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My New Blog
May. 23rd, 2008 | 12:35 pm
I have started a blog at blogger.com, the url is http://utahinsurancebasics.blogspot.com Lots of my friends use blogger and wanted me to start using it so I am going to give it a shot. I probably won't post on this blog as much anymore so please bookmark my new blog and subscribe to the RSS feed so that you will get the new updates automatically.
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Making an Inventory List
May. 16th, 2008 | 04:25 pm
Start Your Inventory
Many people suffer losses and then get stuck trying to remember everything they owned. Could you remember all of your possessions if they were destroyed by a flood or fire? Keeping a current home inventory will help you get reimbursed from the insurance company much faster. When you can prove what you have lost it makes it much easier for the insurance company to settle your claim.
Start by making a list of your belongings, keeping track of serial numbers, makes and models. If you have original receipts or appraisals you will want to save those with your list. I have found that it is easiest to classify things by categories, shoes, jackets, electronics, etc… Call your insurance agent for more info, or visit my website listed on the left.
Many people suffer losses and then get stuck trying to remember everything they owned. Could you remember all of your possessions if they were destroyed by a flood or fire? Keeping a current home inventory will help you get reimbursed from the insurance company much faster. When you can prove what you have lost it makes it much easier for the insurance company to settle your claim.
Start by making a list of your belongings, keeping track of serial numbers, makes and models. If you have original receipts or appraisals you will want to save those with your list. I have found that it is easiest to classify things by categories, shoes, jackets, electronics, etc… Call your insurance agent for more info, or visit my website listed on the left.
Here are few tips to get you started:
- Don't get overwhelmed
If you are a new homeowner, starting an inventory list should be pretty easy. If you’ve been living in the same house for a while though this might be a little more work. Think of it this way though; it is better to have a small list than nothing at all. Get your list started with your most recent purchases. Then, maybe the following weekend go through your house and get all of your most expensive belongings on the list. The following week you can add all of your favorite things. If you take an approach like this it is much easier.
- A Picture’s worth a thousand words
In addition to your list, you should take pictures of rooms and important (sentimental and expensive) items. On the back of the pictures, describe what is in the picture and try to include the brand and price.
- Videotape it
Walk through your home and videotape your belongings. As you do, tell the camera about the stuff. If you don’t have a camera try to borrow one from a friend or relative.
- Use a computer
Use your computer to manage your list. You can buy personal finance software packages that have a homeowners room-by-room inventory program. Or, to save money you can create a spreadsheet on excel. It doesn’t matter how nice the list looks as long as it has the important info your insurance company will need.
- What to do with the list
Once you have your list you will want to make sure it is kept in a safe place. The shoebox in the top of your closet is not a safe place. Remember if your home is flooded or burns to the ground that shoebox is going with it. The best thing to do is give a copy of your list to a friend or relative that lives far away from your house. Imagine if a natural disaster like Katrina happened and your list was stored at your neighbor’s house. It’s probably going to be destroyed.
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Utah Home Insurance Basics
May. 16th, 2008 | 04:22 pm
Home Insurance 101
Homeowners insurance provides financial protection against disasters. A normal policy will insure your home as well as your personal belongings. Some Utah home insurance policies will even cover your belongings anywhere in the world. So if you are on vacation in Paris, France and your camera is stolen you can call your insurance agent in Utah and file a claim. Check with your local agent because many times your belongings do not have the same coverage limits when traveling.
Homeowners insurance covers both damage to your property and your liability (legal responsibility) for any injuries and property damage you or members of your family cause to other people. What this means is if your kids hit a baseball through the neighbors window your insurance may cover the replacement cost.
Homeowners insurance provides financial protection against disasters. A normal policy will insure your home as well as your personal belongings. Some Utah home insurance policies will even cover your belongings anywhere in the world. So if you are on vacation in Paris, France and your camera is stolen you can call your insurance agent in Utah and file a claim. Check with your local agent because many times your belongings do not have the same coverage limits when traveling.
Homeowners insurance covers both damage to your property and your liability (legal responsibility) for any injuries and property damage you or members of your family cause to other people. What this means is if your kids hit a baseball through the neighbors window your insurance may cover the replacement cost.
Damage caused by most disasters is covered although there are a few exceptions. The biggest ones you need to worry about are damage caused by floods and earthquakes. The federal government backs all flood policies and you must buy one separately. The Ray Group Insurance Agency offers these as well as earthquake insurance policies, you can visit the site by clicking on the link under my website (top left). Many people have called their insurance company when their air conditioner stops working, or when their furnace breaks. Your insurance policy will not cover maintenance issues like these.
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Utah Insurance Basics
May. 15th, 2008 | 08:34 pm
location: Salt Lake City
mood: 
happy
Insurance 101
1. Bodily Injury
This coverage applies to injuries that you, the designated driver or policyholder, cause to someone else. You and family members listed on the policy are also covered when driving someone else’s car with their permission.
It’s very important to have enough liability insurance, because if you are involved in a serious accident, you may be sued. Definitely consider buying more than the state minimum to protect assets such as your home and savings.
2. Personal Injury Protection (PIP)
This coverage pays for the treatment of injuries to the driver and passengers of the policyholder's car. At its broadest, PIP can cover medical payments, lost wages and the cost of replacing services normally performed by someone injured in an auto accident. It may also cover funeral costs.
3. Property Damage
This coverage pays for damage you (or someone driving the car with your permission) may cause to someone else's property. Usually, this means damage to someone else’s car, but it also includes damage to lamp posts, telephone poles, fences, buildings or other structures your car hit.
4. Collision
This coverage pays for damage to your car resulting from a collision with another car, object or as a result of flipping over. It also covers damage caused by potholes. Collision coverage is generally sold with a deductible of $250 to $1,000—the higher your deductible, the lower your premium. Even if you are at fault for the accident, your collision coverage will reimburse you for the costs of repairing your car, minus the deductible. If you're not at fault, your insurance company may try to recover the amount they paid you from the other driver’s insurance company. If they are successful, you'll also be reimbursed for the deductible.
5. Comprehensive
This coverage reimburses you for loss due to theft or damage caused by something other than a collision with another car or object, such as fire, falling objects, missiles, explosion, earthquake, windstorm, hail, flood, vandalism, riot, or contact with animals such as birds or deer.
Comprehensive insurance is usually sold with a $100 to $1,000 deductible.
Comprehensive insurance will also reimburse you if your windshield is cracked or shattered. Some companies offer glass coverage with or without a deductible.
States do not require that you purchase collision or comprehensive coverage, but if you have a car loan, your lender may insist you carry it until your loan is paid off.
6. Uninsured and Underinsured Motorist Coverage
This coverage will reimburse you, a member of your family, or a designated driver if one of you is hit by an uninsured or hit-and-run driver.
Underinsured motorist coverage comes into play when an at-fault driver has insufficient insurance to pay for your total loss. This coverage will also protect you if you are hit as a pedestrian.
For more info check out our site listed in the top left corner of this page. they have a lot of good info and seem to always have great prices.
1. Bodily Injury
This coverage applies to injuries that you, the designated driver or policyholder, cause to someone else. You and family members listed on the policy are also covered when driving someone else’s car with their permission.
It’s very important to have enough liability insurance, because if you are involved in a serious accident, you may be sued. Definitely consider buying more than the state minimum to protect assets such as your home and savings.
2. Personal Injury Protection (PIP)
This coverage pays for the treatment of injuries to the driver and passengers of the policyholder's car. At its broadest, PIP can cover medical payments, lost wages and the cost of replacing services normally performed by someone injured in an auto accident. It may also cover funeral costs.
3. Property Damage
This coverage pays for damage you (or someone driving the car with your permission) may cause to someone else's property. Usually, this means damage to someone else’s car, but it also includes damage to lamp posts, telephone poles, fences, buildings or other structures your car hit.
4. Collision
This coverage pays for damage to your car resulting from a collision with another car, object or as a result of flipping over. It also covers damage caused by potholes. Collision coverage is generally sold with a deductible of $250 to $1,000—the higher your deductible, the lower your premium. Even if you are at fault for the accident, your collision coverage will reimburse you for the costs of repairing your car, minus the deductible. If you're not at fault, your insurance company may try to recover the amount they paid you from the other driver’s insurance company. If they are successful, you'll also be reimbursed for the deductible.
5. Comprehensive
This coverage reimburses you for loss due to theft or damage caused by something other than a collision with another car or object, such as fire, falling objects, missiles, explosion, earthquake, windstorm, hail, flood, vandalism, riot, or contact with animals such as birds or deer.
Comprehensive insurance is usually sold with a $100 to $1,000 deductible.
Comprehensive insurance will also reimburse you if your windshield is cracked or shattered. Some companies offer glass coverage with or without a deductible.
States do not require that you purchase collision or comprehensive coverage, but if you have a car loan, your lender may insist you carry it until your loan is paid off.
6. Uninsured and Underinsured Motorist Coverage
This coverage will reimburse you, a member of your family, or a designated driver if one of you is hit by an uninsured or hit-and-run driver.
Underinsured motorist coverage comes into play when an at-fault driver has insufficient insurance to pay for your total loss. This coverage will also protect you if you are hit as a pedestrian.
For more info check out our site listed in the top left corner of this page. they have a lot of good info and seem to always have great prices.