Hayden Insurance

April 07

We help Landlords save on rental property insurance in Texas!


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December 04

Welcome

 

I plan to keep this updated on a regular basis to keep the information current.  I will be blogging on various insurance topics that I come across as in my agency based out of Plano, TX.  If you have any suggestions on which topics that you would be interested in hearing about please send me an email.  Have a great day!

Michael

7:02 AM GMT  |  Read comments(0)

It feels good to help people out

 

I just received an email from a new client named Allen from Garland, Texas, who was referred to me by an existing customer of mine.  Allen had been with his agent for 4 years and was reluctant to shop around because he had such good rates when he first switched over his Home and Auto policies.  After hearing about the savings that his friend had experienced, he figured it was worth a try.  Boy was he right!  We were able to compare 5 different insurance companies to find the one that had the best coverage and rates for him.  Not only were we able to save him money, but we also helped increase his coverage in a few key areas that he was missing.  As I think you will agree, his email says it all...

Michael,

Thanks so much for all your help.  You are a blessing for my family and I to  help us save over $700 next year!-with better coverage..
Here is my mothers information....

Thanks again
Allen

7:04 AM GMT  |  Read comments(0)

Investment properties

 

When you are setting up a policy for your investment property it is important to know what you are signing up for. Many people make the assumption that the homeowners policy is the same as the dwelling property that you set up for your rental house. That is far from the truth. The basic dwelling policy will leave you in trouble if you do not consult with a knowledgeable agent. I have made a list of 3 features that you should consider:

Replacement Cost for Dwelling - most dwelling policies will depreciate out any claims before paying out for losses. By choosing a policy that includes replacement costs you are greatly reducing the risk of being stuck with a claim that you are unable to afford.

Liability - As an investor, you purchase your property to make money. You can add liability protection to your dwelling or homeowners policy to cover your rent houses at a very low cost to protect your financial future.

Water Damage - If your rental property was to have a water heater explode and damage the sheet-rock and carpet in your house you would really regret not having this coverage. These repairs can be very expensive yet the coverage is very affordable.

As an investor myself I personally include these three coverages on all of my properties. If you have not reviewed your coverages in the past three years with your agent then you should call or email me today to set up a free review. I will evaluate your policies to make sure you are getting great coverage at an affordable rate.

www.haydeninsurance.info

12:00 PM GMT  |  Read comments(0)

December 07

10 Endorsements to include on your Homeowners Policy

 

1.       Computer – A typical policy limits the damage to computers to $500.  To make it worse you still have to pay your deductible which is most likely higher than that.  When you add the computer endorsement it will in most cases increase the coverage for the computer and software while reducing the deductible. 

2.       Jewelry – Jewelry should be handled in two separate ways, first is for jewelry worn often like an expensive ring or watch.  This should be specifically scheduled which will give it a more broad coverage to include mysterious disappearance.  For a collection of jewelry I generally recommend increasing the overall limit from $500 to one high enough to cover a complete loss to your collection.

3.       Identity Theft – this is usually ~$10 a year and it helps provide assistance to gets things set straight.

4.       Glass – This endorsement provides a budget of $100 a window without a deductible for repairing the pane if broken regardless of cause.

5.       Foundation – Unfortunately, this does not cover the repair for the typical foundation shifting that occurs in the DFW area.  This does however cover foundation repair due to a water leak under the foundation.  This can include leak detection, leak repair, repair of foundation from jack hammering to get access to leak, and cosmetic repair of damages caused.

6.       Sewage backup – This protection is not always included and when it is, it is usually limited to $5000 or so.

7.       Extension of liability to rental properties – A must for a landlord!!! This is very inexpensive, on my personal policy, it cost me ~$150 to extend $500k of liability protection to 4 rental properties.

8.       Automatic Inflation – This is an option that sets your policy coverage to automatically increase by a certain percentage to keep up with inflation.

9.       Extension of Coverage – This allows a certain percentage over what your limits are in case the rebuild cost estimates are short at the time of a loss.

10.   Boat Liability Extension - If you have a boat, you are able to extend liability from your house to your boat in case you are ever sued.  Cheap coverage, big protection and a must for any boat owner if it is available through your homeowner’s policy.

Does all this sound complicated???  I encourage you to talk it over with your insurance agent on your next annual checkup.  If it has been a while since your agent has taken the time to talk with you to explain your coverage, you can always call met to set an appointment for a complete analysis of your current protection. We are based out of Plano, Texas and can meet with you in person to make sure that you get the best protection for your money.

8:04 AM GMT  |  Read comments(0)

December 14

Best insurance carrier in Plano


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December 17

Satisfied homeowners insurance customer from The Colony, Texas


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December 10

Lower Deductibles = Bad Idea???

Most people want to cut costs when they are struggling financially but cutting costs on insurance can be a big mistake.  Usually the solution people turn to is adjusting their deductibles since they have not used them in a while. 

The deductible for your home or auto insurance is there to allow you to share in the risk of a particular claim.  True, while you do save money on your premium, that is not always the best way to do so.  The problem is that when finances are tight, there is generally not as much money in the reserve savings.  I recommend having your deductible no higher than the lowest amount that you kept in your savings account over the past year.  This will make sure that you have the reserve in place in advance to handle any situations.  In addition, it is good to calculate how many years you will have to go without a claim to actually save money. there is a simple formula to do this.  You simply take the difference in the deductible and divide it by the annual savings.

Difference in Deductible / Savings = years without accident before you start saving money

For example: let's say your insurance was $1,000 a year with a $500 deductible and it is now $900 a year with a $1,000 deductible.  So the savings is $100 (1,000 - 900) and the difference in deductible is $500 (1,000 - 500).  So we calculate it below:

500/100 = 5 years

So in the above example you would have to go five years claims free in order to start saving money.  This still does not tell you for sure if you should do it because you never know what is going to happen but at least you are better informed about what risks you are actually taking.   If you are looking for ways to save money you can usually do this without risking your families future.  Based out of Plano, Texas, we help our clients by comparing rates of over 40 top rated carriers.  We shop for the best coverage with significant savings of up to 30% or more at times. If you are unhappy with your current rate or your current agent, I would appreciate the opportunity to review your insurance to show you how Hayden Insurance can help.

www.haydeninsurance.info

We can help save money on homeowners and car insurance in Plano, Allen, McKinney, Richardson, The Colony, Carrollton, Celina, Wylie, Parker or anywhere in the DFW Metroplex!





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