Monthly Archives: April 2014

Do I need to have proof that I own the assets I’m insuring in my home?

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When you realize that your home insurance basically covers everything in it up to a certain cash limit, it’s not hard to see how an unscrupulous person might take advantage by claiming to own things that they do not. This act of fraud costs insurance companies millions of dollars, so you can understand why they may not be completely trusting when you tell them what assets are in your home.

The good news is that you don’t need proof of what items you own when you insure your home. True, you might want to get some documentation for higher value items that you purchase additional coverage on, such as jewelry or artwork, just so that you can get the value correct, but the insurer rarely asks for proof of ownership up front. When they might ask for it is when you file a claim.

When filing a claim, some items are assumed to be in your home, like furniture, a television, a microwave oven and such, but others, like a $10,000 entertainment center or $50,000 painting, will probably require a bit of proof. Proof may come in the form of a receipt, an appraisal, a photo, a video or sworn statements of people who have seen the item(s) in your home. Again, you don’t need these things in order to get insurance, but you probably don’t want to realize you don’t have them when you try to make a claim, either.

If you have any questions about what proof of assets you need in order to be sure that they are ensured, you should call us today. As your independent agent, we can answer all of your insurance questions and get you quotes so that you’re sure you’re getting the best possible rate

What car insurance is right for me?

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In order to comply with the state insurance laws, every person who operates a vehicle in Rockville, MD must also have car insurance. Maryland requires all drivers to have a minimum amount of liability coverage to protect other drivers should you cause them bodily injury or damage to their car. The law does not tell you which insurance carrier to use or force you to buy collision or other additional coverage.

Given that everyone needs to carry a minimum amount of auto insurance, the question becomes how much additional insurance you need. The auto insurance policy that is right for you and your car may no be right for someone else. Determining the proper amount of coverage depends on several different factors.

First of all, if you finance your vehicle, the finance company will usually require you to carry full coverage. That is, they want you to buy enough collision and comprehensive coverage to at least be able to pay the full loan balance should you suffer a major loss on the vehicle. If your car is totaled or stolen, the insurance company wants to be able to recover their money.

If you own your car, you have the choice of deciding whether or not to buy full coverage or stick with the minimum amount of coverage required by the state of Maryland. Whether or not you decide to buy collision, comprehensive or other coverage like roadside service or rental car reimbursement depends on how much you are willing and able to pay out of your own pocket if you suffer a loss.

Most people who have a new car will choose to pay a few hundred dollars more to guard against expensive repairs if they get into a major accident. If you have an older car, you may want to do a cost/benefit analysis to see if it is worth paying extra for collision and comprehensive coverage. If you factor in the market value of the car and the deductible, it may turn out that you that you are only getting a small amount of coverage for your increased premium.

The right car insurance for you depends on the value of your car, how much personal risk you want to assume, and whether or not you owe money to the finance company.