Category Homeowners Insurance

AIUA recently announced significant changes to their homeowners insurance policies which will become affective June 1, 2016. AIUA has typically been seen as the “insurer of last resort” due to the majority of their lower premium programs being offered having an Actual Cash Value, or ACV, settlement method. An ACV settlement method means the insurance company will pay you the depreciated value of your property (home, contents) in the event of a claim. That means that many property owners would not be able to afford to pay to rebuild or repair their homes in the event of a storm because the depreciated value is so much lower than the actual cost to repair or replace. Alabama Department of Insurance Commissioner, Jim Ridling, was quoted as saying: “If you drive from here to New Orleans, you get a good view of what happens when people cannot afford to rebuild. There are still abandoned homes, slabs, blue tarps and abandoned businesses from the Mississippi border to New Orleans. I do not want that to happen in the state of Alabama when we have a storm.”

The more favorable settlement method, and that used most often sold by SSIA is the Replacement Cost Value, or RCV, settlement method. This settlement type pays you for the cost to replace your property with items of like kind in the event of a claim. Check out our quick, 2-minute video which describes the two settlement types.

The policy changes which AIUA has just announced will provide policyholders with the option of purchasing the RCV settlement method for a smaller fee than previously offered, however the coverage the AIUA policies offer is still very limited as compared the policies that can obtained through the many carriers writing coverage along the coast. SSIA’s experienced agents can walk you through the benefits of obtaining better coverage while also finding you the best rates available with an RCV settlement method. Don’t let your property go under-protected, as the cost savings you see now may come back to haunt you in the form of high deductibles or inadequate settlement payment after a storm.

Why wait until June to look at changes? Obtain a fast, free, real-time insurance quote in just 5 minutes or less with no personal information via our online quote portal: www.ssiaquote.com.

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South Shore Insurance Agency is proud to announce our recent appointment with Safeco Insurance.Safeco Insurance

Originally founded in 1923, Safeco Insurance is an industry leader, providing comprehensive personal lines insurance products, including homeowners insurance, as well as auto, boat and RV insurance, at competitive prices. SSIA is proud to offer Safeco products to our customers because they share our mission – to not just provide the best product options at the best price, but to help educate and grow with our customers as their lives and needs change.

Contact one of our agents today to learn more about insurance options with Safeco Insurance – 251.923.4463 or email them directly at admin@sshoreins.com.

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There are so many insurance providers in the marketplace today that searching for the right fit can become overwhelming to consumers. Not only is securing the right coverage for your home, car, or business an important process, but selecting who will assist you with obtaining that insurance coverage is just as critical. Many consumers are unaware of the difference between independent insurance agencies and captive agencies, but knowing what each can provide is very important.

Independent insurance agencies are just that – independent from any one specific insurance company. This means they can provide you access to a variety of insurance products from numerous insurance carriers. Independent agencies can shop the marketplace and choose to partner with the insurance carriers who offer the products their customers need. For example, an independent agency may have access to five different carriers for homeowners insurance. What does this mean for the consumer? Simply put, it means they can provide more choices. By shopping coverage through multiple carriers, independent agents can seek out the carrier that offers their customer the best coverage, premium, and payment schedules.  An independent agent will often provide the customer with multiple options for their coverage.

The independent agent is often a one-stop-shop for multiple types of insurance – everything from homeowners to life insurance to auto coverage. And since insurance isn’t a one-size-fits-all industry, having more choices allows the consumer to make the most of their time by having their agent search the best options for them. It’s like having a personal shopper!

Captive agencies typically sell for a single insurance provider – you often see their national advertisements on TV. These providers offer a variety of insurance products; however, these products are only those underwritten by their parent company. The downside to this arrangement is that captive agents don’t have multiple insurance carriers from which to seek coverage. Think of captive agencies like a big box store that only carries one specific brand. They offer great products, but only from their own brand so there isn’t as much variety.

Independent agencies serve an important role to property owners along the Gulf Coast. Many standard carriers cancelled all of their coastal policies and stopped writing any new business after hurricanes Ivan and Katrina, which made it difficult for consumers to find coverage. However, many independent agencies were still able to offer coverage as they had a much larger pool of carriers at their disposal.  Many of the standard markets that are currently offering coverage in our area are doing so without coverage for wind, thus forcing the homeowner to seek out an additional Wind & Hail policy from another carrier.

As an independent agency, South Shore Insurance Agency prides itself on not only finding the correct coverage for our customer, but also educating the consumer on the policy details with words one can understand. An insurance policy is not all about the bottom line premium, but rather the coverage that you will or won’t receive when the unthinkable happens. Simply put, the loyalty of the independent agent lies with the consumer, not with a big box captive agency.

SSIA is a Trusted Choice®Independent Agency – click here to learn more about how this partnership can benefit you.

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Fortified Homes

Carriers are rewarding customers with discounts for building and renovating homes to be more structurally sound – and these building standards make a significant difference in a storm. According to www.disastersafety.org, “FORTIFIED can be affordable at every price point and uses a unique systems-based method for creating stronger, safer homes. The program employs an incremental approach toward making new and existing homes more resistant to damage from hurricanes, tropical storms, hailstorms, high winds and wind-driven rain associated with thunderstorms. With three levels of FORTIFIED Home™ designation available – Bronze, Silver and Gold – builders can work with homeowners to choose a desired level of protection that best suits their budgets and resilience goals.”

The links below provide downloadable fact sheets explaining in greater detail FORTIFIED Homes in Alabama:

What Is FORTIFIED?

FORTIFIED Homes for Existing Structures

FORTIFIED Homes for New Homes

 

 

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