Umbrella Policy, what is it?

What is an Umbrella Policy?

Most people think that when they are in a car accident, the injured persons can only sue and win what the insurance policy covers, i.e. the insurance policy limits. This is why MyPOLICYspace.com focuses on obtaining the right coverage not just the lowest price. For example if you have 50/100 coverage on your car, that means that each person that files a claim can get up to $50,000, with a max of $100,000. As you have seen in the news, many times a jury will award millions of dollars to a person who is injured. Did you know that they can personally seize your assets to recover the full amount due? Also if you own a home and someone falls outside on the steps. Yes they will sue and you have the homeowners policy to protect and indemnify you. But anything awarded to the person filing the claim, which is above the amount you have coverage for, will leave you open for that person to collect what was awarded by taking other valuable possessions, such as your home. That is the truth and becoming increasingly common. What can you do to protect yourself?

Get an Umbrella Policy

Umbrella policies are made to exceed the liability coverage you currently have through your home and auto insurance carrier providing you with the extra layer of protection you may need. The common misconception about umbrella policies is that they were created to help protect the wealthy; this is false as they are for anyone with valuable possessions that might be at risk if they are involved and/or responsible for a serious accident. If you do not have enough coverage to resolve a claim or lawsuit, you may be at risk of having someone go after your house or other possessions to pay for the damages caused. Do you own an expensive car, or a piano? How about expensive jewelry? You can be forced to sell these items in order to pay off someone. Make sure you do not loose these valuable items.

An umbrella policy will take affect after the liability you have through your home and auto policy has been exceeded. For example, if you have a homeowners insurance policy with the liability coverage of $500,000 your umbrella policy would pay for claims that are above the limit you have selected. If your liability limits on your auto insurance policy are $100,000 for bodily injury protection per person and $ 300,000 per occurrence your umbrella would kick in after you have exceeded those liability limits. Many people have the misconception that these policies are very expensive. In fact the opposite is true. They are at times the cheapest insurance available.

How to get an Umbrella Policy

Many insurance companies will not sell an umbrella policy without having both your home and auto coverage purchased through them. In addition, your carriers may request that your current liability limits be at a certain amount. To obtain an umbrella policy or for more information on this topic call and a free evaluation to determine if you need an umbrella policy, call us today at 800-99MYPOLICY or visit our website at myPOLICYspace, to get a FREE quote.

Homeowners Insurance: Replacement Cost vs. Actual Cash Value

MyPOLICYspace.com is here to provide you with clarity on an issue that often is confused by consumers. When a consumer purchases homeowners insurance the question of replacement costs or actual cash value will be asked. So what is the difference?

Replacement cost is the amount of money it would take to rebuild your home or repair damages with material of like kind and quality without applying the deduction of depreciation. Simply put they will rebuild your home. If you are taking out a mortgage most lenders require replacement costs. Keep in mind while the home is being built you are still responsible for all mortgage payments.

Actual Cash Value (commonly known as ACV) is the amount of money it would take to rebuild or repair your home after depreciation has been factored in the loss. In other words, ACV means that you will be given what the current value of the property, not to exceed the amount of coverage you paid for. If your insurance policy is for $450,000 and you chose ACV, and your home was worth $500,000 before it was destroyed, you would only be entitled to $450,000. On the other hand if your policy was for $450,000 and you chose ACV, and your home before it was destroyed was worth $300,000 that would be all the insurance company will contribute to the rebuilding of the home. You will be responsible for the remainder. And this can be a problem. While you are rebuilding you still have to pay your current mortgage. And if you need to come up with money that can mean the difference between rebuilding or defaulting on your loan and going into foreclosure. And this is where myPOLICYspace.com wants you to be educated enough to look for this coverage.

Often times you will receive a quote for homeowners insurance that is low. Look to see what coverage they are offering, replacement costs or the actual cash value. It will be in coverage A of your policy. This could be the difference. And as you can imagine what a big difference it can be. Many people who lost there homes recently to fires in California had ACV and with the price of homes falling in some cases they did not have enough money to pay off their mortgage or to re build. As you can imagine the value of the home drops if the surrounding area has just been devastated by fire.

Most homeowners insurance polices cover the contents inside your home on an ACV basis. Many carriers do offer the option to insure your personal belongings at replacement cost, but fail to educate you on how this will increase your premium. MyPOLICYspace.com suggests considering to insure your home at replacement cost because we encourage having the most coverage at the best price.

For more information on this topic call us today at 800-99MYPOLICY or visit our website at www.myPOLICYspace.com, to get a FREE quote. Lean on myPOLICYspace.com to find you the right policy at the right price.

Why Keep A Home Inventory Checklist?

Most people never seem to think a fire could happen at any given moment and burn down their home, and luckily most of them never will. But why play the game of questions, why not be prepared no matter what? There are certain steps you can take to ensure that you are prepared as much as you can be incase a disaster were to arise knocking at your homes front door. People are always taking precautionary steps to keep disasters away, but what is one you can take that will have you prepared for when they do?

Answer: Keep an up to date Home Inventory Checklist. MyPOLICYspace.com has created one for you. We have made it as simple as possible thanks to our Home Inventory Checklist.

You may be asking why keep one? While making sure you have a safety plan created for you and your family in case a disaster were to occur is crucial, it is almost just as important to have most of your personal belongings listed. Take a moment to think about it; are you able to list everything in your house off the top of your head? If you are like most of America the answer is NO. At a time of loss your insurance carriers ask you these questions before you can be reimbursed for your personal possessions. Therefore keeping a list will speed up the process.

Take the list room to room writing down every item you see. For the bigger more expensive items try writing down the model numbers along with where and when it was purchased. Although some of the items you have your house may have depreciated in replacement value (i.e. electronics) some may have increased in value (i.e. Jewelry, fine art). Check with myPOLICYspace.com and find out if your current policy covers these valuables. In the market for homeowners insurance or just not satisfied with your current carrier? Call 800-99MYPOLICY lean on us to find you the most coverage at the lowest price available!

Other smart tips:

• Take pictures of the bigger ticketed items in your house. On the back try writing down when the item was purchased and how much it cost.
• Keep and/or make copies of receipts from this point on. If you find this to be too cumbersome try doing this for big ticketed items. (Make sure you have more than one copy incase a disaster was to take place)
• Store you list in a safe spot. Try keeping one copy in your home and another outside if your home. If you are unable to find a second location try sending it to a web-based email this way it can be accessed from any location.
  

What does Homeowners insurance cover?

Homeowners insurance is insurance purchased to protect your largest asset, your home. It is where you live and where you keep most if not all of your valuable possessions. If you take out a mortgage, whether it is a purchase or a refinance, the lender will require that you purchase homeowners insurance. And if you have no mortgage at all it is recommended to have insurance to protect you and your dwelling.

So what does it cover?

Since you know you need homeowners insurance, most consumers simply shop around and look for the cheapest policy. They never look beyond the number to see what is covered and what is not. Often times a problem occurs and only then do you find out you do not have the right coverage or enough coverage. At myPOLICYspace.com we feel it is important to look beyond the numbers, and see what is exactly covered by homeowners insurance.

Too often a home is destroyed along with ones valued possessions, it is only then the homeowner finds out that they have coverage but not nearly enough to help them move, and in some cases they receive no money at all. The point of this article is to highlight the basics of what homeowners insurance covers.

Below is a list of those items. Please be sure to look over your policy to make sure all of these items are covered in your policy. If they are up to what value can you claim? If you prefer you can contact us at 800 99 MY POLICY and we will help you determine what is included in your policy. Homeowners insurance covers:

1. Dwelling protection-replacement costs-replacement value-simply stated should your home be destroyed, the Insurance company will pay to replace the home (in other words rebuild it) or they will simply give you money for the value of the home (you then will do what you wish).
2. Protections of other structures-Some homeowners have other structures on their property that are not a part of the main dwelling. This can include garages and sheds.
   
3. Personal property-this includes jewelry, furniture, computers, and tools. What is important to note is that you must make sure when getting your policy you indicate what additional personal items you want covered. Most if not all Homeowners insurance policies cover personal property. How much it is covered for is the issue. Make sure you take pictures and document what you have in the home.
4. Liability protection, family liability-should someone fall or get hurt on your property you are covered.
   
5. Additional living expenses-most homeowners policies offer coverage should you be out of work.
6. Guests medical coverage-should someone be injured while on your premises.
7. Additional living expenses and other additional protection-If you are looking for coverage that may be somewhat unusual, tell myPOLICYspace.com and lets make sure you have the coverage.

A condominium and Cooperative (Coop) have insurance for the common areas. Therefore you only need insurance for the non common areas, your personal items, and your guests from medical coverage should they be injured in your unit

The above is a very general list. You should, when shopping around for a policy, confirm in writing what is covered and what is not. You do not want to find out too late you are not covered or do not have enough coverage.

Should you have any additional questions please contact us at 800 99 MY POLICY or simply visit our website at myPOLICYspace.com. We provide a detailed quote so that you can shop smart and compare policies properly.

In the process of remodeling your home? Make sure you adjust your Homeowners Insurance!

Are you Considering Renovating Your Home?

Thinking of adding onto that room you’ve always wanted to, or simply renovate that out of style downstairs bathroom? Have you gotten your finances in line in order to afford all that this will entail? If you think so, thing again. One of the most important if not MOST important steps is to notify your insurance agent or carrier about the ongoing renovations. The best time to do this is before the contractors even show up on the job site; not a few months after the renovations are complete.

The main reason you should notify your agent or carrier is not to raise your premium, but to make sure that all you are doing is insured if a disaster was to take place. Many homeowners fail to increase their coverage to match the new value of their home. It is then when homeowners realize they haven’t reevaluated their coverage to include the work done in their homes. While undergoing the tragedy of losing your home you would not want to find out that your current policy will only cover what your house used to be, rather than including all the changes you have made to it. Picture renovating your smaller 2 bedroom home into a modern 4 bedroom house with a new patio and yard-the difference in replacement value would be astonishing!

MyPOLICYspace.com suggests taking the following steps when you are considering renovating or even if you are in the middle of renovating:

• Most homeowners insure their homes purely based on their lender’s required limits, purchasing just enough insurance to cover the outstanding balance on their mortgage. In doing so, you are leaving yourself significantly under insured in case a disaster were to occur. Make sure your home its covered to its full potential.
• Be sure to contact your agent as soon as or right after the renovation is complete. Try taking some before and after pictures in case your carrier was to require them.
• We suggest checking into the contractors you have hired to work on your home and/or property. You want to make sure they are properly licensed in that line of business and are insured. For proof, ask to see copies of their insurance policies and contracting licenses.

myPOLICYspace.com recommends that you review your homeowners policy at least once a year, making sure your current policy matches your home’s replacement value. Not yet a policy holder or simply not happy with what you have? Call us toll free at (800) 99-MYPOLICY or visit us at myPOLICYspace.com. LEAN ON US to find you the most amount of coverage at the best price available!

5 Ways to Save on your Homeowners Insurance

When purchasing a home or refinancing, the process can be so overwhelming, that looking for the right homeowners policy to protect you, your family, and your home, may get overlooked or neglected. myPOLICYspace.com is dedicated to help provide you with some knowledge to help you get the best policy for you, at the best possible price.

Below are some tips that myPOLICYspace.com recommends you follow in order to get the best policy at the best price.

1. Shop Around
1. Although shopping around may seem like a hassle, time can mean money, money that you can save! Ask around or search the web. Shopping around is one of the most effective ways to save money, don’t always go with your first quote. The lowest price is not always the best coverage; you want to make sure you’re receiving the best of both worlds. After all, what good is a cheap policy if it’s not capable of protecting you at a time of need?
   
2. 
   While searching around research a few of the carriers you seem interested in. Look into the financial stabilities by looking at sites like A.M. Best (www.ambest.com), Standard & Poor’s (www.standardandpoors.com), and Fitch Ratings (www.fitchratings.com). Search the web or call a local agency. See how they can save you money, and get a sense for how they would assist you if a claim was to occur. Go to myPOLICYspace.com or call us at 800-99-MYPOLICY to get a quote from the carriers we have pre-selected. These carriers not only offer the best price, but the best customer service.
   
2. Increase Your Deductible
1. A deductible is the amount of money that one has to pay out of pocket before their insurance company will start to pay a claim. This is all according to the terms stated in your policy. The higher you make your deductible the more you will save on your premium. For example, if you are capable of raising your deductible to $1,000 you could save yourself as much as 25% on your premium.
   
3. Package Your Policies
1. Try packaging your auto, home and liability policies together. Keeping everything in one place can save you up to 15% on your premium. Not to mention, giving you less of a hassle by making one payment and having all of your information in one place.
   
4. Customer Loyalty
1. Keep a strong relationship with your current carrier. In doing this you may be eligible to receive certain discounts for your loyalty as a policy holder.
   
5. Establish and Maintain Your Credit Score
1. More and more insurance companies are increasingly using credit scores to price your insurance premiums. The higher your score the better your insurance rate will be, where as the lower your score the more you seem like a financial risk to a carrier.

myPOLICYspace.com wants to encourage you to shop around, search for the best policy at the best price. Go to myPOLICYspace.com or call us at 800-99-MYPOLICY and get a quote for your homeowners and auto insurance from us and save.

Welcome to myPOLICYspace.com

MyPOLICYspace.com is an online and offline Homeowners and Automobile insurance agent. Currently our service is only available to NJ residents. However by the end of 2007 we will be licensed to do business in New York and Florida as well as New Jersey.

MyPOLICYspace.com was created by consumers. We were tired of getting a good price for the insurance, while sacrificing the quality of the responsiveness to our needs when an issue arose. We wanted to put the consumer in the driver seat. You can lean on us to find the right policy at the right price.

MyPOLICYspace.com was created to search for only quality insurance carriers. Our carriers have been in business for a long time and have a history of good customer service. Our insurance carriers have proven track records of paying on claims and they offer competitive premiums.

MyPOLICYspace.com is an agent. We bring business to the insurance carriers so they see us as the best type of client. We use this leverage to obtain the best premium for you. Does that mean the consumer should not check other insurance carriers themselves? No.

We encourage all consumers to shop around at as many places as possible. We believe tat our network of carriers will offer us a better quote than if a consumer went directly to them. This can be easily proven by the consumer; they can shop around and then compare our quote to what they received. We call this shopping smart.

We are located at 1350 Liberty Avenue in Hillside NJ. Our number is 800-99 MY POLICY (800-996-9765).