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Your home is probably undervalued
A recent study indicates that over 60% of homes in the US are undervalued by 25%.
No matter what you paid for your home, the appraisal value or what you could sell it for — the real value is the replacement cost.
If your home is destroyed, what will it cost you to replace it? Probably, that’s more than you think and, usually more that your current homeowners policy covers — especially with “guaranteed replacement” caps.
The cost of building materials has escalated in the last few years — lumber over 25%, plywood over 45%.
Other factors like recent improvements to the home and also new personal property within the home need to be considered when deciding on the proper coverage and amounts. There are also the unplanned costs of debris removal and building to more stringent building codes.
Too many people are underinsured and, if their homes are destroyed, have to go from “a palace to a shack.” Don’t let that happen to you. Contact us today and we’ll be happy to review your homeowner policy needs.
“Your true value depends entirely on what you are compared with.” — Bob Wells
Big Brother is watching in your trunk?
This could happen if a pilot program catches on. A British insurer began to track 5,000 customers by placing GPS receivers in their auto trunks.
Data from the devices will be used to adjust the drivers’ auto insurance premiums on a monthly basis. Drive too fast, rates go up. Brake too early or too late, rates go up.
This may also reduce rates for safe drivers and prevent accidents by providing helpful feedback to the drivers.
“Don’t like the way this vehicle is operated? Call my GPS!”
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Are you setting a bad example?
You may be according to a study on teens’ opinions of parent driving habits.
The study conducted by SADD (Students Against Destructive Decisions) and an auto insurer indicates that students will emulate their parents. High school and middle school students say their parents are or will be the biggest influence on how they will drive.
That’s not good because:
- Over 60% say their parents talk on cell phones while driving
- Almost 50% say their parents speed
- Over 30% say their parents don’t wear seat belts
So when you drive, remember your children are watching. Their inherited DNA should be Drive Nicely Always.
For more on the study, click here.
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Too stupid to fasten seat belt
The recent Stella Awards (named after the woman who sued McDonalds for the hot-coffee spill incident) included this frivolous lawsuit:
Mary Ubaudi of Madison County, Ill. Ubaudi was a passenger in a car that got into a wreck. She put most of the blame on the deepest pocket available: Mazda Motors, who made the car she was riding in. Ubaudi demands "in excess of $150,000" from the automaker, claiming it "failed to provide instructions regarding the safe and proper use of a seat belt." One hopes Mazda's attorneys make her swear in court that she has never before worn a seat belt, has never flown on an airliner, and that she's too stupid to figure out how to fasten a seat belt.
“Fasten your seat belts. It’s going to be a bumpy night.” — spoken by Bette Davis in “All about Eve.”
Developers beware — after-hours responsibility
It took almost five years but a Bergen County jury awarded plaintiffs over $1 million for a developer’s negligence related to a massive fire that destroyed nine homes.
Trial testimony indicated that construction workers smoked and cooked at the job site and worked after hours. There were no security guards, surrounding fencing was inadequate and some electrical equipment was below federal standards.
The awards to the plaintiffs included fire-related losses not covered by insurance, emotional distress and loss of use and enjoyment of their homes.
Are you using these dangerous products?
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Ford Motor Co. is recalling nearly 800,000 F-150 pickup trucks, Ford Expeditions, and Lincoln Navigators — all year 2000. Their cruise-control switches could short circuit and cause a fire under the hood. |
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Dive Sticks from Dollar General — Children can fall or land on the upright sticks in shallow water and suffer impalement injuries. If these are among your children’s pool or bath toys, discard the toys or return to Dollar General. |
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Electric Scooters — from GSI Commerce Solutions (Spartan Sports of King of Prussia), models FS-101 and FS-102 handlebars can detach causing the rider to lose control and fall. Call the company at 866-316-4812. |
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Lighting Fixture from Sea Gull Lighting — A manufacturing defect may cause the fixture to fall from ceiling. Full details at www.seagulllighting.com |
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