tips tools and tales about property and casualty insurance

 coverage sometimes 75% of customers that coverage to make sure you're covered properly but then you're also saving premium dollars example of 70% coverage insurance for a lot of personal property does not have that many clothes right exactly you to go ahead and delete that number to have a better fit your your plan some will just say no you have to go to the 70 or 75% loss of use what is that so that coverage limits available is that if there's a covered loss and your home and your not you can't live there that loss of use policy policy feature will allow you to have a pool of money to go on with your standard of living why are homes being restored and liability insurance right so again liability insurance just like on the auto what that liability here is going to protect you for as a people come on your property trip and fall see or negligent and anyway that's where that liability coverage comes in and listen to what's on the standard policy there are some recommended feature that still has a point up from her experience as being useful so let's talk about some of those extended replacement cost what's the right so at the time of loss if it cost more to rebuild your home than the limit we have a new policy we want to make sure there's an extended replacement cost feature built into the policy so you get an extra percentage to the left at the time of the Los it cost more to rebuild your home you have that pool of money available here and caps settlement this is important feature as well some folks if something does happen your home if there's a total loss they may not want to rebuild there some carriers will require you to build there but there are some carry that with you a cash settlement option which will allow you to Simply take the value of the policy go purchase a home at 2 and then sell the land and be able to become whole again that way I can be really valuable to some people service this one so some carriers offer a home appraisal Service as part of the center is part of ensuring the home to Value so what I'll do is I'll come out there still take photos of the exterior into your home measure for square footage in an that leave a permanent record of exactly the type of structure features of your home as well as your some of your personal property for me that is one of the biggest ones that are just messing around with the camera and everything is so incredibly helpful replacement cost coverage about that right so again Covered so if at the time of loss safe for this example it's an area where there's been several homes lost and costs of the construction cost to rebuild are going up if you want to make sure that you have enough coverage there it would that replacement cost to your made whole again all right so I came home from work and there was a waterfall outside my front door and I looked up and there was a tree that had fallen on my roof and then I went inside and went around the broken stuff and back the whole half of back of the house was charged it was bad how do I make a claim will the first thing you do is you need to make a phone call and that's either to your actual insurance broker if you're working with a brokerage firm forward to your actual carrier if you're working with the direct writers such as a State Farm Allstate Geico that type of thing but the other first thing to do is make a phone call if it safe after vandalism claim the next call needs to be to the police department is going to be a table you're going to have to make up a grievance there as well so they can pull up on it what do I have to have ready with that phone call anything we got here they're going to ask you for a statement of what happened so it kind of gather your thoughts before you make a phone call and it's just the facts what you want them to all right right before we move onto umbrella insurance can you give me an example of something a little unexpected perhaps that you were able to help a client with on the underside of her so I probably won't comment was as if I was doing any work and always working on trying to beautify the home they leave the garden hose out across the sidewalk on the walkway up to the house never happens to someone else and falls on it and kisses the line of being negligent and then there could be a lawsuit there too so just don't you can protect yourself I just make sure you clean that kind of stuff out there for possible claim insurance is good to have liability coverage and we have a question here and let stop for that the question is I had a burst water pipe under my tiles the insurer told me it was not covered is that normally the case on homeowners policies right well I can be pretty it's because if it's determined that it was faulty construction be covered if there was actual cause of loss and remember that I caused a lot of homework policy has to be lightning fire so that if there it is there's actually covered loss and yes it would be covered but if it's not and I was just told to start your birth light then it would be covered so we have to definitely look for your policy for that one so no more questions at this time so we'll go on to the third part of the property title insurance at work covering which is umbrella Insurance also known as personal excess liability insurance until what is personal excess liability insurance basically the additional layer of liability coverage that would sit on top of your underlying exposure so in this case we were talking about today would be to cover up above and beyond on your auto policy or your homework also also another would-be watercraft for example you want that was there too so you have the under align coverage on your individual policies and then the umbrella coverage would be the second additional layer to protect your assets on top of that I say umbrella in the combine's umbrella trans Falls with the first one property damage and bodily injury the right but that basically if you would like I said if you remember the coverage in your found at fault for any property damage by another person that's where you're below coverage would also the liability coverage would kick in also appear cost personal injury to another person this has happened lately on blogs on social media here say anything slender survival by any other individual you could be sued for that so that's for the umbrella policy is there to pay for any claim for that reason doesn't cost even if you're sued for an erroneous lawsuit defense costs should be outside the limits so that the sum of a claim in defense costs are paid and then there's also the availability of the limit to pay for the actual loss and that's something that is attractive about excess liability chances that the defense costs are paid by the insurance company not bite you right right exactly and the excess uninsured and underinsured motorist protection yeah some carriers will allow you to add another layer of that excess on her that we talked about before on Terra Bella Palsy as well and just to kind of give you an idea to have that extra coverage is about a hundred and $25 a year and it's worth it to that limit so and this is one of the questions we talked about this a lot with clients how much do I need right so there's really no magic formula but how much you need it's really exit individually paste it's really about where the risk Assets are at risk it so if any of your working with a financial planner it depends how these assets are titled but there's also we really need to talk to the client to actually figure out where they're at their the rest are for so for example if you have a family who's driving you know kids back and forth the soccer cancer heading to go up birthday parties at the home there's a pool obviously there were six figures or more than driver right so the officer the risk exposure different than just to 2.0 married with no kids so actually before we move on from this one can you give me an example of a claim that you were able to help a client with but yes I actually had a really interesting one earlier this year we're kind of line have a tenant for 13 years and an additional home see all the time without this great relationship everything was fine and all the sudden my client was sued because during that time that person was there is a tenant they invited someone over who had a small child that fell down the steps and before I knew it she was served papers for being that renter in there and even though they didn't have any Merit it was a year-long settlement of the and also came into play and she actually responded right now someone else you're going to 15000 thousandths because I had to make sure I really know what that means like what percentage of the women that actually will cover the cover has become very important if there's and construction costs that could push it higher than expected kids and a little more interested in your life so that's good finally moved out and now Remove double pane windows skylights the work so I need to call my insurance agent he has appointed review your shirt limits on your policy to make sure that includes the cost of the renovation you just completed if here with a carrier that offers a free appraisal service that would be a time where your broker would order them to go out to the house and do another appraisal on average we recommend that you have a new appraisal done on a home every 6 years what if I buy a tenant-in-common unit with my boyfriend or girlfriend in San Francisco for Tampa what insurance do I need so it's a pretty complicated so depends on how it set up but you really have to make sure you're not all owners of the property are named insured now whether that's on a PC comment policy or undo each individual owners policy just want make sure it was another name that was on there so probably cover it what does it mean to dream that your name is on the policy so supposed to be in your name that way if there's ever a claim against your policy your name insert on the mall see my son's preschool asked me to be on the board on the audit committee was interesting I wish I had what you wish that any forward that you serve on has at least a million dollars worth of what we called Directors & officers coverage because I was going to get sued for a variety of things it could be fiduciary duty breaches it could be a failure to fill an organized organization's Mission it could be a misuse of director funds basically any improper and proper conduct of volunteers employees across the whole back on the Directors & officers so you really want to make sure that you're at the border serving on it has at least a million dollars coverage and there's actually you can purchase additional limits if you need to are you casting aspersions on my other things feels good here everyone always goes in with the best intentions and sometimes not work out that way I finally went out and got my estate documents prepared I put my house in a trust in my planner 3 happy with me that's good I need to call my insurance broker yes anytime you make Corrections or additions revisions to your trust you need to call your insurance person as well because the trustees to be named as additional insured on your homeowners policy what does it mean to have a name does an additional insured full episode named insured on the policy is you when you title your home in your trust and the trustees of the named insured as well so you don't have a loophole that right all right I really like this and I think I might want to work in my free time for Lyft or Uber providing taxi service for people in my and driving my own car cuz I like it it's got the whole couch thing going on right there at like it will my personal Auto policy cover me it will not if you're acting in the capacity of a driver for any of those organizations currently they hold commercial insurance policies with the million-dollar coverage per incident on the driver's light though the third part is covered from the moment a driver accept a trip to its conclusion if you're not acting that in that capacity than your personal auto policy comes into play but it's important to note that those those entities to have commercial general liability coverage cover you if it did now in the news a lot so I said some clarification there rent a car at the airport they keep advising me to get insurance and they don't want to let it go do I really need it honestly it really depends on what other insurance carrier with some extent our policy to rent a car with no changes and while other the other limit the coverage when you're running your car so and also when you run across some credit cards cover for your credit card benefits so that's a yes to do is just to review your insurance policies and your credit cards benefits and then it's very important to read the fine print on that always important to read the fine print they should do away with the font of France make it bigger I was there last night with my fiance and I looked at my engagement ring and the stone is missing what insurance I wish I had you wish your ring was scheduled on a collections or personal articles policy because it can be purchased separately there's no deductible and insurers against the many risks including the stone falling out but also make sure your piece is valued at the correct value and should right way my dear sweet husband bought a boat cover the hole and actually they also have liability limits on the water crossing but then also you want to make sure that your water cut that will sit on your umbrella coverage is well and that all regular operators are named on the policy I came home from work tonight last night to find a bunch of college kids have broken into my apartment drink all my beer and stole my computer my grandmother's ring and my passport and wasn't sure if I wish I had Sprint coverage in insurance carrier that settles claims on a replacement cost basis and not an actual cash value places cuz that will take into depreciation and you want to make sure you're made whole and things are selling like that a replacement cost basis means it's tell me more about that so we are going to be reimbursed for what it cost to replace that item not what it's worth today after it's been depreciated so you're saying that even though I think my computer is worth $2,000 to $2,000 but if its 20 add expense coverage in the policy or you need to add an endorsement and what that actually doesn't provide a pool of money to pay for whatever money was taken for example but it's really there to help you recruit basically you don't cover your employer document lost wages forward time to meet with attorneys loan application fees for those who were rejected because of the credit fraud the cost for notarizing appropriate documents to get your credit back up and running and really long to send calls to Merchants law enforcement agencies crater so basically it's a pool of money available to get you back up and running with your credit again prior to this incident happening so that maybe a little less until this added to injury there that is the end of a lightning rod here and there are some questions that some of you have written in so let me take a scan here here we go if I were bitten by a dog I can make a claim against me can I make a claim against a homeowner's insurance if you have actual liability would be the person the dog that bit you so you can make a claim but it would be against their policy and my neighbor flooded my home because he neglected his drain the system next to my house what do you normally be covered by his insurance that's that's a tough one to it depends on what what's in the policy if there's a backup of sewer and drains coverage who's who was found at fault if that can be a little tricky so I'd be happy to you know talk offline about it can get pretty intense but there's ways to settle a claim on that kind of stuff but it has other questions you can put the other than that is there anything that we haven't covered today so that you wanted to make sure we got that you said I think really the most important thing is to make sure your insurance planning as part of the rest of your financial planning don't just let it continue to renew every year look at it each time it comes in talk to your broker or anyone at the that the agency is working let's just make sure there's not a new policy pictures you may be missing out or additional risk exposures that you're not covered for today and I are both fast talkers as you may have realized going through this so that is it for our material today so I would like to say thank you to Jill thank you to singer Jill is vice president at Moc Insurance one of the largest Independent Insurance brokers in California I'll is rabanco financial planner at mosaic Financial Partners here at mosaic Financial Partners would like to leave you with this we want you to have a financial plan done right and part of that is evaluating risk exposure we want to make sure you your family and your future are protected against risk and the way that makes sense for you thank you all for joining us today a recording of This webinar will be available on our website www.net si.com / advance and again there you can find information about upcoming webinars and other events that we sponsor you can also follow us on Twitter LinkedIn or Facebook thank you and have a great afternoon