NAAIA - Houston Chapter’s Post

Gulf States Insurance #homeowners coverage parts explained: Coverage D - Loss of Use explained: Coverage D - Loss of Use responds when a covered loss makes that part of the defined "residence premises" where you reside not fit to live in by covering any necessary increase in living expenses incurred by you so that your household can maintain its normal standard of living. This coverage limit is selected at the time of new business issuance and may be changed at renewal. Gulf States offers 10% Loss of Use protection up to 40% of the Coverage A - Dwelling value. Example: Coverage A - Dwelling = 300,000 and the 10% limit is selected for Coverage D - Loss of Use In this example, the Coverage D - Loss of limit will be $30,000 (which is 10% of the Coverage A limit) Note that the payment will be for the shortest time required to repair or replace the damage or, if you permanently relocate, the shortest time required for your household to settle elsewhere. The specifics of this coverage should be discussed with your adjuster when you have filed a claim with Gulf States for your "covered loss" if the residence premises is not habitable. Be sure to keep a good handle on all documentation for your claim to aid your adjuster in the claims handling process. This includes: Videos or Photos of damages, repairs, and receipts for any expenses incurred during or after the loss. Be sure to keep a log of important dates, appointments with contractors, estimates, etc. so that you can have any important information readily available. ⭐Gulf States also offers an optional coverage enhancement for Named Storm Mandatory Evacuation. This enhancement responds when a civil authority prohibits the use of your home due to a mandatory evacuation for a Named Storm. The optional limits are $1,000 or $1,500 for a minimal additional premium. Be sure to ask your agent for more information about this valuable coverage option in Louisiana! Learn more: https://bit.ly/46Ep98G

There are so many media opportunities for insurance experts right now. This excerpt from a GOBankingRates story caught my eye: "It’s well known and accepted that it is getting harder to find home insurance for houses in the sunbelt and across California due to an increased risk of natural disasters, including hurricanes, floods and wildfires... But it’s not just states like Florida, California and Louisiana that are experiencing rising (home and property) insurance rates. According to a report from HUB Private Client, property insurance rates are likely to rise 25% to 35% across the board in the next year... Texas and Colorado have already seen rate increases due to an increase in severe weather events, said Leslie Kasperowicz, managing editor, Insurance.com." The story notes that people in Minnesota, Missouri, Indiana and South Dakota may soon see home insurance rate hikes. This is a perfect opportunity for insurance pros to discuss this in the media and offer advice on how to reduce your home and property insurance costs.

What Home and Auto Owners Need to Know about Deductibles When insuring a home or vehicle, knowing how deductibles work ensures policyholders get the most out of their coverage. Deductibles are the amount a person pays as a share of damage costs. After that sum has been paid toward damages, the insurer covers the rest. There are limits, however they are outlined in the policy. When replacing personal belongings or repairing a home, the policyholder must pay it out of his or her pocket. Deductibles are set as either a percentage of the insurance policy's total or as a specific dollar amount. If a person has a larger deductible, the premiums are usually lower. However, smaller deductibles come with bigger premiums. Deductibles are stated on the front page of a home or auto policy. If a person has a deductible of $1,000, that amount is subtracted from a claim. This means a loss of $20,000 is compensated as $19,000. When a policy is based on a percentage, the rate is calculated using the declared percentage against the home's insured value. In several areas of the United States, deductibles have been on the rise. There are also special deductibles in areas of the country that are prone to hurricanes and other disasters when they occur. They usually are based on a percentage of the policy's limit, so they are higher than average. Property damage deductibles work in different ways than many other types of insurance. For auto and home coverage, the deductible applies for each claim. However, deductibles in hurricane-prone areas may only be applied per season instead of being applied for each incident. Percentages also apply to hail and earthquakes. Deductibles May Differ Deductibles are different from one state to the next and they differ between various companies. This includes how they are implemented and how they are put into the policy's wording. As mentioned before, liability deductibles do not apply in auto coverage and they also do not apply in homeowners coverage. They apply to incidents that do not put the homeowner in a place of liability. For example, the homeowner being sued would not result in a deductible, but extensive water damage from a burst pipe would activate the deductible. Keep in mind that there is a difference between flooding and water damage. Flood insurance must be purchased separately, and it can only be purchased from the government's National Flood Insurance Program. Water damage is damage that does not occur from weather-related flooding. Burst pipes, leaky roofs, and other similar issues are considered water damage. To learn more about these types of insurance and deductible options, discuss concerns with an agent or visit www.mikearnoldagency.com #centralvirginia #personalinsurance #insurance #virginia #virginiainsurance #independentagent #autoinsurance #homeownersinsurance

Discover the truth behind common myths about home insurance. Learn what really impacts your coverage, how to protect your home, and debunk misconceptions that might leave you vulnerable. Don't let myths misguide you - educate yourself today!

Safeguard Your Home with Residential Property Insurance! 🏡 🤝🏽My duty as your insurance agent is to educate homeowners and inform clients to empower them to make the right decisions. My focus on a strong relationship and knowledge means I'm always here to offer my own expertise and focus on the value and not just the price. In a world of rising inflation and unpredictable weather, homeowners need to fortify their assets. For context in today's market, here are some crucial insights you'll need to unravel to ensure you, your family and your property are properly protected! Top Risks Today: 💸 Inflation Surge: Your coverage might be outdated! A claim that once cost $15,000 could now be $40,000 due to inflation. 🌪Weather Whirlwind: Natural disasters are hitting unexpected places, and insurance carriers are either hiking premiums or exiting the market. 🚫Market Exodus: Insurance carriers struggling to stay afloat might leave you high and dry. Stay informed on industry news! What Homeowners Should Do: 📰 Stay informed: Keep tabs on news and industry trends. ✔ Regular Policy Review: Don’t wait for renewal; ensure your coverage keeps up with inflation and changing risks. Insurance Policies to the Rescue: 🏡Homeowners Insurance: Cover fire, theft, vandalism, wind, and hail. 🌊 Flood Insurance: Crucial protection often not included in standard policies. 💍Personal Articles Floaters: Safeguard high-value items like jewelry. Deductible Dilemma: 💵 Two Deductibles: All perils and wind/hail coverage. 🌬 Wind/Hail Deductible: Now a percentage of your coverage – be aware! Prevention Pays Off: ☔ Water Shutoff Devices: Control water damage with modern tech. 👮🏽♂️Home Security: Affordable monitoring systems enhance safety. ✈ Social Media Caution: Avoid sharing vacation plans to protect your property. Residential Property Insurance is your shield against the unpredictable! Ensure your home is fortified and your peace of mind protected. #HomeInsurance #RiskMitigation #InsuranceInsights

This information was shared with me today through our in-house insurance agent and I found it very interesting based on how I “feel” about my insurance rates. As we all know, Carriers have been making a lot of rate increases over the past 3 years, but it appears that Georgia is still NOT IN THE TOP 10 FOR AVERAGE HOME INSURANCE PREMIUMS. According to “The Insurance Journal” and “Money Magazine”, here are the top 10 states with the highest average home insurance premiums for 2024. 1. Florida $11,759 2. Louisiana $7,809 3. Oklahoma $5,711 4. Texas $4,437 5. Mississippi $4,482 6. Colorado $4,367 7. Nebraska $4,292 8. Alabama $4,281 9. Kansas $3,666 10. Arkansas $3,662 **Several of the states are impacted by hurricanes and flooding and others with tornadoes and wildfires. In Georgia, we are seeing an average yearly home insurance premium of around $2,500, but that value increases as the replacement value increases. New construction is still the most competitive for home insurance because there are no expected defects, and the home is built up to code. **These are the averages based upon good credit and no losses with an approximate $300,000 replacement value (to allow all valued markets to be equally represented). Have questions? I have a great team of insurance brokers who’d love to chat with you about today’s rates.

🌟 Insurance Costs & Homeownership in Texas: What You Need to Know! 🌟 The surge in insurance costs in 2024 posed significant challenges to both affordability and ROI in Texas real estate. With extreme weather conditions on the rise, homeowners are bracing for another round of premium increases in 2025. Is home insurance becoming a major hurdle in the Texas real estate market? 🏡💼 🔍 Key Points to Consider: - 2024 Insurance Hike: Home insurance prices skyrocketed, impacting affordability and ROI. - 2025 Forecast: Premiums are expected to rise further due to severe weather conditions. - TWIA's Role: The Texas Windstorm Insurance Association (TWIA) is contemplating a 10% rate increase for residential and commercial policies in 2025. - Current Rates: As of June 30, the average TWIA residential premium was $2,300. - Rate Adequacy Analysis: Current rates are 38% inadequate for residential and 45% inadequate for commercial coverage. - Hurricane Beryl's Impact: Houston is recovering from significant damage, prompting a rise in insurance claims. 🚨 Why This Matters: - Market Stability: Rising insurance costs can destabilize the real estate market. - Homeowner Challenges: Increased premiums may make homeownership less affordable. - Future Preparedness: Understanding these trends is crucial for homeowners and investors. 📊 Did You Know? - Texas saw a 23.3% increase in average homeowners insurance premiums in 2023, leading the nation. - TWIA policies increased by 37% from 2020, with a significant number in coastal counties. 💬 Your Thoughts? Do you think home insurance will be a challenge in the Texas real estate market moving forward? Share your insights and join the conversation! 👇 #HomeInsurance #TexasRealEstate #InsurancePremiums #TWIA #Homeownership #HoustonRealEstate #ROI #WeatherImpact #RealEstateMarket #InsuranceChallenges #Texas

Will your home insurance cover that tree that crashed into your house? Or the one in your yard? Can your fence be replaced? 🤔 Here’s your guide to what home insurance typically covers and what it does not, as well as best practices for filing a claim. https://bit.ly/3WcHA2l

With insurance premiums increasing, you may be weighing up whether forking out for a home insurance policy is worth it... Well, I'm here to tell you it's a must! I stumbled across this article by The Observer which is well worth a read if you're wondering why premiums are increasing and need tips on how to reduce yours. #HomeInsurance #InsuranceAdvice #InsurancePremiums

Dear Homeowners, I cannot stress enough the importance of thoroughly understanding your insurance policy. While many people focus only on the premium and deductible, there are other crucial factors to consider. One such factor is replacement cost coverage. I strongly recommend contacting your insurance agent to confirm whether you have this coverage. It is also vital to have building code upgrades included in your policy. These upgrades ensure that your home meets current building codes in the event of a claim. Don't forget to ask your agent about the matching endorsement as well. This endorsement covers the cost of replacing damaged items with a matching set, such as tiles or appliances. Make sure to take note of any metal exclusions in your policy. Some insurance companies may have limitations on coverage for metal items. Additionally, be cautious of any actual cash value (ACV) limitations that may apply solely to your roof. Investing in additional premium to remove these limitations can be highly worthwhile, especially when faced with severe weather events. Remember, insurance policies can be complex, and it's essential to have a clear understanding of what is covered and what is not. Take the time to review your policy carefully, and if you have any questions, don't hesitate to reach out to your insurance agent for clarification. Stay informed and protect your home! Please don’t forget, when disaster strikes, we are only a phone call away! Sincerely, Your future contractor of choice!! & someone who deals with Insurance related disasters every day! Ben Antone | Owner Kingdom Care Roofing and Construction LLC 👑 206-755-4797 [email protected] https://lnkd.in/gKHu6HA2