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Uninsured and Underinsured motorist coverage is used when you have gotten in an accident and the other person involved does not have insurance or does not have adequate insurance to cover the damages done to you or your vehicle or the people in your vehicle. What happens if you do not have underinsured/uninsured motorist coverage? Underinsured (UIM): If you get in an accident that requires $35,000 in repairs to your vehicle but the person responsible for the crash has insurance that will only cover $15,000 then you will be left with $20,000 to be paid out of your pocket. Uninsured (UM): Hypothetically if someone who is uninsured hits your car and repairs cost $5,000, you would have to pay the $5,000. Here's the good news! When you do buy UIM/UM insurance, the circumstances above will be covered by your insurance provider. Uninsured motorist coverage protects you further by covering hit and run incidents as well. Is collision coverage enough? Short answer, no, collision coverage does cover the damages of your own vehicle in the instance of a crash but it does not cover bodily harm in any way. If you were injured in the crash and needed surgery you would want UM/UIM insurance so that you are not paying that hospital bill out of pocket. AZ Insurance Team always recommends getting Uninsured/Underinsured coverage as it is the best way to protect you and your vehicle. Let AZ Insurance Team find you the best quote on UM/UIM coverage by giving us a call today! Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Disclaimer: Coverage will vary on state, insurance company, and type of policy. Information credit: https://www.progressive.com/answers/uninsured-motorist-insurance/ Image Credit: Image by fxquadro on Freepik

Loss of use coverage also known on insurance statements as coverage D gives you financial reimbursement when your home or apartment is considered unlivable due to an accident that your insurance covers. For example, if your house burned down and it was going to take 9 months to rebuild it, the insurance company would cover the costs of living and some food expenses depending on your coverage rate. Loss of use coverage can cover these types of expenses depending on your rate: Housing expenses (hotels, temporary rental, etc.) Utilities costs Grocery expenses (restaurants, cooking utensils, groceries, etc.) Travel expenses (gas and public transportation) Storing costs Moving costs As a homeowner, it is important to know your loss of use limit which is the maximum amount your insurance company is willing to pay out. For Homeowners insurance, this will sometimes depend on your dwelling coverage as it might be a certain percentage of it or it could be a flat amount. It is also important that you know that loss of use insurance will cover your "regular" expenses and not costs that go over your usual budget. For example, if your grocery bill is usually $200 a month and you spend $400, the insurance company will only cover $200. It is important to keep track of all of your expenses as well as insurance companies require receipts so that they can reimburse you accordingly. At AZ Insurance Team we do the shopping for you to get the best insurance rate for the best price. Give us a call today! Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Disclaimer: Coverage will vary on state, insurance company, and type of policy. Information credit:https://www.progressive.com/answers/loss-of-use-insurance/ Image credit:Image by Racool_studio on Freepik

Full coverage is a general term that has different meanings to different people depending on policy coverages. Some people think that full coverage automatically includes roadside assistance and glass coverage along with comprehension and collision. Others could think full coverage is just comprehension and collision. When future or current AZ Insurance Team clients ask for full coverage we always help clarify what coverages they want/need. When an insurance company uses the term full coverage they are often referring to the required types of coverage needed in your state to drive (usually liability coverage), collision coverage, and comprehension coverage. Everyone needs liability coverage! It is required in every state to have liability coverage to legally drive so it is important to have liability coverage in the least. Collision coverage takes care of repairs to your own car in the event of an accident, regardless of who's at fault. This means whether you accidentally hit a pole or are involved in a collision with another car, your repairs are covered minus your deductible. Comprehensive coverage goes even further, protecting you against non-collision events like theft, vandalism, natural disasters, or encounters with wildlife. Do I need comprehension and collision coverage? If you bought a vehicle and have a loan the bank will require you to have both comprehensive and collision.  If you do not have a loan for the vehicle it is your choice to have comprehensive and collision or just liability.  If your car is worth much less to the point that it would be considered totaled if in an accident, comprehension and collision might not be necessary for you. If you were to get in an accident and did not have the money to buy or lease another car, comprehension and collision will give you some money to help with your new payments. There are other coverages you can add to your policy like roadside assistance or glass protection to help protect your car as well. In summary, it is important to know what types of coverages you have and what types are right for you. AZ Insurance Team likes to give options and help you through what coverage you need. Give us a call today! Disclaimer: Coverage will vary on state, insurance company, and type of policy. Information credit: https://www.progressive.com/answers/full-coverage-car-insurance/ Image credit: Image by azerbaijan_stockers on Freepik

Liability coverage is the part of your insurance policy that protects you from damage that you caused or are personally liable for. Liability coverage is included in most types of home and auto coverage. Auto liability coverage typically covers damage done to someone else's vehicle or property, bodily injury sustained in the accident, and legal fees if a lawsuit were to occur. Important note: Almost every state in the U.S requires Liability insurance when it comes to auto insurance. To be able to drive legally, you need liability insurance! Home liability coverage will typically cover bodily injury that happens on your property, damage you are responsible for to another person's property, and legal fees if a lawsuit were to occur. General liability coverage is a type of coverage that is separate from your standard home and auto liability coverage. This type of insurance is for protecting businesses when someone or another company files a claim against them. Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Disclaimer: Coverage will vary on state, insurance company, and type of policy. Information credit: https://www.progressive.com/answers/liability-insurance/ Image credit: Image by rawpixel.com on Freepik

When buying homeowners insurance, it is easy to get confused by all of the insurance terminology. Today we will be talking about a keystone term in the homeowners insurance world, dwelling coverage and the difference between standard and extended. Standard Dwelling Coverage: Standard dwelling coverage is the base of all homeowners policies. This coverage is usually based on the replacement cost of your home at the time of signing your homeowners insurance policy. The drawback to only having standard dwelling coverage is that it has its set limit and does not account for things like repairs, labor, and materials costing more at a later date. Extended Dwelling Coverage: Extended dwelling coverage also covers the initial value of your home plus a certain percentage on top of that to account for things costing more to rebuild/repair. Usually, this percentage can be anywhere from 10-50% of the value of your house depending on your policy. How do I know which one to get: It is always smart to get extended dwelling coverage. If you live in an area that is prone to extreme weather especially, when a weather event hits every one within an area, the cost of labor and materials will skyrocket and it is important to be covered. But for everyone else, if you have extended replacement cost coverage, you don’t need to worry about or keep up with the cost to rebuild your house which will increase over time. Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Disclaimer: Coverage will vary on state, insurance company, and type of policy. Information credit: https://www.progressive.com/answers/extended-replacement-cost/ Image credit: Image by Freepik

A deductible is how much money you will have to pay out of pocket before your insurance covers the rest of a claim. A deductible also affects how much money your monthly insurance rate is. If you would prefer to have a lower deductible, let's say $500, then your monthly rate for having insurance will be higher. If you would prefer to have a higher deductible, around $2000, then your monthly rate for insurance will be much lower. Think of your deductible as the amount you are willing to pay out of pocket to secure the monthly insurance rate you desire. Important notice: When filing a claim you must first pay your deductible before your insurance provider pays out the rest of the cost. For example, if your car repair costs $2500 and you have a $500 deductible, you must first pay the $500 and then your insurance will pay the remaining $2000. It is important to decide for yourself whether you want a higher or lower deductible depending on how safe you drive and how much you are willing to pay. Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Information credit: https://www.progressive.com/answers/car-insurance-deductible/ Image credit: Image by upklyak on Freepik

Here are 4 reasons why homeowners insurance has gone up: Natural Disasters:  Insurance is a pooled risk, the loses are spread out across all policy holders. That is how you are able to pay $1200 to insure your home for $450,000.  Natural disasters have caused the claims payouts to skyrocket over the past few years.  In 2023 there were 28 weather events that had losses over 1 billion dollars. Construction Costs: Insurance companies are not immune to inflation.  Employees cost more, contractors are charging more for repairs, and building materials have doubled, tripled, or increased even more. Hypothetically, if your house was damaged and you needed to replace your roof for example, construction and labor fees are at an all time high which correlates to how much it is to insure your home. House Technology: Our homes are becoming more technological just like our cars. From state of the art security systems to smart thermostats, houses are becoming more expensive to insure. Lack of Maintenance: An increasing number of homeowners are trying to use home insurance as a maintenance plan.  Insurance is designed to cover events that happen suddenly, not wear and tear that took years to occur. Think about a windstorm ripping off shingles or tiles from your roof vs it getting to be 30 years old. When insurance companies get substantial amount of claims for maintenance issues they still have to send out claims adjustor which contribute to higher premiums. Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Disclaimer: Coverage will vary on state, insurance company, and type of policy. Information and data from: https://www.foxbusiness.com/personal-finance/home-insurance-prices-increased-policygenius Image credit: Image by chandlervid85 on Freepik

Here are five possible benefits to having life insurance: Cover your loved ones from the final costs: According to the National Funeral Directors Association the average cost of a funeral in the U.S is $7848. Even with a small life policy you can help your family and loved ones financially when they need it most. Also, most of your healthcare expenses will be in the last 6 months of your life so it’ll help your family to pay off any bills. Cover your current debts: Hypothetically, if a loved one co-signed a loan and you pass away, they alone incur all of the debt associated with that loan. Life Insurance policies can help combat this by helping pay off these types of debts. Possibility of leaving inheritance: Depending on your coverage type, your life insurance policy could insure more than just the cost of funeral expenses and possibly leave your loved ones some much needed cash. Life insurance can be used as a line of credit: As you pay for your life insurance policy, you can borrow against the cash value of the policy you've built up while your still alive depending on your coverage type. Replace necessary Income for a duration: There are different ways to calculate how much life insurance a person needs, but the most common is 5 or 10 times the person’s monthly income.  This will help your family carry on their way of life for a period of time. Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Disclaimer: Coverage will vary on state, insurance company, and type of policy. Information credit: https://www.nerdwallet.com/hub/topic/why-get-life-insurance Image credit: Image by senivpetro on Freepik

Only 57% of renters in the U.S have renters insurance so why is it important to have? Here is a list of 5 reasons why you should have renters insurance: It Covers Your Personal Property: All of your personal items including clothing, electronic devices, jewelry, and furniture will be covered by renters insurance depending on your coverage rate. Most Landlords Require Renters Insurance: Landlords will have insurance that covers the structure that you live in but none of your personal belongings. In order for your Landlord to not be liable they often require you to get some type of coverage. Liability Coverage is Important: Hypothetically, if one of your friends was injured in your apartment and needed to get emergency surgery, renters insurance can pay the cost depending on your coverage. This is better known as liability coverage. Renters Insurance Helps Protect You From Theft: Whether you're out of the house for a nice dinner or on vacation in Jamaica for the week, if your personal property is stolen from your house or apartment, renters insurance is there to help you replace your lost items. Possibility to Cover Additional Living: If your house or apartment gets flooded or has a termite infestation, renters insurance can cover some of your living expenses while you're not able to live in your rented space. Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Information source: https://www.investopedia.com/articles/personal-finance/082714/6-good-reasons-get-renters-insurance.asp Image credit: Image by master1305 on Freepik

With auto insurance bills going up for Arizona residents, it is easy to ask why price increases are happening. There is no one reason, here are a few factors contributing to your increasing car insurance prices: Inflation is creating price hikes: Almost everything we buy has been costing more since the Covid-19 pandemic due to inflation and lack of supply. Auto insurance is no exception with the national rate increasing by over 17.1% in the last year alone. New technology is becoming harder to insure: Cars now have newer technology like backup cameras and lane detection modules that are not cheap to replace. With increasing prices on repairs of cars, this affects insurance rates heavily. Used cars are worth more now than ever: Used car prices are up by 44% compared to what they were 5 years ago. With used cars costing more, they require a higher insurance rate for its repairs. Reckless and distracted driving is rising: In our technological age, insurers are seeing a substantial amount of claims involving reckless or distracted driving. With almost every driver on the road owning a cellular device, the amount of distracted driving claims will keep increasing. Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Information source: https://www.nerdwallet.com/article/insurance/why-are-car-insurance-rates-going-up Image credit: Image by Freepik

With the start of 2024, people all over the U.S are surprised to find that their car insurance rates are expected to go up by almost 12.6%. This price hike may come as a shock to most Americans, so here are the facts to determine if you are getting the best auto insurance quote: The average annual auto insurance price is $1,984 If you bundle home and auto insurance, you have the possibility to decrease your overall price up to 18% A poor credit score can negatively affect your insurance price Your age and driving record can significantly affect your rates Your car make and model could be more expensive to insure than others If you are married, then getting jointly insured could save you more money With these facts considered, it is important that you make sure that all of these factors come into play when deciding if you have a fair auto insurance rate. Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Information and statistics gathered from: https://www.prnewswire.com/news-releases/car-insurance-premiums-to-increase-12-6-in-2024—highest-rate-increase-in-6-years-302030200.html#:~:text=The%20average%20annual%20cost%20of,over%20the%20past%20six%20years. Image credit: Image by xb100 on Freepik #auto #insurance #autoinsurance #autoinsurancetempe #arizona #carinsurance #azinsuranceteam

Homeowners insurance is different and customizable for every person so it is important to know what your home insurance is covering. To be able to determine this, we need to know the three most common types of homeowners insurance. Actual Cash Value: Actual cash value or ACV for short, will cover the depreciated cost of your home plus the current value of items on the premises. Hypothetically, if you had a flat screen TV that costed $280 when you bought it but is worth $100 the day it is lost, then the insurance company would only cover $100. Replacement Cost: Replacement cost insurance covers the cost to rebuild your home plus the money to replace the items on the premises. Relating back to the earlier example above, The insurance company would need to pay you $280 for a new TV even if your current TV has depreciated below that price. Guaranteed Replacement Cost: This type of insurance offers to pay for the repairs or replacement of your home and its items even if it costs more than your limit! This policy is often used to combat inflation for costs of services like the construction to rebuild or repair your home. Although these policies do have a percentage limit on how much the insurance company is willing to cover, guaranteed replacement cost insurance protects your home and assets the most of the three. But these policies are not common. Contact Us | AZ Insurance Team | Auto, Home, Life, Commercial… Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance… Information and data: https://www.investopedia.com/insurance/homeowners-insurance-guide/#toc-different-types-of-homeowners-coverage Image credit: Image by Freepik #insurance #homeinsurance #homeownersinsurance #azinsuranceteam #homeownersinsurancetempe