The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this website.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

Balcos Insurance Main Website |   Get an Insurance Quote

Playing with Fire - Is Your Business Safe?

We both have the same goal – to ensure your success as a business – and eliminating risks and minimizing your danger exposures is a large part of that. Thus, we’ve created a complimentary checklist to help ensure the safety of your customers, reduce your risks and liabilities, and improve the livelihood of your employees and yourself.

Our free checklist is a guide to help you see where there may be dangerous exposures. The formula is simple: Reducing your hazards and liabilities reduces your costs – and often, increases your profits. Our checklist is not a complete Restaurant Safety Program, but may help you hone in on where your energies should start to be focused with your business.

A Solid Restaurant Safety Program:

• Reduces accidents and injuries
• Reduces your risks, liabilities, and exposures
• Lowers insurance costs
• Improves productivity and morale
• Reduces operating costs
• Increases quality and customer satisfaction

A vital part of loss prevention is the recognition and correction of unsafe activities or conditions before a loss occurs. This checklist provides you with a tool to identify areas that might need attention. A “NO” response to any question indicates corrective action may be necessary. Use this list on a quarterly basis to continually improve your business, management, staff, and to catch slippages in any areas. With a little persistence and follow through, this list will help ensure your business stays on top of it – and grows.

Due to space limitations, this complimentary list will only be available online.

CLICK TO GET RESTAURANT SAFETY INSPECTION CHECKLIST.

Sample questions from Restaurant Self-Inspection Checklist

By taking these steps, you are committing to becoming a better manager and restaurateur, and committing to the success of your restaurant. If you want to create a more comprehensive Restaurant Safety Program, several of our insurance carriers have tools available to clients that help you build a program tailored to your restaurant’s needs.

For more information on building a program, or for a restaurant insurance quote, please contact:

Scott Balcos

Balcos Insurance, inc.

(877) 354 – 3654

contactus@balcosinsurance.com

www.balcosinsurance.com

Get a Restaurant Insurance Quote

Is Your Restaurant Safe?

A vital part of loss prevention is the recognition and correction of unsafe activities or conditions before a loss occurs. This checklist provides you with a tool to identify areas that might need attention. A “NO” response to any question indicates corrective action may be necessary. This survey form should be completed at least quarterly, and reviewed by the various levels of management to assure that unsafe acts/conditions are corrected. Additional measures may be required beyond those identified by this checklist.

Click for related Restaurant Safety Article.

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The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this website.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

(877) 783 – 0034

© 2010, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

Balcos Insurance Community Home |   Balcos Insurance Main Website

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With such staggering numbers, business owners must be prepared to do their part to reduce fraud, protecting themselves and their clients. There are five things that should always be done to prevent this crime:

1)   Get the Right Tools…

Fraud-detecting software is your first line of defense. Not only does it flag suspicious transactions, but it prevents wasted time during investigations on legitimate transactions. Such software should be frequently updated to include any new data and risks.

2)   Create a Fraud Team…

Create a well-trained team to discover transactions that are out-of-the-ordinary. For smaller businesses, there should be at least one person logging data and changes, and one person cross-checking their work. Every loss should be gone over with a fine-toothed comb to find out how to prevent similar situations in the future.

3)   Track Chargebacks…

Immediately match chargebacks to original transactions. This will help uncover fraud as well as service problems, such as incorrect product listings.

4)   Gather Better Data…

Not only is gathering better data useful for better marketing, but it this same data is very useful in catching criminals. The more data available, the easier it is to catch a criminal. Think creatively about what data would be useful to your business and to aide in investigations.

5)   Don’t Annoy your Customers…

Cardholders are protected from liability in fraudulent charges. This leaves the liability squarely with the business owner, which means that stringent measures should be in place to prevent losses. However, if you make it too difficult for a customer, they will simply take their business elsewhere. Ensure your policy is well-balanced to both protect yourself and keep your customers.

I hope you’re never a victim of online auction house crime, but if you are you should to report it to the Internet Fraud Complaint Center. Your complaint will be forwarded to the appropriate law enforcement authorities.

If you want additional information on this topic you can get more tips from the Federal Trade Commission.

(877) 783 – 0034

© 2010, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

Balcos Insurance Community Home |   Balcos Insurance Main Website

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So you drive a motorcycle or moped? Have you been thinking about purchasing one? Riding a bike or moped can be incredibly affordable, if you know what you’re doing.

Do you have, or have you been considering insurance for your bike? Here are a few things to consider before making your move.

• If you’re not with an independent agency, there is a good chance that you are — at this very moment — paying too much for your insurance.
• There are lots of ways to save money, so why not take a moment and ensure you’re getting the best value for your dollar?

Discount Fever – There are a number of discounts available to you. The reasons are varied, but here are a few examples:

• Low-risk occupations (such as teachers or engineers)
• Professional organizations
• Associations
• Recent completion of Defensive Driving course.
• Bike safety/security features, such as: Anti-theft devices, Lo-jack, etc.
• If the driver is a good student
• Senior citizens

Make sure you are taking advantage of all the discounts available to you! It never hurts to ask!

Combine Your Insurance – Most companies offer multi-policy discounts, which are often in the range of 10%. Some companies even take that 10% off each policy! Make sure you talk to your Balcos agent about getting multi-policy discounts.

If you have multiple motorcycles, cars, or homes, or have renters insurance… make sure they’re all insured with the same company! If you don’t, you’re probably paying too much for all of them.

Stay Insured – Never let your insurance policy lapse. If your policy expires, you will be left without coverage for that period, you may find it difficult to obtain insurance again, and your insurance may be more expensive than it was before. Insurance is a business of statistics – a person exhibiting higher risk behavior pays more than a lower risk customer… And customers who let their insurance expire—even for a couple days—are statistically higher-risk, so often get charged extra.

Keep Your Nose Clean – It’s a simple formula – if you’re a good driver, you’ll often get a better price on your car insurance. There are even discounted premiums available to most people that qualify as “good drivers.”

Insurance companies categorize drivers into types – “worst,” “middle,” and “best.” Each type of driver typically gets insurance with a different type of company. But most people typically just get lumped into the “middle driver” type.

Most people categorized in the “middle” have driving records that are about the same as those in the “best,” but don’t get the discounted premiums. Because most people don’t know that they can get a better price. There is no reason, if your driving record is clean, why you shouldn’t be paying the lowest price available. It pays to be a safe driver!

Lawn Ornaments – If you don’t drive it, don’t insure it. If one of your bikes or cars broke down and has been sitting in the backyard for a year, make sure it’s not still on your insurance policy. Keep in mind, though, that many states require that you have any registered vehicle insured, so if you drop insurance you may want to register the vehicle as “inoperable” to avoid any complications or penalties. Only drop a vehicle from your policy if you’re sure you’re not going to be driving it for a long time.

Custom Parts & Equipment Coverage– Safety equipment & additions to your bike need to be added onto the policy. Most policies have a minimum allowance for custom parts, but for anything more, you should talk to your agent to ensure it’s covered in the event of an accident.

LoJack Discount – Don’t want your bike stolen? Or if it gets stolen, wouldn’t you love for it to get recovered? With a LoJack system, your bike will be traceable by police. Some companies offer discounts for having a LoJack system installed – talk to your agent about it if you have the system or are thinking about getting one.

Bus It Up – You pay more if you drive to work. And the more miles you drive, the more you pay in insurance costs. You may want to weigh out how much you pay for insurance against the cost of a bus pass, and the savings in gas.

Something else to take into consideration is how much you get paid per hour versus the amount of time you’d spend on the bus (Relax… They’ll do the driving – you’re free to read a book, or listen to music!) or on your bike. When you add up all the changes in time and cost, it is sometimes more affordable to use a form of mass transit to get to work.

Pay Up Front – Buy a longer policy. Sometimes you pay processing fees or price penalties if you have short policies or pay monthly. The longer your policy term, and the more you pay in lump sums, the cheaper your rates will likely be. If installments are the only affordable option, you may be able to avoid fees by having your premiums automatically deducted from your bank account each month. Another option that many companies offer is larger installments - instead of a monthly fee, you can pay two-months worth every two months to avoid some of the fees. Talk to your Balcos agent to see what they can do for you.

Low Mileage Drivers – Insurance companies use “average use” to help them decide whether individual drivers will pay more or less for their insurance. This is usually 400 – 1,000 miles per month. If you drive less than the average, you can sometimes qualify (with certain insurance companies) for low-mileage discounts.

Waiting to Drive – Young, newly licensed drivers are the most prone to accidents. As a high-risk group of people, you will pay more to insure them. If they get their drivers license, you must pay the extra premium. Though it may be difficult to make them wait, if your insurance bills are already an issue, it might be your best option.

If they already have a license, you may be able to exclude them from coverage by signing an exclusion form. Normally, rates go down a little after the driver turns 18, and the price plummets later, usually at age 21 and/or 25.

Medical Payments Coverage – On most policies, the medical payments coverage only goes up to $5,000. If you’ve been injured or know someone who has been, you know that this is a very minimal amount. Consider getting additional coverages to ensure your protection. Talk to your agent, and play it safe on the road.

Type of Bike – If you haven’t already purchased your bike, you might want to think about how the type of bike you choose will affect your premiums. Is it a racing bike? Is it a bike that is targetted by theives? In most cases, Touring or Cruising bikes have much lower premiums than Sport bikes. If you have a bike in mind, talk to your agent to get a quote before you buy – the difference in cost may just impact your decision to buy.

High-Power, High-Cost – The type of power you have driving your bike can also drive your costs up or down. The higher CC (cubic centimeters) your engine is, the more you’ll end up paying in insurance. Insurance companies regard the higher power levels as a risk, as many people ride faster when on a faster bike.

Assume More Risk – You pay a deductible when you have an accident/loss. This is your responsibility to pay before your insure will kick in.

Let’s say you have an accident that causes $500 in damage, and your deductible is $100. You pay the $100 (deductible) first, and then the insurance company pays the rest.

• If your deductible is lower, you pay more for insurance.
• If your deductible is higher, you pay less for insurance.

This is because you are taking more of the risk upon yourself. If you have the money to afford the additional cost and are a safe driver, you can probably afford to pay more in the event of an accident and less monthly. This is often less expensive in the long run.

Garaging Discount – Motorcycles that are locked in a secure structure overnight sometimes qualify to receive a discount on their comprehensive coverage.

Association Discount – With some companies, membership in certain associations will get you discounts. Be sure to ask your agent. Some of the associations include:

• American Motorcycle Associations (AMA)
• BMW Motorcycle Owners of America (BMWMOA)
• Gold Wing Touring Association (GWTA)
• Harley Owners Group (HOG)
• Motorcycle Safety Foundation (MSF), and many more.

Location, Location, Location – If you’re planning a move any time soon, don’t forget to factor in the cost of insurance. Typically:

• If you live in a rural area, you pay less for insurance.
• If you live in an urban area, you pay more for insurance.
• Costs can vary, even within a community.
• Rates vary greatly depending on which communities, cities, or states you plan on moving to.

On Guard! – Discounts are available by many companies to those who have completed a Defensive Driving Course recenly. Typically, this is within the last three (3) years.

Credit Report – Many insurance companies use your credit history as a tool to finding out how great a risk you are. If your credit report is in good standing, you may be able to get discounted premiums by insuring with a company that uses credit reports as a rating factor. Or, if you have a messy credit report, switching to a company that doesn’t use credit history might be advisable.

Other Notes of Interest:

• Operators of “street” motorcycles who are not at least 16 years of age are ineligible for insurance.
• Operators of “dirt” motorcycles or ATVs (not licensed for road use) who are not at least 14 years of age are ineligible for insurance.

The best way to ensure you’re getting the best coverage and premium available to you is by getting the help of an experienced independent agent. Why take on the job of sifting through thousands of companies yourself? An independent agent will do this for you and help make sure you’re getting the most bang for your buck. Our professional agents are here to help you. Call today for a free, no-obligation motorcycle insurance quote.

(877) 783 – 0335

© 2009, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

Balcos Insurance Community Home |   Balcos Insurance Main Website

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Two Months Before Your Move

• Prepare a rough budget or estimate for the cost of your move so that you can determine if you will need financial assistance to take care of expenses such as house-hunting trips, pet care, tolls and utility, and housing deposits.
• Keep accurate records of all expenses. Most are tax deductible on federal income tax.
• Call movers for estimates and ask for references on their services that you can check. Some months are very busy, so you need to start early.
• Once you have chosen your mover, discuss costs, packing, timing and insurance.
• Make a list of all your belongings. Sell or give away anything you don’t want.

One Month Before Your Move

• Visit your bank or lending institution and advise them of your moving plans so they can offer recommendations on setting up accounts at a new financial institution where you will be moving. This will be of immense help in transferring your accounts.
• Notify your doctor and dentist of your move in order to have records and prescriptions transferred. Ask them for referrals in your new community.
• Determine which school(s) your children will attend and which records will need to be transferred.
• If you have pets, arrange for their boarding during your pre-move and for shipping when you move. Contact your veterinarian for your pets’ records, and try to have all their shots and treatments done before you move. Call your new county to determine specific requirements for that area.
• Verify requirements for auto licensing.
• Notify insurance companies of your move. Transfer insurance on your house and possessions to ensure coverage of your new home.
• Close charge accounts you won’t be using in your new community.
• Ask for a transfer of your credit bureau files.
• Send change of address to your post office.
• Send change of address cards to friends, magazines and creditors.
• Notify your place of worship.
• Cancel local deliveries such as newspapers.
• Contact utilities for disconnection and possible refunds due you:

1. 1. Electricity
   2. Gas
   3. Telephone
   4. Cable TV
   5. Trash collection
   6. Water / sewage
   7. Other: ________________________________________

Two Weeks Before Your Move

• Empty your safety deposit box.
• Pack items of sentimental value and valuable papers that you are going to take care of yourself.
• Clean out refrigerator and cabinets. Fix meals that use up food you don’t want to move.
• Have your car(s) serviced for the trip.
• Get a babysitter for when the movers are in your home.
• Plan a furniture layout for the movers, showing where things should be in your new home.
• Make hotel reservations if you are traveling for more than one day or if you have to wait for the movers to arrive.
• Pack anything that the movers aren’t packing.
• If your home isn’t sold, make maintenance and security arrangements with your real estate agent, and also plan for a thorough cleaning of your house, including carpets and draperies.
• Check with local tax assessors to make sure your tax records are in order.
• If your home will be vacant for some time, arrange for snow removal and lawn care, notify police, and your insurance agent.
• If moving before summer is out and there is a possibility your home will remain vacant, ensure that exposed pipes are fitted with covers to prevent freezing.
• Take a local phone directory with you.
• Notify someone of your travel route and schedule.

Final Days Before Your Move

• Plan a survival package in case you have to wait for the movers:

1. 1. Paper plates and plastic serving and eating utensils
   2. Towels
   3. Soap
   4. Toilet paper
   5. Bedding
   6. Items to occupy children’s time
   7. Snacks
   8. New house keys
   9. Pack clothes for the trip

• Empty gasoline from lawn mower and discard any cleaning fluids that are flammable. Be sure you dispose of them properly. The mover won’t allow them to be packed.
• Label boxes that you will need right away.
• Get a cashier’s check for the movers and traveler’s checks for your trip and cover any expenses until your new accounts are available.
• Defrost and dry your refrigerator and freezer.
• Have appliances and antennae disconnected.
• Give the movers your new telephone number or a location where they can reach you.

On Moving Day

• Take pets to kennel so they won’t be underfoot.
• Take small children to babysitter.
• Either you or someone else should be there when the movers arrive to direct them.
• Make a final inspection of your old home and make sure all doors and windows are locked and lights are out.
• Take valuable documents, jewelry and money with you.

When You Arrive

• Arrange for someone to be at your new home when the moving van arrives.
• Direct the movers, but don’t get in their way.
• Make sure all appliances are functioning and that electricity and gas are operating properly.
• Inspect everything before you sign your moving receipt. And find out how many days you have to claim any possible damages.

(877) 783 – 0335

© 2008, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

Balcos Insurance Community Home |   Balcos Insurance Main Website

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I’m sure you understand the value of insuring your homes, cars, and other personal property. I’m sure you also understand that they could get lost, damaged, stolen, or destroyed, which would leave you in a bit of a pickle.

But what about things that you can’t put a price on?

How about your peace of mind?

What happens if, in this litigious world we live in, someone sues you for more than your policy will cover? There is a reason that coffee cups now read “CAUTION: HOT.” Our country is crazy in love with suing and the idea of easy money. You wouldn’t think you’d need the additional protection that an umbrella insurance policy would provide – but if you were wrong, it could mean financial disaster.

It’s a myth that umbrella policies are for the rich; these policies offer peace of mind for anyone who could be held liable for serious injury to another person – whether that injury is caused by you, your pet, or your child. For as little as a few hundred dollars for a $1 million policy, umbrella insurance policies supplement the insurance that you already have through your home and auto coverage.

It may sound like overkill, but say you had $100,000 in liability coverage for your car. Now, say you get into an accident.

• There are four people in the other car, and one of them has been badly injured.
• These injuries prevent him from working, racks up enormous medical bills, and a great deal of pain and suffering.
• In an accident like this, if they decide to sue you, $100,00 in coverage hardly scratches the surface of what you could owe.
  • That means that now you’re having to liquidate your assets and who knows what else.
  • Plus, you still have to pay your lawyer, and probably part of their lawyer fees, too.

In the blink of an eye, your life can go topsy-turvy if you don’t have the right protection in place.

Umbrella Insurance Policies Typically Cover:

• Liability judgments that exceed the liability coverage limits on your home and auto policies.
  • Umbrella insurance kicks in once the limits of your base policy (home insurance or auto insurance) are exhausted.
  • Your umbrella covers any overages, up to the umbrella insurance policy limits.
• Instances when you, your child, or your pet cause bodily injury or property damage.
• Personal injuries, such as:
  • Libel and slander (when you say or write things that defame someone’s character)
  • Invasion of privacy
  • Wrongful entry
  • False arrest
  • False imprisonment
  • Malicious prosecution
• Legal fees and defense costs

Umbrella Insurance Policies Don’t Usually Cover:

• Punitive damages (punishment by fine for actions or behaviors deemed reckless or outlandish by the court)
• Intentional acts
• Liability claims related to a business you own (you will need a separate business insurance policy for that)

Details, Details…

• Make sure an umbrella insurance policy is right for your needs - sometimes it’s better just to raise the limits on your home or auto insurance… But ask your agent. Usually umbrella insurance is the cheaper option.
• Most insurance companies require you to have particular liability limits (usually $100,000 per person for auto and $100,000 for home) on your homeowners or auto insurance policies in order to get umbrella insurance.
• Home insurance policies do not have any coverage for “personal injury” - you should take this into consideration when deciding whether to add umbrella insurance coverage to your financial protection arsenal.
• You’ll usually get the best rate if you ensure your homeowners, auto, and umbrella insurance are all with the same insurance company.
• If you’re sued because of work you’ve done on the board of a religious, civic, or charitable organization, some umbrella insurance policies will cover you. Ask your agent.

(877) 783 – 0335

© 2009, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

Balcos Insurance Community Home |   Balcos Insurance Main Website

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Mark Balcos Named Agent of the Year for the Professional Insurance Agents (PIA) of Washington/Alaska.

Seattle’s Mark Balcos, of Balcos Insurance, inc. was named the 2010 Agent of the Year by the Professional Insurance Agents of Washington/Alaska (PIA) during their Annual Conference & Trade Show, June 6th – 8th, 2010.

About 200 people attended the PIA’s award ceremony luncheon held at Campbell’s Resort in Lake Chelan, Washington. The enthusiasm in the room toward, as one member said, an agent that “is always going in the right direction,” could be felt as Balcos accepted the award. Balcos had served the PIA in a variety of ways over the years, including serving on the board and holding the position of PIA President from 2008-2009, and was “deeply humbled and honored” by the Agent of the Year award.

Dave Babbitt, President of the PIA, gave this honor to Mark Balcos for 2010, introducing him to the audience as an “amazing person,” and a “great leader.” Additionally, Babbitt went on to say,

“The Agent of the Year Award is the PIA’s way of recognizing a special individual whose accomplishments exemplify the best qualities an independent insurance agent can possess: integrity, dedication and commitment to the members and goals of the PIA. Mark Balcos exemplifies all of those attributes and more. He served on our board of directors for a long time and served as president of the association. It is our hope that we can soon find other ways to use his amazing talents for the benefit of the independent insurance agents of Washington (Dave Babbitt, President of PIA Washington/Alaska).”

Though honored to have received the 2010 Agent of the Year Award, Balcos said he couldn’t take all the credit. Thanking his employees, he said, “I couldn’t have done it without you.”

The PIA Washington/Alaska is a trade association representing member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America.

(877) 783 – 0335

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Life Insurance can be used to:

• Make provisions to take care of your family after you are dead, guaranteeing that your family will continue to receive income.
• Give your survivors choices about their future – if you own a home, your life insurance might pay off the mortgage so your family can stay in the house rather than being forced to sell it.
• Provide an income to let your family maintain its standard of living and cover everyday expenses such as groceries, bills, rent, the mortgage, etc.
• Set at least enough money to take care of your final expenses so your loved ones won’t have to worry about these costs.

Life insurance can also be used to:

• Supplement your retirement.
• Help cover the expenses of raising your children.
• Help pay for your children’s education.
• Preserve your estate.
• Safeguard your home mortgage.

Right now, we have low rates through Transamerica.

If you are in good health and require life insurance coverage of $100,000 or more, you may qualify for a Trendsetter Super 10 term life insurance policy with premiums guaranteed level for 10 years.

EXPAND FOR FULL TRANSAMERICA LIFE INSURANCE RATES

Call or email Balcos Insurance at (877) 783 – 0335 to learn more or get life insurance quotes.

More information about Life Insurance…

contactus@balcosinsurance.com
http://www.balcosinsurance.com

Note: Trendsetter Super 10 (1-306 11-107; 3-306 38-109 in New York) is a term life insurance policy issued by Transamerica Life Insurance Company, Cedar Rapids, IA 52499 or Transamerica Financial Lief Insurance Company, Purchase, NY 10577. Premiums are guaranteed level for the first 10 years, then premiums increase annually starting in year 11. Policy form and number may vary, and this policy may not be available in all juristictions. In most states, in the event of suicide during the first two policy years, death benefits are limited only to the return of premiums paid.

(877) 783 – 0335

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There are many things that can delay buying or selling a home. No matter which end of the deal you’re on, there are important factors to take into consideration, and steps that you should be sure to take well in advance!

Location is Key

Insurance premiums can be large or small, and a huge factor in this is where the home is located. Companies use a rating scale from 1 to 10 to judge how well-protected the area is from fire damage.

The lower the number, the closer you are to a fire station or hydrant. As that number crawls higher, you will see it reflected in the home insurance cost. In extremely rural areas, it is important to ensure you are with an independent insurance agent who has a wide variety of companies available who write insurance policies for these higher fire danger homes.

Age of Home and Fixtures

How old is the home? If it’s over 20 years old, many insurance companies require updates. This includes things like:

• Plumbing: Update from galvanized plumbing to PVC or copper pipes.
• Electricity: Fuse boxes are dangerous, and should be replaced with circuit breakers.
• Heating System: Most furnaces over 25 years old need to be replaced or updated.
• Roof: If roof is older than 15 to 20 years old, you may need to have it repaired or replaced.

Wood Stoves or Other Heating Methods

Due to danger of fire, most companies are strict about the types of heating sources they will allow. And most also have requirements, such as factory installation and annual cleaning. They may also result in a higher insurance premium.

Is it time to replace the old heating method with a new one? Will the benefit to the new owner and increase in sticker price outweigh the cost of installation? Be sure you ask yourself – and a professional – these questions. To avoid problems with insurance later, make sure all the proper inspections have been done before closing on the property.

Prior Damage to Home

Don’t let the purchase or sale of your home be delayed by technicalities. Make sure your insurance agent runs a CLUE (insurance history) report on the home to double check claims history. You’ll want to ensure that all the repairs are made as soon as possible so there are no delays in binding insurance coverage on the home.

Prior Claims

Have you had more than one claim in the last 5 years? Buying a home could be delayed by insurance.

• Claims related to weather are given more slack.
• Claims related to fire, theft and water damage are closely inspected.
• Some insurance companies will non-renew your policy when you are looking to purchase a new home, due to your claims history.
• The best advice? Keep a clean nose and your claims history out of hot water.

Four-Legged Friends

Are you buying a home, but own a dog? Depending on what kind of dog it is, you may find sticking points with your insurance company. This is especially true if your dog is considered vicious (Pit Bills, Rottweilers, Doberman Pinscher), or has a history of biting. Make sure you ask your insurance agent if you have a dog.

Here are some examples of unacceptable dogs:

• Akita
• Alaskan Malamute
• American Staffordshire Terrier
• Bullmastiff
• Chow Chow
• Doberman Pinscher
• Great Dane
• Pit Bull
• Presa Canario
• Rottweiler
• Siberian Husky
• Staffordshire Bull Terrier
• Wolf Hybrid
• Or any mix of these breeds

Swimming Pools & Trampolines

Pools and trampolines are viewed as an “attractive nuisance” by the insurance company, meaning that they attract liability exposure to the home (such as your neighborhood’s children).  If a child comes on to your property to play on a trampoline when you’re not home and they get hurt, you are still responsible.

Some insurance companies are more relaxed on pools or trampolines, though they usually come with stipulations, such as pools having locking fences, no diving board or a minimum depth if there is one, and no children swimming unsupervised.

Insurance Score

Virtually all companies now use an insured’s insurance score when pricing their home or auto insurance.

It is important to understand that an insurance score is in place to help predict future losses by an individual and a credit score is used to predict future delinquencies on credit accounts by an individual.

Examples of attributes used in an insurance score are:

• Payment history
• Collections
• Bankruptcies
• Outstanding debt
• Length of credit history
• New applications for credit
• Types of credit in use

Some insurance scores also use information gathered from other insurance companies such as premium payment history and length of time with their previous insurance company.  Though a clients credit score could be high enough to close the loan, there insurance score could significantly increase their premium and possibly put them above their payment threshold and hold up the closing.

Insurance Agent

Your time is valuable and you must have all the documents ready well BEFORE the closing date.  So, you need an agent that is responsive and fast. Working with an independent agent is usually the best choice – they have many companies to choose from, so can pick one that theyknow can get quotes and binders done quickly.

(877) 783 – 0335

© 2008, Mark S. Balcos.  The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report.  Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader.  The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

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