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Residential Insurance Knowledge Resources

Useful Insurance ResourcesAt All Solutions Insurance, we believe a good risk property owner/renter is a knowledgeable and well-informed individual who is fully prepared to tackle uncertainties in life with adequate protection.

We are committed to educating Home Owners, Condominium Owners, Renters etc. about good practices on risk management laws & regulations, so we can help save money for you today and in the long run by providing useful insurance resources. In the following sections, we have complied important topics on Home Owner Insurance.

 

 

Recommended Limits of Coverage for a Homeowner

When you purchase homeowner’s insurance, you will need to have an idea of how much you need to insure your home for. There are a couple of steps to this process before you can decide on the amount of insurance to purchase. The first thing that you will need to determine will be the replacement value of your home. You need to acquire this amount of coverage because if your home is ever be completely destroyed, your insurance ought to cover how much it would cost to build your home new. Some may ask whether or not market value comes into play, and the answer is no. Market value is determined by many different factors, such as the current state of the economy, the neighborhood you live in, desirability, etc. These items are not factored into this value because they can make the price of your home fluctuate quite often, where the replacement value of your home is more consistent.

The replacement cost value is typically determined by the insurance carrier, using formulas derived from local building costs, the value of neighboring homes, etc.

You need to determine the value of your home’s contents. If your home is destroyed, your valuables will need to be replaced along with the structure. Your insurance company can also help you to figure out this number. Be sure to declare any high value items such as expensive jewelry or collectable items. These luxury things may require extra insurance.

You are now armed with the appropriate information to get an accurate quote for homeowner’s insurance.

Please contact an ASI expert today by clicking here or call 951-247-2003 for all your insurance requirements and for a free rate quote.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.

Replacement Value vs. Market Value

This is often something people don’t understand when it comes to homeowner’s insurance. When a home is purchased, the mortgage company will require that the house carry insurance. In some cases, they will require that the insurance cover more than the purchase price of the dwelling. This is where replacement value and market value come into play. Replacement value is the cost incurred to rebuild the structure if completely destroyed. Market value is the amount you paid, or the approximate value of the home in a certain area.

For example, a home purchased in a rural area, may have a market value of $120,000. The exact house, located in a different area, may have a market value of $285,000 due to the value of the underlying land; however, the cost to rebuild the house after a loss would be the same in either location. An insurance company is looking to insure the home for the full replacement value, not the current market value. You must remember that if your home is destroyed, the insurance company will pay to rebuild your home in its current location, not buy one down the street for you to live in.

For more information about homeowners insurance, please visit http://www.allsolutionsinsurance.com. At ASI, we comparison-shop from over 30 reputable insurance companies to insure best possible rates for you. Please contact an ASI expert today by clicking here or call 951-247-2003 for all your insurance requirements and for a free rate quote.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.

Time to Update your Insurance

As a homeowner, renter or car owner, insurance policies should be taken out on these items to protect you in the event of disaster. In many cases, people will buy an insurance policy, home or auto, and let it be. They pay their premium on time and keep on going, never updating it when things change in their life. Did you make an addition to your home? Do you have a teen ready to drive? Were you married or did you have a baby? All of these scenarios are items to let your insurance company know about. Depending on the situation, it could have a drastic affect on your insurance premium.

For example, if you’ve recently completed a renovation to your home, you now have added space and value to your home that you would want to be compensated for in the event something happens. If you do not make your insurance company aware of these changes, you may be stuck with extra expenses when your policy does not cover damage to this new addition.

In not all cases does a change mean that your insurance cost will go up. One example for auto insurance is if you have a child move out of the home and is no longer driving your family vehicle. When they move out and buy their own vehicle with their own insurance, you can take them off of your insurance because their insurance will now cover them if they have to drive your vehicle. Taking them off of your policy can save you some money.

It is important to update your policy when events occur in your life. Letting your insurance provider know about these items can save you some money and possibly headaches down the road. Please contact an ASI expert today by clicking here or call 951-247-2003 for all your insurance requirements and for a free rate quote.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.

Information about Umbrella Policies

We are living in a very litigious society. These days, people are bringing lawsuits for just about anything. All of your policies, home, auto and watercraft have specific limits of liability. What happens if an accident occurs for which you do not have sufficient liability insurance? Umbrella insurance used to be closely associated with wealthier people. These days it is very important for everyone to have an umbrella policy. Wikipedia defines an umbrella policy as, ” insuring more than one property as opposed to only one‚ĶTypically, an umbrella policy is pure liability coverage over and above the coverage afforded by the regular policy, and is sold in increments of one million dollars. The term umbrella is used because it covers claims of liability from all policies underneath it.” For example, let’s say you have an auto policy with $250,000 in liability limits and a homeowner’s policy with liability limits of $500,000. Those limits are called “the retained limits”. If you purchased a $1 million umbrella policy, then the umbrella policy would cover the difference between the auto or homeowners policy limit and $1 million.

Historically, umbrella policies have been used by people who have a large amount of assets. However, these days, more and more ordinary people are purchasing umbrella policies as an extra level of protection. Umbrella policies are secondary to your primary auto and homeowner’s policies. What this means is that your umbrella coverage only kicks in when your auto or homeowner’s policy’s limits have been exhausted.

Umbrella policies are generally inexpensive in comparison to the coverage you receive.

Here is some information you will need to take out an Umbrella Policy:

  • Personal Info (name, address, DOB, sex, marital status, years licensed, state licensed, and occupations of all household drivers).
  • Five year history of violations and accidents for all household drivers.
  • Complete list of all property owned.
  • Current Insurance policy information.
  • Limits of liability you are requesting.

Please contact an ASI expert today by clicking here or call 951-247-2003 for all your insurance requirements and for a free rate quote.

Facts about Flood Insurance

It only takes a few inches of water, and your home could need major repairs. Yet most homeowner’s policies don’t cover flooding. Find out the facts, and then see your ASI agent for flood insurance.

The Facts:
  • Many are at risk for floods.
    You don’t need to live near water to be flooded. Floods are caused by storms, melting snow, hurricanes, and water backup due to inadequate or overloaded drainage systems.
  • Flood damage is not covered by homeowner’s policies.
    You can protect your home, business, and belongings with flood insurance from ASI — up to $250,000 for the building and $100,000 for contents (amounts may vary. Contact your ASI agent for details).
  • Contents coverage is separate, so renters can get flood insurance.
    Up to $100,000 contents coverage is available for homeowners and renters. Contents are not automatically included with the building coverage.
  • Up to $500,000 of coverage is available for non-residential buildings and up to $500,000 of coverage for their contents.
  • There is usually a 30-day waiting period before the coverage goes into effect.
    Plan ahead so you’re not caught without flood insurance when a flood threatens your home or business.
  • Federal disaster assistance is not the answer.
    Federal disaster assistance is only available if the President declares a disaster. Flood insurance pays even if a disaster is not declared.

Please contact an ASI expert today by clicking here or call 951-247-2003 for all your insurance requirements and for a free rate quote.

Tips to estimate rebuilding costs for your Home after Damage

We at ASI hope and pray that you never need to face this question. However, if you incur damages to your home due to an unfortunate incident, it merits to dwell on the below pointers before filing a claim:

How much would it cost to rebuild my home at today’s prices?

Your home is probably the single largest investment you’ll ever make. By insuring your home, you are helping to protect your investment and your equity.

Estimating your home value will help you to make a determination of the amount of insurance you will want to purchase. The primary factors that will determine the cost to rebuild your home include:

  • Local construction costs and the square footage of the structure;
  • The type of exterior wall construction — frame, masonry (brick or stone) or veneer — and the type of roof;
  • The style of the house (ranch, colonial);
  • The number of bathrooms and other rooms;
  • Attached garages, fireplaces, exterior trim and other special features like arched windows.
Here are some tips to help you estimate the value of your home:

Every year, take the time to check the value of your insurance policy against rising local building costs. Your ASI agent is available to assist you with your review of your coverage.

Check the latest building codes in your community. If your home is severely damaged, you might have to rebuild it to comply with new building code standards which may require a change in design or building materials.

Do not insure your home for the market value. The cost of rebuilding your house may be higher (or lower) than the price you paid for it or the price you could sell it for today.

Some banks require you to buy homeowners insurance to cover the amount of your mortgage. Make sure it’s also enough to cover the cost of rebuilding.

Increase the limit of your policy if you make improvements or additions to your house. You may upgrade features in your home to fit your tastes and lifestyle. These enhancements can significantly increase the replacement cost of your home. Your ASI agent will be available to help you in your determination as to whether additional coverage is needed.

What would it cost to replace the contents or personal belongings of my home?

If the unexpected happens, losing your home contents could be distressing as well as financially devastating. Your ASI homeowners, Townhouse, Condo and Renters policies cover the loss of your personal belongings, subject to the policy limits and conditions.

There are two distinct ways to insure your personal possessions:

  • Replacement cost coverage. This coverage pays you the dollar amount needed to replace personal property without any deduction for depreciation, but is limited to a maximum dollar amount.
  • Actual cash value. This coverage pays you an amount equal to the replacement value of damaged property minus depreciation. Unless a homeowners policy specifies that property is covered for its replacement value, the coverage is for actual cash value.

Many people make the mistake of underestimating the value of their home contents. This mistake is easily made when you consider the amount of new items we purchase each year. Under-insurance can lead to heartache and inconvenience should the unexpected happen. Please contact an ASI expert today by clicking here or call 951-247-2003 for all your insurance requirements and for a free rate quote.

Protecting Your Home from Burglary While on Vacation

According to the Insurance Information Institute, one quarter of all home burglaries take place during the winter months when many of us are traveling for winter vacations.

So before you have all of the joy drained out of your trip, here are a few tips to protect your belongings and home when you’re away.

First off, stand on the street in front of your house and try to think like a crook. Is your garbage full of boxes and packages that will be a tip off on all the expensive gadgets inside? How about your landscaping? Are there bushes and shrubs that offer perfect hiding places? Are there decorative trellis that give access to second story windows? Identify things you can better conceal, or not publically advertise, and remove any easy “ins” to your house.

A burglar is more likely to avoid a house that has neighborhood watch signs, is well lit, or has a loud, barking dog. But if a crook does zero in on your home, he will first look for an easy entry point, for example; an unlocked door, an open window, an easy-to-reach garage roof with access to the second-floor windows, an open garage or flimsy doors with inadequate locks.

Besides the advice you’ve heard over and over again, such as canceling your newspaper and mail service while you are out of town, here’s two more tips to add to your arsenal. First, never leave a note on your door for anyone who is house sitting or coming by to drop something off. You wouldn’t do it when you are home, so why advertise the fact you are gone. Second, don’t hide a key in the yard. Most burglars know this is a common practice and will look for the obvious “fake rocks” or key stuck into a planter / flower pot next to the front door.

Finally, have a trusted friend or neighbor check on your house periodically just to be sure everything looks a-ok.

Please contact an ASI expert today by clicking here or call 951-247-2003 for all your insurance requirements and for a free rate quote.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverage in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.

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