Thank you so much for this video. You have made this so much easier to understand how HOI works....I constantly rewinded this video multiple times, taking notes .Thank you for using examples to really get a clear understanding and knowledge of the process..I'm in process of shopping for HOI and thanks to you, I'll be armed with information when selecting my coverage..... .Excellent video!! New Subbie..😁
Great video! What I don't get regarding umbrella insurance is the the best practice that your coverage should match your asset. Let's say someone has assets worth 500K and coverage to match that. If they get sued and the claimant wins judgement for $1 million, the insurance company will cover the 500K and the policyholder and their 500K will be fair game. What am I missing?
This is where insurance agents hopefully are taught correctly. You need to consider situations like this. If you only match your assets then the claimant is likely to come after you for the rest. You “should” carry more than your assets to leave less room for them to attack you directly. That and I don’t think you can do a $500k umbrella 🤔
@@ThinkInsurance - Mercury Insurance of California. I also bought an Umbrella Insurance since my stock portfolio is growing, I need to protect myself and my assets.
I just got an auto quote from Amica while you are talking. they are $400 over the next highest quote, and $1,0000 over the lowest. How does this work????
That’s their way of saying that you’re not a fit for what they’re looking to insure. They’re pricing themselves out of the market where they don’t want to insure
You said for example, "ring, jewelry", you said $1000 to $1500 per item, can you please check if this is per item to altogether as a total limit. $100 etc.
It’s different with each company. Typically I see it be $1,500 per item up to $2,500 unless you raise the amount. You can either choose a better package or do a blanket coverage endorsement to increase it.
@@ThinkInsurance Thanks for your reply, I mixed up my question, I wanted to say that you say stolen or it is fire and it is gone, I think if it is fire, you get the full value if it is stolen, you get as per deductible, please confirm.
Great video. My brother wants to get home and auto insurance and wants to save as much money as possible so I can't do it without knowing what is offered, i do not want to be short, I do not want to over pay and want to know who offers what we need.
I had to check the date on this video because information that is being presented in this video might have been true in the early 1990s but not in 2020 . A swimming pool is considered a liability today especially if you have young children and the much higher rates in your home owners Insurance will reflect that !
It all depends on the company. I have some companies that don’t rate the pool at all and most of them do. Typically it’s about $75/yr ($6.25/mo) extra with them. Now, if you have a slide or diving board that might disqualify you with some of those companies.
Think Insurance Thank you! It is a career change for me. I have some experience from years ago. Due to the pandemic, the field that I am in now does not offer the option to work from home and if something like a pandemic should ever happen again at least I know having a career in insurance I would be able to to do so. 🙂
FL is a unique animal for home insurance. I haven't looked it up but if they sell home insurance in your specific area, I would start a quote online and most likely they will call you. If you're not sure what coverage you need then call them directly.
I’m leaving on a trip and leaving my brother alone in my house. He sometimes has memories issues and I worry about leaving water on etc. I wonder what does my house insurance cover ? And who?
You want to call your agent or company and make sure you have water backup with contents coverage to have water coverage. If it’s neglect or on purpose then it likely will get denied. I would check with them to be safe
hello Mark, i enjoy watching your Videos. i am also an insurance Agent here in Pennsylvania. i was just wandering as you said you sell insurance in almost 40 states so do you have mostly direct Appointment with the insurance carriers or you go through some type of Wholesalers? thank you.
I used to work for one major company that had us taking calls anywhere from CA to NY. MI to FL etc... I am currently focusing on Michigan and working with 12+ different companies instead of 1.
Texas was one of the states I was licensed in yes. Currently I don’t do Texas. I would say do a local agent if you want want the ability to go see one. Most insurance is done right over the phone so unless the local agent works with multiple companies or is highly recommended/reviewed there isn’t much benefit.
Having trouble determining how much dwelling coverage is typically recommend for a condo?? An all in master policy or an bare walls in policy. Is there a standard formula you recommend for a condo specifically?
Condo coverage you get the choose the amount of coverage. A good rule of thumb is 30% of the purchase price. Either way you go condo policies tend me be low cost so if you go a little over that won’t break the bank. Just make sure you have the correct liability, full replacement cost and water backup.
If the $311,000 is the RCE (Replacement Cost) of the house that's not a bad thing but if you JUST build the house I would send them the appraisal or proof of you only paying $243,000 for the build of the house and have them do "Extended Replacement Cost" which will typically be 125% or 150%, whichever you choose. It's cheaper and covers you well. IE: Replacement cost $311,000 vs $243,000 against all perils (assuming that's your policy/usually is) but if the house is a total loss - $303,750 ($243k x 1.25(125%)) or at 150% - $364,500 I bet the $364,500 is cheaper than the one you have now. I hope this helps,
For home insurance Progressive, lemonade(watch my review on them first) and Allstate are fairly competitive in OH. I have a friend that does progressive and can run you through multiple places in OH. If you want me to pass your info to him. Email me your name and the address to mark@thinkinsuranceguide.com
Thank you for the info. We never give home insurance until we are in a bind
Awesome video, I was crazy trying to understand and comparing a new policy, very helpful, Thank you again!!
You’re welcome
Thank you. VERY MUCH. Although you said theres more that you haven’t covered in this video, i would like to know more about it.
Thank you sooo much for sharing. Bless your heart ive now been schooled.
Thank you so much for this video. You have made this so much easier to understand how HOI works....I constantly rewinded this video multiple times, taking notes .Thank you for using examples to really get a clear understanding and knowledge of the process..I'm in process of shopping for HOI and thanks to you, I'll be armed with information when selecting my coverage..... .Excellent video!! New Subbie..😁
You’re welcome. I’m happy that it is helpful 😀.
I agree, this is very clear and helpful!
He was really helpful.
Learning alot here
Thanks. Wealth of knowledge.
Any time!
What is the reason to rebuild if next house cost less then rebuild?
Great video.
Thank you. Great info and video.
You’re welcome
Great video! What I don't get regarding umbrella insurance is the the best practice that your coverage should match your asset. Let's say someone has assets worth 500K and coverage to match that. If they get sued and the claimant wins judgement for $1 million, the insurance company will cover the 500K and the policyholder and their 500K will be fair game. What am I missing?
This is where insurance agents hopefully are taught correctly. You need to consider situations like this. If you only match your assets then the claimant is likely to come after you for the rest.
You “should” carry more than your assets to leave less room for them to attack you directly. That and I don’t think you can do a $500k umbrella 🤔
Thank you!
You’re welcome
I increased my bodily injury liability coverage (Home Insurance) from $100K to a $1M for only $15 more a year. I need to protect myself!
That's amazing!! For $15 that's huge
@@ThinkInsurance - Mercury Insurance of California. I also bought an Umbrella Insurance since my stock portfolio is growing, I need to protect myself and my assets.
I just got an auto quote from Amica while you are talking. they are $400 over the next highest quote, and $1,0000 over the lowest. How does this work????
That’s their way of saying that you’re not a fit for what they’re looking to insure. They’re pricing themselves out of the market where they don’t want to insure
Thank you! It helped me a lot. I'm just in the process of buying my first home.
You said for example, "ring, jewelry", you said $1000 to $1500 per item, can you please check if this is per item to altogether as a total limit. $100 etc.
It’s different with each company. Typically I see it be $1,500 per item up to $2,500 unless you raise the amount.
You can either choose a better package or do a blanket coverage endorsement to increase it.
@@ThinkInsurance Thanks for your reply, I mixed up my question, I wanted to say that you say stolen or it is fire and it is gone, I think if it is fire, you get the full value if it is stolen, you get as per deductible, please confirm.
Great video. My brother wants to get home and auto insurance and wants to save as much money as possible so I can't do it without knowing what is offered, i do not want to be short, I do not want to over pay and want to know who offers what we need.
I had to check the date on this video because information that is being presented in this video might have been true in the early 1990s but not in 2020 . A swimming pool is considered a liability today especially if you have young children and the much higher rates in your home owners Insurance will reflect that !
It all depends on the company. I have some companies that don’t rate the pool at all and most of them do. Typically it’s about $75/yr ($6.25/mo) extra with them.
Now, if you have a slide or diving board that might disqualify you with some of those companies.
Thank you for clarifying! I am currently studying to take my New Jersey exam and your videos do help with explanation. 🙂
That’s awesome, Welcome to the insurance industry!
Think Insurance Thank you! It is a career change for me. I have some experience from years ago. Due to the pandemic, the field that I am in now does not offer the option to work from home and if something like a pandemic should ever happen again at least I know having a career in insurance I would be able to to do so. 🙂
On top that, insurance is also considered essential 😉. Most agents are working from home though
Sanjeevkumar
Love it, please make more videos!
Hi. I am planning to go escrow free house. I am at Florida n i want to get home insurance with geico. What should i do?
FL is a unique animal for home insurance. I haven't looked it up but if they sell home insurance in your specific area, I would start a quote online and most likely they will call you. If you're not sure what coverage you need then call them directly.
I’m leaving on a trip and leaving my brother alone in my house. He sometimes has memories issues and I worry about leaving water on etc.
I wonder what does my house insurance cover ? And who?
You want to call your agent or company and make sure you have water backup with contents coverage to have water coverage.
If it’s neglect or on purpose then it likely will get denied. I would check with them to be safe
Good info, thanks
Glad it was helpful!
Great video!!! Go Blue
hello Mark, i enjoy watching your Videos. i am also an insurance Agent here in Pennsylvania. i was just wandering as you said you sell insurance in almost 40 states so do you have mostly direct Appointment with the insurance carriers or you go through some type of Wholesalers? thank you.
I used to work for one major company that had us taking calls anywhere from CA to NY. MI to FL etc... I am currently focusing on Michigan and working with 12+ different companies instead of 1.
thank you mark.
Great video
Do you cover Texas, and would it be better to get local coverage?
Texas was one of the states I was licensed in yes. Currently I don’t do Texas. I would say do a local agent if you want want the ability to go see one. Most insurance is done right over the phone so unless the local agent works with multiple companies or is highly recommended/reviewed there isn’t much benefit.
Does you’re home owners insurance cover if I have rodent invasion ? Mice in the walls ?
You’ll have to read the perils on your policy but typically rodents are excluded.
Having trouble determining how much dwelling coverage is typically recommend for a condo?? An all in master policy or an bare walls in policy. Is there a standard formula you recommend for a condo specifically?
Condo coverage you get the choose the amount of coverage. A good rule of thumb is 30% of the purchase price. Either way you go condo policies tend me be low cost so if you go a little over that won’t break the bank.
Just make sure you have the correct liability, full replacement cost and water backup.
We just got a house built for 243,000 and rebuilt ins.of 311,000 is that enough?
If the $311,000 is the RCE (Replacement Cost) of the house that's not a bad thing but if you JUST build the house I would send them the appraisal or proof of you only paying $243,000 for the build of the house and have them do "Extended Replacement Cost" which will typically be 125% or 150%, whichever you choose. It's cheaper and covers you well.
IE: Replacement cost $311,000 vs $243,000 against all perils (assuming that's your policy/usually is) but if the house is a total loss - $303,750 ($243k x 1.25(125%)) or at 150% - $364,500
I bet the $364,500 is cheaper than the one you have now. I hope this helps,
Can I talk to you Mr Mark Iam in Homestead Florida
Who can I contact in Ohio?
For home insurance Progressive, lemonade(watch my review on them first) and Allstate are fairly competitive in OH. I have a friend that does progressive and can run you through multiple places in OH. If you want me to pass your info to him. Email me your name and the address to mark@thinkinsuranceguide.com
Mark i need to talk with you if you have an email or facebook please responde me i need you
What state are you in?