Travelers Insurance Company has announced plans to introduce a “First Accident Forgiveness Plan” for their current auto insurance customers. This enhancement to the auto insurance policy will be available beginning September 19, 2010 for customers that have been with Travelers for four or more years and have been incident free for the previous five years. These qualifying customers will not see a premium surcharge for their first qualifying accident. Rewarding them for their history of safe driving.

We are happy to see this program implemented, as it will benefit our many safe drivers in the event an unexpected incident does occur.

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Travelers Insurance has just announced the introduction of a Paid in Full discount for their auto insurance policies and policyholders. The discount will be 5% of the total premium. This discount will be available as of August 22, 2010 and will be available on new business as well as renewal policies.

In addition to the discount, policyholders that choose to pay their policy in full will also avoid paying the payment processing fees. Payment in full may be an option worth serious consideration.

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The amount of coverage for jewelry on a Texas Homeowners Insurance Policy, is a question that comes up frequently. Although, jewelry coverage is typically included in the contents or personal property coverage section of the policy, the amount of coverage is very limited. Most policies will limit unscheduled jewelry coverage to anywhere from $ 500 to $ 2500 in coverage depending on the policy. This unscheduled jewelry coverage can typically be increased to $ 5000, if requested.

Unscheduled jewelry coverage is typically subject to your deductible and normally does not cover mysterious disappearance (losing it).

For higher valued jewelry items, you can “Schedule” them to the policy. This is when you will add a specific named piece of jewelry to the policy for a specific agreed amount of coverage. Scheduled jewelry items are normally not subject to your deductible and are covered on an all risk basis, even if you lose the item. It is a little more expensive to insure the items this way and the company will normally require a copy of an appraisal for the item, but this is the best way to insure more expensive pieces.

The bottom line is, jewelry is not a standard coverage and the amount and type of coverage will vary from company to company. Be sure to discuss you coverage needs with your agent to be certain you have the insurance protection you need.

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Loss assessment coverage is typically found on a Condo Insurance Policy. However, you will also see it on a Homeowners Insurance Policy occasional. It is designed to cover you against shared, uninsured losses by a condo owners or homeowners association.

For example: if a major liability loss occurred in a common area, such as a swimming pool area, that exceeded the limits of the association’s insurance policy, the insurance will pay to the policy limits and any amount paid above that would be divided up equally by the number of members in the homeowners or condo owners association and billed to each of them individually. This billing is called an assessment. So, lets say there was a 1.5 million dollar lawsuit filed and the assocation was held legally liable for the enire amount of the lawsuit. Lets also assume the insurance policy had a one million dollar coverage limit and paid that amount. The additional 500k would still be due. If there were 100 members/property owners in the association, they would each be billed or “Assessed” $ 5000.

Loss assessment coverage will pay for these types of claims up to the limits purchased for this coverage. This is very important coverage to have if you own a condo or live in a homeowners association that has common areas that are equally owned by its members.

For additional information regarding this or any other type of coverage, contact our office or visit our website at www.Quotes4insurance.com

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If someone believes that your negligence has caused them harm, there is a good chance that you could be sued. You are at risk if someone believes you are legally liable for their injuries and/or damages. Although, most Texas Homeowners Insurance Policies will provide coverage for liability as a result of someone being injured on your property (if your are considered legally liable), it is far better to avoid these types of issues all together.

Here are a few tips for “Fall Proofing” your property:

• Install handrails on both sides of your stairs
• Keep stairs clear and unobstructed
• Ensure stairs are sturdy, strong and in good condition
• Wipe up spills immediately
• Install bright lights over porches and walkways
• Repair cracked or broken concrete
• Keep sidewalks and paths clear of obstacles

As they say, “An ounce of prevention is worth a pound of cure.” Take the necessary steps to prevents these occurrences before they happen.

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I have been asked the following question: If I own a condo, can I just get a renters insurance policy or do I need a condo insurance policy? The answer is definitely, a Condo Insurance Policy.

Renters Insurance will only cover the contents of an apartment, condo or home. This is fine if you are a tenant and the contents are the only exposure you have in the event of a loss. But, if you own a condo you have additional concerns even though you don’t own the entire building.

The Condo Owners Association will provide coverage for the building/structure. The typical coverage provided by this type of policy will be only for the roof and exterior walls. Coverage stops at the wall studs and anything inside of this is the unit owners responsibility. This would include the sheet rock, paint, texturing, wallpaper, cabinets, wall tiles, showers, sinks, fixtures, lighting, cabinets and more. Renters Insurance does not cover these items. You have to determine a value for these finish out items and add this to the contents coverage amount and use this as the coverage amount for the condo insurance policy.

This is a major difference in coverage and must be address properly or you could risk a major loss. So, get the Condo Insurance policy if you own the unit. It does cost much more and could save you a bunch in the long run.

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I am often asked this question, and the answer is: “It depends.” It depends on the type of water damage that has occurred and what the source of the water is. It also depends on what type of coverage you have on your Homeowners Insurance Policy.

Water damage due to rising water from outside of the home, such as a river overflowing its banks and rising into the home, is called “Flood Damage” and is specifically excluded from Texas Homeowners Insurance policies. No coverage is provided for this. A separate Flood Insurance policy is available and is written though the National Flood Insurance Program, a federal program. If you are located in a designated flood zone you definitely will need a Flood Insurance policy and your mortgage company will require this coverage. If you are not located in a flood zone, this coverage is not required but you may want to consider it anyway. Contact our office for additional information on Flood Insurance.

The type of water damage that is typically covered under a Texas Homeowners Insurance policy is the type that originates from within the home. Such as a water line bursting or a water heater bursting and flooding the home.

There are two primary types of water damage coverages, for homeowners insurance purposes. The first is what is called “Sudden and Accidental Discharge of Water”. This is when a sudden burst of water floods the home. An example would be a water heater bursting or a washing machine hose breaking and suddenly flooding the home with water. This can do major damage, especially if you are not home when it happens. This type of damage is typically covered under a well endorsed homeowners insurance policy.

The second type of water damage is that which occurs as a result of slow leaks. Possibly a leaking water line or a shower pan leak. These typically do a smaller amount of damage and are often less than the homeowners insurance policy deductible, unless they are left unattended for an extended period of time. If that happens these can become major claims as well. Because of this, many homeowners insurance companies do not cover damage for slow leaks. They consider this a maintenence related claim and feel that if the homeowner takes care of the issue as soon as it becomes apparent, it would not be a big deal. Some insurance companies do cover this type of water damage, as well. It’s good too have both covered, if it is not cost prohibitive from a premium standpoint.

Another type of water damage coverage on a Texas Homeowners Insurance Policy is “Backup of Sewers and Drain Coverage.” This would cover you in the event a toilet backed up and overflowed into the home. This can be a big deal, especially if the bathroom is located upstairs. Most policies do covers this now days, but it is generally an additional endorsement to the Texas Homeowners Insurance policy. However, some policies do include it automatically.

So, once  again, the answer is: “It Depends”. Check with your agent and/or insurance company or contact our office to verify what specific type of coverage you have or to discuss this coverage in more detail.

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Travelers Insurance Company has recently announced that they will be introducing a Green Home Upgrade Endorsement available to their Texas Homeowners Insurance Policy. This will allow a homeowner to repair or rebuild their home with Green Materials and Methods in the event of a covered loss. The upgrade can be used in the event of a total or partial loss and will pay an additional 10% above what they would normally pay to repair or replace damage with Green Methods or Materials. It will also pay up to $ 25,000 to recycle debris.

In addition, Travelers will begin offering a 5% Green Home Discount to any home that is LEED certified as a Green Home.

For additional information on these offerings, please contact our office.

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Effective June 12, 2010, Safeco Insurance Company will begin offering new Renters and Condo Insurance policies that will offer broader and more flexible coverage in Texas.

Clients will have the option to choose from three differing levels of coverage that will mirror the options currently available under the homeowners insurance offered by Safeco in Texas. These policies will offer a wide range of coverage and deductibles and will have very competitive pricing.

Many renters are not aware of the importance of carrying renters insurance and mistakenly believe their personal belongings will be covered under their landlord’s policy. That is not the case and going without renters insurance can be a costly mistake. Contact our office today for a no obligation quote for your renters insurance.

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The Texas Department of Insurance has indicated that many Dallas and Fort Worth area homeowners insured by State Farm are being hit with premium increases that are nearly triple the 13 percent hike the company indicated it was implementing statewide, under its two recent rate plans.

The Texas Department of Insurance has been battling with State Farm over its homeowners insurance rates and said that customers of the state’s largest insurer will pay as much as 35% more for coverage in parts of Dallas County and up to a 39% increase for customers in Tarrant County.

As the Texas Department of Insurance continues it’s battle with State Farm, now is a great time to compare rates. If you are a current State Farm customer and you would like to compare your current rate with multiple other major insurance carriers, just click on the above “Free Quote” button and you can receive quotes from multiple major insurance companies in just two minutes.

To see the entire article from The Dallas Morning News, click the following link: http://www.dallasnews.com/sharedcontent/dws/news/texassouthwest/stories/DN-statefarm_29tex.ART.State.Edition2.1412f92a.html

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