Managing Insurance Costs

Posted on by Jeri McShan

What causes insurance costs to go up?

In the past several years, there has been an increase in the number and severity of natural disasters such as tornados, severe storms, hail, and wildfires. We saw large hail and high winds this spring in Dallas, Coppell, Irving, Carrollton…practically all over North Texas. Remember the baseball size hail?

These events have driven up the cost and demand for building materials across the country. This in turn affects your homeowners policy premium since it is based in part on the cost to rebuild your home.

What can you do to manage your insurance costs?

Check with our agency to see if you can take advantage of any of the following:

• Increasing deductibles can help keep your insurance costs down.

• Auto/Home discount for insuring your vehicles with us.

• Discounts for safeguarding your home with smoke detectors, burglar alarms and fire alarms.

• Discounts for extensive updates to electric, plumbing, and heating/cooling systems.

National Fire Prevention Week – Fire Station Open House

Posted on by Jeri McShan

 Escape Planning  

  • According to an NFPA survey, only one-third of Americans have both developed and practiced a home fire escape plan.
  • Almost three-quarters of Americans do have an escape plan; however, less than half actually practiced it.
  • One-third of Americans households who made and estimate they thought they would have at least 6 minutes before a fire in their home would become life threatening. The time available is often less. And only 8% said their first thought on hearing a smoke alarm would be to get out! 
    Smoke Alarms
  • Almost two-thirds (62%) of reported home fire deaths resulted from fires in homes with no smoke alarms or no working smoke alarms.
  • Working smoke alarms cut the risk of dying in reported home fires in half.
  • In fires considered large enough to activate the smoke alarm, hardwired alarms operated 92% of the time, while battery powered alarms operated only 77%  of the time.

“Reproduced from NFPA’s Fire Prevention Week website, www.firepreventionweek.org. ©2012 NFPA.

Local fire stations will be holding an Open House during fire prevention week. Some that we know about are: 

Coppell Fire Station #3, on Parkway Blvd. – Sunday, Oct. 7 from 1pm-5pm

Plano – Thursday, Oct. 11 from 6:30pm-8pm

Lewisville – Central Sta. on Valley Pkwy – Saturday, Oct. 6 from 10am-3pm

Flower Mound – Central Sta. on Forums Dr. – Saturday, Oct. 13 from 10am-2pm

 

How does an Insurance Binder work in Coppell, TX?

Posted on by AgentInsure

In order to answer the question, "How does an insurance binder work in Coppell, Texas?" we need to explain exactly what insurance binder is for those who do not know.

A temporary proof of insurance is a binder that covers the insured until the formal policy is issued. This binder is supposed to be as good as the insurance policy that one will receive in the mail or is picked up at the insurance agent’s office.

In order for this insurance binder to be legal it must carry the insured’s name and what it is for such as home, automobile, business and so forth. It must also have the coverage amounts in dollars, and who the company is that is issuing the insurance. It must have a start date of coverage, and if there is a lien holder on the insured property.

When anyone buys a policy from an independent agent and the insured makes their first payment they are legally covered at that moment and the company can bind the policy for you, or cover you immediately and the proof is a temporary piece of paper with the above mentioned information. Not all independent agents have the ability to bind an insured, so coverage would take effect by 12:01 a.m. the next day.

An insurance binder is readily needed when one purchases another new or used vehicle in order to make it legal to drive on the road immediately. Otherwise, it would take a little under two weeks to receive the permanent insurance policy.

As far as the State of Texas and the city of Coppell is concerned, some independent agent in Coppell will issue binders, as proof of insurance, however due to a Texas court ruling in 2011 regarding a law suit involving a binder problem, the court ruled that binders are not the same as the actual policy that is being issued. If something should happen before the actual insurance policy is received by the insured then coverage’s cannot be determined by the binder. Actual coverage’s will be determined by the permanent insurance policy. In some cases a binder may not cover the insured like the actual insurance policy because endorsements in certain instances were not mentioned in the binder.

How does an Insurance Binder work in Coppell, TX?

Posted on by AgentInsure

In order to answer the question, "How does an insurance binder work in Coppell, Texas?" we need to explain exactly what insurance binder is for those who do not know.

A temporary proof of insurance is a binder that covers the insured until the formal policy is issued. This binder is supposed to be as good as the insurance policy that one will receive in the mail or is picked up at the insurance agent’s office.

In order for this insurance binder to be legal it must carry the insured’s name and what it is for such as home, automobile, business and so forth. It must also have the coverage amounts in dollars, and who the company is that is issuing the insurance. It must have a start date of coverage, and if there is a lien holder on the insured property.

When anyone buys a policy from an independent agent and the insured makes their first payment they are legally covered at that moment and the company can bind the policy for you, or cover you immediately and the proof is a temporary piece of paper with the above mentioned information. Not all independent agents have the ability to bind an insured, so coverage would take effect by 12:01 a.m. the next day.

An insurance binder is readily needed when one purchases another new or used vehicle in order to make it legal to drive on the road immediately. Otherwise, it would take a little under two weeks to receive the permanent insurance policy.

As far as the State of Texas and the city of Coppell is concerned, some independent agent in Coppell will issue binders, as proof of insurance, however due to a Texas court ruling in 2011 regarding a law suit involving a binder problem, the court ruled that binders are not the same as the actual policy that is being issued. If something should happen before the actual insurance policy is received by the insured then coverage’s cannot be determined by the binder. Actual coverage’s will be determined by the permanent insurance policy. In some cases a binder may not cover the insured like the actual insurance policy because endorsements in certain instances were not mentioned in the binder.

The Difference Between Canceling and Non-renewing Homeowners Insurance in Texas

Posted on by AgentInsure

If you own a home in Coppell, Texas, you will want to know the differences between canceling and non-renewing a homeowner’s insurance policy. Put simply, not renewing an insurance policy means that the coverage is terminated at the end of the policy’s period, while canceling a policy means that the coverage is terminated before the end of the policy period. If you are not sure about your policy period, consult the declarations page, typically located at the front of the documentation that your insurance agent gave you.

Non-renewal does not necessarily indicate that you, the homeowner, have done anything wrong. In Texas, an insurance company can use your claims history to opt for non-renewal. To satisfy this condition, you must have filed three or more claims in a three-year period and the company must have notified you in writing after the second claim that a third claim may result in them not renewing your insurance policy.

If you have a policy that has been in effect for more than 60 days and then fail to pay your premiums, the insurance company may cancel your insurance if you do not respond to reminders about the past-due amount. Insurance companies can also cancel coverage if they determine that you lied on your application form or have committed an act of fraud during the application process.

Remember that if your insurance company cancels your homeowner’s policy, you do not have to disclose the reason why to a new insurance agent when you go looking for replacement coverage. Some insurance companies may decline to offer you insurance, though, if you have an unexplainable gap in your homeowners insurance coverage. It’s best to address this issue as soon as possible, so you can make sure you have uninterrupted coverage for what may be the most valuable purchase you make in your life.

Auto Accident 101

Posted on by Jeri McShan

Coppell Residents: Knowing what to do if you are involved in an accident can save lives and also make the claims process easier.

  1. Stop your car and find out if anyone is injured.
  2. Call the police or highway patrol. Tell them how many people were hurt and the types of injuries. The police will notify the nearest medical unit.
  3. Cover injured people with a blanket to keep them warm.
  4. Try to protect the accident scene. Take reasonable steps to protect your car from further damage, such as setting up flares, getting the car off the road and calling a tow truck.
  5. Ask the investigating officer where you can obtain a copy of the police report. You will probably need it when you submit your claim to your insurance company.
  6. If necessary, have the car towed to a repair shop. But remember, your insurance company probably will want to have an adjuster inspect it and appraise the damage before you order repair work done.
  7. Make notes. Keep a pad and pencil in your glove compartment. Write down:
    1. the names and addresses of all drivers and passengers involved in the accident
    2. license plate numbers
    3. the make and model of each car
    4. driver’s license numbers
    5. insurance identifications
    6. the names and addresses of witnesses
    7. the names and badge numbers of police officers or other emergency personnel

If you run into an unattended vehicle or object, try to find the owner. If you can’t, leave a note containing your name, address and phone number. Record the details of the accident.

Kid Country 2012 Build Week Oct. 2-7

Posted on by Jeri McShan

Build week for Coppell’s new Kid Country 2012 is October 2-7. You can be a part of this exciting community project! Volunteers will construct the new playground under guidance from the Project Architects, and are needed for each of the 6 days of the build week to help with construction, tools, food, child care, etc. There are volunteer opportunities for anyone of any age, so be a part of it! Go to www.kidcountry2012.com to sign up or get more information.

Coppell National Night Out Oct. 2

Posted on by Jeri McShan

National Night Out in Coppell will be held Tuesday evening, Oct. 2, 2012. NNO is a night where neighbors get together for fun, with a goal of uniting as a neighborhood to take a stand against crime in the community. Check with your homeowners association about a block party in your neighborhood. Irving and Flower Mound will also participate in National Night Out on Oct. 2.

How Much Will Higher Deductibles Save me on My Monthly Premium in Coppell, TX?

Posted on by AgentInsure

Buying insurance, no matter what kind, can be a complex process and you’ll find yourself faced with several questions. Which type of coverage should I get? How much coverage do I need? How high of a deductible should I have? Let’s take a look at the last question, and see how much money you can save by choosing a policy with a higher deductible.

The first insurance policy, with no deductible, costs $700 a month. Multiply that by twelve months and you’ll pay out $8,400 in annual premiums. Since there’s no deductible, your total annual cost is $8,400 if you don’t ever use the policy. On the other hand, if you choose a high deductible insurance policy that has a $250 monthly premium, you’ll pay out $3000 during the year. If you are so lucky as to never need to use your policy, then you’re savings will be $450 a month, or $5,400 a year. Even if you do need to pay your deductible, you’re only paying $5000 for the year, which is a savings of $416 from the no deductible coverage. Imagine what you could do with an extra $416 each and every month!

Choosing a policy with higher deductibles is the easiest way to lower your insurance premiums significantly. However, you will need to be prepared to pay the deductible, should the unfortunate happen. An easy way to do this, without impacting your budget is to set aside the difference between your old, higher priced monthly payments and your new, less expensive ones. Put that $416 aside each month, and in just 5 months you’ll have a $2000 emergency fund to use for paying your deductible. Keep this money tucked away in a special savings account so that it’s always available.

To find the best high deductible insurance policy in Coppell, Texas, contact us today. We’ll help you find a policy that meets your needs, while saving you as much money as possible.

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