Home Insurance 105: Tidbits, Knicks & Knacks or Expensive Tchotchkies

                With the increasing popularity of the hit television show hoarders, which is somehow able to evoke pity, sympathy, disgust, and sometime a little jealousy all at once, people are becoming more and more aware of the items they have in their homes. Whether we’re talking about your 100 year old Russian nesting doll collection, your grandfathers prize fly fishing set, or the demon troll statue that your senile great aunt saw and “instantly thought of you,” we all have personal belongings that are valuable – either emotionally or financially.

                It’s important when discussing your homeowners insurance policy with an agent/broker, to be sure that you carry not only replacement cost coverage for your everyday personal property (furniture, clothing, etc.) but also that you mention any items that may have a particular financial value attached to them. Such as those fine art pieces, guns, coin, stamps, the crown jewels or any other national treasures. With some items, usually those with a higher value, or jewelry pieces, your agent/broker will often require an appraisal to keep on file with your policy. This process is referred to as “scheduling,” and can be done specifically for individual items, or for a group of similar items, such as a collection of paintings or jewelry pieces.

                Scheduling items like this can ensure that when/if the worst case scenario were to occur, those high value items are covered and your interests will be fully protected.

If you ever have questions on your auto insurance, homeowners insurance, life insurance, business insurance, or health insurance; don’t hesitate to give us a call, email, or visit our website and request free information. We’d love the opportunity to make sure you and your family have the coverage you need, at a price you can afford.

(360) 778.1200                      1873 Main Street #5 – Ferndale, WA  98248

meghant@bell-anderson.com       chrisw@bell-anderson.com        

joshw@bell-anderson.com

Home Insurance 104: So you’re a landlord…

                Owning rental properties has its perks. If you’re lucky enough to have found honest, cleanly tenants that have plans to rent from you long term; you might think you’re all set. But, don’t forget that being a landlord opens you up to an entire new set of risks and opportunities for financial loss. Luckily there are policies created to cover those risks as well as your investment in the building itself.

                Commonly referred to as “Dwelling Fire” or “Landlord” Policies. Most carriers are able to provide comprehensive coverage for the dwelling itself, as well as any damage that might be left by your tenant, loss of rent coverage, liability, & medical payments.  One coverage that landlords often overlook is for their personal property in the home. While most of the belongings and furnishings in the home will belong to the tenant, there are usually a few large pieces that stay in the home, and belong to the landlord; such as the washer & dryer, dishwasher, oven/stove, fridge, air conditioner, etc.

                I recommend carrying between $10,000 & $20,000 in coverage for each rental home, simply to be sure that were you to need to replace one of these items due to an insured loss, or if your tenant were to attempt to remove them from the house.

                Another helpful hint for landlords, when interviewing new tenants, it’s a great idea to suggest (or require) that they purchase their own “Renters Insurance” Policy as part of your rental agreement/lease. This will provide them with their own coverage for personal belongings brought into the home, as well as their own liability risks, and possible loss of use. These renters policies can cost as little as $10/month and can be updated as the tenant moves or relocates.

If you ever have questions on your auto insurance, homeowners insurance, life insurance, business insurance, or health insurance; don’t hesitate to give us a call, email, or visit our website and request free information. We’d love the opportunity to make sure you and your family have the coverage you need, at a price you can afford.

(360) 778.1200                      1873 Main Street #5 – Ferndale, WA  98248

meghant@bell-anderson.com       chrisw@bell-anderson.com        

joshw@bell-anderson.com

Home Insurance 103: Condo Living, Not just for the birds

          According to a recent poll, approx. 60 million people in the United States live in condominiums. Condos can be a great cost effective alternative to purchasing a frame built home with property for college students, couples, and more mature adults. Not to mention a way to get out of ever having to do yard work or other disgusting maintenance tasks that pester many homeowners!  

          But, owning a condo and having an association that takes care of insuring the building and premises for you, doesn’t mean that you get out of carrying your own small insurance policy as well! A condo is still a home, and will still be filled to the brim with your own personal belongings that need to be protected.

           Many condo associations insurance policies already provide coverage for the building itself, as well as for the grounds of your development. What they don’t usually cover, is referred to as “walls or studs, in” coverage for your individual condo unit. This means that you, as the condo owner, are responsible for insuring your home from the walls or stud in.

          If you’re unsure what your condo association covers for you, simply ask to see a copy of their insurance policy, or find out who their agent/broker is, and they should be able to let you know.

If you ever have questions on your auto insurance, homeowners insurance, life insurance, business insurance, or health insurance; don’t hesitate to give us a call, email, or visit our website and request free information. We’d love the opportunity to make sure you and your family have the coverage you need, at a price you can afford.

(360) 778.1200                      1873 Main Street #5 – Ferndale, WA  98248

meghant@bell-anderson.com       chrisw@bell-anderson.com        

joshw@bell-anderson.com

Home Insurance 102: ACV vs. RC (WTF right?!?!)

               For those folks not seeped neck deep in” Insurance Lingo” on a daily basis (consider yourself blessed) – ACV stands for “Actual Cash Value” & RC for “Replacement Cost.” While at first glance these terms may sound similar, they are actually quite different and can tend to cause quite a bit of confusion when it comes to determining the amount necessary for insuring a home.

                In the insurance world, regarding home insurance, we, as your agent or broker, are concerned first and foremost with making sure your home is insured in case of a total loss. Meaning your policy should carry enough coverage to replace the home you have now, with the same kind & quality of materials, and same general idea of your home as it stands at the inception of your policy.

                Replacement cost is the amount it would take to replace or rebuild your home or repair damages with material of similar kind and quality, without deducting for depreciation. Depreciation is the decrease in home or property value since the time it was built or purchased because of age or wear and tear.

Actual cost value is the amount it would take to repair or replace damage to your home after depreciation. For example, if your roof has a 30-year warranty and is 20 years old, there would be depreciation for the age and condition of the roof.

               Most standard home insurance policies cover the contents of your home on an actual cash value basis, but will offer an option for you to insure your belongings at replacement cost. The premium will be slightly higher for this coverage; however, this is an option that I strongly recommend for all clients.

               These are all very good things to address with your agent/broker, to be sure that you’re both on the same page as far as what coverage you expect to have in case of a claim.

If you ever have questions on your auto insurance, homeowners insurance, life insurance, business insurance, or health insurance; don’t hesitate to give us a call, email, or visit our website and request free information. We’d love the opportunity to make sure you and your family have the coverage you need, at a price you can afford.

(360) 778.1200                      1873 Main Street #5 – Ferndale, WA  98248

meghant@bell-anderson.com       chrisw@bell-anderson.com        

joshw@bell-anderson.com

Home Insurance 101: Home is where the heart is

               Whether you live in a townhouse, condo, rambler, mansion, apartment, castle, mobile home, or cabin; it’s essential that you carry the proper form of insurance to cover not only the dwelling you reside in, but also your personal belongings. While the additional coverages you can purchase are as varying as ice cream sundae toppings – home Insurance itself is broken down into two basic types, the first being for someone who owns (or is in the process of purchasing) their home, and the second being for those who rent their home, or are a tenant of someone else.

                If you’re living in a frame built home than you need to look at the cost associated with rebuilding your entire home in the event of a total loss. Whereas, if you reside in a condo, your Homeowners Association Handbook will specify what parts of the building are insured already for you, and what parts are your own responsibility. Usually in these situations, the condo owner is responsible for what’s referred to as “studs in coverage” – more on this in an upcoming post. As for renters or tenants – these folks have no insurable interest in the home/dwelling/apartment themselves, that is already covered by their landlord. Their policy simply covers their own personal belongings, and personal liability.   Over the next few weeks I’ll take a closer look at the various options when purchasing home insurance – as well as some of the larger risks that people tend to forget all about.

If you ever have questions on your auto insurance, homeowners insurance, life insurance, business insurance, or health insurance; don’t hesitate to give us a call, email, or visit our website and request free information. We’d love the opportunity to make sure you and your family have the coverage you need, at a price you can afford.

(360) 778.1200                      1873 Main Street #5 – Ferndale, WA  98248

meghant@bell-anderson.com       chrisw@bell-anderson.com        

joshw@bell-anderson.com