Debunking Insurance Myths - Series Part 3

Insurance is about managing risk. Insurance companies use sophisticated algorithms to determine how risky each of us is, and they price policies accordingly. That's why smokers pay more for health insurance and bad drivers pay more for car insurance.

Still, insurance can be confusing and aggressive sales agents only make the problem worse. To help clear things up, we're debunking some of the most pervasive myths about different types of insurance.

 

Homeowner's Insurance

Myth: If something happens to your home, you'll be given the money to replace your items.

Many people mistakenly believe their homeowner's insurance will pay for them to replace an item if it's damaged or stolen, but that's not usually how it works. If you lose an old computer most policies won't foot the bill for a brand new one. All they'll give you is the amount of cash your old one was worth when you lost it. Policies do exist that cover full replacement of items, but you'll pay a higher monthly premium for those.

FACT: According to the National Association of Insurance Commissioners (NAIC), homeowners insurance covers the structure and contents of your house in case of damage. It is also required by lenders as long as you have a mortgage.

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This blog is brought to you by SERVPRO^® of Great Neck/Port Washington, a leading provider of fire and water cleanup, mold mitigation, remediation and restoration services. For more information and a full list of our services, please visit us online at www.servproofgreatneck.com or contact us at 516-767-9600.

 

 

 

 

 

 

 

 

 

Debunking Insurance Myths - Series Part 2

Insurance is about managing risk.  Insurance companies use sophisticated algorithms to determine how risky each of us is, and they price policies accordingly. That's why smokers pay more for health insurance and bad drivers pay more for car insurance.

Still, insurance can be confusing and aggressive sales agents only make the problem worse. To help clear things up, we're debunking some of the most pervasive myths about different types of insurance.

Renter's Insurance

Myth: Your landlord's insurance will cover your stuff if something happens to the building.

Your landlord has building insurance, but the coverage does not extend to replacing your stuff. That's your responsibility. Don't expect someone else to pick up the tab if your property is ruined or stolen. That's what renter's insurance is for.

Important Fact : Coverage

Renters insurance can provide coverage for items and incidents inside and outside of an apartment or rental house. Renters are usually aware that belongings stolen from their homes could be covered by renters insurance, but fewer may be aware that items stolen from their vehicles could be covered as well. A renter whose child floods an apartment bathroom by leaving water running in a bathtub would likely end up paying out of pocket for the damage caused by the incident without renters insurance. That's because landlords' insurance policies usually cover damage to their buildings if the damage isn't caused by a tenant.

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This blog is brought to you by SERVPRO^® of Great Neck/Port Washington, a leading provider of fire and water cleanup, mold mitigation, remediation and restoration services. For more information and a full list of our services, please visit us online at www.servproofgreatneck.com or contact us at 516-767-9600.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debunking Insurance Myths - Series Part 1

Insurance is about managing risk. Insurance companies use sophisticated algorithms to determine how risky each of us is, and they price policies accordingly. That's why smokers pay more for health insurance and bad drivers pay more for car insurance.

Still, insurance can be confusing and aggressive sales agents only make the problem worse. To help clear things up, we're debunking some of the most pervasive myths about different types of insurance.

Auto Insurance

Myth: The color of the car your drive can impact your car insurance premium.

Plenty of people believe that red cars are more expensive to insure, but this is simply not true. Other factors do matter, like how old the car is and whether or not it has added safety features, but color doesn't matter. If a red car will make you happy, go ahead and buy it.

Fun Fact:

Car Insurance is as old as cars

Today, auto insurance is mandatory in countries around the world, but it began as a specialty product for early auto enthusiasts. In 1895, an English insurance agent wrote out the first automobile liability insurance policy, and the first policy in the United States appeared three years later. Massachusetts was the first state to require all drivers to have insurance, starting in 1927.

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This blog is brought to you by SERVPRO^® of Great Neck/Port Washington, a leading provider of fire and water cleanup, mold mitigation, remediation and restoration services. For more information and a full list of our services, please visit us online at www.servproofgreatneck.com or contact us at 516-767-9600.

 

 

10 States Most at Risk of Disaster - Series Final - No.'s 2 & 1

States of danger

Disasters can happen anywhere and at any time. But some places experience more than their fair share of floods, tornadoes, hurricanes, winter storms and severe weather -- so much so that certain locales earn frightening nicknames, such as Tornado Alley. No matter where you live, make sure you have the right kinds and necessary amounts of insurance coverage to protect your finances.

So where do these damaging events occur most frequently and severely? Kiplinger.com worked with the National Weather Service to identify the 10 states that have suffered the biggest estimated property losses from disasters over the past eight years. Take a look:

No. 2: Texas

Estimated property damage (2006-2013): $23.7 billion

Most frequent disasters: hail, thunderstorms, drought, tornadoes and flash floods

Weather-related fatalities (2006-2013): 313

Severe thunderstorms and tornadoes are nearly as common as tumbleweed in the Lone Star State. Also, cities close to the southern coast, such as Galveston and Houston, are often in the bulls-eye of destructive hurricanes, such as Hurricane Ike in 2008, that gain strength over the Gulf of Mexico. And wildfires -- such as the 2011 Bastrop fire that destroyed more than 1,500 homes -- are common due to extreme heat and drought conditions in the state.

No. 1: New Jersey

Estimated property damage (2006-2013): $26.4 billion

Most frequent disasters: damaging wind, winter storms, floods and flash floods

Weather-related fatalities (2006-2013): 87

 

New Jersey earns the top spot on this list, in large part due to damage wrought by Sandy -- which had weakened from a hurricane to a post-tropical cyclone by the time it the Jersey Shore -- in October 2012. The state was among the hardest hit by Sandy, which was the second-costliest storm in U.S. history, after Hurricane Katrina. Many homes and businesses were destroyed along the Jersey Shore, and a portion of the Atlantic City Boardwalk washed away. Shortly after Sandy hit, another storm brought wet snow that caused more power outages and damage.

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This blog is brought to you by SERVPRO^® of Great Neck/Port Washington, a leading provider of fire and water cleanup, mold mitigation, remediation and restoration services. For more information and a full list of our services, please visit us online at www.servproofgreatneck.com or contact us at 516-767-9600.