Literally 5 minutes ago I got off the phone with a big client who has investments in roughly 15 different homes, and he gave me some information I dropped my jaw to.  His file was brought to me already having been established, and my job was simply to input information on his ever growing list of homes and get the binders to the lenders in a timley manner (less then an hour if we can reach the insured).  The agent on record requested all Dwelling Fire policies, meaning the insured was using all his properties as daily rentals.  This was what she asked for, so it was what I gave her.  Now for the jaw dropping part...this agent was unavailable for a time so the insured had to skip his usual middleman and go straight through me for once, where in discussion I discovered that most of these properties are actually being majorly renovated and flipped, or remaining vacant until the market changes!  A million different bad scenarios ran through my head as I thought about the coverage he would not have for a vacant home or home currently undergoing major remodeling under his current rental policies! 

Needless to say, I contacted the in force agent immediatly and discussed with her the occupancy information she had given to me, apparently based on assumption.  Basically feeling responsible and decieved at the same time, I have since started the long repair process with the insured.  He has, after all, signed off on all of these policies as being rentals and nothing more not knowing the real importance of the Insurance Company knowing the true occupancy level of the home.  There are much higher risks in a home being remodeled or that is currently vacant than one with daily occupants and caregivers, and the companies can prepare for these risks and protect them only when they are disclosed.  True these policies are often higher priced, but in the case of a disaster wouldn't you rather have a slighlty higher premium then a denial of claim?

Here are some key questions to ask your insurance agent, especially if they don't ask you!!!

1. For those nifty flippers: Will I be covered while doing my remodeling?  (Make sure to tell them exactly what types you will be doing.  If it is structural like knocking down walls you will probably need an extra policy, as compared to just changing the carpet and paint)

2. For sellers: Will my house be covered while it is being sold and sitting vacant?

3. For Landlords: Will my coverage be in force if vacant between renters?

The occupancy of your home is crucial.  If it's your primary home, seasonal home, vacant dwelling, rental dwelling, needs help dwelling, new construction home, etc....Let your Agent know and protect yourself from assumption!

Someone asked me today why I would have an insurance related blog on a real estate website.  My answer, "Why not?!"  Over the past few weeks I have found AR to be a great resource and a very helpful networking tool.  Above all that, however, is the fact that I feel Insurance has everything to do with real estate.  You wouldn't be getting those deals closed without binders in hand, now would you?!  That's right, we're needed and I'll be darned if people from this point on don't know it!  Now watch as I transform into spandex and a cape.  Agent Laura away! 

On a more serious note, I really do feel that having an insurance agent on a real estate network can be a vital tool.  Real estate is all about investing, and what better to do with your investments then protect them?  Through blogs and other various sources, I find it a good goal to get the information I have on helping you protect your investements out to you however possible.  This way while you're doing your research and gathering helpful hints from your realtor and loan officer, you can hopefully also better understand that there is more to us Agents then our monthly bills and confusing declaration pages.  We are actually here to help protect YOU.  With my two cents on the blog now, Agent Laura must return to her Quoting Cave before The Boss can catch up with her. Wish me luck.

It's a cold truth that most have not yet come to terms with.  Homeowners Insurance is no longer just a monthly bill that you can barely even notice anymore.  It is not meant to turn over without incident year after year with a simple glance at a renewal policy.  It is now something that requires re-evaluation and possible maintanence every so often.  Why you ask?  I'll tell you.

Our economy changes all the time, prices go up and down mimicking a totally cool roller coaster.  So even with all these changing prices, most still don't take the time to see if the coverage amount they have to replace their home they bought 5 years ago, is still adequate to rebuild that same home in today's economy.  In one example a house bought in 2001, which around that time would cost $120,000 to rebuild, may now in 2006 cost almost triple that amount.  Scary thought, right?  Only if your policy is outdated and you're underinsured!

Also in jeopardy may be your personal property.  Over years families are infamous for collecting and upgrading more and more goods in their homes.  That personal property limit you agreed to when there was no more then a rocking chair and borrowed couch may not be enough to cover your new dining room and bedroom set.  Insurance coverages are meant to repair any financial damage or loss you encounter.  However, in order for your coverages to do their job, they do need to be accurate amounts.

Checking up on the status of your account may seem like it would be a timely and tedious job, yet it is usually a simple task of just calling your agent and having them re-run your updated information in their system.  Most policies can easliy be endorsed to reflect the new coverages with no hassle to you what-so-ever!  So why take any chances with that beautiful home you have worked so hard for?  Protect your assetts and have peace of mind.  Call Laura Spears at Olympic Northwest Insurance to make sure you are getting what you need!

Close your eyes.  Imagine the feeling of the cold metal of your new house key pressing into your warm hand. This is probably the most exciting, and yet nerve-wracking, feeling you will ever have.  It's a dream come true.

Going through the motions of buying a home can sometimes be tedious.  You may be inclined to disregard the "small things" that can be approved fast and corrected later if needed.  One of those things is unfortunatly too often your Homeowners Insurance.   Insurance binders are sent out by Agents sometimes in a fluster to avoid holding up a specified closing date on your loan.  Their intention is to then go back and re-evaluate the coverages you were so hastily afforded and make sure your policy is adjusted to reflect all of your true needs and best interests, but that is not always the case.  Many homeowners, both new and experienced, are unaware of the protection your Homeowners Insurance has to offer.  Even more so, many homeowners are unaware of things that are not covered by your standard thrown together policy.

Coverages you may need to discuss with your Agent:

• A: Dwelling Coverage- In a standard replacement cost policy, this amount is the limit given to replace the structure of your home if the loss is caused by a covered peril.
• B: Other Structures Coverage- This amount is given to replace any structure that is not attached to the main dwelling.  In most cases it is usually equal to 10% of your Coverage A limit, unless otherwise noted.
• C: Personal Property- Furniture, clothes, home accessories, etc.  Personal Property coverage is what allows you to replace your non-structural possessions.  You will want to do a home inventory to confirm that your insurance coverage is high enough to cover these items, and be extra aware of the specialty items that are only covered up to pre-determined limits (money, artwork, jewelry, etc.)
• D: Loss of Use- This will be the coverage that will help you the most in a catastrophic time of need.  Ex.  If a house fire concludes a total loss, your family will still need a place to stay.  Your insurance will afford for you to take refuge in a motel/hotel and refund you for extra services otherwise not needed (laundromat use, replacement foods, etc.).
• E: Personal Liability- In today's sue happy world, everyone needs liability.  This coverage will protect you in the case of a lawsuit and can be maximized in coverage amount for minimal premium changes.
• D: Medical Payments to Others- Friends ever stub their toes on your coffee table?  Fall down your steps and hurt their knees?  In the case that they would attempt to hold you responsible, your insurance coverage will protect you up to a specified amount.

Why take any chances?  Your Homeowners Insurance should not be viewed as just another monthly bill, but as a great investment in the protection of yourself as well as your family.  Each individual policy is extremely unique; so to find what is best for you and your family, give the caring folks at Olympic Northwest Insurance a call.  Take charge of your policy and become informed.

 Have you ever had a close call in traffic that left you with a pounding heart and sweaty palms? Once your racing heart slowed, did you comfort yourself with the thought that your full-coverage car insurance would have been there if things had been worse? You are not alone; we have all had those frightening experiences.

Choosing auto insurance coverage can be compared to ordering a sandwich at your local Subway. You walk in, tell the server what you want and request “The Works”. We often treat our insurance purchases with the same casual assumption. “The Works” means I got everything I can possibly get, right? And then we don’t really listen to what the agent is saying. If this sounds familiar, you may not be getting as much coverage as you had desired.

There are really two types of full coverage: minimum full coverage, and then coverage that is, well, a little more complete.

In the state of Washington the minimum liability coverage required is what’s commonly known as 25/50/10. This protects you if you cause an accident. It pays for the other party’s bodily injury and property damage with a limit of $25,000 per person, and a maximum of $50,000 per accident for bodily injury, and an additional $10,000 for their property damage. Also included with your minimum full coverage would be comprehensive and collision insurance which, after a standard $500 deductible (in this example), would replace or repair your vehicle if it were to be involved in an at-fault accident or harmed by something other then another vehicle (maybe a deer on a dark road). You can probably think of other situations when your coverage with “The Works” is in doubt.

In the event of an accident where you are at-fault, and you or your passengers also suffer bodily injury, there is additional insurance coverage available to pay not only your medical bills, but also pay for lost wages and funeral benefits. But it is in addition to “The Works” and you must request it.

What if you didn’t cause the accident yet the other party has no insurance, what to do then? Uninsured/Underinsured Motorists Coverage on your policy will take over their part of liability and make sure you are taken care of, even if the other motorist does a hit-and-run! There are different limits of liability insurance coverage available; you don’t have to stay with the minimum limits.

If you are a homeowner, or you have other valuable assets, higher limits are urged to protect your investments and keep a bad accident from taking over your financial life. If the cost of an accident exceeds your insurance liability limit, you could find yourself responsible for the overage. Wouldn’t it be better to make sure your liability is at a limit where you can feel comfortable? Insurance is not an easy subject. There are many programs and options to decide from. Deciding on the right coverage can be confusing and intimidating. It is much easier to do with the help of an empathetic Insurance Agent.

And that’s what I am here for!