Tag: premium

Common Insurance Terms Made Easy

Posted on by butlervetinsurance

Here are some of the most commonly used insurance terms defined for your convenience.

Your insurance is difficult enough to understand without the added confusion of unfamiliar industry jargon.  If you’ve struggled with unfamiliar insurance terms in the past, you’re not alone.  To help you set things straight, here are the definitions of some of the most common insurance terms.

Additional Insured – Any person or party, aside from the policyholder, who is added to the policy so that they will receive coverage under the policy.

Claim – A request by the policyholder for insurance compensation.  For instance, if you got into a car accident, you would file a claim requesting your auto insurance to kick in.

Conditions – The portion(s) of an insurance policy that explains the responsibilities of the insured and the insurance provider.

Deductible – The amount the policyholder agrees to pay before insurance coverage kicks in for an insured loss.  For instance, if you assume a $500 deductible on your homeowners insurance and your home was damaged, you would have to pay this amount before your insurance coverage kicked in.

Endorsement – Also known as a “policy rider,” this is any change made to an existing policy that alters, deletes, or adds coverage.

Exclusion – A provision in a policy that excludes or limits certain coverages.

Named Insured – The person or entity specifically covered by an insurance policy.  This person is also referred to as the policyholder.

Named Perils – Also known as specified perils, these are covered hazards that are specifically listed in an insurance policy.

Premium – The amount of money an insurance provider charges in exchange for providing coverage.

Use these insurance term definitions to help you make more sense of your insurance.  Need more assistance with your insurance?  Don’t hesitate to contact us at Stromsoe Insurance Agency.  Located in Murrieta, California, our dedicated team is ready to assist you with all your coverage needs.

Insurance Discounts for Going Green

Posted on by butlervetinsurance

These discounts will help you save green while going green.

Going green has quickly become a way of life. From reusable bags at the grocery store to hybrid vehicles, you can be more environmentally friendly in almost every aspect of your life. Not only can going green help the planet, but it can also help you save money. Consider these green insurance policies that can help you start saving some green.

For your home:

  • If your home meets the stringent standards for sustainability and efficiency laid out by the Leadership in Energy and Environmental Design Green Building Rating System, or LEED, you can benefit from home insurance premium discounts.
  • Homeowners who generate their own solar, geothermal, or wind power and sell their excess power back to the local power grid can get their utility charges covered.
  • Replacing certain systems or materials with eco-friendly options can lead to a discount on your home insurance policy. You may also get a discount if you replace your old, outdated appliances with new, Energy Star rated models.

For your vehicle:

  • If you drive a car that uses an alternative fuel, such as electricity, biodiesel, natural gas, ethanol, or hydrogen, you may be able to start enjoying a discount.
  • Hybrid vehicle owners can benefit from a discount of up to 10 percent on their auto insurance rates. These discounts may even apply to your hybrid-electric boat.
  • Pay as you drive (PAYD) programs are offered by various insurance companies and will track your speed and the number of miles that you drive each day. That information will then be used to help determine your auto insurance costs and any possible discounts. If you’re going green by biking or walking, this can help you save!

For all of your insurance coverage needs, whether you are ready to make the jump to being more eco-friendly or not, contact the insurance professionals at Stromsoe Insurance Agency. We can help you find the right California insurance policies, all at the right price.

Can I Insure My Vacant Property While I Wait To Sell?

Posted on by butlervetinsurance

Selling a home is a notoriously stressful and overwhelming process. The experience becomes even more trying if the home does not move quickly. You have landed a job near your new primary residence, therefore, you have no choice but to leave the home vacant until it sells. However, there are a variety of insurance implications that change when you leave a home vacant for a period of time, factors that leave you at risk. Compiled is a list of what you must know when it comes to leaving a home vacant:

  • There are a variety of factors that classify a home as vacant. Whenever the utilities have been shut off, the home is classified as vacant. Additionally, when there is not enough furniture for a reasonable person to reside in the home, the home is categorized as vacant.
  • Depending on your specific insurance provider, you may be denied of claims for a vacant property. Some insurance companies will even drop your policy altogether.
  • Since there are more opportunities for vandalism, theft, and fire when the home is vacant, insurance companies view this vacant property as a high risk.
  • In the event that your vacant property is vandalized, your insurance company may require you to pay out of pocket for the repairs.
  • Since requirements and details vary across insurance carriers, you must contact your agent to determine your next course of action when it comes to handling your vacant home. You will want to know exactly what coverage is included and what is excluded. Some companies will provide you with coverage at an escalated premium.
  • Your best course of action may be to purchase an endorsement for your homeowners’ insurance policy, extending coverage to your vacant property.

Often, selling a home does not follow the quick timeline you were planning for. If you may be forced to leave your home vacant for a period of time, contact the insurance experts at Stromsoe Insurance Agency to find out how we can best protect you, and your property.