Virginia drivers will see an increase of 5% – 15% for car insurance in 2013. Accidents are increasing and the cost to repair vehicles is at an all time high. 5 Ways to Lower your Car Insurance Premium Work with an independent insurance agent Increase your Deductible Remove Collision coverage if your car is older Install a…Read more
Insurance Forecast for 2013
2012 was another very difficult year for insurance companies. Several storms, including hurricane Sandy, continue to put pressure on loss reserves and repair costs continue to increase. Another factor that will impact almost all insurance companies is reinsurance. Reinsurance is insurance for insurance companies and rates for reinsurance will almost certainly increase in 2013 and beyond. Rates…Read more
Do I need Flood Insurance?
I am asked this question a lot and the answer is YES! Everyone lives in a Flood zone.
Sandy’s Affect on Insurance Rates
Hurricane Sandy will have an tremendous impact on the U.S. insurance market place, especially for Homeowners insurance. The market conditions were not great before and now with damage estimates between 5 – 10 billion Sandy will certainly have a negative affect on the insurance market. Some companies will fair better than others but small to mid-size companies…Read more
Life Insurance at Work or Individual
I’m asked this question a lot. Should I buy Life insurance through my employer or get a policy on my own? Life insurance through an employer is very inexpensive however there are some major drawbacks. First, if you leave your employer for any reason your coverage stops. Second, you can only purchase an amount based on…Read more
Check Your Deductible
Several insurance companies are raising deductibles on Homeowners policies. When you receive your renewal information review it carefully and make sure you are aware of your deductible. Some companies are increasing your overall deductible and some are adding a separate Wind/Hail, Named Storm or Hurricane Deductible. In the case of a Wind/Hail deductible most companies…Read more
We Need to Hear from You
Until the general public starts voicing their concern over the lack of law enforcement by the Virginia DMV residents of Virginia will continue to pay higher and higher insurance premiums. Virginia is typically characterized as a conservative state however when it comes to the DMV they are quite the opposite. Enforcing insurance laws that are…Read more
Am I in a Flood Zone?
I get this question all the time and without evening speaking to you the answer is “YES”. Every home is located in a Flood zone it’s just some zones are at a higher risk than others. Flood damage is the number 1 catastrophe in the nation yet very few homeowners purchase Flood insurance. Why? I…Read more
Should I file a claim on my homeowners insurance? It depends on the circumstances. Homeowners insurance is designed for a “sudden and accidential loss” but it is not a maintenance policy. Filing too many claims will cause your rate to increase or in some situations your policy will be cancelled. Use common sense. If your…Read more
Car insurance rates in metro Richmond area continue to rise because more and more people are driving without insurance. Several companies including State Farm, Nationwide, Allstate and Geico have filed for rates increases in the last few months and all signs are pointing to further increases. What is the solution? The state government needs to do more…Read more
