Fan Pop - Tague Insurance Featured Fan Picks This Week's Winner

Tague Insurance thanks our Featured Fan, Chris Long, for coming to our insurance agency in Carlsbad, CA to help pick our winner. We had some fun and Chris got lunch and a crown from Burger King. Watch the video below to see the winner.

We mention in the video a charity that we are supporting this holiday called North County Solutions for Change. Our staff is collecting small unwrapped toys and sweatshirts for the children that this organization helps. If you are interested in donating you can drop your donations off at our office located at 2801 Jefferson Street in Carlsbad, CA. Or contact NCSC directly by going to their website at www.solutionsforchange.org to find out more information.

Please become a fan of our Facebook page so you can have a shot at being our Fan of the Week winner. Go to www.facebook.com/tagueinsurance

Random - Tague Insurance Fan of the Week #16

Congrats to Kevin Bracker on being this week's winner!

Tague Insurance is having a great time with our fans and we are appreciative that you have chosen to be a Facebook Fan of our page. If you need a quote on insurance or have any general questions about insurance we would love to be a resource for your needs. Tague Insurance has been writing auto insurance and home insurance in Carlsbad, CA and San Diego County for over 40 years. During that time we have served thousands of clients and helped them save money on auto insurance and home insurance, as well as business insurance.

Enjoy the video from this week's drawing and enjoy your weekend:

Best Pumpkin Vote: Tague Insurance Fan of the Week #14

The Tague Team fan captains (Jen, Robin, and Tony) each had a baby pumpkin with which they could do as they chose. The goal was to get the most votes from our Facebook fans. Jen did a spectacular decorative carving on her pumpkin and the majority of voters chose her pumpkin. I guess our fans have an eye for beauty and skill!!!

Since Jen was the winning fan captain she drew this week's winning fan...watch the video below and stay tuned each week for the Tague Insurance Fan of the Week drawing.

Fan Bounce - Facebook Fan of the Week #10

Tague Insurance brings you another Facebook Fan drawing. Tague Insurance loves rewarding our fans. Some of them are auto insurance or home insurance clients, some are fans that do not currently work with Tague Insurance. We look forward to these fun drawings each week and hope that our Facebook Fans find them funny and enjoyable.

Congrats to this week's winner, Christopher Rusk. You won a $25.00 Visa card!!!

When A Loss Occurs You Have A Duty To Preserve Your Property

Duty To Preserve Property

When a loss happens under an insurance policy, besides a need to get the damaged or lost property replaced or repaired, the property owner has a number of immediate responsibilities. Besides being obligated to report the loss to her insurance company and to cooperate with the insurer in handling the claim, she also has a responsibility to minimize the loss. This obligation holds for both personal and commercial loss situations.

Most insurance policies contain specific references to the duty to protect property from further harm. It may be called a Neglect provision or Preservation of Property; regardless, insurance companies rely on their policyholders to make a reasonable effort to reduce the level of loss under their policies.

Here’s an example. Jenny’s restaurant staff is in an uproar as a fire has been discovered in a small storage area located behind the main kitchen. It’s after closing time, so Jenny only has to worry about clearing her employees out of the building and she orders everyone out and then arranges a role call to be certain that everyone is safely accounted for. Then she makes a call to the Fire Department. All the while, she stops anyone from attempting to extinguish the fire. As it turns out, the fire spreads from the storage area and into the kitchen, severely damaging the heart of her restaurant. After investigating the loss, Jenny’s insurer reduces her claim payment by $10,000. The lower payment is justified by their finding that the loss would not have been nearly as severe if Jenny had allowed her staff to use the available fire extinguishers and had made the emergency call more quickly.

Policy wording with regard to the duty to protect property typically notifies the policyholder that he or she is expected to take any and all available measures to save or preserve property in the midst of a loss. This does leave room for interpretation, but the obligation does fall comfortably in between the extremes of using heroic measures and failing to make any effort to protect property. A failure to meet the obligation can result in either a partial or, in extreme instances, a total denial of coverage for a given loss.

Here’s another example. The Laggleson family goes outside to check for any damage to their home after a violent windstorm. Besides a lot of scattered debris and an overturned patio set, they notice that a large limb from their Chinese Elm was blown onto their roof, creating a large gash. Several hours later a rainstorm comes through the area and the rain that pours through the hole damages expensive furniture stored in the attic as well as damages creates drywall damage to a bedroom ceiling and walls.

Scenario One – the initial damage occurred early on a Thursday morning with the storm occurring in the afternoon. The Lagglesons decided to go on to work and school and to handle things after returning home.

Scenario Two – the initial damage occurred on a Sunday morning, around 3 a.m. with the storm occurring around 6 a.m. The Lagglesons made several frantic calls but could not find anyone willing to come out to their home to deal with the open roof until Monday morning.

In both scenarios a failure to preserve the property after the initial loss created additional damage. However, it is only in the first scenario that the policyholder may suffer a consequence. In such cases, the loss circumstances have a significant bearing on how the insurer may respond and the policyholder’s actions are critical. A reasonable effort under the circumstances may mean all the difference.

If you need more help in understanding your responsibility after a loss, be sure to discuss your concern with an insurance professional.

COPYRIGHT: Insurance Publishing Plus, Inc. 2010

Tague Insurance: Facebook Fan of the Week Drawing #8

We are pushing toward a goal of 500 Facebook Fans by 12-31-2010. Please become a Fan of Tague Insurance on Facebook. You could be one of our lucky weekly winners! Tague Insurance enjoys having fun with our clients and prospects, but at the same time is very serious about providing the best insurance coverage at the most affordable rates. We would love to provide you an estimate for your auto, home, life, or business insurance.

Remember to become a Facebook Fan today! Congrats to our Week #8 Fan of the Week....

Tague Insurance: Facebook Fan of the Week Drawing #7

Congratulations to our winner....you won a $25 Visa Card!!! Tague Insurance sincerely appreciates our Facebook Fans.

Spread the word to all your Facebook Friends to Like our page so they have a chance at winning.

*** Winners: please email your mailing address to info@tagueins.com so we can send out your gift card.

www.tagueins.com

Tague Insurance: Facebook Fan of the Week Drawing #6

This week Tague Insurance introduced the "Featured Fan" to help assist our staff in choosing the Fan of the Week winner. Thanks to our Featured Fan and congratulations to this week's winner!

Please tell all your FB Friends to come and Like our page. All Tague Insurance Fans have a shot at being the Featured Fan and or winning the Fan of the Week drawing!!! Spread the word.

Tague Insurance: Fan of the Week Drawing #3

Congratulations to the winner of our Week# 3 drawing! Please tell all your Facebook Friends about the Tague Insurance Fan page so they can have a chance to win as well. We want to get to 1000 Fans in the near future and we need your help to get there.




Check out Tague Insurance on Facebook at www.facebook.com/tagueinsurance

Tague Insurance Facebook Fan of the Week - Drawing #2

Tague Insurance congratulates our winners from the week two drawing! Please tell all your Facebook Friends to become a Fan of Tague Insurance on Facebook. We are trying to have a little fun with insurance. Check out the video below to see who won:



Check out Tague Insurance on Facebook at www.facebook.com/tagueinsurance

Tague Insurance launches Facebook Page With A Bang

Tague Insurance wanted to kick start our Facebook outreach to our clients and prospects by holding a 100 Fans in 10 Days incentive. We gave out $150 in prizes to five lucky winners. Go check out our Facebook page to see the video and details of this incentive.

Become a Fan of our Tague Insurance Facebook page for a chance to be one of the weekly winners!

Status Update:
The drawing is complete...the winners have been selected! Thank you to all our FB Fans. Watch the video below for the drawing and winners. If you are a winner please send an email to info@tagueins.com with your mailing address so we can send out your winnings. Reference: Facebook Winner http://www.youtube.com/watch?v=scHYzNv5lks



Check out Tague Insurance on Facebook at www.facebook.com/tagueinsurance

Tague Insurance - Homeowner Policy Coverage

When you own a home it is important to have a basic understanding of the coverage on your home insurance policy. Tague Insurance wants to make sure that you have an opportunity to get some understanding of the main coverage items. The article below is a very basic yet understandable overview of a few key coverages.


Homeowners Coverage – Part 1

Generally, a homeowners insurance policy includes at least six different coverage parts. The names of the parts may vary by insurance company, but they typically are referred to as Dwelling, Other Structures, Personal Property, Loss of Use, Personal Liability and Medical Payments coverages. They are usually presented as policy sections and are often labeled Coverages A through F. This article discusses Coverage Parts A, B, and C, which protect property.

Coverage A, Dwelling

The homeowner policy's first coverage section protects your house and any attached structures, such as garages, decks or fences. The typical policy covers your home when it is damaged by many perils (also known as causes of loss) including fires or storms. However, the following causes of loss are usually excluded from coverage under the homeowners policy:

Earthquake
Flood
Faulty maintenance
Damage from insects or vermin
Wear and tear, gradual damage or deterioration
Coverage B, Other Structures

This coverage section protects structures that are not attached to the home, such as a detached (separate) garage, storage or utility shed, playground equipment and swimming pools.

Coverage C, Personal Property

This covers your possessions, whether they are at your home or away with you on vacation. Personal property is often covered on a named peril basis. This means that only the causes of loss listed in the policy section are covered. The coverage is also subject to limitations and exclusions. Types of property having significant value, such as jewelry, fine arts, collectibles, etc., may require special protection. Talk to your agent about scheduling (adding) coverage on a floater which broadens and extends coverage for high-valued possessions.

Actual Cash Value vs. Replacement Cost

Commonly, protection under sections A and B is provided on either an actual cash value or a replacement cost basis. Actual cash value is defined as replacement cost minus depreciation. Replacement cost is the actual cost to replace the structure, regardless of depreciation. Check your policy to see which type of coverage you have. Coverage under section C is usually provided on an actual cash basis. However, your agent may be able to add replacement cost to your possessions just like that found in Coverage A.

Please be sure to read Part two, which briefly discusses other coverage.

COPYRIGHT: Insurance Publishing Plus, Inc., 1996, 2003, 2010

Too much house, too little insurance

Too much house, too little insurance Many homeowners lack sufficient property coverage By Ray Martin, CBS.MarketWatch.com

BOSTON (CBS.MW) -- While most homeowners have homeowner's insurance policies, many homeowners are not adequately protecting their homes. According to Marshall & Swift /Boeckh, publisher of the Residential Cost Handbook and a supplier of local building-cost information to the property and casualty insurance industry, 64 percent of homes in America are underinsured by an average of 27 percent. Robert Hartwig, chief economist for the Insurance Information Institute, agrees that the underinsurance problem exists all across the country.

And this underinsurance problem is painfully exposed when homeowners face a total and unexpected loss as have many in California and in Florida. According to John Garamendi, the California Insurance Commissioner, a large proportion of the more than 3,700 homeowners who suffered a total loss due to the wildfires there last year are finding out that the money their insurance is providing is falling far short of what they need to rebuild.

In an industry that prides itself on customer service and providing security to its customers, it's difficult to believe that property-insurance companies would knowingly allow their customers to underinsure their homes. After all, buying the right amount and right type of insurance means larger policy premiums and profits for the insurers.

Add to that the fact that among the millions of insurance claims totaling approximately $26 billion a year; fewer than two percent are for the total loss of a house.

Pointing fingers

So why is this happening? Insurance companies are quick to point out that homeowners all too often do not step up to the responsibility of buying adequate coverage for their homes. When homeowners remodel and improve their homes, they often forget to follow through with a call to their insurance agent to update their coverage.

Another contributor is the surging price of lumber, steel and other building materials and the rising costs due to new building codes. Escalating labor costs also contribute to higher construction bills.

Consumer groups such as the Consumer Federation of America, however, paint a much different picture. They say that homeowners depend on their insurance agents to properly assess replacement values and to sell them the right type and amount of coverage.

They say that many agents today lack the training to properly asses the value of the homes they insure and often rely on over-the-phone interviews and computer-program estimates to provide quick quotes to close a deal in the competitive world of selling homeowners insurance.

The result is that consumers often buy cheaply priced coverage that they falsely believe will replace their home in the event of a full loss.

A need to know

Every homeowner needs to know that the old-fashioned "guaranteed replacement coverage" that provided homeowners peace of mind that their home would be replaced regardless of the rebuilding costs is quickly becoming a thing of the past. Most homeowners policies sold today are called "extended replacement coverage" or "specified additional amount of insurance," which only provides coverage up to the dwelling limits specified in the policy plus an additional amount of up to 20 to 30 percent -- and not a penny more.

And if you have an existing policy with "guaranteed replacement coverage" expect a notice from your insurance company upon the policy anniversary that your current coverage will replaced with this new and more limited form of coverage.

This development places more responsibility on homeowners to ensure that they have adequate coverage.

Some insurance companies say they have been forced to limit replacement coverage as homeowners have been slow to increase their coverage limits as home values appreciated and rebuilding costs have surged. But some insurance company representatives fear that as this new coverage is rolled out to existing policy holders, homeowners will do nothing and as a result will be underinsured -- and ignorant about it.

Assessing replacement value

To protect against underinsuring their homes, homeowners should insist on a through analysis of replacement value, including an inventory of the number of rooms and bathrooms and specification of the quality level of the existing construction as well as any special features.

Many insurance companies are now using Marshal & Swifts Residential Component Technology home-valuation program to calculate replacement values and suggesting this as the proper coverage limits to set in your policy. If this valuation is incomplete, and the homeowner does not buy enough coverage, the homeowner will bear the consequence.

Ideally, the insurance agent should also visit the home to asses its replacement value and take into account the specific risks to the home, local market conditions and current building codes that would contribute to the costs of replacing the home.

Homeowners also need to know the difference between HO-3 and HO-5 form of homeowner's coverage -- these are the two most common policies offered. While both forms of coverage insure damages caused by all risks to a home's physical structure, the fundamental difference is that only the HO-5 policies fully cover damages and loss of the home's contents due to all risks. Having a guarantee that your personal belongings will be covered no matter what kind of disaster strikes is particularly important if you have a larger home, many furnishings, expensive jewelry, art or a home office. Homeowners with outdated policies may find that their current policy dwelling limits only insures a percentage of their homes' current replacement value. It is important to note that as long as your dwelling limits in your policy are 80 percent of more of the replacement cost of the dwelling, you are fully covered for a partial loss. But if you have a full loss of your home, and you do not have the full amount of the dwelling replacement value covered, you will only be paid for part of the replacement costs -- and chances are this gap in coverage will amount to a lot of money. Also, many homeowners have upgraded their homes and these improvements boost the home's replacement value, meaning insurance limits should be increased accordingly. Finally, not only have home values gone up, the price of materials and labor has also increased. Homes lost in disaster areas typically have to be rebuilt to conform to new building codes, to protect against wind damage or earthquakes for example, adding to the costs to rebuild the home. Many insurance companies offer a feature that automatically increases the value for which the home is insured each year. Ask your insurance company about this coverage escalator. The cost of this rider and coverage increase is then automatically built into your premium each year. If the home is located in a flood plain, no policy will cover flood damage. The federal government provides flood insurance through the Federal Emergency Management Agency, and claims are often serviced by your insurance company. Some owners of high-risk properties may have to resort to obtaining coverage through Fair Access to Insurance Requirements, or FAIR Plans, which are state mandated insurer organizations that cover high-risk properties in 36 states. Put out One thing most homeowner's policies do cover is "loss of use." Many Florida residents have been forced to evacuate their homes as the recent hurricanes descended on their area. What these homeowners need to know is that their costs to stay in a hotel and other related living costs are generally covered at an amount that is typically about 30 percent of the overall policy dwelling coverage. If your home is insured for $200,000, for instance, you may be entitled to up to $60,000 in reimbursement for your expenses associated with your loss of use. Keep in mind that if you do want to increase the amount of coverage on your home, you can't do so when the peril is upon you. Insurance companies generally place a moratorium on coverage changes in areas in the path of a storm, typically several days before the expected peril is forecast to strike. Certified Financial Planner Ray Martin writes on personal finance for CBS.MarketWatch.com and also appears on the "The Early Show" on CBS. He is co-author of "The Rookie's Guide to Money Management."

Tague Insurance - Home Insurance and Auto Insurance Questions

AUTOMOBILE INSURANCE

1. Have you considered increasing your deductible to lower your premiums?

2. Are your liability limits adequate to protect your income and assets from a negligent lawsuit?

3. Do you presently insure all of the vehicles in your household?

4. Are all the licensed drivers in your household listed on your automobile policy?

5. If you own a pickup or a van, does it contain any customized equipment?

6. Do you own any camping or recreational vehicles (including electric or gasoline driven golf cart)?

7. Do you have a non-factory installed stereo system?

8. Do you have a vehicle, not your own, furnished for your use?

9. Do you have rental car coverage in the event your car is damaged in an accident?

10. Have you reviewed your auto insurance in the last two years?

11. Would you like to review the current limits and other coverage's on your vehicles to see if they are still suited to your needs?

HOMEOWNERS INSURANCE / RENTERS INSURANCE1

1. Do you own any antiques, fine art, or paintings?

2. Do you own any jewelry, furs, or silverware valued over $500?

3. Do you own any guns?

4. Do you have replacement cost contents coverage added to your policy?

5. Do you presently have either a burglar, fire or smoke alarm in your home?

6. Have you remodeled your home recently? Do you plan to in the near future?

7. Would you like an estimate of your home's replacement cost at today's prices?

8. Do you own a second home or any other real property such as a mountain cabin or farm property?

9. Do you conduct any business or give private lessons in your home?

10. Do you own any rental or investment property?

11. Do you have an Excess Liability (umbrella) policy which extends your automobile and homeowners liability coverage to $1,000,000 or more?

12. Would you like us to send a form to assist you in making an inventory of your personal property?

13. Have you reviewed your homeowners coverage in the last 2 years?

14. Do you currently have a photo inventory of your personal property?

15. Would you like a review of your current homeowners coverage?

Getting a CLUE from Tague Insurance Agency

Source: Safeco Insurance Company




Getting a CLUE

A little detective work can reveal a lot about a property's history, and could save you from unexpected surprises later. Before you buy your dream home, order a loss report. The five years of claims history the report offers can give you a better perspective on your biggest financial investment.

It's Called CLUE, But It's No Mystery
Most insurance companies, including Safeco, use the Comprehensive Loss Underwriting Exchange (CLUE) to see if a home has had significant losses in the past five years. The information helps consumers decide whether to insure a house, and if so, for how much. CLUE reports are available online. Buyers and sellers can request a copy as they begin the home-buying process.

The Internet Accelerates Information Sharing
Before CLUE, insurance companies would call the home's previous insurer, or insurers, to find out if damage was repaired. Internet technology made this information sharing much faster and more convenient for everyone. Now, a CLUE report is readily available to insurers and consumers, and accelerates the insurance application process.

The Earlier You Find Out About Risks, the Better
If you're buying a house, it's a good idea to request the CLUE report at the same time you make your initial offer. That way, if there has been serious damage or repair to the house, you can let your home inspector know what to look for. CLUE reports also help home sellers. Reviewing the report before listing a house allows a seller to be completely honest or make sure repairs have fixed the original problem.

Calls Are Tracked, But Not a Factor
In some states, CLUE reports may include calls homeowners have made about potential claims, even if no payment occurred. At Safeco, these "claims without payment" are not a factor in the acceptance or pricing of new policies.


We hope the information from Safeco Insurance regarding CLUE reports was helpful. If you would like to get more information about auto or home insurance please contact Tague Insurance Agency at 760-729-1143. Tague Insurance is located in Carlsbad, CA and proudly serves the insurance needs of San Diego County.

Tague Alliance is a sister company of Tague Insurance and Tague Alliance currently has 52 member agencies located throughout Southern California. No matter where you live or work in Southern California we have professional insurance agents who can help you save money on your car insurance, home insurance, and business insurance.