Let’s try a little exercise: Can you list everything you own from memory? I didn’t think so.
The fact is most people own more things than they realize. It’s easy to remember the cars, the computer, the TV. But what about that holiday china in the garage or every pair of shoes or every item in each and every drawer?
All of it is regarded as personal property for homeowners insurance purposes. And if your home is destroyed by fire or some other disaster, having a list of your possessions makes filing a claim easier — and helps you put your life back together.
Why should I complete a home inventory? What’s the best way?
Comparing the value of your belongings to the “contents” limit listed in your policy helps you make sure you have enough insurance to replace them if they are lost, stolen or destroyed as a result of a covered loss. The easiest way to take an inventory is to use a video camera, recording and describing items as you walk through your house. Or, you can use a regular camera and create a home inventory checklist. Now that so many of us have cameras and video cameras on our phones this really isn’t a difficult task these days.
Here are a few tips for completing and storing your inventory:
Add brand names and descriptions where you can, especially on large-ticket items. Serial numbers are helpful to note.
Keep any receipts you have with the list to make the claims process easier.
Store your video or photo inventory offsite so you won’t lose it if your house is damaged.
Update your personal property records when you purchase new furnishings and valuables. read more
In the past I have spoken to clients who were under the impression that workers comp insurance rates were set in stone by the State and so, therefore, there would be no reason to shop around for better rates. Although there are recommended rates for each class of business there is no one set price. Rates can vary from one carrier to another. Considering the rising cost of California Workers Comp insurance it is definitely a wise decision to shop rates and make sure you are not overpaying. Here is a list of what you will need to shop your Workers Comp rates:
1. You will need your FEIN #. Carriers do not want to present duplicate quotes to the same business so they keep track of whether they have already quoted you by your tax identification number.
2. If you are currently insured you will need to present proof of your prior claims history. In the world of Workers Comp this proof is known as your “loss runs.” You can request loss runs from your current Broker, or, if you do not wish to make him or her aware that you are shopping elsewhere you can request them directly from the carrier. Allow a good few days and perhaps even up to a week to receive your loss runs. All insurance carriers are required by law to provide you with these.
3. If you’ve had a loss be prepared to explain what occurred in detail. Tip: if you have taken any measures to prevent further losses be sure to mention that to the Broker as insurance carriers love to hear that and will look more favorably at quoting your insurance.
4. Be prepared to describe the details of your business operations and what duties your workers perform.
5. Be prepared to have an estimate of what you think your annual payroll will be for the coming year. Once you have that figure break it down by what you estimate the payroll to be for your different classes of employees. In many industries if your clerical employees are physically separated from the main class of employees you can classify them separately on your workers comp and pay a lower rate for them. So, if you have an auto body shop that does some auto repair work and you have one full time clerical worker you will want to come up with an annual payroll figure for your Auto Body Techs, for your Auto Repair Mechanics and for you Clerical workers.
6. Each class of employee is given a workers comp code. Your Broker should provide that information, but if you would like to be more hands on you can research the classification codes on your own on the Workers Compensation Insurance Rating Bureau’s website. Here is the link where you would go to research classifications: http://www.wcirb.com/class-search read more
1. Drive Safely. Tickets and accidents drive your auto insurance premiums up. If you are ticket and accident free, on the other hand, and if you have at least three years of driving experience you will qualify for a good driver discount.
2. Just get a ticket? Be sure to do traffic school… you’ll be happy you did! These days traffic school is especially convenient…you can even do it online from the comfort of your home. Even considering the cost of paying for the ticket and for enrolling in traffic school you will be way ahead financially than if you did not do it as you will pay for it on your insurance over the course of three years.
3. Youthful drivers are least expensive rated on older, less valuable vehicles. Trying to decide between giving your new driver a brand new Mercedes or an old Toyota? If you want to save on your auto insurance you will opt for the old Toyota.
4. Youthful drivers who are full time students will be eligible for good student discounts with most carriers. This is an added benefit for kids getting a 3.0 or better grade point average at school.
5. If your car is worth less than $3,500 consider removing the comprehensive and collision coverage. If your car isn’t worth much and you consider how much you are paying year after year for physical damage it likely pays to just remove the coverage. You’ve got to figure that if the car is totaled you weren’t going to get much for it anyways.
6. If you have a 4 year degree be sure to mention it to your Auto Insurance Agent. Many carriers are now giving discounts for advanced degrees.
7. If you are a Scientist, Teacher, Attorney, Fire Fighter or Physician be sure to let your Insurance Agent know. Many insurance companies are offering expanded savings to their customers in these particular occupations.
8. If you live in an area where insurance carriers experience fewer accidents and claims you will be rewarded. Yes, despite what many people think, zip code is a factor in determining your auto insurance premiums.
I hope you have found these 8 tips to save on auto insurance helpful. If you would like to shop auto insurance rates we are here to help. Please contact Sparrow General Insurance Agency, 2629 Manhattan Ave. #281, Hermosa Beach, CA 90254 at (310) 379-0605 today. read more