Who needs Builders Risk Insurance?

Taking on your dreams can be easier than you think.  If you are thinking about building your FOREVER HOME, a Builders Risk policy has you covered throughout the course of construction. Whether you are having your home built from the ground up or renovating your cozy home, make sure you have a policy to keep you protected during the process.

New construction builders risk policies can cost as little as $375 a year.  A piece of mind for your investments is a sound decision.  A solid understanding of the risk location, financial parties involved, and finished home value, among many factors, can help insure your protect, as well as all parties involved in the building process.  No matter whom takes out the policy, policy coverages and terms of coverage’s remain the same.  After completion, converting your Builders Risk policy into a Homeowners policy can be a smooth transition when you have a committed agent along the way.

Several clients that may need a Builder’s Risk policy:

  1. Property Owners
  2. Homeowners
  3. Contractors
  4. Investment Companies
  5. Development Companies
  6. Builders

Why do I need Builders Risk Insurance?

Protection is designed to cover the construction site if loss and damages were to occur.  Theft, vandalism, flood, windstorm, and extra expense coverage’s are a few, but not limited to, coverage options that are available under your builders risk insurance policy coverages.  Policies may also include coverage to damaged construction materials, fencing, scaffolding, and landscaping.  Insuring your financial protection during your new home adventures.

Learn More about what type of policy is best for you and the steps to get you converted to a Homeowners afterwards.

 

 

 

It is that time of year when everyone is having friends and family over for bbq’s! During these fun times make sure you take a few safe steps to prevent someone getting burned, hurt, or catching the house on fire!
Steaks and franks are delicious, chicken meal prepping keeps you on track, and those fresh caught Gulf filet’s are calling your name to be grilled, but this could take a turn for the worst in a matter of seconds.

 

Always use caution to avoid injuring yourself or your family and friends, fire safety is key. Fire accidents could lead to a liability claim under your homeowner’s insurance policy, and extending to your umbrella policy for any further injuries or damage.

 

 

 

Here are a few precautions you can take to keep your barbecue safe

  • Make sure to use propane and charcoal grills outdoors only!
  • Keep children and pets away from your grills and smokers!
  • Never leave your grill unattended!
  • Place the grill or smoker away from the home, trees, decks, and anything flammable.
  • Be sure after you are done you clean your grills or other cookers free of any greases that will catch fire!
  • Always check the lines on your propane cookers…make sure there are no leaks!
  • On a charcoal grill make sure once the fire is lit do not add more lighter fluid!

 

 

 

Remember safety first!  For more information on household fires and  fire safety check out the information listed on the National Fire Prevention site.  To read the information about stove fires, grill fires, and fire prevention tips, click here.

I’m pretty confident that if you asked anyone who has ever owned a rental property you would get an overwhelming response that it’s not as lucrative or easy as they thought it would be. In fact, owning a rental property can be a major pain, and end up costing you a ton of money!

I certainly don’t mean to be a “Debbie Downer”, and I know that if it’s done right it can be lucrative, but from an insurance agent’s perspective, I don’t see a lot of people doing it right.

So you’re probably thinking, “Well Chris, you are an insurance agent. What do you know about real estate or rental properties? Why should I take advice from you?”

I’m not a real estate agent, and I don’t own a rental property. However, several of my friends/family/clients/co-workers own rentals, and because I insure a bunch of their properties, I’ve had a first hand account of the process, and I’ve learned what to do, and what not to do.

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I was recently asked this question by one of our Sound Insurance Solutions clients, and thought I would share the answer here for our readers.

There are a lot of things that go into homeowners and auto insurance rates, one of them being credit. I’ve heard a lot of complaints from people who don’t like the fact that insurance companies use credit in their underwriting.

Some people have absolutely no idea that it’s used in the rate at all.

At the end of the day, there’s not much we can do about it though. Insurance companies have been using credit in their rates for decades, and that’s not likely to change.

By the way, insurance companies don’t pull your credit like a mortgage company or credit card company does. There is no negative impact on your credit as a result of an insurance company looking at it.

When I say “pull” what I mean is that the insurance company is doing what’s called a soft inquiry, which is not the same thing as having your credit pulled (hard inquiry).

When does credit play a role in insurance rates?
It’s important to understand that insurance companies don’t continuously check or monitor your credit. Usually, they only check it when you first get a quote and/or sign up with them in the very beginning.

This means that if your credit score increases (or decreases) your insurance company does not automatically know about it.

So, to my customers question of whether or not his increased credit score will lower his rates, the answer is not automatically.

What has to be done on our side as the agent is contact the carrier the insurance and ask them to do what’s commonly referred to as a “re-score”. This is when the insurance company can re-run the person’s credit (soft inquiry) to see if there is any positive bearing on the rate.

This isn’t something that the insurance company is going to let the agency do every single year, so it’s not worth even asking unless there has been a significant change in your credit score, and only you as the customer would know if that was the case.

If you’d like to get a better handle on your credit rating, it could be helpful to setup credit monitoring. We hope this was helpful! As always, leave us comment below if you have any questions.

Why do my auto insurance rates keep going up even though my car is getting older?  At Sound Insurance Solutions, many of our clients ask this question so I would like to address it from a couple of angles.

First things first, even though it’s called car/auto insurance, it covers more than just your car. It should technically be called “auto-owners” insurance, similarly to how home insurance is actually called “home owners insurance”.

It’s important to understand that there are a lot of variables that go into insurance premiums, and with auto insurance, it’s no different.

The insurance company is much more concerned with you crashing into someone and causing them (or yourself) bodily harm, or death, than they are about your car. A car is a material possession which can be replaced.

A human life is not.

When is the last time you looked at your auto insurance policy?
If you look at it you’ll notice there are a lot of different coverages on your auto policy.

Bodily injury
Property damage
Un-insured motorist
Under-insured motorist
Medical Payments
Loss of Income
Funeral Expense
Loss of use
Rental Reimbursement

These are all things that you are covered for on your auto policy. How many of them have to do with your car?

None.

How many of them have a price next to them on your policy?

All of them.

Your car isn’t the only thing you’re being charged for on your policy
That’s because auto insurance covers far more important things than your car as mentioned above.

Let me re-phrase that: your car insurance rate isn’t just based on your car.

You’re not the only one…
It’s also important to understand that you are not the only person your insurance company insures. You are one fish in an ocean of other fish, sharks, and sea creatures, all who have different characteristics and risk profiles.

Insurance is all about spreading costs over a large number (risk pool) of people, which each person paying their fare share. That risk pool is constantly changing, and is impacted by a ton of different things, including the overall economic climate.

This means that you are sharing in the cost of millions of other people, many of whom may have poor loss history and/or credit.

That’s what insurance is though — sharing in the cost.

The next time your auto insurance rates go up, take a look at the big picture. Make sure you’re looking at ALL of the coverages, and corresponding rates.

Hope this helps!  If you would like to know more about Car Insurance be sure to visit our page dedicated to it.