nothing evokes the”good old days” like Sonic and classic cars. As usual, we were tooling around town in our antique milk truck, looking for a place where our classic insurance clients were hanging out. The Paloma Sonic Sock Hop was full of our friends, and we made some new friends there as well!
As Independent Insurance Agents, We sincerely believe that we are the best way to shop for any type of property insurance. Home insurance, auto insurance, and even motorcycle and boat insurance. Why an independent agent? We are authorized to represent many different companies in order to give our clients plenty of options when it comes to their property and liability insurance. So what companies are we authorized to sell?
Homeowners of America
Texas Fair Plan
This is not a static list, as we are always seeking out new insurance companies in order to give our clients even more choices. Contact your insurance consultant today, and take a look at how your current insurance rate stacks up against one of our many insurance companies.
McKinney, Texas put on a great car show on the 4th of July, 2015. As usual we ran into lots of classic car insurance customers, and even some modern collectible car insurance customers. We love going to shows, and nothing makes your heart swell with American Pride on Independence Day more than an incredible lineup of (mostly) American steel.
The last time we got together, I tried to explain how the deductible works, and some things that you should consider when choosing a property deductible. I’ll wait if you want to go back and read it again. Go ahead. Done? Good. Now that you have chosen how much deductible you are going to pay in the event of a loss, we can talk about when to use them.
We will start with the easier of the two – your auto insurance. I want to start the restof this article by saying this; you pay for insurance to protect your things. Sometimes, a claim just needs to be made. With auto insurance, mist claims are worthwhile, because you have had an accident. The only claims we caution clients to consider avoiding are windshield chip claims. While they won’t raise your rates directly, they can be problematic if we need to quote your policy with other companies. Unless your windshield is broken, it is best to pay for the chip repair yourself. With other claims, my personal rule of thumb is to consider the payout – if you have a $500 deductible, do you really need to make a $600 claim? Those types of claims are pretty rare on auto policies, due to the rising cost of auto repairs. Also, remember that most car insurance policies now come with some form of roadside assistance, and if you have to use that service, it does not count as a claim.
The big question you should ask yourself when it comes to homeowner’s insurance claims is whether or not the claim is “worth it” or not. Just like with auto insurance, if you have an $1100 claim and a $1000 home insurance deductible, it’s probably not “Worth it” to make a claim. Most home insurance policies here in Texas have a 1% wind and hail deductible, so if you are in a $130,000 home, then you probably have a $1300 deductible. However, a hail claim doesn’t “count against you” for rate purposes. A water claim or a burglary claim, on the other hand, will increase your rates, so it’s imperative to consider what the claim is worth before you call the insurance company. Your first call should be to our office to chat with one of our consultants about your claim.
In fact, we even have a “claims advocate” here at The Phoenix Insurance to help guide you through the claims process. Hopefully, you will never need the advocate’s help, but if you have a claim and have any questions, concerns, or needs, he is here to help you understand the claims process, and make it a smooth one. Whether you have had an auto accident or a water claim on your home, our claims advocate is here to help you get made whole again as quickly and painlessly as possible.
Now that you know how you should value your home for insurance, I’m going to take a few moments to tell you about some insurance coverage options for your home. In Texas, there are several different types of insurance policies, and today we will talk about four of the options you have to choose from. These are not all of your options, but they are the main four you will most likely encounter (and no, State Farm is not a magical policy not offered elsewhere). Each type of policy has its ins and outs, so take a few minutes to read about what kinds of choices are available to you when you purchase a homeowner’s insurance policy in Dallas or anywhere.
1. The most basic type of home policy is a “Dwelling Fire” policy. Dwelling fire policies cover a very limited list of risks, with the most basic covering your home for fire only. These are generally intended for investment type properties, because they typically do not cover your personal propery inside the structure. If you want to just cover your home for the most basic of perils, this is what you want. I wouldn’t choose one of these policies without making sure that your home is covered for at least fire and wind. In Dallas, we get plenty of hail, and if you want your home policy to cover the roof, make sure you request that coverage as well. I certainly wouldn’t recommend this for your home, as the difference in price between a dwelling fire policy and an actual homeowner’s policy is usually negligible.
2. The standard homeowner’s policy (and the minimum type of coverage we recommend for someone living in a house) is an HO-A type policy. An Ho-A policy covers wind, hail, fire, and theft, along with other named perils. The big thing missing from an HO-A type policy is sudden and accidental water damage – like if your dishwasher breaks. An HO-A policy with replacement cost coverage is a good solid basic type of insurance policy for your home.
3. The Ho-3 policy is a more comprehensive policy, that generally automatically includes some futher coverages. Things like foundation water damage coverage, accidental water damage, and replacement cost content coverage are generally included with the HO-3. An HO-3 type policy is more of an “open” perils type policy – that means it covers more – though the limits offered for some of the extended coverage can be can be farly low.
4. The Ho-B policy. This is the Big Daddy home policy in Texas. The HOB is the most comprehensive type policy you can get for your home – it covers your house on an “all perils’ basis, meaning that unless it is specifically excluded, it’s covered. An HO-B comes with replacement cost coverage for your things and your house, it covers water damage and quite often includes some mold coverage. The HOB is generally only available to newer homes, usually no home built more than 30 years ago is eligible for this plan.
There are lots of choices when it comes to home insurance – especially here in the Dallas area. Make sure you are informed when buying home insurance; quite often, the HO-A from one company might be within a few dollars of another company’s HO-3. More coverage is always better in my eyes, but then again I am an insurance guy.
Homeowner’s insurance covers things that you didn’t even knew it covered.
Call a Dallas Home Insurance agent today.