Home-based Business Insurance

Do you have Insurance for your At Home business?

   You have started a Home- Based business. One of the biggest factors you need to control when you first start out is your expenses. 
Many home-based business owners believe their Home Owners policy will cover their business. But the truth is most homeowner's policies EXCLUDE business coverage. Commercial risk is different from personal risk so the policies are very different. You want an insurer who is an expert in your need.
  There are many type of coverage you should consider when opening a Business Insurance Policy. One  coverage you want as an in-home business owner, is an Extra Expense Clause. This would cover extra expenses incurred as a business owner attempts to continue his/her business after a catastrophic loss. These could be expenses like a short term office lease and equipment rental while the home is being repaired and equipment is replaced.This is one of many coverages you need to know before you open your business!
   Business owners looking for the the most cost effective way to protect their business should work with agents with access to multiple insurance carriers. You can go through your area Chamber of Commerce or the Small Business Administration to find an agent near you.
Or you can visit The Brockman Agency  or call 972-908-2582.

Read the entire article:
Inc. article

Unusual Insurance

Are you in need of Unusual Insurance Coverage?

   Next month is Halloween. This means Haunted Houses. This also means lawsuit possibilities. these Haunted Houses need General Liability Insurance for claims like "wrongful death when a teen with asthma suffered a horrible reaction to fog machines".
   Do you believe in Aliens? There are a few companies who offer alien abduction insurance. They can run you around $150 for $1.5 million in coverage. Nuns can (and have!) bought insurance against the possibility of a virgin birth in the event of the second coming of Jesus Christ. Worried about the Zombie apocalypse? You can buy protection in case of this possibility.
    You can insure specific body parts. This is mostly seen with celebrities (Julia Robert's smile) and doctors. (Think surgeon's hands).   Gentleman, worried about getting left at the altar? You can insure against that too. How about Contest insurance? Promoters must insure in case there is a winner (especialy when there doesn't seem likely to be a winner).
Home, Auto, Life Insurance. We know we need these. But sometimes, we need coverage that is a little out of the ordinary.

                        Insurance against Alien abduction isn't common,
                                       but some find it necessary.


Read the entire article at propertycasualty360.com

Insurance coverage you need

Make Sure Your 

Coverage Fits Your Needs

Only buy what you need. Compare the cost of your annual premium against your car’s Blue Book value, minus your deductible. If you’re paying more in premiums than it would cost to replace your car, consider dropping collision and comprehensive coverage. If you still owe money on your car, your lender will require you to maintain collision and comprehensive coverages.

You may be able to drop some coverages and lower your premium. You may not need PIP and medical payments coverage if you have health and disability insurance. Remember that PIP and medical payments also cover other people if they are injured while in your car. If you belong to an auto club, you may already have towing and labor coverage and don’t need it in your policy.

Homeowner Replacement cost covers the cost to rebuild your home, not what it would cost to buy your home. Personal Liability should at least cover the value of your home. Tell your agent about any extras you may have- such as granite in your bathrooms and/or kitchen. Swimming Pools, sheds and fences will add to the cost of rebuilding your Other Structures. Jewelry, coin or art collections should be specifically listed so you know they are covered.

As with Auto policies, higher deductibles will lower your insurance premium. Keep in mind, higher deductibles may save you money now, but they will increase your out of pocket in the case of a claim.

The goal of finding the coverage that fits your needs is insurance is supposed to make you whole in the case of a loss. It is in your best interest to know what coverage you need and who offers it. Ask questions. Your agent should be more than willing to explain needs and coverage when you have questions.

Rising Home Owners Rates

Why We Continue to Pay Rising Home Owners Insurance Rates

   We have all seen it. The rise in rates we get with our Home Insurance Renewals. We think the same thought. "I didn't have a claim. Why did my rates go up?"
   According to the Texas Department of Insurance, the biggest piece of the puzzle is the number of Catastrophe claims. Catastrophe claims are caused by Natural disasters. Texas is one of the most volatile weather states in the country. We have coastal counties, subject to hurricanes. We have dry areas subject to dust storms. We have forests subject to wildfires. We have Hail storms pound across the entire state. As of January of this year, Texas has had 119 official Catastrophe claims since 2005.  The National average is 2.6. Every Texas county has been affected.
   Texas has the nation's second highest average premium for all owner-occupied home policies $1,272. The National average is $795.  Texas averages a loss per policy of $743 annually. The National average policy premium would barely cover Texas losses! The average cost to replace a home in Texas is between $150-$174k, below the National cost of $200-$299k. Yet, we incur nearly twice the National average in losses each year.
   This is why we continue to see the rise in Homeowners Insurance rates. You may not have had a claim personally, but your neighbor did. And chances are, it will be you will next time. The tough part about Insurance is everyone pays for claims, whether you had one or not. If it is a tough claim year, you will see an increase in rates the next year.  Texas claims have been on the rise for 10 years now. You add that to the rising cost of construction to rebuild and I doubt we will see rate decreases any time soon.
   One thing to keep in mind is what your insurance company will do for you in the case of a loss. If you pay an average of $1,200 annually for your Home Insurance in Texas, you will have paid $12,000 over the past decade. If a natural disaster destroys your home, your insurance company will pay the average $150-$174k to rebuild it, minus your deductible. They will pay over $137k more to rebuild your home than you have paid them to insure it. This is why, even though we hate to pay those Insurance premiums, they can be worth the cost.

Read the entire article at Texas Department of Insurance report to the Senate Business & Commerce Committee

Have questions about your Home Owners Insurance policy?
Contact the Brockman Agency and let us walk you through your coverage!

Texas DA Investigating State Farm Hurricane Claims

http://www.businessweek.com/ap/2012-09-07/texas-da-investigating-state-farm-hurricane-claims

Stop Worrying and Live Longer!

According to National Geographic, in a study of Centenarians and their children, several characteristics have been identified that relate to living longer, healthier lives. The Centenarians and their offspring tend to be more extraverted and more likely to eat more of a plant-based diet. Also, having a clear sense of purpose to your life statistically adds an estimated seven years to your life.




'Want to Live Longer? Stop Worrying' - by Christine Dell'Amore, National Geographic News

http://news.nationalgeographic.com/news/2009/04/090410-live-longer-neurotic.html

Shop your Insurance

Shop Your Insurance Before You Buy

Shopping for Insurance is just like shopping for anything else. You want to compare companies and products to find the best coverage at the best rates.

Determine what you want and need once the Basics are covered.
 1.Do you have valuables requiring more than basic coverage? Think of any collectibles you may have, a coin or gun collection? How about the antique ring Grandma left you? These extras, may be necessary, but they will increase your premium.
2. Consider higher deductibles. This can lower your insurance premiums. But, remember- they will increase your out of pocket in a claim situation. The decision is yours.
3. Ask about Discounts. Every company has their own set of discounts. Take advantage of them!
4. Avoid Gaps in coverage. When changing policies, make sure your new coverage begins at the same time your old coverage ends. Gaps in coverage will cause increases in your rates.

Here are a few of the factors that can affect your rates:
Your age and Marital status.
Your driving and claims history.
Where you garage your car.
The type of car you driver.
The size of your home.
Credit score and Gaps in insurance history. 

When shopping, look at the company's history, not just it's price. 
What is their financial rating? This is an indication of a company's financial stability. Their complaint index is an indication of their service record. 
Buy from Licensed Insurance Agents only.
There are two types of agents. Captive agents represent one company.
Independent Agents, represent many companies and can give you several quotes at once.
You can find ratings, claims history and license status by visiting the Texas Department of Insurance at  www.tdi.texas.gov. 

Need Insurance? Let us do the shopping for you! 
Click to get your quotes now. Brockman Agency