent.

In today’s lawsuit happy society you should always make sure you have adequate Personal Liability.  Most homeowner’s policies come standard with $100,000.  I would recommend raising the limit to at least $300,000, because the price is minimal for the amount of protection you will obtain.

This general overview of Homeowners insurance should provide you with a good understanding of how your policy works.  Remember to review your coverage, make sure your coverage is enough to protect your biggest asset.  Do not be afraid to compare prices, by doing this you will make sure you are obtaining the most coverage possible for your money.  It is always good to discuss your coverage with an insurance agent… feel free to contact me with any questions you may have.

questions@preferred-insurance.net