Tag Archives: mercury home insurance

Homeowners Should Reassess Insurance Coverage Annually

Make sure you aren’t underinsured

Homeownership is part of the American Dream, and for many people a home is their largest single purchase and most valued asset. Unfortunately, many homeowners don’t realize that their possessions and homes would be in jeopardy if they were inadequately insured and lost due to fire, flood or another disaster. So it’s important that you ask yourself one simple question: Do I have enough insurance to repair or replace my home if it is damaged or destroyed?

Most homeowners would say yes, but recent studies indicate that many homeowners lack sufficient insurance to rebuild after a disaster. In fact, according to Marshall & Swift/Boeckh, which provides building-cost information to insurers and government agencies, 61 percent of all homes are underinsured by an average of 18 percent.

As one of the nation’s leading insurance providers, Mercury conducts an annual review of its customers’ homeowners coverage limits based upon estimated replacement costs in their neighborhoods, and as a result of these calculations may adjust the policy limit. These estimates are tied to general factors in each area and are supplied by appraisal agencies.

This is only part of the process, however, as we recommend that you also get an insurance checkup from your agent once a year to help you make an informed decision about the coverage you need. No one wants to pay a higher premium, but construction costs have increased dramatically over the past several years and it’s important for you to make sure that any potential loss has satisfactory coverage.

This is especially important if you have made improvements to your home and have not incorporated these improvements into your coverage. And even if you haven’t made any improvements to your home, we still recommend a review to make sure that your coverage limits are adequate to cover the cost of rebuilding in your area, because every neighborhood can be a little different.

The National Association of Homebuilders annually tracks building costs, and the average price per square foot for residential construction in the Western states jumped 36 percent between 2002 and 2007.

So take a moment to reassess your coverage and protect your family’s future. To help you get started, here are a few things you should consider and discuss with your agent:

  1. When was the last time you evaluated the amount of coverage on your home? If it’s been more than a year then it’s time to talk to your agent about your coverage.
  2. Do you have extended replacement coverage? Mercury offers home insurance with additional coverage of up to 150 percent of your home’s policy limit. After a disaster, without extended coverage, you may not have enough coverage to rebuild or repair your home and replace its contents, so this benefit can really help if you suffer a loss.
  3. Have you made any improvements to your home? If so, then you should make sure that you have enough coverage to replace these new features.
  4. Get your house appraised. If it’s been several years since it was last appraised then it may be time to get an independent appraisal from a licensed professional. This will help to better establish the amount of coverage you need, but remember to have the appraiser calculate the cost to rebuild your home with similar quality features in today’s market, which may be different than the actual value of your home.
  5. Keep a detailed record of your home’s contents and unique features. Photos and video recordings of designer kitchens, big screen TVs, and other special features will greatly speed the claims process in the event of a loss.
  6. Carefully read all of your policy and coverage documents. Your agent is always willing to help answer any questions you may have, or help you find a professional who can answer your questions.

You ultimately know your home better than anyone else, so you will need to decide what’s right for you.  We are happy to assist you in evaluating your current policy limits and coverages to help you make sure that you have the right coverage.

 

Teens and Their Parents Learn Skills for a Safe Driving Experience

Teens are the most inexperienced drivers on the road, and drivers under the age of 20 are three times more likely to be involved in a fatal crash.1 The most important thing parents can do to help keep their young drivers safe on the road is to teach them good driving habits and lead by example.

tampa bay drive safe challenge

That’s why, in 2016, Mercury Insurance created its Drive Safe Challenge, a comprehensive website with tools – tips, videos, quizzes and much more – parents and teens can use to help prepare for life behind the wheel. In addition, Mercury has gone out into the community to offer free defensive driving programs that include hands-on driving skills training and interactive classroom sessions.

Mercury most recently teamed up with the Tampa Bay Lightning at AMALIE Arena for one of these community events on January 15. Participating teens and their parents learned collision avoidance and emergency maneuvers from professional driving instructors and participated in an interactive classroom session led by Tampa Police Department officers and the local chapter of Mothers Against Drunk Driving (MADD).

One of the teens, Nicolas DeMalteris (17), said of his experience “I ran over half of the cones on the distracted driving course. I had to text while driving. I don’t think it would be very smart to drive [distracted] on the road, and I won’t do it ever again.”

Mercury Insurance and the Anaheim Ducks hosted a similar event for teens and their parents on December 9, 2017 at Honda Center. Teens were able to meet Ducks Forward, Rickard Rakell, in addition to learning hard-braking, maneuvering on wet surfaces, and swerving to avoid objects in the road. This was the Ducks’s second time partnering with Mercury on the event.

“The Anaheim Ducks’ involvement in the Mercury Insurance Drive Safe Challenge underscores our commitment to making our community a safer place,” said Anaheim Ducks Vice President and CMO Aaron Teats. “The teens who participated today [December 9] learned valuable knowledge and skills about being safe on the road so we’re glad to lend a hand to such an important cause.”

Visit http://drivesafe.mercuryinsurance.com to learn more.

Best Regards,

Jason Mayling
Integrity First Insurance Services, Corp.
License #0834720
Email: jmayling@integrityfirstins.com
Phone: 805-495-1122 | Toll-free: 800-696-9193 | Fax: 805-371-8759
Web: IntegrityFirstIns.com | Blog: IntegrityFirstIns.com/blog

Three Major Insurance Events of Which Every Homeowner Should Be Aware

Purchasing a home can be a rewarding, pricey and overwhelming experience, especially for first-time buyers. And, if your aren’t a Gates, Buffett, Zuckerberg or one of the many others found on the Forbes 400, chances are your house will be one of the most significant investments you’ll make, so choosing the right home isn’t a decision that’s made lightly.

Shopping for a home can be exhausting as you research neighborhoods, tour homes, apply for a loan, negotiate the purchase price, organize inspections, and wade through a seemingly endless stack of paperwork. You also need to select an insurer and homeowners insurance policy. This is critical, as it will protect your investment for as long as you own your home, so it’s one of the most important decisions you’ll make. To protect your investment, your belongings and loved ones, following are some tips for both new and veteran homeowners.

1. Fire and water damage are the two most prevalent causes for insurance claims.

The National Interagency Fire Center reports that there were 63,312 wildfires and 3,595,613 burned acres in the U.S. in 2014. Additionally, according to the National Fire Protection Association, there were 487,500 structure fires in 2013, which resulted in $9.5 billion in property damage and amounted to approximately one home structure fire per 85 seconds. There are several steps a homeowner can take, both inside and outside of the home, to prevent becoming one of these statistics.

Inside:

  • Install at least one smoke detector on each floor and check them regularly to ensure they’re working. Be sure to put in fresh batteries at least twice a year.
  • Don’t overload wall outlets or use items with frayed electrical cords.
  • If you have a chimney, hire a chimney sweep to inspect and clean it before cold weather arrives. It’s also a good time to check and be sure that your chimney cap is in good condition to catch any stray embers coming up the chimney stack.
  • Keep flammable items (e.g., curtains, furniture, etc.) away from portable heaters.
  • Don’t leave lit candles unattended and keep them out of reach of children and pets.
  • Keep a fire extinguisher in your home. Make sure everyone knows how to properly use it and have it inspected once a year.
  • Never leave a lit stove unattended and keep flammable materials away from the burners.
  • Be sure to have an escape plan in the event of a fire and practice it with your family twice a year.

Outside:

  • Regularly mow your lawn and clear away clippings, dry twigs and branches from buildings. Be sure to clean your roof and gutters of leaves and other debris that can become a fire starter.
  • Keep branches trimmed so they don’t hang lower than six feet and bushes pruned to no higher than 18 inches.
  • Keep garden hoses attached to faucets to aid fire personnel, if necessary.
  • If a wildfire starts, track smoke and its impact on your visibility to determine if you should evacuate prior to an official evacuation notice being put in order. Monitor if the fire and smoke change direction to determine your safest evacuation route.

Using fire-resistant materials around your property and on your home provides added protection and may even save you money in the event of a loss. For example, fire-retardant plants like rockrose, ice plant and aloe resist ignition. Fire-resistant shrubs to consider when landscaping include hedging roses, bush honeysuckles, currant, cotoneaster, sumac and shrub apples, and hardwood, maple, poplar and cherry trees are less flammable than pine, fir and other conifers. Speak with your local garden center to learn more about the plants that can protect your home from fires.

Water damage is the second largest cause of insurance claims; however, certain circumstances aren’t covered by a standard homeowners policy. To differentiate, damage that is caused by weather (e.g., natural flooding from hurricanes, flash floods, etc.) is referred to as flood damage and requires flood insurance, which is available through the National Flood Insurance Program. Water damage is usually caused by bursting or leaking pipes, plumbing issues, malfunctioning household appliances (refrigerators, hot water tanks, dishwashers, washing machines) and HVAC issues.

Homeowners can take the following steps to protect against water damage.

Inside:

  • Check appliance hoses once a year and replace any that are cracked or have leaks.
  • Review your appliance owner’s guide for maintenance tips to keep them in good working order.
  • Inspect pipes for cracks and leaks. If any are detected, have them repaired immediately.
  • Make sure showers, tubs and sinks are properly sealed and caulked.
  • Know the location of your main water shutoff valve so you can turn off your water supply in the event of a burst pipe or damaged hose.

Outside:

  • Keep rain gutters and downspouts free of debris. Install gutter guards to prevent debris from accumulating and position downspouts to direct water away from the house.
  • Ensure windows are properly sealed and caulked.
  • Inspect the roof for damaged, missing or old shingles and replace them.

2. Some of your belongings may have limitations to their coverage.

Certain items like fine art, rare stamps or coins, wine collections, antiques, expensive jewelry and collectibles may not be fully covered by a standard homeowners insurance policy. Speak with your local insurance agent to ensure you have the right amount of coverage for everything you own.

3. Home renovations may impact your insurance rates.

If you’re considering building an addition, remodeling or putting in a pool, keep in mind that your insurance premiums will likely be impacted to protect this new investment. Square footage is one factor in determining a premium. Additionally, if renovations include higher value materials, the replacement cost in the event of a loss will go up, affecting your insurance rates accordingly. Swimming pools increase your liability exposure, which will increase your premium; however, pools can be great assets. In addition to providing a fun way to cool off on hot days, pools can act as a barrier for wildfires and an added source of water for firefighters, if necessary. And most renovations add to the comfort and livability of a home, as well as its resale value, which is well worth the added protection. Speak to your local insurance agent to determine how much your premiums will change and be sure to ask about any money saving discounts.