Renee Darata » Homeowners Insurance

Insurance Carriers Had Record Year For Weather Disasters

Renee Darata — Fri, 06 Jan 2012 18:21:39 +0000

2011 saw twisters,snow, drought, flooding and wildfire disasters in the United States. 12 disasters that exceeded $52 billion dollars in damages. This is more weather catastrophes,(that each caused at least 1 billion dollars of damage),than the entire decade of 1980-1989.

Insurance carriers have paid out an unprecedented dollar amount in 2011 which may lead to rate increases for consumers and businesses in those regions.

We hope that 2012 will be an uneventful year for weather disasters.

Why Buy Earthquake Insurance?

Renee Darata — Wed, 12 Oct 2011 16:14:18 +0000

Many consumers feel if an earthquake were to occur in Utah, the governement would be there to assist.

Virginia is discovering, it isn’t easy to get government disaster assistance.

The earthquake occurred nearly two months ago and they are still trying to get FEMA assistance, meaning grants and loans and emergency housing assistance.

While they are waiting, I imagine buildings are sitting empty, families have had to find other shelter.

The number of natural disasters in the US this year alone has affected millions of consumers. Many were prudent and purchased proper insurance while others are waiting for FEMA to assist them.

Earthquake insurance is costly, because it will cost insurance carriers a lot of money to help consumers rebuild their lives.

If you have questions regarding earthquake insurance, please contact my office @ 801.748.0500.

Umbrella Policies and Dog Bite Claims

Renee Darata — Fri, 13 May 2011 22:06:03 +0000

Dog bites cost insurance companies a lot of money. In 2010, State Farm Insurance paid 90 million dollars on 3,500 claims.

Over 412 million dollars were paid out in insurance claims in 2010 and the cost per claim is rising.

Umbrella policies add extra coverage in the event you are sued and your insurance coverage isn’t enough.

It won’t happen to me!!

15,770 dog bite claims in 2010 say there is a chance it will.

Insurance companies are looking at dog breeds and many are asking consumers what breed of dog they own.

60% of dog bite victims are under 12 years old.

Umbrella policies are inexpensive and provide extra coverage in the chance you have an expensive liability claim.

Insurance Rates to Rise by 2012?

Renee Darata — Fri, 04 Mar 2011 23:59:27 +0000

Insurance companies have 2 ways to make money. Through the premiums charged to consumers and businesses and also through the income made on reserves they have on hand to pay out catastrophic claims.

Reserves have declined for some carriers which will require them to raise insurance premiums to rebuild reserves.

Some analysts predict about a 10% increase in 2012. Rates have declined for several years now and insurance companies will tighten up underwriting guidelines, get out of some lines of insurance and raise rates.

What happens when an airplane hits my home?

Renee Darata — Wed, 22 Dec 2010 19:36:46 +0000

http://www.foxnews.com/us/2010/12/05/small-plane-crashes-neighborhood-roy-utah/


The airplane crash in Roy last night affected so many people: the homeowners who had their homes explode, the pilot in serious condition, and the residents who lost power. If you look at your homeowners policy it shows aircraft as a covered peril .
When a claim is filed, the claims adjuster determines the cause of loss  Then the policy is examined to see if that cause of loss is covered.  Aircraft is one of the covered perils in many policies.
If an airplane hits your home, your homeowners insurance should cover this peril.



Shopping for Insurance-What about Annual Membership Fees?
Renee Darata — Mon, 20 Dec 2010 19:11:41 +0000
When shopping for your home and auto insurance there are some companies that charge “annual membership fees.”  While their home and auto insurance rates may seem affordable, when you factor in an annual membership fee of $165.00, maybe the rates aren’t as competitive as you thought.  This annual membership fee is due each year and is sent as a separate bill.
Our agency helps consumers each year find the right coverage for their situation at a fair price.  We offer affordable health, auto, life  and home insurance.



How do I buy Earthquake Insurance?
Renee Darata — Mon, 22 Nov 2010 22:22:54 +0000
Many Utah residents are understandably nervous about the Wasatch fault.  The Wasatch Fault spans 240 miles and 80% of Utah residents live close by.
I get a lot of questions from clients about earthquake coverage on their home insurance.  If there is an earthquake and your home is damaged, you will not have coverage under the standard homeowners policy.  You will not have coverage for property within the home or additional living expenses if your home is damaged.
An earthquake endorsement or separate earthquake policy is essential.
Earthquake insurance carries its own deductible which is higher than your standard homeowners insurance policy. The deductibles range from 5-25% of coverage A, (dwelling amount).
If your insurance policy is insuring your home for 250K and you added an earthquake endorsement with a 5% deductible. you would be responsibe for the first $12,500.
If you do not have an earthquake endorsement  you are responsible for 100% of the damages unless the earthquake damage caused a fire or other covered peril.
Please contact me with other questions.



Energy Efficient Homes Cost More to Rebuild
Renee Darata — Thu, 28 Oct 2010 01:10:26 +0000
Lawmakers in Utah are weighing a recommendation to update home building codes.  Utah’s residential remodels and new construction would utilize the 2009 energy saving standards.  Savings from building code revisions could save the average resident about $175/year in energy costs.
What price increase would homeowners see when they rebuild their home? ( after a fire or other loss)
The current standards are subject to the 2006 building code.
How does that affect your home insurance?  Do you have replacement cost coverage on your home insurance?
There is a coverage -building ordinance that adds coverage for increased costs associated with rebuilding to a newer building code.
Without knowing the additional costs homeowners face when rebuilding to this new building code, it is difficult to know if they have enough coverage to rebuild.
I suggest homeowners review their policies every one to two years with their agent.
You don’t have a personal agent?  Give me a call and schedule an insurance review.



Do you live on an earthquake fault?
Renee Darata — Tue, 19 Oct 2010 21:54:10 +0000
Scientists have discovered 4 historical earthquakes on the West Valley Fault Zone, according to the Deseret News article  written on 10/14/2010.

If you live between  Redwood Road and 5600 West and 1700 North to 4800 South, you are in the Zone.
These earthquakes occurred long before the Salt Lake valley was settled, but we could experience a future earthquake from either the West Valley Fault or the Wasatch Fault.
You need earthquake coverage to rebuild after an earthquake, to replace damaged personal property or to have living expenses:(money to pay for temporary lodging).
Contact me for further information on earthquake insurance coverage on your homeowners policy.



Insurance Claims Not Covered
Renee Darata — Tue, 28 Sep 2010 00:17:16 +0000
I have had several clients call asking if we cover:
sinkholes

retaining walls

french drains
These are examples of claims not covered.
The typical homeowners policy does not insure dirt.  We insure dwellings and property. 
There may be an insurance carrier who does insure dirt, but that would be the exception.