GOOD
NEWS: Fire and Wind Insurance rates are coming down
!! We represent over 100 different companies, and we are seeing up to 40% rate reductions
on property in most cases. This is driven
by the better construction standards in our area including enforced Building
Codes, stronger Fire Districts, and all of the mitigation efforts to improve
the resiliency of our structures. An
additional factor is all the work of IBHS and their Designations of Fortified Homes
for BRONZE CERTIFICATION (for a strong and water tight roof), SILVER
CERTIFICATION (for the roof AND impact protection on structure openings and
attached structures) and GOLD CERTIFICATION (for roof AND openings AND structural
integrity for the whole unit including the chimney). There may be grants or loans available to
fortify your home.
These structural improvements to mitigate potential
damage and fortify your home will help ensure that you have a home and business
to come home to after a storm, which is beneficial to our whole economy and
well-being.
Another reason contributing to lower insurance costs are
continued low interest rates, which are prompting large investors to pump money
into global Catastrophe Bonds to enjoy higher returns, which is assisting with
lowering reinsurance rates, and resulting in lower overall rates for consumers
like you and me.
There are many more insurance options for business owners
and homeowners, so you should definitely shop around with a Trusted Choice insurance
agent, but be aware that insurers are becoming more picky about which homes
they will insure at the lowest rates, and each carrier has different
requirements … More on that topic in a
bit.
NOT
SO GOOD NEWS:
Flood insurance rates have increased as of April 2015, in the 10-18%
range. There are higher fees in addition
to the higher rates, particularly for non-primary homes and commercial
structures. There are higher deductible options to reduce your rates, so ask
for your options, BUT DON’T LET YOUR POLICY LAPSE. In every area that has been re-mapped, we
have a one-year window (through April 2016) to get a policy in place under the
prior “grandfathered” rates, but after that time, the rules will change.
FEMA has implemented a one-year grace period for
properties deemed to be “recently mapped” , and after the one year period, if
there is no flood insurance in place, the higher standard rates will
apply. What does this mean to you? If you have a home in a recently mapped area where
your prior flood zone was B, C, or X, and has now been changed to Flood Zone A,
and you purchase your coverage now before April 2016, the rate will be in the
$400 range, however, if you wait till after April 2016, your rate will be in
the $2000 range. A HUGE DIFFERENCE! Also, if you have a flood insurance policy
that meets the recently mapped guidelines, your policy is able to be
transferred to a potential buyer. So if
you EVER plan to sell your home, you will need to have a flood policy in
place. If you will EVER need to get a bank
loan, you will need to have a flood policy in place.
TO DO: You MUST verify your Primary Residence with FEMA,
or you will be changed to non-primary status. You will need to sign and
return the form sent to you. Non-primary residences and commercial
structures will be surcharged $250.
TO DO: Check into higher deductibles to reduce the
cost of insurance coverage. A $10,000 option will now be available -
but remember that it applies to EACH coverage (structure and contents), so if
you choose the highest deductibles available, you will have to pay $10,000
deductible for the structure AND $10,000 deductible for the contents.
TO DO: Don't let your policy lapse.
Rewrites may be more costly to you.
TO DO: Buy Flood Insurance NOW if you do not
have it yet. It's your last chance to purchase insurance at a reduced
rate, if you do not have flood insurance yet, and your zone was re-mapped in
2008 or more recently. Make your purchase BEFORE April 1, 2016.
NEWS WE CAN ALL USE:
Trusted Choice identified the most common MISTAKES Consumers make with their insurance:
1) Not Carrying
the Correct Limits of Coverage - if your
coverage is too low or not keeping up with inflation, you may be penalized at
the time of a claim.
Replacement
cost is a broader policy and protects you more; you should insure the total
expected cost to rebuild your home (not market value or what you can sell it
for); Coverages
increases cost very little. Be sure to review your coverage levels at
least annually.
2) Not Taking Advantage of Discounts - be sure to always ask about discounts if you have a home security
systems, updates to your roof and/or electrical, and other special home
features or mitigation.
3) Not Properly Insuring Your Home - if you have a change in how your home is occupied, or you are putting
your home up for sale, or your home is now vacant, this could VOID your
coverage. Let your Agent know! Also consider adding valuable coverages
such as sewer and water backup, flood insurance, and earthquake
insurance.
4) Taking the
Cheapest Policy - cheaper is not always better.
Insurance policies vary greatly, and there are many ways to safely reduce the
price you pay without sacrificing important coverages that protect you.
Learn how to
make your home look attractive to the insurance company!
Here are things that impact home insurance rates-
These
will raise your insurance rate: bad credit, poor payment history, prior claims, not
having a certificate of occupancy, older age of home, lack of pride of
ownership, tree limbs on the roof or rubbing the side of home, pools without
fences, trampolines, wood-burning stoves, certain types of pets
These
will lower your rate:
bundling policies with
the same carrier (example: home and auto), increasing deductibles, taking
mitigation efforts and retrofitting of home, adding a security system, length
of time with carrier
Things
to watch:
be sure that the proper
policy limits are selected so that you are not penalized if you need to make a
claim - you should review the limits annually; be sure to disclose any home
business, so you and your business assets are protected.
We are happy to assist you and review your coverages. Just call
228-466-4498 or 228-385-1177 or email:info@southgroupgulfcoast.com. We have time to help you.
We are your
LOCAL Trusted
Choice Advisors, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com , SALES AND SERVICE AGENTS: Angelyn
Treutel Zeringue, Tammy Garfield, Tammy Hogue, Brittany Jones, Denise
Russell, Melissa Moran, Alex Treutel, Anne Gillam, Ashlie Moody, Mark
Strickland, and Whitney Zimmerman at SouthGroup Gulf Coast. You can reach us by
snail-mail or in person: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgropugulfcoast.com ,
phone: 228-466-4498 fax:888-415-8922, FaceBook www.facebook.com/southgroup.gulfcoast, or Twitter www.twitter.com/atreutel !
We have 3 Gulf Coast locations to serve you - 2505 Pass Road - Biloxi, 5400
Indian Hill-Diamondhead, and 412 Hwy 90 Suite 6-Bay Saint Louis, MS. We write
coverage in 40 different states and can assist you with Mississippi insurance,
Louisiana insurance, and Alabama insurance and many other states.
Insurance is
stressful, but we make saving easy. We help you save money on insurance!
#southgroup @stateauto @libertymutual
@TRV_insurance @safecoinsurance #savemoney @progressive
