Been thinking about how to insure a second home, but have a ton of questions? If this describes you, then you have come to the right place. […]
Actual cash value vs replacement cost coverage. Read this to understand the difference in these valuation methods & make informed decisions. […]
Life insurance isn’t a fun thing to think about and it can be confusing, so here’s the basics, what you need to know about life insurance. […]
Preventing water damage in your home IS achievable! Water damage often stems from a lack of home maintenance. How can you protect yourself? […]
If you’ve ever wondered why your car insurance premium differs from what your family and friends pay, you need to read this article! […]
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There are many misconceptions when it comes to what renters insurance is and what it covers. Let’s cut through some renters insurance myths. […]
How can personal umbrella liability insurance help me, and do i really need it? What would Jim Marshall say? After a hectic work week, Jim Marshall was looking forward to a relaxing weekend with his wife and kids. He was just a few blocks from home when his cellphone rang. He glanced down to see who was calling. That split-second distraction was all it took for him to miss the approaching stop sign. Download the PDF version Not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2020 MyTPG.com All rights reserved Jim plowed into the side of a passing car. The accident resulted in serious injuries to the driver and passenger of the other vehicle. Jim was sued, found at fault and ordered to pay $1 million for medical expenses, lost wages and the “pain and suffering” of the injured parties. Although he had auto insurance, the policy had a limit of $300,000. That meant that unless Jim had another way to pay the remaining $700,000, his assets (retirement savings and college funds for his teenage sons) were at risk of being garnished. Fortunately Jim was able to keep his assets because he had a personal umbrella liability insurance policy to cover the remaining balance. Just as an umbrella shields you from the rain, an umbrella insurance policy protects you from a downpour—that worst-case scenario where you could lose everything in a lawsuit. Even if your assets are few, umbrella insurance also protects your income; in some settlements, wages can be garnished up to 10 years. An umbrella insurance policy protects you from a downpour—that worst-case scenario where you could lose everything in a lawsuit. In addition to extending the limits of your auto and homeowners policies, umbrella insurance also covers personal injury claims, including false arrest, libel and wrongful eviction, typically excluded by those policies. Dependent teenage drivers on your auto policy are also covered. Why put your nest egg, retirement savings and other hard-earned assets at risk? Umbrella insurance is an affordable layer of protection typically starting with $1 million in coverage, with additional coverage available if your financial situation changes. Contact TPG Insurance Services today for more information. Download the PDF version […]
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What Protection Does It Offer? Many people do not realize this, but most homeowner’s policies do not include earthquake coverage. You will need to purchase either a supplemental policy to your current homeowner’s policy, or a separate earthquake insurance policy. Automobile insurance policies generally cover vehicles for earthquake damage under the optional comprehensive portion of the policy. Download the PDF version Disclaimer: This brochure is provided for informational purposes only. The information provided herein is not intended to be exhaustive, nor should it be construed as advice regarding coverage. Eligibility for coverage is not guaranteed and all coverages are limited to the terms and conditions contained in the applicable policy. ©2020 MyTPG.com All rights reserved. Earthquake policies typically cover damage to your house and your belongings, up to the insured amount. If possible, you’ll want to buy enough to cover the cost of rebuilding your house and replacing your belongings. While your standard homeowner’s policy may cover fire damage that results from an earthquake, an earthquake policy is important to cover damage that results from shaking, such as structural collapse. What’s My Risk? Typically, we think earthquakes strike only in a small portion of the country—namely California, Oregon and Washington. However, more recent experience also shows that the Midwest region is at relatively high risk of earthquakes due to a fault line that runs through those states. How Much Will it Cost? Because of the massive potential damages associated with an earthquake, coverage tends to be expensive. Your premium amount will depend on your location, along with the age and structural composition of your home. In addition, earthquake policies include a percentage deductible, generally ranging from 2 to 20 percent of total damages, which means you’ll still have significant out-of-pocket costs in the event of an earthquake. However, you’ll want to weigh the cost against your risk of experiencing an earthquake, and your ability to survive the financial aftermath of such a catastrophic event. In assessing your financial exposure, it’s important to know that the government typically will not provide much financial aid for earthquake victims, and help may be limited to low-interest loans that you will need to repay. Additional Considerations When buying a policy, you should read it closely to be sure you understand what is covered and what is not. Find out if it covers your house only or the garage as well, whether it will cover additional living expenses if necessary, along with any other exclusions or limitations. You also should know how much time you have to file a claim following a quake, as damage is often not apparent immediately after the incident. Each policy is different. TPG Insurance Services can offer you recommendations and help you shop around to find the policy that best fits your needs and your budget. If you are considering purchasing earthquake insurance, the experts at TPG Insurance Services would be happy to advise you. CONTACT US TODAY: Tel: 909-466-7876 Download the PDF version […]
Your home is one of your greatest assets and a significant long-term investment. As such, it’s vital to protect your home and its contents with adequate homeowners insurance. Nevertheless, recent research found that many homeowners lack proper coverage. In fact, nearly 2 out of every 3 homes in America are underinsured—which means that the home is protected to an extent by a homeowners policy, but that policy doesn’t have sufficient limits or coverage features to cover the full expense of a potential claim. What’s worse, the average underinsurance amount is over 20%, with some homes being underinsured by as much as 60%. Download the PDF version This Know Your Insurance document is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2020 MyTPG.com All rights reserved. Don’t let your home become another statistic and suffer the devastating consequences of inadequate coverage in the event of a loss. Review the following guidance to ensure your homeowners insurance policy meets your unique needs and can offer the best possible protection when disaster strikes. Coverage Elements to Consider When Insuring Your Home Homeowners insurance offers financial protection in the event of an unexpected disaster or accident involving you, your home or your personal property. However, homeowners insurance policies consist of several different types of coverage. With this in mind, it’s important that you review each form of coverage included on your policy to make sure you are adequately insured for your specific risks. Here are some key coverage elements to look out for: Dwelling coverage is the portion of your homeowners insurance policy that can offer compensation for the cost of repairing or rebuilding the physical structure of your home if it gets damaged or destroyed by a covered event (e.g., a fire, a windstorm or vandalism). To secure proper dwelling coverage: Make sure you have enough coverage to compensate the full cost of rebuilding your home in the current market—including construction expenses (e.g., labor and materials) and the associated costs of making sure your home is compliant with any new or updated building codes within your community. Many homeowners make the mistake of only purchasing enough coverage to compensate the real estate value of their home—which is typically far less than the cost of rebuilding. Don’t forget any important features of your home’s structure when determining the cost of rebuilding. This includes the flooring, countertops and the type of or quality of materials used throughout the structure. Further, avoid making a rough estimate when determining the cost of rebuilding. Be as exact as possible and consider getting assistance from a qualified property valuation expert to ensure a correct calculation and adequate coverage. Be sure to recalculate the cost of rebuilding your home and review your coverage needs whenever you make changes to your home—such as renovating the bathroom, remodeling the kitchen or adding an attached garage. Other structures coverage is the portion of your homeowners insurance policy that can help cover the cost of repairing or rebuilding any detached structures on your property (e.g., a shed or fence) if they get damaged or destroyed by a covered event. Similar to dwelling coverage, it’s crucial to ensure that you have enough other structures coverage to compensate the full cost of rebuilding any of your detached structures. In addition, be sure to reevaluate your coverage needs whenever you make changes to any of your detached structures or add a new detached structure to your property. Personal property coverage is the portion of your homeowners insurance policy that can provide reimbursement for the cost of stolen or damaged items inside your home, such as furniture or electronics. To ensure adequate personal property coverage: Review your policy to ensure you have the best form of coverage for your unique needs. At a glance, there are two forms of personal property coverage—replacement cost and actual cash value. Replacement cost coverage can offer compensation for the cost of replacing your stolen, damaged or destroyed property with a brand-new version (as long as it’s similar in kind and quality) following a covered event. Actual cash value coverage, on the other hand, can offer compensation for the depreciated value of your property. This value is determined by the age, condition and expected remaining useful life of your property prior to the covered event. Be sure to weigh the pros and cons of each form of coverage before making a final selection. Maintain an up-to-date home inventory checklist (be sure to include photos) of all of your belongings and their original value, as well as an estimate of their current value. This practice will help you better determine just how much coverage you need to fully protect your personal property. However, keep in mind that certain high-value items—such as jewelry, collectible items or fine art—won’t be covered by your homeowners insurance policy and will require specialized coverage. Loss of use coverage is the portion of your homeowners insurance policy that can help pay for temporary living expenses in the event that you have to move out of your home while it’s being rebuilt or repaired due to a covered event. Loss of use coverage typically equates to up to 20% of the insured value of your home. That being said, make sure you consult your broker if you are concerned that such a value won’t offer enough financial protection for your temporary living arrangements. Also, remember that if you conduct business within your home, this form of coverage will not protect against any loss of income related to your business. You will need to secure specialized coverage for business-related risks. Liability coverage is the portion of your homeowners insurance policy that can offer compensation for the expenses that may result if you are found liable for injuring another person or damaging their property. These expenses include medical payments, pain and suffering settlements, lost wages, legal costs and death benefits. Because […]
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