The big WHAT IF?

It is something that nobody likes to talk about, and the conversation could be an awkward one… But, what If today was your last?  After asking all the other questions, such as “did you live your life to the fullest” and so on, comes the tough question of, did you have a plan? What are your loved ones left with? Who is going to care for your family or children?

If you haven’t caught on to it by now, we are talking about life insurance.  It is a touchy subject, but it can make the difference of how your family recovers after a loss.  Term life insurance is generally an inexpensive way to protect your family and loved ones in that situation.  These types of policies can help take care of any bills or mortgages left behind, and even college costs.

Term life insurance policies are pretty straight forward.  You pick a term, generally between 10-30 years.  This is the term set forth for the policy coverage period, meaning if you buy a 20yr term at the age of 20… it will cover you until you are 40 years old. Then you have the coverage amount, which can range drastically… but the most common being between 250K-500K.  Most companies will do a basic review/ exam to determine your rate.  Term life insurance policies are usually much cheaper than other types of life insurance.

 

Contact us for a quick quote today!

951-689-4830

You may qualify for a discount for simply having a professional designation.  If you are a Doctor, Lawyer, or educator you may qualify for an additional discount.  These discounts will range between 5% to 10%.  Also if you have obtained a Bachelors degree from an accredited university from the United States you will qualify for an alumni discount.  When obtaining a quote do not forget to mention your profession or the University where you graduated from as this could save you money on your insurance.

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.