Why Insurance Premiums Increase While Property Value Decreases

Here is an excerpt from a new blog post at GreggMarcus.com:

Customers always seem to ask insurance agents the following question: “How can it cost more to insure my home when my property value is declining?” This has been even more prevalent following the economic slump in the last few years. Values naturally tend to decline as the real estate markets slows up.  Currently homes are not selling as quickly due to a decrease in demand which lowers the competitive aspect of selling.  Homeowner’s across the country have witnessed that property values are much lower than even just a few years ago. In this post, Long Island Insurance Executive, Gregg S. Marcus will explain why this insurance phenomena seems to occur.

With home values declining, why do home insurance rates continue to increase?

One of the greatest factors that determine the cost of home insurance is the replacement value of the home being insured.  The main factors that determine the replacement value of your home can vary greatly from the factors that establish your house’s market value.  Replacement value of a home is the cost that it would take to rebuild your home with current construction costs and

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Safe Driving Tips for Bad Weather

Here is an excerpt from a new blog post at GreggMarcus.com:

Needless to say, when the weather turns bad, it is best to stay inside and off the roads.  If you head out when conditions are not quite ideal you greatly increase the risk of losing control of your automobile and having a collision, this could result in injuring yourself and others, the totaling of your automobile, painstaking lawsuits or even worse.  Though it is understandable that you may have no choice but to head out on the road during these horrible conditions, in this post, Long Island Insurance Executive, Gregg S. Marcuswill what you need to know to lessen your risk of getting into an accident and stay safe.

More likely than not, the most common reason for losing control of a car during a rain or snow storm is due to loss of traction. When the weather conditions begin to get rough and the road is wet, muddy, snowy and worst of all icy, the traction of your automobile is greatly reduced and your car has a higher chance of slipping out of control.  It is important to slow down and drive smoothly, adjust your speed for the varying conditions, you should not be driving as your normally would on a dry, clear day.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

What You Need to Know about Renter’s Insurance

Here is an excerpt from a new blog post at GreggMarcus.com:

Renter’s insurance offers protection from life’s unpredictable events. Many renters assume that they are covered under your landlord’s insurance policy, but often that is not the case.  A landlord’s insurance policy usually only covers damage to the building itself, not the residents actual possessions. Renter’s insurance ensures that you can protect your own belongings from a disastrous situation. A Renter’s insurance policy typically covers the losses of your personal possessions; this is similar to a homeowner’s policy for those you have their own house, though it does not cover the damage of the building you live in; that is your landlord’s concern. In this post, Long Island Insurance Executive, Gregg S. Marcus will explain the importance or renter’s insurance and what a typical policy will cover.

A renter’s insurance policy will cover the costs of replacing personal items that are stolen, damaged, or destroyed due to an incident.  The types of disasters that are typically covered are things such as fire or lightning, windstorms, riots, smoke, vandalism, or theft. These tragedies would not be covered under the landlord’s homeowner’s policy and you would be left on your own to replace anything that was lost or damaged. It should be noted that renter’s insurance does not usually cover earthquakes or flood, additional policies specific to these disasters must be purchased.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Do Small Auto Insurance Companies Offer Better Rates?

Here is an excerpt from a new blog post at GreggMarcus.com:

Though insurance coverage is a vital asset to every driver, it is truly important in the occurrence of an accident. It is likely that in this instant that those involved in the tragedy may need some medical assistance, the treatments of these injuries would of course require some finances, this is where auto insurance comes into effect. There are a number of auto insurance companies that offer a variety of plans, but how do you know which is right for you? These insurance firms fall into two major categories—major companies and small companies. In this post, Long Island Insurance Executive, Gregg S. Marcus lays out the differences between the large insurance companies and the smaller ones as wells as the benefits and faults of signing with each.

At often times the smaller insurance providers operate under the control of the major companies. The major companies diversify their policies in order to fit the needs of specific drivers more so than the smaller providers.  The most prevalent factor when one is deciding on auto insurance is of course price.  It is likely someone will prefer one company over another simply because the one company’s policy is more affordable. The internet is a fantastic way for an individual to compare quotes of different companies and get a good idea of how the pricing and coverage differ between the larger and smaller companies.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Can I Request a Decrease on my Homeowner’s Policy?

Here is an excerpt from a new blog post at GreggMarcus.com:

In a word yes, a homeowner can request a decrease on their policy, however, it is required that a client purchase the full percent of the insurance value. This of course means the client must buy the amount of coverage necessary to be able to cover the full value of the home in the instance of a tragedy. In this post, Long Island Insurance Executive, Gregg S. Marcus explains how to request a decrease on your policy and answers the following questions commonly brought up when discussing an adjustment to your homeowner’s insurance.

What if I think my coverage is too high?

If you think that your home is over insured it is important that you immediately contact your insurance agent and inform them of this belief. Your agent will have access to computer software which can help determine your unique and personal insurance rate. Costs such as your loan amount, tax assessment, and sale price, contrary to popular belief do not affect your rate.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

How Important is Renter’s Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

A homeowner’s insurance policy protects those who own their own house in the event of a tragedy, theft, or any other unforeseen incident.  Those individuals who rent instead of owning a home, renter’s insurance exists to offer the very same protections.  People whom of which live in apartment buildings are not usually required to have insurance, though in many cases it is a very good idea to have it. The owner of the building may have an insurance policy which offers some protection in the event of fire or theft, but that policy will not cover one’s personal belongings. Renters who possess valuable belongings should consider purchasing a renter’s policy in order to protect themselves. In this post, Long Island Insurance Executive, Gregg S. Marcus explains the importance of renter’s insurance and the options available for purchase.
Most renters will indeed require an insurance policy. Financial compensation is given in the event personal belongings are destroyed, stolen, or damaged in any way shape or form.  Renters may have inexpensive items that can be easily replaced. And other renters may just simply not care about having to spend extra money to replace their belongings in the event of an accident, although this group of renters tends to be a small one.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Is Minimum Homeowner’s Insurance Enough?

Here is an excerpt from a new blog post at GreggMarcus.com:

When shopping for homeowner’s insurance, individuals usually search for the lowest possible rates, especially with the economy being in the shape it is. However, policy holders should not settle for a lower rate with the risk of having inadequate coverage. A homeowner’s insurance agent will typically recommend what they believe to be best for your budget and home itself. Though, the homeowner usually opts for less in order to thwart paying high premiums.  In this post, Long Island Insurance Executive, Gregg S. Marcus explains why minimum homeowners coverage may not be the best option, and how paying a little more could protect you in the time of a future incident.
When getting down to business you should anticipate a number of different factors regarding you and your home personally. How much homeowner’s insurance do you truly need to safely protect the investment of your home? The answer to this question will obviously vary from one situation to the next, though there are a few things you much consider:

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.