Home insurance is designed to protect your home, but it’s easy to overlook some gaps that can cost you down the line. That’s why it’s important to do your homework so you can make the most of your homeowners insurance. Although homeowners insurance might seem like a straightforward thing, here are some overlooked home insurance claims that you need to know about to avoid significant financial losses.

Dwelling Coverage

When you take out your homeowners insurance, it may seem like you have your dwelling coverage all sorted out. But is your main structure really protected? According to recent statistics, about one in 40 insured homes has wind or hail-related property damage claim, while one in 50 insured homes has a property damage claim related to water damage or freezing each year. Without enough dwelling coverage, it means you are liable to pay out-of-pocket expenses. The problem with issues like wind, hail, and water damage is that they all happen unexpectedly, and being underinsured can negatively impact your budget in the future.

Home Improvements

Chances are, you don’t have enough insurance to cover the cost of your making home improvements or rebuilding your structure in the event of a disaster. Also, if you’re planning to make remodels down the line, it’s important that you fully understand the home insurance coverage for your home.

In that case, you should sit down with your insurance agent because your existing policy might cover renovations. However, if you may be underinsured if you are planning to carry out any major upgrades. In that case, you’ll probably need to increase your coverage limit to suit your future home improvement plans.

Liability Coverage

As a homeowner, you may not enjoy thinking about someone getting injured on your property, but it can happen. Your current liability limits may not be able to fully cover you in case of a mishap. For instance, if someone trips and get injured because of a fall, then you would have to pay fr the medical costs yourself because you’ll be underinsured. Some homeowners are not even aware that they have this type of insurance at their disposal. The great news is that liability coverage insurance limits vary widely, so you’ll be able to find something to suit your budget.

These homeowners insurance claims are only just a few of the claims you need to be aware of. Do you know that you may be overlooking your vacant home insurance as well as your coverage for personal possessions like jewelry? Contact us to learn more.

A recent study conducted by J.D. Power and Associates found that around 65% of people bundle their insurance to save money. If you want to find out how bundling home owners insurance can save you money, keep reading.

Why Does Bundling Insurance Save Money?

First and foremost, it is the goal of the insurance company to get as many people on their insurance as possible. They want to get as many policies under their belt as they can so that they can turn a profit. This is not a bad thing, it is just good business. When an insurance company is able to bundle policies for one policyholder, it does two things. It saves money and hassle for the policyholder and it gets more premiums for the insurance company.

It is a win-win arrangement where both parties are going to benefit. Insurance companies are able to offer discounts when you hold more than one policy as a means of enticing you to use their insurance company and as a means of getting more business at the same time. This is a great thing. The more policies you bundle, the better your savings are going to be.

Why Bundle Your Policies?

Bundling saves you money, time, effort, and trouble. It is far simpler to have one insurance company that you pay premiums to than it is to have several. It is also easier to make a claim if you only have one insurance company to keep track of and to file with. You can also save money, you can get special discounts, and you can make your life easier and more efficient as well.

Most insurance companies offer great policies with discounts if you do decide to bundle and an agent can talk you through the best policies for you and the best overall policies for your needs. Bundling is a great way to save time and money and to ensure that your insurance needs are met and that your property is fully protected and fully insured in case anything happens and in case any trouble or issue arises.

For most people, their home is the biggest investment they will ever make. Home insurance helps to protect that investment. About 85% of homeowners in the U.S. have home insurance. Choosing the right plan is essential to ensure you have the protection you can count on.

Insurance is Something You Do Not Think About Till You Need It

Unfortunately, many homeowners make the mistake of thinking “that could never happen to me” and do not get the full coverage that they need. Insurance is one of those things you do not think you need until you do and you do not have it.

Comprehensive coverage may cost a little more but it is well worth the investment because you will be fully covered in the event of something you think could never happen to you, does happen to you. Protecting your home investment needs to be a priority. Finding out you do not have the coverage you need and having to pay out of pocket for repairs can be financially devastating.

Discounted Plans

Saving money on home insurance is important but never at the risk of inadequate coverage. Many times, “discounted plans” are discounted because they do not provide the full coverage that you need. There are better ways to get homeowners insurance without giving up coverage.

Most home insurance providers will offer discounts on things like a home security system, a fire suppression system, and more. Upgrading your home with deterrents and protection can equate to big discounts on your plan. Ask an insurance agent how you can save without sacrificing coverage.

Peace of Mind

There is no better feeling than knowing your home is protected by a reputable insurance carrier. If the need arises to file a claim, you can rest assured that your claim will be settled fast so you can get on with life.

Going the cheap route with a little-known insurer that does not have the best customer service rating can cost you a lot of stress and aggravation when you have to file a claim. It may cost a little more to insure with a company that has a strong reputation for customer satisfaction, but it is well worth it.

Home insurance can be affordable without sacrificing quality coverage. Connect with an agent that can walk you through the process.

A lot of people are renting homes. If you are renting, for any reason, you will want to know about insurance on rented property and what it covers. Basically, insurance on rented property is a form of financial protection that operates more or less the same way as medical or vehicle insurance. Here is what you might want to know about insurance on rented property.

Personal Property Damage

If you are renting out your property and it gets damaged, rental insurance will take care of the cost of the damage up to your policy’s limits. There are several forms of damage that will be listed in the policy’s terms and conditions. For instance, the policy can come with conditions like when your property is damaged by fire, wind, or theft. Before you take out rental insurance, it is important to read the fine print so you won’t get any surprises.

Personal Liability

Rental insurance also covers personal liability. For instance, if a person is injured on your property and you are at fault, rental insurance can cover the liability costs. This can include legal and medical costs. Most rental policies can cover up to $100,000 in liability coverage. Contrary to popular belief, situations like this happen frequently. There are about 42 million homes occupied by renters, according to a study done in the fourth quarter of 2020. With this many people renting, lawsuits, injuries, and legal issues are common occurrences.

Additional Living Expenses

If one of your rental homes becomes uninhabitable due to something that’s covered in the policy, the renters’ insurance will pay for expenses that are separate from your normal living expenses. In insurance terms, this is known as loss of use coverage. It is money that will help you sustain yourself until your situation is figured out. However, you must also read your insurance policy before assuming it covers everything.

Rental insurance can also cover medical costs in certain instances. However, you may see that there is limited coverage in the case that one of your guests is injured on your property. Apart from that, insurance on rented property is worth considering, and it has many benefits. To get the most out of rental insurance, you have to make sure you understand it fully. This will eliminate any doubts and risk for surprises.

Over time, renting has become very popular. For instance, there are about 74% more renters today than in 1960. There are many reasons why this is so. However, with the increase in the number of renters, rental insurance has also become more popular. Here are three reasons why you might want to invest in rental insurance.

Coverage for Damage You Caused

It is not uncommon for a renter to cause unintentional damage to a property they will be staying in. For instance, you can leave the water running and it can flood some rooms and ruin some personal belongings including a couch or bed. Situations like these can be quite costly, and if you are not prepared financially, you can end up spending a lot of money to replace those. However, if you have rental insurance, you can simply contact your insurance company and have them handle the cost of replacement.

Protection for Your Guests

Accidents are common and sometimes unavoidable. If you have pets on your property, you will be held liable if they attack one of your visitors. In some states, you will be required to compensate your guests if they are injured by your pets on your property. With rental insurance, you will be covered against personal injury. Apart from that, you will also be covered against injury to one or more of your visitors on your rented property.

Your Landlord Might Require It

If your landlord has insurance, chances are the insurance only covers the actual premises and not your belongings. That is why you should have your own rental insurance. Also, many landlords now require that their tenants have renters insurance. Not only that, but they will also want to see proof that you have an active policy.

Sometimes this is just the landlord’s idea of making life simple. However, in some instances, they could have been instructed to do so by their own insurance company. The general idea is that if the tenant is covered, then a lot of the blame will not be directed towards the landlord. If you need help getting rental insurance, you can talk to your landlord and find out if they know anything about it.

Rental insurance gives you financial protection against loss or damage of property. There are several products offering different advantages and with different terms. It is advisable to find the best one and make sure you are always up to date with your premiums.

There is great pride in owning your own vintage car — it’s hard to find someone more passionate about these relics and beautiful pieces of machinery than the biggest car enthusiasts on the planet.

However, owning a vintage car comes with great responsibility. Insuring your vehicle is another large piece of the puzzle. If you’re looking to invest in that shiny red Mustang or Corvette, continue reading. Here are the most vital things you should know about insurance for antique cars.

Why Not Get Regular Car Insurance?

We know what you’re thinking. Why get insurance for antique cars when you can purchase normal insurance for your vehicle?

Well, the unique difference lies here — traditional insurance only covers your car’s cash value. This is equivalent to the cost to replace it, subtracting the depreciation. Antique car insurance, on the other hand, can cover an agreed-upon rate of the car.

The Right Insurance Agency Knows How to Take Care of Your Car

When working with the right agency that has experience with antique cars, they are likely to understand the car’s condition better. These classic cars are over 50 years old, which means they don’t work quite as effectively as the cruisers and standard cars nowadays.

So What Makes an Antique Car?

Wondering if you can invest in insurance for antique cars? It’s important to know the classification of the vehicle in question. For example, if your car is over 15 years old, it can be considered a classic or antique car. However, many classic cars are typically in the 25 to 30 age range. Another main difference? Many cars today begin to lose value as soon as you sign the paperwork and drive them off the dealer’s lot. They accumulate lots of wear and tear the more miles you put on the car.

Here’s the good news about vintage cars, however. They actually go up in value over time, making them worthy investment pieces to add to your portfolio.

Classic Cars and Limited Provision

Classic cars also have limited provision, meaning that the vehicle insured cannot be driven a certain number of miles for the insurance to apply. This may include enough millage for one to travel to auto shows. How often do you plan on driving your antique car? This is another question you should ask yourself when analyzing your own insurance needs.

Securing the Car to Get the Most of Your Insurance

Even with insurance it’s important to keep the car under safeguard from inclement weather. The reason being is that some policies may not cover rain or hail damage. Ensure you ask your insurer before selecting your policy.

Having a Clean Driving Record

The last thing to consider when getting the antique car of your dreams? Remember that your driving record is always taken into consideration when you purchase insurance to cover your classic car. Carriers will analyze your record and check for accidents to see if you qualify for coverage.

Insurers also like to cover drivers who have been legally allowed to drive for ten years or more. They also check for accidents within 3 years of applying. This amount of time can vary, depending on the state you’re in. But’s it’s a decent rough estimate across the board, so if you’re looking to score a solid policy, buckle up and drive safe!

A Final Word on Insurance for Antique Cars

As you can see, insurance for antique cars is a must. Car enthusiasts love their beautiful, vintage vehicles. Therefore, it would be a shame to bring one of these metal marvels without extra security. Insurance is always a good move, so consider classic car insurance for your timeless car!

In the U.S, about six million automobiles are purchased every year. Most of these car owners opt to insure their vehicles in case of damage or accidents.

The car insurance industry is currently worth nearly 310 billion dollars. Choosing a car insurance company is not an easy task. You have to consider the cost and type of policy. The best option is to hire a professional and reliable company.

However, knowing the right insurance center to sign on to needs a lot of research and critical thinking. To help you make the right decision, top insurance agents compiled a checklist of factors and tips to consider.

1. Recommendation from Local Body Shops

Visit a body shop you trust and ask for their opinion and recommendations. Managers in this sector often interact with insurance agents and adjusters. Therefore, they can give you first-hand advice.

The managers know what insurance center offers the best policies, competitive rates and use genuine OEMs. Additionally, body shop staff will help you identify companies or agents that have a swift claim process.

2. Check Financial Strength

The worst-case for people who own classic cars and unique vehicles is a difficult claim process. Finding out that your insurance agency can’t handle the claim because of a poor financial status is a major setback.

There are rating agencies that assess the status of all insurance companies. Compare two or three ratings to shortlist insurance agents.

3. Ease of Business Transactions

Never work with an agent that you don’t get along with. The best insurance centers make it easy for clients to access information or contact them. First, check their customer service. If you are unsatisfied with how the agents treat prospective clients, then it is not worth it.

Also, visit their site and social media platforms. Do you see any complaints? Do you find the company professional enough? Screen every bit of their online presence to garner enough info about their reputation.

Lastly, confirm if you can pay bills and file claims online. This would be great if you live far from the company’s offices. At the end of the day, you should feel a hundred percent comfortable hiring the insurance agency.

Check the Department of Insurance Website

After shortlisting prospect companies, give the final list a once-over. Every state has a Department of Insurance, and most have a website. The last step before contacting your ideal insurance center would be to do your research on the site. Here, you will find all consumer complaints that will help you vet potential companies.

Compare the merits with the complaints ratio. If an insurance company has complaints from your state or others, it is best not to go in that direction.

Car Insurance, Tigard, Portland, and Beaverton

Are you in Oregon and own classic cars, unique vehicles, or any other automobile? Do you want motorcycle insurance, rental insurance, business insurance, or home insurance? Trust your number one family-owned insurance agency.

AOA West Tigard insurance agents will help you select the best policy and file successful claims. Connect with the agents today and request a quote!

The short answer to the question of whether or not you should ensure your classic car is a yes. Anything can happen, and you don’t want to be left covering the cost of a disaster alone. Your classic car is not immune to the problems faced by any other car. The three most common insurance claims are for fender benders, theft, and whiplash. To make sure you will have help when one of these happens to you, it’s advisable to insure your classic car.

What Type of Insurance DO You Get for a Classic Car?

Classic cars usually need a special type of insurance. As such, you can not insure your classic car using regular auto insurance. The reason is that the amount will not be enough to protect your classic against damage or loss.

You will need to consult your insurance agent to find out what type of classic car you have and what category it falls into. For instance, collectibles exceed their original selling price; therefore, they are candidates for specialized classic car insurance. Usually, cars that require classic cars auto insurance include the following:

• Cars more than 25 – 30 years old
• Modified cars and hotrods
• American muscle cars
• Classic trucks
• Exotic cars
• Vintage military cars
• Classic motorcycles

If you are not sure whether your car is a classic or not, you can consult with an insurance agent, and they will help you out.

Qualifying Criteria for Classic Cars Insurance

Having an old car is not enough to qualify for classic car insurance. There are several requirements that your car has to meet, and these often differ with policies from different companies. However, most companies have the following requirements:

Limited use

For a classic car to qualify, you must not use it as a daily runner. Other policies might even include mileage limits and proof that when you do travel with it, the car will be kept in a safe and secure place. As such, you might also find that insurers will need you to have another car for daily use.

Secure storage

When you are not using your classic car, insurers want proof that you will store it in a safe and secure place. This means it would be helpful if you had a private, locked structure where you keep your car at home.

There are some insurers who also need you to have a clean driving record for them to insure your classic car. Instances of reckless driving might disqualify you. You must also make sure that the car is in good condition.

Running a successful business is no easy feat. Owning your enterprise comes with a string of obligations, responsibilities, financial and operational risks. Proper business insurance coverage can help protect your small enterprise when certain challenges arise in your entrepreneurial journey. Natural disasters, lawsuits, theft, on-site injuries, property damage, and other circumstances can risk your business going bust.

Sadly, over 75% of U.S. businesses are underinsured. And 40% of small business owners do not have any insurance coverage. Insurance is a vital part of your business operations that can help cushion you from the operational upheavals. The cost of paying the premiums is only a fraction of what you may incur when an unexpected incident occurs.

Here are seven reasons why you should consider picking up business insurance.

1. Protect Your Business Assets

Most businesses require some sort of infrastructure to keep them running. Taking out coverage from your insurance agency can help protect the substantial investment made in inventory, equipment, or property. You can replace your assets in no time to resume normal operations.

2. Safeguard Your Employees

Most states require that business owners have a worker’s compensation plan for all their employees. The insurance process helps you to compensate any member of your team that sustains injuries while at work. The compensation may cover their lost wages, medical bills, physical or emotional pain.

3. Build Your Brand Credibility

Modern clients and customers are increasingly picky about the brands that they purchase from or source their services. Business insurance can help quell their worries by indicating that you take managing risks seriously. Savvy clients can now conduct quick background checks that can reveal if you have insured your business or not. You can net more business for your enterprise by getting insured.

4. Keep Your Business Afloat

Natural disasters, cyberattacks, and civil lawsuits can all run your business to the ground. Forced closure of your business for an indefinite period can spell trouble for your enterprise. Indemnity can act as a backup plan and bail you out to start afresh.

5. Comply with the Law

Some industries are heavily regulated, requiring business owners to have insurance before operating. Failure to carry certain mandatory insurance policies such as worker’s compensation can result in punitive fines, civil or criminal penalties, cease and desist orders, or exclusion from public contracts. These consequences will cost you more than the price of paying premiums to your insurance company.

6. Help Venture into New Risks

Risk-taking is a crucial factor for business success. However, no matter your diligence in calculating your risk, there is still a chance that it would blow up on your face. Business insurance enables you to venture out without worry. The insurance payout can help you get back to your feet and start over.

7. Protect You and Your Business from Lawsuits

Lawsuits are quite costly. Disgruntled employees, unsatisfied clients, or your industry competitors can initiate legal proceedings against you and your business. Insurance can help protect you from lawsuits and their outcomes. Fines and settlements paid up through insurance can help keep your business afloat.

Insurance is a key part of any business. To discuss the different business insurance coverage that you need, reach out to AOA West, Inc. We also offer renters insurance, insurance for antique cars, and home insurance.

Your home is supposed to be your safe space for you and your family. Owning a home is one of the most significant investments anyone ever makes in their lifetime. Obtaining insurance for a home should always be just as important as choosing how you will live, move, and create memories in your home.

Insurance for a home is not always required by law, but in America, at least 85% of homeowners have homeowner’s insurance. Being a knowledgeable insurance agent in the Portland area, we get our fair share of questions about homeowner’s insurance. Here are some frequently asked questions surrounding insurance for a home.

Why does homeowner’s insurance go off replacement costs instead of resale value?

Replacement costs are the actual costs of fixing or replacing a home if a qualified claim is made against the insurance policy. If the materials and labor costs are higher in today’s market than 15 years ago, then the replacement cost may be higher than the sale price from 15 years ago. In some areas of the country, the opposite is true. Sometimes labor and materials cost less than the home’s resale value, so the homeowner’s insurance policy will be for a smaller amount.

What is a qualifying event?

Qualifying events are outlined in your insurance policy. Many homeowner’s insurance policies cover hail, lightning, theft, vandalism, and other common issues. In some areas of the country, you must pay for additional flood, windstorm, hurricane, tornado, and earthquake coverage. Each policy explains what is covered and what is not covered. A qualified insurance agent can walk you through your unique needs.

If homeowner’s insurance isn’t required by law, why does my mortgage company make me have it?

Homeowner’s insurance isn’t required by law for those who own their homes outright. For homeowners who still have a lienholder against the house, the lienholder may require sufficient insurance coverage to protect the investment if foreclosure conditions are met. When the home is paid in full, you can drop the policy altogether, although we strongly discourage that.

If my spouse injures themselves while working in the garage, will the homeowner’s insurance pay for the medical bill?

Typically, the answer is no. Homeowner’s insurance only covers medical bills for those who do not live in your home.

Contact Your Portland Homeowner’s Insurance Company

Faithfully serving the Portland area for the last 40 years, we’re here to help you find the proper homeowner’s insurance for your needs. Contact us today for a free quote!