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P&H Insurance Blog
Homeowners Insurance Feb 8, 2012
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.
Driving Safely in Snowy and Icy Conditions Jan 11, 2012
The following tips may help keep you and your family safe while driving this winter.
Have your car serviced by a professional mechanic. Your mechanic should ensure your brakes, windshield wipers, tires, defroster, heater and exhaust system are in top condition. In addition to this your antifreeze and windshield washer fluid levels should be topped off.
Listen to weather and traffic conditions before you travel. Make sure you leave yourself enough time so you will not take unnecessary risks to get to your destination. If possible, avoid driving in icy conditions.
Maintain a safe driving distance. Increasing your driving distance in winter weather will allow you plenty of room to maneuver your car should an emergency occur.
Clean the snow and ice off your vehicle before driving. Snow and ice can become dangerous projectiles that can damage other cars and affect your visibility and the visibility of other drivers.
Keep your lights on while driving. Keeping your lights on allows other drivers on the road to see your car more easily. Don’t forget to make sure your lights are clear of ice and snow before you head out to drive.
Keep an emergency winter kit in your car. Your emergency winter kit should consist of the following items: a snow shovel, ice scraper, cell phone, flashlight, jumper cables, tire chains, lock deicer and blankets.
Maintain a full tank of gas. You never know when bad weather can strike, and with a full tank of gas you may be much better off if you are stuck in traffic delays.
Slow down while driving. The posted speed limit on roads is intended for dry weather conditions, not snow and icy conditions. Slow your speed down while on the road to help avoid an accident. If you are driving a 4x4 vehicle, don’t become overconfident while out on the road.
Take extra care when backing up your vehicle. Before backing up make sure your windows are free and clear of debris. At PURE, single-vehicle accidents are a major cause of loss for our membership.
Information from Pure Insurance web site about driving safely on snow and ice.
P&H on Facebook Apr 11, 2011
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Replacement Cost vs Actual Cash Value (ACV) Dec 7, 2010
Check your policies to see if your claims will be settled on a Replacement Cost basis or an Actual Cash Value (ACV) basis. ACV claims settlements will typically have depreciation withheld AS WELL AS the application of your deductible. This withheld depreciation is not recoverable.
In a simplified comparison, let us say that you have damage to a 15 year old roof with a 30 year useful life and your deductible is $500. Say that the cost to replace the roof is $10,000. $5,000 depreciation is withheld and the $500 deductible applied. The initial settlement paid by the insurance company is $4,500.
If your policy is ACV, the claim is closed there. If it is Replacement Cost, you will recover up to the $5,000 depreciation withheld after repairs are completed.
Of course, a Replacement Cost policy will require increased coverage amounts and the premium will be higher. You must weigh the cost versus the benefit and make the choice that is right for you.