Category: Home Insurance

Talking Point Tuesday

5/14/2019

Common misconception: Insurance replacement cost vs. market value

One common misconception insureds have is that a home should be insured for its market value. While market value takes that great view, school district, distance to shopping, and land into consideration among other things, insurance replacement cost only takes into consideration what it would cost to re-build a home, exactly as it is, at the time of a loss.

When the real estate market is up, a home can often be sold for more than it would actually cost to re-build it. When the market is down, homes often sell for less than it would cost to re-build them. The way insurance carriers determine a home’s estimated replacement cost value is by completing a replacement cost estimate.

Each insurance carrier usually has its own estimating tool, but the tools are all similar in that a home’s features such as flooring, bathroom and kitchen finishes, interior and exterior finishes, lighting, etc. are input into the tool, which determines the estimated home replacement cost based on the geographical area, availability of materials and cost of labor among other factors.

It is important to contact your insurance provider when you make any substantial changes to your home such as a kitchen or bathroom remodel, addition, solar panel installation etc., so they can make sure your policy’s dwelling coverage is sufficient for re-building your home with these changes.

To learn more about home insurance click on the photo above.

Please call us to connect with one of our ALINK Insurance professionals to review your home's replacement value.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

We are "Your Link to Security!"

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Knowing Your Homeowners Policy

5/4/2016

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What is Covered by Standard Homeowners Insurance

For many of us, Spring is the season of cleaning, home improvement, and "honey to-dos". Whether settling into the new or sprucing up the old, we put a lot of time and effort into caring for our homes and our belongings.

So, how is our home protected?

Standard homeowners insurance policies are structured to cover:

The STRUCTURE of your home.
The PERSONAL BELONGINGS in your home.
The LIABILITIES that come with home ownership.

For a great explanation of each, watch this short video published by the Insurance Information Institute.

ALINK Insurance Services wants to make sure your home and belongings are protected from unexpected loss. Give us a call today to discuss your homeowners insurance questions and needs.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Greeley: 970-475-0900
Surrounding States: 877-643-6148

We're your link to security!

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Check for Storm Damage

7/16/2015

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How to Check Your Property for Damage After a Storm

When a big storm hits and the tornado warnings sound in Colorado Springs, Colorado, you hunker down inside, relying on your home to protect you and your family. Once that storm passes, though, it’s time to repay the favor — identifying damage and protecting your home from further issues.

The National Storm Damage Center has a number of resources and tips for homeowners. Here are four major things the agency – and we here at ALINK Insurance Services – recommends you check after a storm:

1. Your roof: If you see holes, split seams or missing shingles on your roof or if you notice leaking inside or out, it’s a good idea to have a qualified inspector come assess the situation.

2. Your exterior: Siding, brick and stucco are all vulnerable to storm damage. You’ll want to look for cracking, chipping or dings and dents in siding, and for holes in stucco. Look closely and at different times of the day. Some homeowners don’t notice damage until it’s too late to file a claim, and different lighting can reveal damage you didn’t see before.

3. Driveways and walkways: Cracking and splitting can create safety hazards, as well as reduce the lifespan of the concrete.

4. Trees: According to the National Storm Damage Center, fallen trees and limbs cause more than $1 billion in damage annually. Check roofs, vehicles, fences and machinery for fallen limbs that may have caused damage or could pose a risk. Clean up what you safely can and rely on a reputable tree removal service to handle the rest. Depending on the circumstances, your homeowners insurance policy may help with tree removal and damage repair costs – if you experience a covered loss, that is.

A few more helpful tips:

Keep trees well maintained and trimmed. Also notify neighbors if you see any overhanging branches on any of theirs.

Know your insurance. Take a look at your policy so you know what’s covered, what your limits and deductibles are, etc. This will prevent any surprises during the claims process.
Take pictures. Photographs can help you show the cause and extent of any storm damage that occurs.

Of course, if you’ve suffered through a major storm, don’t hesitate to call us at ALINK Insurance Services for help with an insurance claim or with finding a professional property inspector.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Greeley: 970-475-0900
Surrounding States: 877-643-6148

We’re your link to security!

Photo 1; Photo 2 by Kiel Ortega / CC BY; Photo 3; Photo 4 by Kiel Ortega / CC BY

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Storing Your Stuff

4/24/2015

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Choosing a safe self-storage facility for your stuff and making sure it’s COVERED.

According to the Self Storage Association, one of every ten households in the United States currently rents some kind of storage unit. We all have STUFF to store and often times, not enough space to do it!

Self-storage units can be very useful – to declutter your home during your Spring cleaning ventures, to provide space in between moves, to store your college student’s extra stuff while they’re home for the summer, to stow some of that winter gear you won’t need until next year, to hold onto those things you just can’t let go of but don’t need at home, etc. etc. Out of sight, out of mind!

No matter where your belongings are, having the right insurance coverage is the best way to financially protect your things. ALINK Insurance Services can help!

If you plan to rent a storage unit, the Insurance Information Institute suggests taking these steps:

Ask your insurance professional about off-premises coverage. If your renters or homeowners insurance does not provide off-premises coverage, you may want to opt for a storage company that offers insurance. Keep in mind that any facility should also have its own insurance to cover damages to the property or injuries that occur on the premises.

Look for a secure facility. Fencing that secures the entire property and access control are the minimum security measures a storage business should offer. But, ideally, the storage building should have onsite security features such as 24-hour video surveillance cameras and coded security pads. Also, find out about the facility’s procedures in cases such as a fire or flood.

Find out what type of financial protection is provided by the storage facility. Most facilities provide reimbursement based on the square footage of the unit. Check both the coverage limits and whether it is provided on an actual cash value or replacement cost basis.
Look for a unit with climate control. Very high or low temperatures, as well as dampness can quickly cause damage to appliances and furniture. And make sure that rising ground water from snow or rain is unable to penetrate the storage.
Consider special insurance or storage for expensive items. If you intend to store valuable property, such as art, antiques, jewelry or furs, there may be dollar restrictions under your standard homeowners or renters insurance policy for theft. Talk to your insurance professional about adding an endorsement to your policy in order to fully cover these items.
Check that the facility is clean and well-maintained. If a storage facility is not routinely and thoroughly cleaned, there is a good possibility no one is monitoring for bugs and rodent infestations. Verify that the facility has a permanent, reliable pest extermination contract in place before you trust them with your belongings.

Create an inventory of items to be kept off-premises in storage. Add the items you’re moving to the storage unit to your home inventory so that you can keep track of your belongings and make sure you have the right amount of insurance to protect them.

If you have any questions about your homeowners or renters insurance coverage, give us a call here at ALINK Insurance Services today. We’ll make sure you have the coverage you need to be protected!

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Greeley: 970-475-0900
Surrounding States: 877-643-6148

We’re your link to security!

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Completing a Home Inventory

1/30/2015

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Why a Home Inventory Is Important

Let’s try a little exercise: Can you list everything you own from memory?

Didn’t think so.

The fact is most people own more things than they realize. It’s easy to remember the cars, the computer, the TV. But what about that holiday china in the garage? Or every pair of shoes? Or every book on the shelf?

All of it is regarded as personal property for insurance purposes. And if your home is destroyed by fire or some other disaster, having a list of your possessions makes filing a claim easier — and helps you put your life back together. And what better time is there than a fresh new year to make sure your home inventory is up to date?

Why should I complete a home inventory? What’s the best way?

Comparing the value of your belongings to the “contents” limit listed in your policy helps you make sure you have enough insurance to replace them if they are lost, stolen or destroyed as a result of a covered loss. The easiest way to take an inventory is to use a video camera, recording and describing items as you walk through your house. Or, you can use a regular camera and create a home inventory checklist.

Here are a few tips for completing and storing your inventory:

Add brand names and descriptions where you can, especially on large-ticket items. Serial numbers are helpful to note.
Keep any receipts you have with the list to make the claims process easier.
Store your video or photo inventory offsite so you won’t lose it if your house is damaged.
Update your personal property records when you purchase new furnishings and valuables.

Though the task may seem daunting, it’s important to try. An incomplete inventory is better than nothing at all.

How much insurance do I need?

At ALINK Insurance Services, we can assist you in analyzing your insurance needs and help you decide how to most effectively protect your personal property. You should consider full-value coverage, which will pay for the replacement value of your personal belongings. A standard policy typically covers personal property only up to its actual cash value, determined by taking the replacement cost and deducting depreciation, which can be substantial. (For example, a 5-year-old TV is usually worth much less than what it would cost to purchase a new one.)

Finally, remember your homeowners policy covers valuable items such as jewelry, furs, art and antiques, only up to set dollar amounts. If the cost of replacing them exceeds these limits, you may want to purchase scheduled personal property coverage.

The Insurance Information Institute has a FREE online tool that can help you create your inventory. Just visit www.knowyourstuff.org for more details.

We hope you’ll never need the home inventory, but preparing for the worst can prevent a lot of hassle later! Give us a call today!

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Greeley: 970-475-0900
Surrounding States: 877-643-6148

We're your link to security!

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Warming Up Safely

11/13/2014

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There’s nothing quite like warm gloves, hot apple cider, and the comforting warmth a home full of family and friends brings during the holiday season! (Especially when temperatures outside drop below zero on a whim, only in Colorado!)

President of ALINK Insurance Services, Bill Syddall and his family enjoying last year's Thanksgiving holiday together.

These freezing temps call for some HEAT. It’s time to crank up the furnace, light up the fireplace, and pull out the space heater to warm things up around here. However, all of this heating brings along with it an increased risk for winter fires in the home. Consider the following heating safety tips from the United States Fire Administration and the National Fire Protection Association to protect your home and family this winter:

FURNACE HEATING

Be sure all furnace controls and emergency shutoffs are in proper working condition.
Inspect the walls and ceiling near the furnace and along the chimney line. If the wall is hot or discolored, additional pipe insulation or clearance may be required.
Check the flue pipe and pipe seams. Are they well supported, free of holes, and cracks? Soot along or around seams may be an indicator of a leak.
Leave furnace repairs to qualified specialists. Do not attempt repairs yourself unless you are qualified.
Keep trash and other combustibles away from the heating system.

WOOD STOVES AND FIREPLACES

Be sure the fireplace or stove is installed properly.
Have the chimney inspected annually and cleaned if necessary, especially if it has not been used for some time.
Do not use flammable liquids to start or accelerate any fire.
Keep a glass or metal screen in front of the fireplace opening to stop embers from flying into the room.
Never discard hot ashes inside or near the home. Let them cool before placing them in a metal container outside and well away from the house.
Never burn charcoal indoors. Burning charcoal can give off lethal amounts of carbon monoxide.
Before you go to sleep, make sure your fireplace fire is out. NEVER close your damper with hot ashes in the fireplace.

SPACE HEATERS

If using an electric heater, be sure not to overload the circuit.
Avoid using electrical space heaters in bathrooms, or other areas where they may come in contact with water.
Keep young children away from space heaters – especially when they are wearing night gowns or other loose clothing that can easily ignite.
Never use fuel burning appliances without proper room venting.
Use only the fuel recommended by the heater manufacturer.
Keep kerosene, or other flammable liquids stored in approved metal containers, outside of the house.
Never fill the heater while it is operating or hot. Do not overfill and be sure to refuel outside of the home.
Never use your oven to heat your home.

OTHER IMPORTANT REMINDERS

Test smoke alarms monthly.
Plan and practice a home escape plan with your family.

Warm up safely this winter! Contact us at ALINK Insurance Services for all of your insurance needs and questions, we’re your link to security!

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Greeley: 970-475-0900
Surrounding States: 877-643-6148

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Talking Point Tuesday

Knowing Your Homeowners Policy

Check for Storm Damage

Storing Your Stuff

Completing a Home Inventory

Warming Up Safely

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