Auto Insurance for the Disabled

Auto Insurance for the Disabled

Driving with a disability can alter your auto insurance needs. One thing it cannot alter, though, is the price of your auto insurance. According to the Americans with Disabilities Act, it’s illegal for an auto insurance company to charge someone with a disability more for auto insurance than someone else without a disability. The Americans with Disabilities Act goes even further by prohibiting auto insurance companies from charging a disabled person more for auto insurance even if their disability makes them a higher risk. As long as a disabled person is legally able to drive, even if they have restrictions on their license, it’s illegal to charge them more for their insurance. On the other side of that coin is that most insurance companies don’t provide discounts for disabled people, either. While a disabled person will not have to pay more for their auto insurance policy than someone who is not, they may need to buy extra insurance if their vehicle has been modified in some way to accommodate their disability. Vehicle lifts, wheelchair-accessible seating, hand controls, and other steering wheel attachments are quite common among disabled drivers. Depending on what type of car insurance one buys, the typical policy may not be enough to cover expensive customization options that drivers with disabilities often have. However, auto insurance companies make it relatively easy to add additional protection to one’s plans to accommodate them. To cover custom equipment, you must have comprehensive and collision coverage on your vehicle. Liability coverage will do nothing for damaged equipment in your vehicle. When custom equipment costs less than $1,000 or so, it’s up...
Handy Tips for Real Estate Agents Regarding Home Insurance

Handy Tips for Real Estate Agents Regarding Home Insurance

A real estate agent serves their clients in many capacities, one of which is being their go-to source for information concerning home ownership – including homeowners insurance. While your job doesn’t necessarily require you to be an expert on insurance, the ability to direct your clients to the information they’re looking for can be invaluable. Here are a few handy tips to help you out: Do a little research on your own and provide your clients with a general breakdown of the various types of homeowners insurance available and direct them to an agent who can answer any further questions in detail. Know which exclusions the home is likely to be subject to and let your clients know about them. Make sure your clients know if the home is in a high-risk area, what type of risk they face, and what type(s) of policies they’ll need to ask an insurance agent about to keep their home protected. Explain the difference between replacement cost, market value, and actual cash value to your clients. The state of the home and the market in which it’s located will have a big impact on which type of coverage is best for your clients. Knowing the differences between them will help put your clients in a more knowledgeable place when it comes to speaking with an insurance agent about a home insurance policy. Last but not least, work with a trusted local insurance agent directly. After giving your clients the information mentioned above, providing them with a number to call with any further questions or to purchase a home insurance policy is the final...
Choosing Your Homeowners Insurance Coverage Limits and Deductibles

Choosing Your Homeowners Insurance Coverage Limits and Deductibles

One of the most important decisions you’ll have to make regarding your homeowners insurance is how much coverage to acquire. The exact amount will vary from one homeowner to another, but a general rule is to get enough protection to cover the cost of rebuilding your home. The cost to rebuild a home is highly likely to be different from its purchase price and current market value. The purchase price is what you paid for the home, its current market value is what the home is worth right now, and its rebuild cost is the cost of materials and labor if the home were to be completely destroyed and rebuilt using similar materials. You can get a ballpark figure of the rebuilding cost by taking the square footage of your home and multiplying that by local construction costs per square foot. Your home insurer or your real estate agent can help you if you need it. When it comes to personal property coverage, some home insurance companies will automatically set it at 50% of your dwelling coverage amount. If the policy you’re looking to buy doesn’t have a set coverage limit for personal property, you can use 50% as a guideline. If you have particularly expensive personal property – such as jewelry or artwork – your homeowners insurance policy almost assuredly won’t provide enough coverage. For expensive items, speak with your agent about riders that can be added on to your policy that cover these items specifically. When it comes to choosing deductibles, the higher you go the lower your premium is likely to be. Going with a higher...