Ancillary Auto Insurance Coverage

So we have already seen how we insure an auto for its primary coverage options. We cover liability, uninsured/underinsured motorist coverage, medical payments, collision, and other than collision, which would all be primary coverages. There are a few ancillary coverage options that vary from company to company, so it’s important to ensure that if these ancillary coverage options are important to you that you have a company that covers these well.

ANCILLARY AUTO INSURANCE OPTIONS

  1. Roadside Assistance – Yes Auto Insurance companies do offer roadside assistance. This is the one time when they will often offer ancillary coverage for mechanical breakdown. Meaning you can get this coverage for when your radiator dies. That said coverage varies widely from company to company. Some have mileage limits, others dollar limits, so if this is important to you, please make sure you understand how your policy will cover you.
  1. Rental Coverage – This is not coverage for when you want to get a rental policy for a vacation, but rather in the event of a covered loss you can get a rental car for the time that the vehicle is unable to be used because it is in the shop.
  1. Diminishing Deductibles – It is becoming more and more common that auto insurance carriers offer diminishing deductibles. The idea behind diminishing deductibles is that every year you don’t have a claim your deductible will go down until at some point you don’t have a deductible. If you have a claim the deductible resets to whatever you purchased. This ancillary coverage can help a lot.
  1. Accident/Violation Forgiveness – Yes even insurance companies understand that mishaps happen to the best of us. So you can get ancillary accident and minor violation forgiveness from the companies. What these means is that the rate doesn’t automatically increase when something happens.
  1. New Car Replacement – If you just bought a new car, some companies have a coverage called new car replacement. Basically it protects you from the depreciation that happens to new cars the moment that you drive them off the lot. So if you have an accident to in your brand new car it pays the amount that you paid for the car rather than the actual cash value of the car, which even if you just bought it a week ago can be drastically different.
  1. Gap Coverage – If you have a loan on your car, new or old, gap coverage is extremely important. It covers the difference between what the car is worth, and what you owe on the loan. In the event of a total loss, this ancillary coverage, which can be very affordable, can be worth thousands and can ensure that you don’t end up upside down in the event of a loss to your car.

There are many other ancillary auto insurance coverage options that can be added to your vehicle depending on the company you choose. Start your quote online now, and then make sure you have the coverage you need by talking to one of our experienced agents, and be sure to tell them if one of these ancillary coverages is important to you, because they are ancillary and won’t come automatically on your policy. Unfortunately once you have an accident you will not be able to add these ancillary coverage options, so be sure it’s important that you get it right away.

This is a general explanation of coverage and different companies may treat these coverage options differently for information on exactly how your policy will respond please refer to your policy declarations page as well as the terms and conditions of your insurance policy.

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Six Things to Check On Your Rental Property Insurance Declarations Page

Insurance at a glance, does it exist? Yes it does it’s called the declarations page. What is most important about the declarations page? Well there are 6 things to check.

Rental Property Insurance Declarations Page – The quick and dirty

6 things to check on your declarations page

When looking at an insurance policy a great place to start is the declarations page because it’s usually what’s at the top of the stack of papers you will get. It is the one that you need to review most carefully. Why? Because it tells you VERY important things such as:

  1. Who is insured – You, your wife, your LLC, your corporation, “who.” This is who will get paid. This is who will be covered. Make sure this is right.
  2. What is insured – This will be the “location.” Does this match the address of your rental property? If not, you are opening a crack, and your property may not be insured.
  3. Then it will break down the coverage parts of the policy, and explain HOW MUCH. So it might say: Coverage A – $100,000. Is that the value of the property? It’s an important question. This is the maximum that you will be paid. So make sure you understand it.
  4. Then it will explain the deductible. Two thoughts here. Can you afford this deductible? Do you keep this cash on hand? What’s the relationship between your deposit and your deductible? If you don’t keep cash on hand, you should consider having your deductible equal you deposit.
  5. Next, it will explain how the home will be fixed, or the loss settlement provision. Kind of important. What will the company pay you. This is an important concept. Don’t get a great deal on an ACV policy only to feel the pain and what replacement cost once you have had a claim.
  6. Finally it might list any applicable endorsements. Understand what these are. Endorsements change the coverage. It could be that the endorsements are providing you awesome coverage… it could also be that they are taking away something really important.

Riveting… I know, but this is what drives all else in the policy. If you have a loss, it’s the first thing the adjuster will review. “This policy covered the home at 123 Happy Street in Pleasantville. Is the house that burned, at that address? Yes? This policy covers the house for $100,000, and that is the most we will pay.” Everything starts at the declarations page; it drives the policy. If you do nothing else review it, and make sure the declarations page is correct.

Start your quote online now, and you can have a Rental Property Insurance Declarations page in your hand in no time.

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ABOUT GILA INSURANCE GROUP’S REAL ESTATE DIVISION

The mission of Gila Insurance Group LLC when it comes to investors is to be the insurance team member of choice for real estate investors that invest in single family homes as rental properties or seasonal homes, to educate real estate investors on how to protect their investments and cash flow properly in order to avoid catastrophic effects on their business and investments, to protect these investments with the best insurance coverage available, while offering value as defined by quality coverage and affordable prices, to act in the best interest our clients by being honest, accountable, and service oriented, and most importantly to have fun and creating lasting friendships while helping people be Covered Investors!

Why start with our Mission Statement? Partly because we feel it explains why we exist and what we are passionate about. Real estate is one of the single greatest investments known to man providing an amazing mix of asset appreciation with consistent return on investment through monthly cash flow. Many of us have stumbled into real estate investment and have become landlords by accident, others of us are investors; the difference is purpose and education. While we don’t claim nor desire to be the place for information on real estate investment, we do aspire to educate investors and landlords alike on the risks that they face as real estate investors and how to best protect their assets and cash flow. Many times this is through insurance, although there are some risks that are uninsurable and the best risk mitigation method is through education. Regardless having an insurance professional as a part of your investment team is invaluable to ensure you don’t lose your investment.

For those risks that are insurable we strive to provide the best insurance value by representing multiple insurance companies to ensure you get the best coverage at the best price possible. We only represent insurance companies that carry an A-rating with an independent auditor such as A.M. Best Company so as to make sure our partners are financially able to keep their promise to you.

While we would love to tell you that everything will always go off without a hitch, we live in a real world where stuff happens. But we are committed to being honest in all situations, accountable for our actions in our dealings with you, and we will be service orientated. You matter, let us show you.

Finally we’re not robots, we like people, we know if we trudge into work it shows. We do work that matters, we protect your investment, we enjoy it and it’s always more enjoyable with we can work with friends.

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WHAT CAN YOU DO TO BE PROACTIVE WITH YOUR INSURANCE CLAIM

If you have had a claim, being proactive can help your claim to get settled more quickly. Here are a few tips of how to be proactive with your claim.

  1. Get help – Contact the authorities. This can include the fire department, emergency medical personnel or the police depending on the nature of the claim.
  2. Take Precautions – This could mean moving a vehicle out of traffic, putting a tarp over a damaged roof, or making things as safe as they can be to prevent others from getting injured. Don’t put yourself in harms way to take these precautions.
  3. Gather information – Take video or pictures of the damage, make notes about what was damaged, and how.
  4. Obtain Contact Information – Depending on the nature of the claim you will want to get the insurance information from other driver’s, contact information of witnesses.
  5. Report the claim – Don’t wait report the claim as soon as possible.
  6. Cooperate with the adjuster – This might sound funny, but isn’t as common as you might think.

Also, avoid oversharing and trying to settle things yourself. This means don’t sign documents, don’t discuss the claim with someone other than your insurance agent or company assigned adjuster. In your policy there are a number of conditions that you must meet in order to have your claim settled. Trying to operate outside of the standard process can slow the process down, and cause all sorts of problems, but being proactive inside of the rules can help your claim be settled more quickly.

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Motor Home Insurance – Insurable Motorized Units

RV Insurance Motorized Units Safford, AZWhen it comes to RV Insurance, there are several different types of insurable RVs including “Motorized” and “Non-Motorized” units. When it comes to “Motorized” units there are several different shapes and sizes, but most the most common types are motorhomes. However, even motor homes come in all different shapes and sizes. Below is a summary of the most common types of Motorhome insurance the RV Insurance Professionals at Gila Insurance Group provide:

Class A Motorhome Insurance – When it comes to Motorhomes or RVs, most people immediately think of the traditional Class A Motorhome. These beautiful machines are amazing in terms of luxury and amenities. Typically they are anywhere from 20-40 feet long, and can sleep anywhere from 6 to 10 people. Class A motorhomes are built on specially designed motor home chassis, which are built to handle the heavy load of a home on wheels. Class A motor homes are unique in their living space, and usually have at least two slide outs. The Maximum value we can insure for these units is $2,000,000.

Professional Bus Conversions Insurance – The key words here are professional conversion. These units are buses that have been modified to provide temporary living quarters. These units can be incredible, but again we are only able to insure those that have been modified professionally.

Class B Motorhome Insurance –These are also known as conversion or camper vans, because they are built on a Van Chassis. Two to four people can sleep in this set up, although it can be tight quarters. Despite the similarities to vans, these units are very different, and include some combinations of sleeping, kitchen and toilet facilities. Moreover they must include electric power and a water hookup. Despite the amenities, usually these are very basic due to space restrictions, so while you will probably be able to stand up inside of a Class B motorhome, don’t expect the luxurious amenities of a class A–they will be basic.

Class C Motorhome Insurance – Somewhere between the luxurious large Class A and the minimum utility of a Class B sits the Class C. These are also known as Mini-Motorhomes. Distinguished by their cab-over sleeping quarters, these units are typically built on a van or truck chassis.

Toterhome Insurance – Similar to the Class C variety are toterhomes. However, rather than being built on a Van or Truck chassis, a toterhome is built on a semi chassis. Meaning toterhomes are typically modified freightliner or Peterbuilt semi-trucks that include the equipment that make them eligible for RV insurance.

Medium Duty Tow Vehicle Insurance – This is an odd addition to the “motorized” unit list. Not because it is not motorized, but because it typically has no living quarters. Medium duty tow vehicles are large trucks–such as Peterbuilt, Freightliner, Ford F450s, GMC 4500–or others that have been modified to tow fifth wheel trailers.

Regardless of the class, or type of motorhome or motorized unit you have, the Team at Gila Insurance Group can provide motorhome insurance for most types of Motorhomes. Even if we haven’t listed the exact name or class (like a super C or a B Plus) we can probably still insure it.

For more information, call us at 877-784-6787, we are ready and willing to help you.

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Additional Coverage for Your Home Insurance

Homeowners Insurance policies, whether for your own home or a rental property, are very specific about what they cover, but oddly enough they throw in a couple of “extras” or additional coverage. What are those? Let’s take a look!

Home insurance Safford, AZADDITIONAL COVERAGE

There’s free stuff in my insurance policy? Yes.

So, great news there are only four Homeowners Insurance Coverage parts, so that part was simple, but next comes the complicated part; additional coverage (s). Yeah! Now for any of you that might be catching the sarcasm in that last comment, there are actually some good things in here. Every policy is different so here are some of the most common and important:

  1. Debris Removal – Have you ever seen a fire? Walls may still be standing but completely destroyed. What knocks those crumbling walls down and hauls them away? Debris Removal! See, good stuff.
  2. Trees, plants, shrubs – Not a lot here, but you can usually get coverage up to $250-$500 or so per tree. Obviously there will be limits, but landscaping can be expensive.
  3. Fire Department Service Charge – Sweet, nice that you don’t have extra stuff, like cost of fire department services coming your way.
  4. Collapse – This is an odd place to have this coverage, but it’s nice that they add it.
  5. Glass – Sweet.

Again, there is more to each of these, but nice that they add them and make them available as additions for your homeowners insurance. Start your quote online or call us for an immediate quote 1-877-784-6787.

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Manufactured Home Insurance – Why Is It So Expensive?

Seriously, have you ever compared a manufactured home insurance policy with that of a “stick built” home insurance policy? The cost can be crazy. Why? Insurance rates are based on the expected losses, and in short the expected losses from a manufactured home are higher than a traditional home. Let’s look at a couple of examples.

Fire – So while, there is not more of a likelihood that your manufactured home policy catches on fire and the “stick built” home, the damage a fire would cause is much greater on a manufactured home. Remember, if there is significant damage to a manufactured home, you can’t tear down part of the home and rebuild that part, you are looking at replacing the entire home. So the expected losses increase.

Wind – Most companies that insure manufactured homes will ask if the home is “tied down.” This is a big difference between manufactured homes and stick built homes, the foundation. Because of the relative light weight of a manufactured home, it is more likely to sustain wind damage. Rather than the loss of a few shingles, you could lose the whole roof.

Also, with manufactured homes if there are “attached structures” like “Arizona Rooms,” awnings, carports, etc. these can cause significant damage to a manufactured home. Check out the study and Video American Modern did regarding the effects of High Winds on Manufactured Housing. In fact, there are several large insurance companies that will insure manufactured homes, unless you have an attached structure, once they find out you have one of these, you are no longer “eligible” for their program. Fortunately, we have several partners that offer coverage for manufactured homes with or without attached structures.

There are other examples, the point is the higher the possible losses, the higher the insurance costs. Fair or not, insurance is about the numbers.

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