Vacation home insurance

Why YOU NEED TO INSURE YOUR VACTION HOME

   After all, you aren't there all the time. You don't have nearly as much personal property there. Do you really need to insure it? Yes. Yes you do.

 You're right, you aren't there all the time. If no one is there, how will anyone notice a leak? Or catch a fire before it blazes out of control? What if you get burglarized? Chances are no one will be there to prevent or at least handle these situations on a timely basis. This means the damage could be much worse than it would have been if someone lived there full time. These are high risks you don't want to pay for on your own. 

   Many vacation homes are in rural or beach areas. Let's say you are there when one of those situations occurs, but the fire /police departments are miles away and they take 30 minutes to get there. A fire can destroy an entire home in that amount of time. A leak can destroy your entire flooring. A burglar can empty your home. These are a high risks you don't want to pay for on your own. 

   What if you rent it out or let friends/family stay there when you are not there?  Somone trips over a rug and breaks their leg. Or someone starts a fire in the kitchen and can't get it out. You can be liable for injuries and or damages, even if you are not there. These are high risks you don't want to pay for on your own.

   You have worked hard to buy that secondary home for your family to enjoy. If something happens, then yes, you want to make sure you have adequate coverage for that vacation home, just like you do for your primary home. 

Just like your primary home insurance, there are many optional coverages and many carriers to choose from. Talk to your agent and work through what you want and need in coverage. Most primary home policies will not extend much coverage to a secondary property. So you will need a seperate policy for your vacation home.

There are few options I urge you to consider.

Personal Umbrella Policy (PUP): This is an extra Liability policy that will pick up where your home/auto policies stop. So if you have a liability claim of $500,000 and you only have $300,000 in Liability coverage on your secondary home policy, your PUP will kick in and cover the rest. The more properties, cars and toys (boats, motorcycles...) you have, the higher the premium will be for the PUP. But the added coverage can be a financial life saver.

Fair Rental Income: If you are renting out your secondary home, I highly recommend this coverage. If the home becomes uninhabitable (therefore un-rentable) due to a covered loss, you can be paid the rents you would lose during the time it takes to repair the damage. 

Coverge Amount: As I explained up above, you are more likely to have extensive damage from a fire, leak or burglary because you are not there full time. Make sure you have enough dwelling coverage to cover a total loss. Don't go cheap because you don't use the home as often. You need complete coverage because of the lack of time you spend there. 

Every carrier is a different in what they will/will not cover, what type of policies they will/will not write. So, I wouldn't get your heart set on "bundling" by trying to make sure your secondary home policy is with the same carrier as your primary home policy. That is not always an option (your primary home carrier may not even write secondary homes). Sometimes they won't have the best rate. So be open to the quotes your agent offers you. Of course, if you are with a captive carrier, you won't have many options. Again- I urge you to find an independent agent and see what they have to offer. 

 If you are looking for a Texas agent or just have questions about your insurance, please give Brockman Premier Insurance a call at 877-987-8683 or email brian@brockmanpremier.com.

Or visit our website at www.brockmanpremierins.com

   

Boat Insurance

Are you ready to sail away?

There are a few weeks left in summer. As you pack up your family to go sailing on the lake, do you know if you are ready? Are you covered?
   Watercraft insurance coverage goes beyond the scope of a standard home or auto policy to include Roadside Assistance, which covers towing of your boat or personal watercraft for free, as long as your trailer is covered; On-Water Towing, in case you're stranded on the water; and Uninsured Boaters coverage. Many carriers have additional coverage like Fuel Spill Liability and Wreckage Removal, even Pet injury. Without watercraft insurance coverage, you may end up getting stuck with the bill for cleanups and removals. Personal Effects and Fishing Equipment coverage are also available. They do not come as basic coverage on all watercraft policies, so make sure you talk to your agent about your coverage. When you file a claim is NOT the best time to find out you were not covered when you thought you were!
   Most carriers have several available discounts also, similar to auto policies. If you are a homeowner, have good driving history (no tickets/accidents), if you are the original owner, if you pay in full, if you have taken a safety course. Each carrier is different so be sure to talk with your agent about what you may qualify for.

   Summer is a great time to have fun out on the lake. Make sure you are protected through your insurance policy. But also make sure you are following boating safety processes also. Did you know someone is injured or killed in a boating accident every 2 1/2 hours? The chance of drowning while wearing a life jacket is 1 in 66. The chance of drowning while not wearing a life jacket is 1 in 11.  These statistics, along with great boating safety advice can be found through the US Coast Guard's Boating Safety Resource Center.

Have a great, but safe summer!
If you need answers or a quote on your insurance, please contact Brockman Premier Insurance.
We love to Keep You Insured!

Insurance Renewals

New Year, New Insurance? 

   So 2016 has begun. I don't know about you, but I start re-evaluating at the start of a new year. You know, clean slate and all. It's easy to get caught up in starting anew. But when it comes to your insurance, this is not always the best idea. It is always a good idea to re-evaluate your insurance (when you are up for renewal, not just because it's a new year). But switching is not always the smartest option. There are many things to consider when looking at your renewal.

Have you had any lifestyle changes?

Did you get married? Divorced? Did you have a new baby? Or did one of your kids move out on their own? New job? New contact information? Did you move? (seriously, I have had clients forget to tell us they moved!) These changes can affect your pricing as well as the type and amount of coverage you may need.
   If you get married, your spouse is not automatically covered on your home insurance policy. If something happens and you are unable to take care of things, you want your spouse to be able to handle a claim for you. If you have a new baby, you need to think about life insurance. Do you need a policy or do you need to add coverage to the policy your currently have? If one of your kids moves out on their own, do they need renters insurance? Or it may be cost effective for them to be on their own auto policy. These factors can affect your coverage. Please talk to your agent if there have been any changes to your lifestyle.

Did you premium change?

   It happens. Premiums go up quite often, even if you didn't have a claim.This is not because of your agent. Please hear me when I tell you, your agent has no say in your insurance premiums. They did not raise your rates because they don't want your business. (I have actually had a client accuse me of raising their rates because I wanted to lose their business.)  Seriously!
    Carriers take rate changes. These rate changes have to be filed with and approved by the state Department of Insurance before they can be processed to the public customer. Again, your agent has no say in this process. If you are with an independent agency, your agent can re-shop your quotes. There may be some lower rates out there. Or you may find out that your carrier is still the best pricing for you. It isn't only about the cheapest insurance though. People often find a lower price. It happens. Just because your agent is an independent broker doesn't mean they have the lowest pricing every time. But please make sure the new quote gives you the coverage you need, not just the price you want.
    If your rates go down, you may look at increasing your coverage or lowering your deductibles. This can save you money in the long run and most likely won't cost you more that you were already paying in the short run.

How is your insurance carrier's financial stability?

   All insurance carriers are rated on their financial stability, based on their sales, customer service and claims history. You can search for your carrier's rating through Demotech  or AM Best You want a reputable carrier with a good rating. There are reasons carriers have unfavorable ratings so be aware.



   Your agent should be able to answer any questions you have about your coverage and your carrier. Know what coverage you need and make sure you have that coverage.  You need to know when your policy is renewing so you can be on the lookout for your renewal. When you get your renewal from your carrier, review it. Write down any questions you have and go over it with your agent. If you don't receive one, contact the carrier or your agent. You don't want the renewal to go by without at least looking at your coverage. It is ultimately your responsibility to make sure everything is set for a renewal. Some carriers inform the agent that a policy has not been paid, but unfortunately some don't let the agent know there is a problem. Look at emails and mail from your carrier so you don't miss any notices. Renewing your insurance policy (or policies) doesn't have to be an awful experience. Be aware of what you need to review and decide what you want to change (if anything). Partner with your agent. If they are not being much of a partner, find a new agent!

   If you have any questions about your insurance, please visit Brockman Premier Insurance,
email us or call 877-987-8683. We would love to help keep you insured!