Homeowners Insurance

3Home

Peace of Mind

Your home is probably the single biggest investment you'll make in your lifetime. At Tate Insurance Group we make sure you have the right coverage's to protect your investment. It is our commitment to assure you that you will be financially secure in the event of a loss. If a catastrophic loss occurred at your home would you have adequate coverage? At Tate Insurance Group we take the time to sit down with you and make sure you understand what you are buying as well as making sure we have you and your family properly covered.

 

Did you Know?


#1 HOME SAFETY CHECKLIST

An emergency plan checklist may help you in developing a plan for your family in any disaster. Remember, you cannot predict when you and your family will be faced with an emergency. However, you do know that every second counts when it comes to emergency response. So be prepared for your first--or next emergency--and make every second count for your family's safety.

#2 PROTECT YOURSELF & YOUR PET FROM POTENTIAL LAWSUITS

Alarming dog attack statistics underscore the seriousness with which pet owners need to approach their responsibilities for their animals. Dogs who become aggressive annually attack some 4.4 million Americans, which includes more than 1.2 million children. An excited family pet could cause unexpected and unintentional problems when visitors arrive. Without proper precaution, your dog could take a bite out of your homeowners insurance protection by attacking someone. You may also face possible civil and criminal liability on behalf of your pet, and court damage awards could exceed the limits in your homeowners insurance policy, leaving you with a costly and emotionally stressful situation. Make no mistake; many dog bite incidents involve a typical household pet, not the unruly large dog with an aggressive nature as many people wrongly assume. If your dog bites someone just once, the incident can make it difficult to purchase or retain homeowners insurance coverage in the future, and may even threaten your pet's own well-being.

Given the legal climate, it's very important that pet owners act responsibly to ensure the family dog is well trained and behaves appropriately. Here are several steps you can take to decrease the likelihood of your dog biting someone:

 

  • Research various breeds before you adopt your pet. Look for a breed with a naturally good temperament and adaptability to ensure compatibility with your particular living environment.
  • Send your pets to obedience training classes to instill habits that can head off regrettable incidents such as an over-excited pet knocking down and injuring a guest at your front door.
  • Socialize your pet so it feels at ease around a variety of different people-old, young, quiet, loud, etc.
  • 4. Get your dog suitable vaccinations and veterinary care to help ensure good health. Spayed or neutered dogs tend to be better behaved.
  • Obey all leash laws.
  • Post a "Beware of Dog" sign if you keep your pet unrestrained on the premises.



#3 MINIMIZE PROBLEMS WITH HOMEOWNERS CLAIMS BEFORE THEY HAPPEN

An ounce of prevention is worth a pound of cure. When it comes to insurance claims on property in your home that is stolen or damaged, your ability to describe it for the insurance company will greatly help you to get a fair and timely claims settlement. Tate Insurance Group recommends that you complete an inventory record of your personal property and household furnishings, using one or more of the formats listed below. Be sure to keep the inventory in a safety deposit box. Make a written list. Use a digital camera. Photograph all the rooms in your house from multiple angles, taking care to include all your possessions. Open cabinets and drawers and photograph their contents, and for valuables such as jewelry, consider photographing each piece individually. Copy the files to disk and store in a safety deposit box. Use a video camera. Do a "walk through" in every room of your house, taping all your possessions as you go. Open drawers and cabinets, and make sure you pull out individual items of value. You can make the video even more effective if you use the camera's sound to record your comments about various items, including when and how they were acquired, how much you paid and what materials they're made from. We hope you never suffer a loss, but if you do, a little work on your part now will make the claim process go much more smoothly and help you get the maximum reimbursement you deserve.

#4 IS YOUR HOME FULLY PROTECTED?

Or, are you among the 70% of homeowners who are underinsured? Many people believe they're well protected if their insurance coverage is based on the price they paid for the home. Others believe they're adequately insured if the insurance coverage is based on the fair market value (what the home would sell for today). The fact is, the amount of insurance you buy should be based on the cost of replacing the home (plus the contents in it). In fact, most insurance companies will only insure a home if the policy is written at 100% of the cost of replacing it. It's true that the costs associated with replacing or rebuilding a damaged home are substantially higher than the costs to build a new home. Why? Some of the increase is because specialized contractors and skilled laborers repair and rebuild the home-usually at a labor rater higher than the rate negotiated in building homes new. Additional problems that drive up the cost of repairing homes include the costs of demolition, debris removal, rebuilding to current local building codes and special planning and architectural work-problems that often aren't encountered during the process of new construction. What Will Happen if You Do Not Have Adequate, Up-to-Date Coverage on Your Home? The results could be financially devastating. Although you take every precaution to protect your property, every home is exposed to the risk of a fire or damage from severe weather. If the cost to replace your home is more than you have insured it for, you may have to pay the difference, or cut back on the size or quality of your home. Isn't it better to know that, in the event of a disaster, your insurance will be able to get you back into your home, restored to its original condition and quality? By adequately insuring your home for its full replacement value, you are protecting your investment and your equity. You will be sure that your family is protected in the event a disaster occurs, so you can get back on your feet as quickly and easily as possible.

#5 LET THE IRS SHARE IN YOUR CASUALTY & THEFT LOSSES

Suffering a loss is never easy. The only financial solace comes if the government allows you to deduct the losses on your tax return. A casualty is legally defined as "property damaged or destroyed from a sudden and unexpected event". Deductible casualty losses may result from a number of different causes, including automobile accidents, explosions, fire, flood, freezing rain, ice, snow, lightning, smog, storms, vandalism, winds and tornadoes. Gradual damage doesn't qualify. The event must be sudden and swift, not gradual or progressive. For example, the gradual erosion and damage to homes or other structures caused by weather and age does not qualify for a tax deduction. But if a burst water heater damages your carpet, floor and furnishings, your loss would qualify for the deduction. Losses Due to Criminal Acts Qualify. A theft is the unlawful and intentional removal of money or property from its rightful owner. It includes, but is not limited to, larceny, robbery and embezzlement. If money or property is taken as a result of extortion, kidnapping for ransom or blackmail, it may also be a theft.

#6 CREDIT SCORES

How does my credit score affect my insurance? An insurance score information from your credit report is used to predict how often you are likely to file claims, and/or how expensive those claims will be. The way you handle your credit says a lot about how responsible you are. Insurance companies want to reward responsible people by offering them better insurance products and by charging them lower rates. What kinds of things affect my insurance score: Insurance scores are based on information like payment history, bankruptcies, collections, outstanding debt and length of credit history. For example, regular, on-time credit card and house payment affect a score positively, while late payments affect a score negatively. Do I have any rights if I am denied insurance based on my credit history: Absolutely. If any insurance company takes an "adverse action" against you, such as denying you coverage as a result of information contained in your credit report, you may obtain a copy of your credit report free of charge from the bureau that provided the information. If you believe there are errors in the report, you should immediately notify the credit bureau and the credit bureau must promptly correct errors




Contact Us


Tate Insurance Group

Hickman, Johnson and Simmonds

6423 Deane Hill Drive

Knoxville, TN 37919

(865) 862-8233 Phone

(865) 862-8232 Fax


Insurance Center of TN

4104 North Roan St Ste B

Johnson City, TN 37601

(423) 283-4320 Phone

(423) 283-4109 Fax