Brightway Makes Homeowners Insurance Simple

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1 Brightway Makes Homeowners Insurance Simple

2 Congratulations on your new home! Just as you relied on a real estate professional to help you find the home of your dreams, rely on an insurance professional to help you find the coverage you need at the price you want

3 I m your local, in-person insurance expert. Let me guide you through the Homeowners insurance buying process. I don t just sell coverage. I sell confidence. Erin Digby 4920 Roswell Rd #43 Atlanta GA 30342

4 What you need to know Your agent s job is to understand your needs and shop the market I m an Independent Agent, which means I represent multiple companies There are a lot of Homeowners companies that want your business Most Independent Agents represent about 6 companies; as a Brightway agent, I have access to more than 100 I can put together the customized coverages you need at a price you want

5 Homeowners Insurance 101 Generally made up of four sections Coverage A: Dwelling Coverage B: Other structures Coverage C: Personal Property Coverage D: Loss of Use The maximum limit on coverages B-D are arrived at by determining what Coverage A amount is

6 Homeowners Insurance 101 Generally made up of four sections Coverage A: Dwelling Coverage B: Other Structures, limit is 10% of A Coverage C: Personal Property, limit is 70% of A Coverage D: Loss of Use, limit is 20% of A Coverage A: $200,000 Coverage B: $20,000 ($200,000*.10) Coverage C: $140,000 ($200,000*.70) Coverage D: $40,000 ($200,000*.20)

7 Homeowners Insurance 101 Homeowners policies also have Deductibles (the amount of money you ll pay out of pocket before the insurance company pays) Limits (the maximum amount the insurance company will pay on any single line of coverage)

8 Homeowners Insurance 101 Coverage A: Dwelling Replacement Value Should be an amount equal to what would be necessary to rebuild your home Not market value Not what you paid for your home Replacement Value is often more than market value and what you paid for your home (incurring additional costs like site clearing, debris removal, and buying materials at a higher cost, especially if your home was part of a builder s development) From Forbes magazine, February 2013

9 Homeowners Insurance 101 Coverage B: Other Structures Includes fencing, storage sheds, detached garages, guest cottages Each company defines slightly differently, but generally not pool screen enclosures

10 Homeowners Insurance 101 Coverage C: Personal Property Provides a limit (50% of Coverage A) to replace furniture, dishes, clothing If you have jewelry, fine art, or collectibles, it s best to schedule them; this defines their insurable worth and provides additional coverage (at additional cost)

11 Homeowners Insurance 101 Coverage D: Loss of Use Provides a limit (20% of Coverage A) for temporary housing should your home suffer a loss that makes it unlivable Different companies handle differently, but generally covers hotel stay, meals

12 Homeowners Insurance 101 Deductibles Homeowners policies generally have two deductibles: All Other Perils deductible Wind/Hurricane The higher deductible you choose, the lower your premium may be I can help you weigh the trade off From Forbes magazine, February 2013

13 Homeowners Insurance 101 All Perils or All Other Perils Generally a dollar amount (e.g.$500, $1,000 or $2,500) The higher deductible you choose, the lower your premium may be I can help you weigh the trade off

14 Homeowners Insurance 101 Wind/Hurricane Generally a percent of Coverage A (e.g. 2%, which would equal $4,000)

15 What drives your premium amount Lots of things Coverage A amount (the higher it is, the higher your premium) Deductibles chosen (the higher you choose, the lower your premium generally is) Prior claims you ve had Prior claims on the property Your Insurance Bureau Score, a proxy for your credit score, used by insurance companies to judge financial responsibility. If you re very financial responsible you pay your bills on time your rate will be lower Historic weather patterns in the area (hurricane, hail, windstorms)

16 Homeowners premium Will vary a lot from one company to another That s why you want an Independent Agent to effectively shop the market for you THIS IS WHERE YOU CAN DO A LIVE QUOTE TO DEMONSTRATE PRICE VARIANCE.

17 Homeowners discounts Smoke detectors Carbon monoxide detectors Dead-bolt locks Security systems Fire extinguishers Protect your pool (locked and bolted gate) Maintain your sidewalks and driveway

18 Making a claim Before you do: Know your deductible Call me Claims will generally drive up your renewal premium You want to be sure making the claim is worth it

19 Changing coverages The real benefit of having a Brightway agent Call our Service Center, staffed by insurance experts Changes made in real time Any change in premium will be shared with you then

20 How to choose a Homeowners company Financial stability Reputation in the market Speed and accuracy in settling claims

21 Flood insurance May be required, depending upon what Flood Zone your home is in Can be expensive, but if you get the elevation survey, it can significantly reduce the premium Remember: Homeowners insurance does not cover flood damage From Forbes magazine, February 2013

22 Next steps Do a home inventory (a video of each room, with narration that points out what the video is shooting, is best; be sure to then put all receipts together by room) Determine your replacement value (there are online tools to help) Put records of inventory in a fire-proof safe at home or in a Safe Deposit Box Call me

23 Q&A

24 Thank you

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