Last Tuesday I attended an earth quake class for my insurance license. It made me realize just how many of my clients don't have earthquake insurance. I think most people have the false sense of security that their home will not be the one destroyed by a major earthquake. A lot of them are also ward off by the price of insurance and the fact that you have to pay 10% - 15% of your homes dwelling value as a deductible. I.E if your home is insured for $300,000 then your deductible is 15% or $45,000. Sounds like way too much to pay all at once right? As expensive as that sounds earthquake insurance will only cover a claim where the damages exceeds the deductible. You will receive a check for the value of your home minus the deductible .So there is never an out of pocket expense.
Earth quake insurance is something that you need to discuss with your insurance agent and find a plan that suits you and your families needs. In most cases, EQ insurance cost about the same as your payment for your car insurance. Whether you’re a home owner or a renter, earthquake insurance can help pay and minimize the expenses of rebuilding, relocating and restarting after a major shake.
I've been an insurance agent for almost 4 years now and I too failed to see the importance of this type of insurance until I took a good look at the facts.
Fact1. There where 819 earthquakes in the U.S alone in the past week
Fact2. California has the most earthquakes any where in the U.S. Out of the 819 that happened in the last week roughly 400 of them where in California.
Fact3. 3 out of 5 home owners do not have earthquake insurance.
Fact4. The most comprehensive statewide analysis of earthquake probabilities determine that the chance of having one or more magnitude 6.7 or larger quakes is 99.7 %
Fact5. One of the largest fault lines runs straight in the middle of Riverside.
Looking to the past is a good way to prepare for the future. In California earthquake history it is evident that we are due for a major shake. The California Earthquake Authority has come up with 7 steps to prepare you and your love ones for this inevitable event. Not only home owners should take this advice. It’s for every one living in Earthquake Country.
1. Identify potential hazards in your home/apartment and begin to fix them. Baby safety latches work great for cabinets. Make sure your fridge, china cabinet, water heater and other heavy objects are strapped to a wall ect ...
2. Create a Disaster Preparedness plan. Make sure you teach all children in the home the "drop, cover and hold on”. Select a safe place for you and your family to meet after a major earthquake. One place that every one will meet up no matter where they are at the time of the quake.
3. Prepare Disaster Supplies Kits. Keep a kit where you spend most of your time home, car and work. Keep any important medications in it, first aid, bottle water, snack foods, flashlight or sticks. Also any other important documents you might need in an emergency.
4. Identify your buildings potential weaknesses and begin to fix them. Inadequate foundations, UN braced cripple walls, soft first stories and UN reinforced masonry. Consult a professional to determine if your chimney is safe as well. Doing these kind of repairs to your home may also get you some discounts on your home and earthquake insurance.
5. Protect your self during an earthquake. Remember that old school “drop, cover and hold on” It is still the best thing you can do if you are indoors. If your out doors move to a clear area. Learn more at www.dropcoverholdon.org
6. After the earth quake check for injuries and damages. If you’re bleeding put pressure on the wound and locate your first aid kit. Check for gas leaks, damage to wiring and be careful with broken glass.
7. When safe follow your disaster preparedness plan.
Experiencing a major earthquake is nothing to take lightly. However if we all take the steps to be better prepared we can help minimize how much it effects us and our loved ones.
Learn more at: www.earthquakecountry.info
California’s earthquake history: www.data.scec.org/clickmap.html
Be prepared: www.daretoprepare.org www.shakeout.org www.dropcoverholdon.org www.redcross.org www.earthquakeauthority.com www.espfocus.org
Be aware: www.earthquake.usgs.gov www.consrv.ca.gov/cgs www.scec.org
Friday, March 4, 2011
Saturday, December 18, 2010
The 2 Dirty Words in Insurance ...
Well it's time to talk about those dreaded dirty little words of the insurance industry. That when mention, it could end a deal before it even begins “The Broker Fee”. What is a Broker Fee? A Broker Fee is a non regulated fee that only your insurance broker can charge for writing your insurance policy. The reason for a broker fee is simply a service charge. Think of it this way, when you go get your car looked at for a tune up they have an inspection fee, just to see what’s wrong with your car. When you change your oil they charge a service fee, Plumbers have estimate fees, there is start up charge for cable Etc. Broker Fees are just that! A fee you pay for a service rendered.
So why is the broker fee so bad in insurance? Well it all depends on how much it is. The Broker Fee is a little tricky because it really is up to your insurance agent how much to charge you. A lot of brokers these days try to hide this fee because they know that it is NOT very appealing when your insurance is only $350.00 a year for a basic liability plan and your Brokers Fee is $300.00. That by the way has to be paid up front. Does that seem a little unreal to you? Well believe it because hundreds of people really do pay up wards of $300.00 to $500.00 in broker fees. From a sales point of view there is an acceptable reason to charge a fee. Some insurance brokers are taking advantage of the fact that they can charge what ever they like. Here are some tips to make sure you are getting a fair price for what you’re buying.
First look at what kind of insurance policy are you buying? If it's the basic liability required by law an acceptable fee would be around $50.00 to $65.00. When you need more coverage such as full coverage uninsured motorist then you can expect to pay $70.00 to $85.00. Commercial Insurance, depending on what kind of business you have the fees are a bit more. Between $100.00 and $250.00. These are not standard fees that every insurance company uses. How ever they would be more acceptable for the services that an insurance broker will be doing for the life of the policy. Second if you have a bad driving record you can expect to be charged more. A bad driving record means you are a high risk to insure and more likely to cost the company a lot of money in claims. Last if you are a good driver ask to be put with a preferred carrier such as Mercury, Safeco, or Travelers. Preferred companies DON’T charge broker fees.
Now the next time your going to buy insurance and you seem to be paying a bit too much to start the policy ask your agent what the broker fee is, you can also ask to see the Broker Agreement. Every insurance broker should have a broker agreement that you sign. It should list any and all fees that the broker charges for services. Please try to remember as well that your broker will be servicing you for the life of the policy and a fee is acceptable. Just make sure it is one that you are comfortable with and reflects the kind of policy you will be purchasing.
So why is the broker fee so bad in insurance? Well it all depends on how much it is. The Broker Fee is a little tricky because it really is up to your insurance agent how much to charge you. A lot of brokers these days try to hide this fee because they know that it is NOT very appealing when your insurance is only $350.00 a year for a basic liability plan and your Brokers Fee is $300.00. That by the way has to be paid up front. Does that seem a little unreal to you? Well believe it because hundreds of people really do pay up wards of $300.00 to $500.00 in broker fees. From a sales point of view there is an acceptable reason to charge a fee. Some insurance brokers are taking advantage of the fact that they can charge what ever they like. Here are some tips to make sure you are getting a fair price for what you’re buying.
First look at what kind of insurance policy are you buying? If it's the basic liability required by law an acceptable fee would be around $50.00 to $65.00. When you need more coverage such as full coverage uninsured motorist then you can expect to pay $70.00 to $85.00. Commercial Insurance, depending on what kind of business you have the fees are a bit more. Between $100.00 and $250.00. These are not standard fees that every insurance company uses. How ever they would be more acceptable for the services that an insurance broker will be doing for the life of the policy. Second if you have a bad driving record you can expect to be charged more. A bad driving record means you are a high risk to insure and more likely to cost the company a lot of money in claims. Last if you are a good driver ask to be put with a preferred carrier such as Mercury, Safeco, or Travelers. Preferred companies DON’T charge broker fees.
Now the next time your going to buy insurance and you seem to be paying a bit too much to start the policy ask your agent what the broker fee is, you can also ask to see the Broker Agreement. Every insurance broker should have a broker agreement that you sign. It should list any and all fees that the broker charges for services. Please try to remember as well that your broker will be servicing you for the life of the policy and a fee is acceptable. Just make sure it is one that you are comfortable with and reflects the kind of policy you will be purchasing.
Thursday, October 21, 2010
Wednesday, December 2, 2009
what to look for when buying insurance!
If you are one of those people that get out the phone book or get on the internet when it comes to looking for auto insurance STOP!! You are wasting your time because 9 out of 10 times a quote over the phone will change as soon as you get in the office. Start by making a list of your local insurance agencys.This might take all day but if you really want the cheapest price out there you'll need to actually walk in each office and get the most accurate quote. Disclose any and all tickets or accidents you've had in the past 3 years, remember that DUI's stay on your record for 10 years now. Make sure that your agent breaks down exactly what kind of insurance you're getting quoted. There are actually 3 different forms of insurance; Liability, Uninsured Motorist and what most people call "full coverage" which is your Comprehensive and Collision coverage. Also remember that if you're a home owner you should have higher limits of liability not just the state requirement of 15/30/5. Last but not least make sure you choose an agent that you are comfortable with! Some one who's not pushy or just trying to make a sale. Choose an agent who really takes the time to make you feel comfortable with the insurance you are purchasing. After all they are the ones trying to earn YOUR business.
Wednesday, October 14, 2009
AN HONEST INSURANCE COMPANY FOR YOU!
Hello every one just wanted to write a little about my company it is called EPITOME INSURANCE we are in riverside on the corner of Magnolia and Arlington. Now I know that 9 out of 10 times when you are looking for insurance you get lowballed what is "lowballing?" well that is when you call for a quote and every thing sounds good over the phone but when you walk in the office expecting one price it is completely different "WAY HIGHER" than what they told you over the phone !! At EPITOME INSURANCE we belive you deserve an honest agent who is not looking to rip you off !! We just want a chance to earn your business and save you some money NO LOWBALLING NO BULL S#!T just great service and honest people !So thanks for reading this every one and like i said give us a chance to earn your business and trust.
CALL TODAY :)
951-801-4151
melissa@epitomeinsurance.com
CALL TODAY :)
951-801-4151
melissa@epitomeinsurance.com
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