Longview Washington Business Directory Blog

Archive for August 6th, 2008

Understanding Your Homeowner Insurance Policy 

 Your Homeowner, or Home Insurance Policy for all residents of Longview Washington, and Washington State in general is a contract between yourself and your Homeowners Insurance Policy issuer. It should define exactly what the Insurance Company agrees to compensate you for in the case of a loss, in exchange for the premium that you are in contract to pay. The Homeowners Insurance Policy is divided into two main sections. The first is a declarations page and the second section is the Insurance Policy. This of coarse should be read in its entirety prior to signing as well as fully understanding what you coverages are under the Homeowners Insurance Policy.

The Declarations Page, This section of the Insurance Policy should include details of the contract. Information in this section should be checked for accuracy, as to the dollar amounts of coverage, and any specific additional coverages are fully outlined. In the declarations page of your Homeowners Insurance Policy, it will outline the following information.

• Name of the Homeowner insured
• Name of the Insurance Company
• Location of the Home that is covered by Insurance
• The Homeowner Insurance Policy number
• Policy period
• The location and the specifics of the Home covered
• A detailed outline of the individual coverages outlined in this Insurance Policy
• The limits of liability for each coverage in the Insurance Policy
• Any applicable Deductibles and their amounts
• And lastly your premium you will owe

The actual Homeowners Insurance Policy, The second section of the contract is the Insurance Policy itself. Your Homeowners InsurancePolicy will outline and describe the property covered and the losses it covers. Here in Longview Washington we really don’t need to worry about Earthquake Insurance, but in some areas of Kelso And Longview Washington Flood Insurance is a issue, some mortgage companies will mandate Flood Insurance if your Home is in a Floodplain. Meaning that the Home is in a geographical area that is prone to flooding. This part of the policy will include:

• The insuring agreements (Remember this is a Contract)
• The Conditions of this contract
• All the definitions of terms used in the Insurance Policy
• The Liability Coverage, outlining any or all coverage against claims someone might make against you or the property.
• Medical insurance if you elect to include this in your Homeowners Insurance policy. This pays for the damages if someone might slip and fall on your property. Remember here in Longview Washington it rains a lot and gets slippery!

The Types Of Homeowners Insurance Coverage

There are a wide variety of Homeowner Policies available. Be sure to read the Policy your Insurance Agent prepares for you prior to signing. A Homeowner Policy is designed to be a package providing coverage the dwelling itself, personal property, and possibly other structures on the property such as detached garages, storage sheds, barns and the like.

• Dwelling or Home Coverage, This part of of the Homeowners Insurance Policy outlines the coverage provided by the insurer in the event of a Fire, Theft, or any damage from storms. This coverage will pay for the loss, meaning it will either repair, or rebuild your Home in part or entirely to put you the Homeowner back to the condition it was in before the loss. Most Insurance Company’s offer a Policy to replace the home at actual replacement cost. This is even if in the event of a loss, it will cost more to replace than the Insurance Policy was written for. Meaning if it was above the Policy limit.
• Other Structures Also On The Insurance Policy, This part of the Policy covers structures like detached out buildings, garages, barns, and shops. Most Insurance Company’s set a limit to around ten percent of the main building allowed to be covered. If it exceeds that it will usually need a separate Policy.
• Personal Property Insurance, This section of your Homeowners Insurance Policy covers the Personal Property contained in your Home. Most Insurance Companies limit the coverage allowed to around seventy percent. The amount of coverage is usually limited to the ACV, or actual cash value at the time of loss. Yes this means basically garage sale prices! You may elect to put Replacement Cost Insurance on your contents. This means that the Insurance Company will have a adjuster, with your help determine what it will cost to replace the items at today’s value. It is usually advised by most Insurance Agents Kelso and Longview Washington to document your items and contents. Take pictures and keep receipts of the larger items.
• Flood Insurance Policy’s, Your Homeowners Insurance Policy in Longview Washington will not cover Flooding. Separate Flood Insurance can be issued by your Insurance Agent. It will provide coverage and cover the loss due to , Flooding, Flood related erosion, Mudslides, and abnormal tide surges. Once again if you reside in a area that has a high likelihood of flooding like in a floodplain your Mortgage holder will make it mandatory to carry Flood Insurance. You may go int this website http://www.floodsmart.gov/floodsmart/ for more information on Flood Insurance and where the Floodplains are inKelso and Longview Washington areas. Here is a Cowlitz County website with more information on the floodplains in our local area, http://www.co.cowlitz.wa.us/buildplan/planning/floodplain.html

Another Post in this Blog that you may find interesting is http://longviewbiz.com/blog/2008/08/auto-insurance-agents-in-longview-washington/

 For more information on purchasing Homeowners Insurance in Washington State feel free to go to the Washington State Insurance Commissioners website. http://www.insurance.wa.gov/index.asp

This Blog Post is not represented to be definitive, only as a source of information and hopefully good reading!

Longview Washington Auto Insurance Agents have many types of Auto Insurance available to motorists. Some are optional and some are mandatory set by Washington State law, governed by the Washington State Office of the Insurance Commissioner. Below is the types of coverage that are available through your Insurance Agent.

• Liability Insurance, Washington State requires this this type of Insurance for your Automobile. This covers damage to property and bodily injury that you may cause due to a accident while operating your vehicle.
• Personal injury insurance, This Insurance coverage a very limited amount of hospital and medical costs, loss of income, The amount of coverage and the limits are set forth and defined in the Policy.
• Medical Payments, This type of Insurance coverage is not offered by all Insurance Companies. This type of Policy covers medical and funeral expenses in the event of a accident.
• Uninsured/under insured Motorist bodily injury Insurance, This type of Policy covers injuries an under insured or insured motorist causes to a motorist who does have coverage.
• Uninsured/under insured Motorist property damage Insurance, This type of Policy covers property damage an under insured or insured motorist may cause to your vehicle in the event of a accident.
• Comprehensive Coverage commonly known as “Comp Insurance” This covers damage to your vehicle in events other than a Collision. A example of this is if a tree should fall on it, or vandalism.
• Collision Insurance, This is the part of a Insurance Policy that covers your vehicle in the event of a collision due to a accident.
• Gap Coverage, This is the Auto Insurance available from your local Insurance Agent here in Longview Washington that pays the difference between current market value of your vehicle and the amount you still owe the bank for your vehicle. This type of Insurance is optional. Sometimes when you purchase your Car or Truck the dealer can offer you this type of Policy and tie it into your payments.
• Death, dismemberment and loss of sight Insurance, This type of Auto Insurance covers death and certain injuries to passengers and drivers named in your Auto Insurance Policy due to an accident. 
• Car rental expenses, In the event you have a accident caused by you or another motorist it covers the costs involved in renting a car while yours is being repaired or replaced. Check your Policy to see the limits of this type of Auto Insurance. Your Insurance Agent can advise or write this type of Policy.
• Emergency road side service, This type of Auto Insurance Policy covers the costs of towing in the event of a breakdown or accident. Your Auto Insurance Agent in Longview Washington can advise you as to your coverage and limits.
• Custom equipment Insurance, This type of Insurance policy covers accidental and direct loss to custom parts, or equipment. This is the type of Auto Insurance Policy you may need if you have a custom car or truck. This is also the type of Policy you may need to cover expensive stereos, and other expensive equipment you may have in your vehicle.

As you can see there are as many types of Auto Insurance Policies as there are Auto Insurance Agents here in Longview Washington. All Auto Insurance Agents In the state of Washington are required to be licensed by the state. Washington State currently regulates approximately 85,000 licenses. Auto Insurance Agents either are associated with a Broker.

There are three types of Auto Insurance levels you need to know about to make a informed decision as to who writes you a Policy.

1. Prefered Market Insurance, This type of insurance writes the lowest premiums and is usually only available to very low risk drivers with good driving records.
2. Standard Market insurance, This type of Insurance refers to the average driver who does not drive high horsepower vehicles, and has a good driving record.
3. Non Market Insurance, This type of insurance  is the most expensive type of Insurance Policy as it is available to young drivers, people who have a lot of tickets or accidents, or a DUI on their driving record.

Auto Insurance offered by Agents in Longview is a sophisticated market and it is advised that you shop for any coverage you may need. Take the time to address all the types of Coverage that is available and what you may want. Auto Insurance cost is a major concern to all residents in Washington. Longview Washington is no exception.

Insurance Companies are allowed to rate all licensed operators of vehicles. They can and do take into account all licensed members of a household when figuring the cost of a policy. This can include roommates and children who may be able to drive the vehicles.

When factoring a rate for Auto Insurance coverage these are the things that are used by your Agent to give you a quote.

• Age, including all members of the household.
• Sex.
• Marital status.
• Driving Habits, as your record will reflect!
• Claims history.
• Credit history.
• Location, meaning where your primary residence is located.
• Model, Make, and the year of your Auto.

When you shop for Auto Insurance remember Insurance Companies factor and use this information differently. Here is Longview Washington Auto Insurance Agents give you a quote based on this location. How is this factored in? In Longview Washington compared to like Seattle we have less theft, less traffic so the risk of a accident is lower. Interesting I thought.

Age has a great deal to do with the rates we pay for Auto Insurance. The statistics show drivers under the age of twenty five simply have more accidents than mature adults of twenty five or older. Statistics also show senior citizens also have more accidents due to loss of vision and reflexes.

Washington State Insurance Agents can and do use your credit score as a factor in your Auto Insurance quote. Here is a link that can explin it better than I can, http://www.insurance.wa.gov/publications/credit/credit_scoring.pdf

For more info concerning Auto Insurance offered by Agents in Longview Washington and other cities for that matter in Washington here is a link, http://www.insurance.wa.gov/