Loan/Lease Gap Insurance

How Can You Cover the Gap?

   You just bought your dream car 6 months ago. You have been very careful. No one is allowed to eat or drink in your car. You stop fully at every stop sign. You stay a full car length behind every car you drive behind. But it doesn't matter because one day someone else doesn't stop at the stop sign. 
   Your dream car is totaled. And then you find out that not only is your car gone, but the insurance isn't going to cover the total amount you owe on your loan. Now what? 

Want a better scenario?
   When you buy a new car, many carriers (and dealerships!) offer an optional coverage;  
Loan or Lease Gap coverage. With this coverage, if you have a total loss, you would be covered for the difference in the your now totaled cars value and what you owe. So one way you can decide if it is worth the premium, is to ask yourself if you can pay that difference out of pocket?

Where can you get Loan Gap coverage?
   When you buy a brand new car, the dealership will usually offer you this coverage. Before you take it, call your insurance agent. (You need to call them anyway to add your new car!) They should offer the Gap coverage to you, but if they don't, ask about it. It is usually inexpensive to add this optional coverage. I just added the coverage to a policy yesterday and it only added $17 annually. That is a great price to save you possibly thousands down the road. Most carriers I know offer this coverage on cars less than 2 years old. 

What about Lease Gap coverage?
   If you are leasing a car, ask if your contract includes this coverage. Many do, which would be very convenient! If not, most carriers offer the coverage on lease cars also. Keep in mind, this coverage only applies in the case of a total loss.  As always, it is up to you whether or not you add optional coverage. Take a look at the premium vs. the gap and decide which one you can live with.

If you have any questions about your home, auto or business insurance, 
email Brockman Premier Insurance or call 877-987-8683 
Be sure to visit our website!

   

Insuring your jewelry

Protect those Valentine's Day Sparklies! 

  Picture it. Valentine's Day. Dinner at her favorite restaurant with wine or maybe even Champagne. You ask her if she wants to take a walk after dinner. You walk down to the bridge. And with the moon overhead, you get down on one knee and bring out that velvet box with the ring. She says "Yes!". Life is grand.
   Flash forward a few years. You have the house with the white picket fence, great neighbors and Junior is playing in the back yard with Fido. You surprise your lovely wife with an anniversary cruise (and your in-laws are taking Junior and Fido for the week!)  Life is grand.
   While you are on your trip, your house is broken into. Your big screen TV. Your computer. Your printer. Gone. Then your wife remembers - "I didn't take my wedding rings with me. I was afraid I might lose them on the ship!" She runs to the bedroom and sure enough, her jewelry is gone. Most of it is costume, but that wedding set- you had that custom made. You begin to worry. The police give you a copy of the police report and tell you your insurance company will want that for the claim. Insurance! Of course! You have a solid homeowner's policy. Your stolen items can be replaced. Life is grand!
   You call your insurance agent. You explain about the break in. He asks you for an itemized list of what was stolen.You fill out the home inventory list he sends you. He calls back to let you know everything is covered, except the wedding rings. Your policy only covers up to $2500 for jewelry. The wedding set was custom made. That $2500 won't even come close! You give your agent a piece of your mind. He tries to tell you he asked if you needed any special items scheduled out when he wrote the policy. You don't remember that 5 year old conversation. And what does "schedule out" mean anyway? Arrgghhh. Your wife is crying over her now irreplaceable rings. Life just lost a little of its grandeur!

   What can you do to avoid that last part of the story? 

You can call your agent today and tell him you want to add scheduled personal property protection for your wedding rings! This coverage will replace specific items listed on your policy. It can be wedding rings, pendants, bracelets. You can also add SPP for pieces of art, coins, furs, books or guns. What will you need? Appraisals for each piece. You should have your item appraised every 3-5 years. Most carriers will have a guideline for how recent the appraisal must be. Policies will insure each piece, down to the penny. Appraisals should include a picture, serial numbers, descriptions and replacement value. This coverage will add to your premium, but if the unthinkable happens, it will be worth it!

Questions on your Home, Auto, or Commercial Insurance?
Contact Brockman Premier Insurance  or call toll free at 877-987-8683 today
and let us Keep You Insured!

Frozen Pipes

Let's Not Burst the Pipe

   Winter brings hazards that need to be taken seriously. When the weather is freezing with ice and snow, we know to drive slower. We know to walk carefully outside. But what about inside our home? What harm can come to our safe warm home from the ice outside? One of the biggest risks in winter is frozen pipes.

Prevent Frozen Pipes

   The first thing you should do is protect the pipes exposed outdoors. Water in pipes can freeze. The water will expand in the pipes as it freezes, which can cause pipes to burst. This can cause untold damaged to your home and belongings.  You can buy insulation at your neighborhood hardware store. You can also take old socks, sweatshirts or towels and wrap and tape them over the pipes. Remove the hose before insulating the faucet. You may also want to insulate indoor piping that is in an unheated area, such as the attic or any crawl space. This is especially true for homes in areas with harsh winters. Moving water is less likely to freeze, so drip your faucets on freezing nights. You don't need to run the water, just drip it. 

 If Pipes Are Frozen  

   If you turn on your faucet and no water comes out, chances are your pipes are already frozen. You want to thaw them as soon as possible. The longer they stay frozen, the more likely they are to burst. You should always assume the Pipe may already have a tear and shut off your water at the main water valve. It is often in or near the garage. But walk your property and make sure know where it is and what tool you need to turn it off quickly. There are steps you can take to thaw the pipes yourself. But if you are not comfortable with your handyman abilities, call a plumber. 

Thaw Frozen Pipes

   If you want to try to find and fix the frozen section yourself, start with the closest exposed pipe to the faucet(s) and wrap it with rags or towels. Pour a little hot water over it until the water flows again. Do not EVER use a hair dryer or electric heater near frozen pipes. As the water thaws, it becomes a fire and/or electric shock danger if the water sprays as it thaws.
If your home does incur water damage, call your Insurance agent. They will have contacts to clean up water damage. 

For information on our agency, please visit our website at www.wekeepuinsured.com
Or contact me at nancy@brockmanpremier.com 
We would love to answer any questions you have and help keep you insured!

Nancy Brockman, Owner
Brockman Premier Insurance 

  

How to find an Insurance agency

Choose Your Company Well!

   There are so many choices when it comes to Insurance these days. There are several carriers, different types of agencies, not to mention, the number of different types of policies. 
I am going to concentrate on what to look at when choosing an agency today. 
The are 3 types of agencies out there: 
* Captive agencies only write for one carrier.
* Independent agencies write for several carriers.
* Direct agencies just have a phone number to call, no actual agent required.
How do you choose? 
First of all, ask your friends and family. Referrals are a great way to find services to meet your need. But make sure you make the decision based on what you are looking for. Your sister may love her insurance company, but it may not fit your needs.
You can also go to the TDI (Texas Department of Insurance) and research any insurance company in the state. You can find types of insurance the company writes, if it uses credit to determine premium, it's financial stability rating and the complaints against the company, among other information.  
   Why is all of this important?
* If they write several types of insurance, you could get bundle discounts for putting your home, auto, life, commercial insurance into one carrier.
* If the company uses credit to place you into a premium tiering, the pricing is greatly affected by your payment and insurance history. (good or bad...)
* The financial stability of a company will let you know how well they are able to take care of customers- If a company has an A rating, it is more likely to be able to pay out claims and keep pricing stable.
* If there are a high number of complaints against a company, you may want to check further into its Customer Service and Claims handling processes.
    Once you make sure the agency/company you are thinking about is a solid choice, make phone calls. Insurance is a big purchase. It should take care of you in bad times, when you need it most. That is what it is designed for.  Not all agents/agencies/carriers are built the same with the same motivation. Go with your gut. If you get a feeling someone isn't looking out for your bets interests, move on. If they are not explaining coverage to you so that you know what you are buying, move on. You should trust your agent/carrier to take care of you. That is what we are here for!
 Contact the Brockman Agency toll free 1-877-987-8683

Life insurance

Why Should You Buy Life Insurance?

   You owe it to your family to make sure they are taken care of.  It is the one thing no one really likes to think about. What happens when you die? I don't mean spiritually- I mean the more practical question of what happens to your family when you die? Will they be able to continue living the way they have? Will your spouse have to go to work, or will they have to hire child care? Will they be able to afford to live in the same house, with the same means as when you were alive? 
   These questions must be asked and answered to help ensure your family will taken care of after your death. A good rule of thumb is to decide what it would cost for the family to continue living within their means until the last child graduates from college. Keep in mind the cost of college and what the remaining spouse would need to live on until their death.
  
  Life Insurance is made for this situation. There are many choices for you. There are different types you can buy with different benefits:
Term Life Insurance will cover your for a specific amount, at a specific premium for a specific amount of time. For example; you may buy a $1million policy for $1000 annually that will last for 10 years. At the end of the 10 years, the policy is done. If you die during the 10 years, it pays out the death benefit. If you don't, it ends. Unless you buy a Convertible Term policy. These can be converted in whole or in part into a Permanent Life insurance policy. Usually, Term insurance is the best option to get the most benefit for the least amount of premium.
Permanent Life Insurance will cover you for your lifetime, as long as you continue to pay the premiums. Often it also has an investment component- savings built into the policy. You can borrow against the "cash value" as you build it up. The premiums on these are much higher than Term insurance. There are also surrender charges during the first several years, making it costly to cancel the policy. 

   You should talk with an insurance agent about what you need, want and can afford. Everyone's situation is different. But it is very important to sit down with your spouse and decide what would need to be in place if something happened to one of you. It is not a fun discussion, but it is necessary to ensure your family is taken care of in the event of your death. 

 Thank you for reading!
 Nancy Brockman  

  As always, if you have questions or concerns about your Home, Auto or Commercial insurance, please call toll free 877-987-8683 or click:  http://www.wekeepuinsured.com/