Price Insurance Exchange

Photo: Courtesy of  Mikhael Mayim @pexels.com If you have an ATV, Side-by-Side, Golf Cart, Dune Buggy, or other off-road vehicle, some coverage may be provided on your homeowner policy.  So why buy off-road vehicle insurance? Home policies typically have restrictions based on vehicle maximum speed, engine size, usage and value. Liability coverage may exist, but only on the residence premises. Extra coverage for off-premises use may be available for an additional premium on your home policy, but not all vehicles are eligible. Medical payments coverage on the off-road policy is primary, and will pay in the event of a loss before any other insurance is applied.  Medical coverage option (for off-road vehicles) is not usually offered on home policy packages. Physical Damage coverage is for direct and accidental loss for many kinds of claims (weather, collision). Usually, a separate policy must be purchased for this coverage, over and beyond the homeowner policy. An off-road po...

The "value" of your home is different for real estate, taxes, and insurance.  Let's look at the differences  between a real estate appraisal , the purchase price , the property tax appraised value , and the reconstruction cost estimate .   Let's start with the property tax appraised value. With older homes, the amount taxed can be very different than the real estate appraisal. A real estate appraisal takes into consideration the age and condition of the home, plus upgrades and additions. The purchase price is usually based on a combination of the real estate appraisal and the  market value . Market value is the amount similar homes are selling for (within a certain distance of the home's location). The reconstruction cost estimate is the amount insurance companies use to calculate the cost of rebuilding your home if it is severely damaged or is a total loss after a covered event such as tornado or fire. Although each carrier uses their own version of the RC...

Your landlord's insurance policy does not cover your furniture and other valuables. Your TV, laptop -- the cost of the stuff in your place adds up quickly. If you live in an apartment, and your upstairs neighbor overflows the tub and your clothes, shoes, and furniture are destroyed, can you afford to replace everything? Can you afford to stay somewhere else while your apartment is being repaired? Renters insurance covers your property against windstorms, fire, and theft. Most Renters policies even extend coverage to personal property that you have in a storage unit. It also covers personal liability, medical payments to others, and provides for temporary living expenses. Did you know that Progressive Insurance customers enjoy a single deductible in the event of a claim that affects both their Progressive Renters and their Progressive Auto policy?  Bundle Auto and Renters insurance for a discount.  Renters insurance is super affordable -- as low as $11 per month.   Ca...

  You’ve seen all the hype about saving saving money (and the planet) with solar energy,   but before you sign that contract to purchase and install solar panels, here are some things to consider:   How much does it cost?  The cost of a solar panel system varies, based on where you live and how many panels are installed. If your electrical panel is outdated, there may be additional costs to update it before installation of solar panels. There are tax incentives, so if you have a big enough tax bill to take advantage of the solar tax credit, the tax benefits will help offset the cost of your solar investment. Most solar companies have financing available for equipment and installation, and some also have lease options.   Do solar panels add value to my home? This is a subject of much debate.  Spending $30,000 on solar panel installation (or on an inground swimming pool) does not necessarily add $30,000 to the value of your home.  It does, h...

  As a first-time home buyer, you're so excited.  By the time you get through the loan process, you feel like you've completed a triathlon. Then there's insurance and taxes to think about, as they can have a big impact on your monthly budget. When you get a loan to purchase a home, your bank or lender may use an “escrow” account for your mortgage.   A mortgage escrow account has 3 categories: principal, interest, and escrow. When your insurance is paid using an escrow account, the lender will request that they be added to your home policy, using a “mortgagee clause.” The mortgagee clause includes the lender’s name and billing address for insurance.   This ensures that the lender will receive all policy change notifications, renewal notifications, and cancellation notices related to your property insurance. They do this to help protect their financial interest in your property until the loan has been paid in full. When the lender gets an insurance invoice, they wi...

Understand your coverage . You are required by the state to have Liability coverage, and the same limit applies to all vehicles on the policy. Basic full coverage is typically required if you have a lienholder, to protect their interest in the vehicle until it is paid off. There are optional coverages that are available at an additional cost. Uninsured Motorists coverage (highly recommended, but not mandatory) takes care of your vehicle if someone hits you, it’s their fault, and they don’t have auto insurance. Personal Injury Protection, Rental Reimbursement, and Roadside Assistance are other examples of optional coverages.  Do the math . If you have collision coverage on an old, high-mileage vehicle that is paid off, check the car’s value. It may not take much damage for it to be declared a total loss, and you may be surprised to find out it’s not worth paying the extra for full coverage. If you owe more on your vehicle than it’s worth, some insurance carriers offer coverage...