...Here are some tips:
-Do not admit fault!
-Call the police! Having the police issue an incident report and information exchange form can be immensely helpful during the claim process. It can also ensure that the facts of the accident are recorded by a third party.
-If you feel hurt in any way, shape or form, seek medical care. Remember, cars can be fixed quite easily in time, but taking risks with your health is not the best course of action!
-Contact your agent. Explain what happened and be prepared to write down claim information, such as the claim number and your adjuster's name and contact information. Make sure you provide multiple methods of contact, so as to simplify the claim process.
Thursday, June 10, 2010
Tuesday, June 8, 2010
How The Housing Market Affects Your Insurance Coverage
One of the more common questions we field from our clients is in reference to the amount of coverage to carry on their homeowners insurance. According to the Chicago Sun-Times on May 25th, home values in Illinois have decreased over the past two years, and only recently began to experience their first increase in value. With the loss in market value, people everywhere are looking to save money where they can, and attention often turns to the amount of coverage clients carry on their home.
One thing to keep in mind when evaluating a homeowners insurance policy is that there is not necessarily a correlative relationship between a home's market value, and the cost to rebuild a home. Remember that homeowners insurance primarily covers the construction cost of a home due to a named peril. An insurance company calculates the replacement cost of a home based on factors such as construction quality, materials used, square footage and the type of home. We use those metrics as well other factors to determine what it would cost to rebuild your home in the event of a catastrophe.
The market value of a home, however, is not entirely based on concrete measurables. It can factor in location, school district, the size and value of the lot, and the local economy. One could take the same home, put it in ten different towns or cities around the area, and likely have ten very different market values. The reconstruction cost, however, will not have as much variance to it, as the cost of building materials won't vary too greatly between, say, Wilmette and Gurnee.
The best course of action when trying to determine the appropriate amount of coverage for your home is to consult your agent. We can always run through our cost estimators and work with you to find an amount of coverage that you can be comfortable with, and one that will protect your greatest investment.
One thing to keep in mind when evaluating a homeowners insurance policy is that there is not necessarily a correlative relationship between a home's market value, and the cost to rebuild a home. Remember that homeowners insurance primarily covers the construction cost of a home due to a named peril. An insurance company calculates the replacement cost of a home based on factors such as construction quality, materials used, square footage and the type of home. We use those metrics as well other factors to determine what it would cost to rebuild your home in the event of a catastrophe.
The market value of a home, however, is not entirely based on concrete measurables. It can factor in location, school district, the size and value of the lot, and the local economy. One could take the same home, put it in ten different towns or cities around the area, and likely have ten very different market values. The reconstruction cost, however, will not have as much variance to it, as the cost of building materials won't vary too greatly between, say, Wilmette and Gurnee.
The best course of action when trying to determine the appropriate amount of coverage for your home is to consult your agent. We can always run through our cost estimators and work with you to find an amount of coverage that you can be comfortable with, and one that will protect your greatest investment.
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