Auto Insurance - Home Insurance - Renters Insurance

Auto Insurance Liability Limits and Just How Much Do I Need?

On August 31, 2011, in Auto Insurance, Richmond Car Insurance, Virginia Car Insurance, by John

Auto Insurance Liability Limits and Just How Much Do I Need?

You’re driving down the road on a beautiful sunny day when the car in front of you suddenly hits the brakes. You were following a bit too close and don’t have time to stop. You hit him. There were children in his car and they were injured. You are at fault. Now you start thinking about how good your insurance is. You saw the ads. You wanted to save some money. What did you give up to get a good price?

Many companies advertise low auto insurance rates. “Save $300, $400 or even $500 a year!” or “Save 10 or 15%” or “name your own price!”. Most people just want a lower rate, especially in the current economy. But most don’t consider they are buying a product that can save them from financial ruin in the event of a catastrophic accident. Until something bad happens.

When shopping for auto insurance, ask for quotes using different liability limits. Ask what the highest limit available is. Some companies will go up to $1,000,000, and you might be surprised at how affordable the price is for the higher limits. Keep in mind that auto insurance liability also provides coverage for uninsured and/or under insured protection. So if you are hit by someone who either has no insurance, or carries minimum coverage limits, you can go to your own policy to make up the difference.

Bad things do happen to good people, and good drivers. Make sure that when you save money on your auto insurance, it’s not because you’ve sacrificed price for coverage.

Visit us at www.VirginiaInsurance.com and get a free auto quote

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Homeowners Insurance Rebuilding your House

On July 13, 2011, in home insurance, by Insurance

Homeowners Insurance Rebuilding your House, The Importance of One Word

When disaster strikes, be it a hurricane, tornado or fire, one of the first things you look to is your homeowners insurance policy.  Once you call your agent or dig out your policy, you suddenly start paying very close attention to your coverages.  If your home was substantially damaged or destroyed, you want to make sure that the insurance company pays to rebuild your home.  Are you properly covered?  Maybe.  Did your policy have guaranteed dwelling replacement cost, or expanded replacement cost?  What’s the difference?  Plenty!  Expanded replacement cost means the insurance company will pay a certain percentage above the amount of your current coverage.

Erie home insurance for Richmond Virginia

Homeowners Insurance from Virginia Insurance

For example, if your home is insured for $250,000 and you have expanded replacement cost of 25%, the total limit your company would pay would be $312,500.  That’s fine as long as your home can be rebuilt for that amount.  Guaranteed dwelling replacement cost coverage will replace your home for any amount above your current coverage.  In the same example, if your home is insured for $250,000 and you had guaranteed dwelling replacement, your insurance company would pay any amount to rebuild your home.  Guaranteed dwelling replacement has no caps.

Virginia insurance provides GMAC homeowners insurance

Homeowners insurance needs to cover the full cost of rebuilding

Many people purchase homeowners insurance without paying close attention to coverages.  Unfortunately, there are situations where the amount of coverage is inadequate.  Even though the current economic situation has reduced the values of homes, rebuilding costs continue to be high, because a lot of building materials are petroleum-based.  Every homeowner should check their insurance coverage annually, and make sure that the amount of coverage is correct.  Ask your agent if he or she represents a company that offers guaranteed dwelling coverage, one word can make a difference!

Visit our main site at www.VirginiaInsurance.com today

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