http://www.bobhowardinsurance.com/blog/View Bob Howard Insurance Agency's Website Blogen-uspostmaster@www.bobhowardinsurance.comInsurance Website Builder - www.insurancewebsitebuilder.comurn:uuid:6ee0af05-0243-4997-80e2-6669977e1686urn:uuid:cbc6b090-8b86-455e-afef-8c7e492d3aad Replacement cost vs. Market value - Home Insurance valuations My home is only worth $120,000. Why ...Wed, 22 Feb 2012 19:42:31 -0600<table width="780" border="0" align="center" cellpadding="5" cellspacing="0" class="pgSurround" style="border:1px solid #ccccff;background-color: #ffffff;"> <tbody> <tr valign="TOP"> <td valign="TOP" style="font-size: 10pt; font-style: normal; font-family: arial, verdana, helvetica, sans-serif;"> <table border="0" cellspacing="0" cellpadding="6" width="620"> <tbody> <tr> <td align="LEFT" valign="TOP"> <h1><span style="font-family: arial; font-size: 12px; font-weight: normal;">Replacement cost vs. Market value - Home Insurance valuations</span></h1> <p><span style="font-family: arial; font-size: 12px;">My home is only worth $120,000. Why does my insurance company want me to insure it for $275,000?</span></p> <p><span style="font-family: arial; font-size: 12px;">One of the biggest questions consumers have regarding homeowner's insurance revolves around the amount of insurance to place on their dwelling (home). When purchasing a house, the mortgage company requires the homeowner to obtain insurance prior to closing. Most consumers assume the amount of dwelling coverage will be equal to the amount they paid for their house. This is incorrect in some cases.</span></p> <p><span style="font-family: arial; font-size: 12px;">There are different methods to determine the value of a house.&nbsp;Market value&nbsp;is the price paid for your house.&nbsp;Replacement cost&nbsp;is the price or cost it will take to rebuild your house in the same spot, same size and same quality of construction, at today's costs. Insurance companies use the replacement cost valuation. These can be two completely different numbers.</span></p> <p><span style="font-family: arial; font-size: 12px;">For example, a home purchased in a depressed city neighborhood, may have a market value of $120,000. The exact house, located in a nice suburb, may have a market price of $285,000; however, the cost to rebuild the house after a loss would be the same in either location. The insurance company is looking to insure the home for the full replacement value, not the current market value. Remember, they are going to pay to build you a new home, not buy one for you down the street.</span></p> <table border="0" align="center" cellpadding="2" cellspacing="0"> <tbody> <tr> <td><span style="font-family: arial; font-size: 12px;">&nbsp;</span></td> <td align="center"><span style="font-family: arial; font-size: 12px;">Home in Thriving Suburb &nbsp;</span></td> <td align="center"><span style="font-family: arial; font-size: 12px;">&nbsp; Home in Depressed Neighborhood</span></td> </tr> <tr> <td><span style="font-family: arial; font-size: 12px;">Square Foootage of Home</span></td> <td align="right"><span style="font-family: arial; font-size: 12px;">2,500</span></td> <td align="right"><span style="font-family: arial; font-size: 12px;">2,500</span></td> </tr> <tr> <td><span style="font-family: arial; font-size: 12px;">Year Built</span></td> <td align="right"><span style="font-family: arial; font-size: 12px;">1920</span></td> <td align="right"><span style="font-family: arial; font-size: 12px;">1920</span></td> </tr> <tr> <td><span style="font-family: arial; font-size: 12px;">Market Value</span></td> <td align="right"><span style="font-family: arial; font-size: 12px;">$285,000</span></td> <td align="right"><span style="font-family: arial; font-size: 12px;">$120,000</span></td> </tr> <tr> <td><span style="font-family: arial; font-size: 12px;">Cost to Replace/Rebuild Home</span></td> <td align="right"><span style="font-family: arial; font-size: 12px;">$275,000</span></td> <td align="right"><span style="font-family: arial; font-size: 12px;">$275,000</span></td> </tr> </tbody> </table> <p><span style="font-family: arial; font-size: 12px;">For insurance purposes, you should insure your home to 100% of it's replacement cost. This will ensure the ability to rebuild the entire house, the way it is now, in the event of a total loss. One thing to remember, you're not insuring the land so leave this out of the replacement cost valuation of the dwelling.</span></p> <p><span style="font-family: arial; font-size: 12px;">Consult with your insurance agent and explain your home in detail regarding: square footage, number of bedrooms, bathrooms, kitchen, basement, fireplace etc. Insurance companies use a formula to generate the correct replacement cost. The coverage amount and the premium might be a bit higher, however you'll be properly insured. After a claim occurs is not the time to find out your insurance is not adequate. Having 100% replacement cost on the dwelling takes away this possibility.</span></p> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table>urn:uuid:9b3b0626-77fb-4993-bcaa-68bcf371987dHOW SERIOUS IS THE INSURANCE FRAUD PROBLEM? Insurance is one of the most costly white collar crimes in America, ranking second to tax evasion.* According to the National Insurance Crime Bureau (NICB), 10 percent of property and casualty insurance cla...Tue, 21 Feb 2012 20:15:27 -0600HOW SERIOUS IS THE INSURANCE FRAUD PROBLEM?<br /> <p style="margin-top: 0px; margin-right: 0px; margin-bottom: 15px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px;">Insurance is one of the most costly white collar crimes in America, ranking second to tax evasion.*</p> <p style="margin-top: 0px; margin-right: 0px; margin-bottom: 15px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px;">According to the National Insurance Crime Bureau (NICB), 10 percent of property and casualty insurance claims are fraudulent.</p> <br /> WHO PAYS FOR INSURANCE FRAUD?<br /> <p style="margin-top: 0px; margin-right: 0px; margin-bottom: 15px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px;">Insurance companies, policy holders, taxpayers and the general public pick up the tab through increased insurance rates, higher taxes, and inflated prices for consumer goods and services.*</p> <p style="margin-top: 0px; margin-right: 0px; margin-bottom: 15px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px;">NICB estimates that property and casualty based insurance fraud cost Americans $30 billion per year. In comparison, Hurricane Andrew's devastation totaled $17 billion in damages. If you include other insurance lines like health, life and specialty insurance, the total cost of insurance fraud may exceed $120 billion annually.</p>urn:uuid:e302f745-5a90-4b35-bf2a-b355b3690186TDI Fraud Unit What is Insurance Fraud? Insurance fraud occurs when companies, agents, adjusters, health care providers, or consumers intentionally deceive others or misrepresent facts for financial gain. It usually happens during the&nbsp;process of...Tue, 21 Feb 2012 20:13:15 -0600<h1 style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px;"><span style="font-size: 12px; font-weight: normal;">TDI Fraud Unit</span></h1> <h3 style="margin-top: 0px; margin-right: 0px; margin-bottom: 5px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px;"><span class="tab" style="font-size: 12px; font-weight: normal;">What is Insurance Fraud?</span></h3> <p style="margin-top: 0px; margin-right: 0px; margin-bottom: 15px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px;">Insurance fraud occurs when companies, agents, adjusters, health care providers, or consumers intentionally deceive others or misrepresent facts for financial gain. It usually happens during the&nbsp;process of buying, using, selling, or underwriting insurance and is usually motivated by greed. Insurance fraud is a crime in Texas!<br /> <br /> <br /> </p>urn:uuid:92678ed2-6606-4903-9a48-6162be4ce6eeWe are your&nbsp;#1 source for LOW cost Auto, Homeowners Insurance and Windstorm&nbsp;in Galveston County! Call 281-338-7797 Our Family Owned and Operated Agencies have provided Insurance services for over&nbsp;18 years in the great state of Texas. O...Mon, 20 Feb 2012 17:14:51 -0600<p>We are your&nbsp;#1 source for<strong> LOW</strong> cost<strong> Auto,</strong><strong> Homeowners Insurance </strong>and<strong> Windstorm</strong>&nbsp;in Galveston County! <strong>Call 281-338-7797<br /> </strong>Our Family Owned and Operated Agencies have provided Insurance services for over&nbsp;18 years in the great state of Texas. Our&nbsp;experienced Staff members are available to service all you Insurance needs, especially when you need it most after a loss. We are constantly updating our Markets to provide comprehensive policies at a competitive rate with multiple Carriers, Most importantly we work for You not a Insurance company. Our Agency provides Insurance services for all your insurance needs 24/7.</p> <h3>Specialties</h3> <p><strong>Homeowners Insurance, Auto Insurance, and&nbsp;Business insurance </strong></p>urn:uuid:eb56b074-e572-4654-ba4b-a3be07a240a3At this time of the year our office starts gearing up for the Hurricane Season that starts on June 1st.&nbsp; Generally speaking, we get few Hurricanes in the early months of the Hurricane season, but they do occur from time to time. Now is the time ...Mon, 20 Feb 2012 16:35:59 -0600At this time of the year our office starts gearing up for the Hurricane Season that starts on June 1st.&nbsp; Generally speaking, we get few Hurricanes in the early months of the Hurricane season, but they do occur from time to time. Now is the time to put your game plan together in the event of a storm because if you wait to the last minute food, water and supplies are limited in the days before the storm.<br /> <br /> If you plan to ride out the storm, being prepared will make the difference! It will make a bad situation somewhat bearable and if you plan to evacuate protect your house by boarding up the windows a doors. If the storm causes wide sread damage it may be a while before you are allowed back into the area.<br /> <br /> If you have any questions regarding your policies, fell free to contact my office at 281-338-7797urn:uuid:ca229d93-b6d2-4fd1-a71f-ed33ddac438dProtect Yourself Since standard homeowners insurance doesn't cover flooding, it's important to have protection from the floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S. In 1968, Congress create...Sat, 18 Feb 2012 08:32:42 -0600<h2 style="padding-top: 0px; padding-right: 0px; padding-bottom: 1px; padding-left: 0px; margin-top: 0px; margin-right: 10px; margin-bottom: 0px; margin-left: 10px;"><span style="font-size: 12px; font-weight: normal;">Protect Yourself</span></h2> <p style="padding-top: 0px; padding-right: 0px; padding-bottom: 4px; padding-left: 0px; margin-top: 0px; margin-right: 10px; margin-bottom: 10px; margin-left: 10px;">Since standard homeowners insurance doesn't cover flooding, it's important to have protection from the floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S.</p> <p style="padding-top: 0px; padding-right: 0px; padding-bottom: 4px; padding-left: 0px; margin-top: 0px; margin-right: 10px; margin-bottom: 10px; margin-left: 10px;">In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding.</p> <p style="padding-top: 0px; padding-right: 0px; padding-bottom: 4px; padding-left: 0px; margin-top: 0px; margin-right: 10px; margin-bottom: 10px; margin-left: 10px;">Find out more about the NFIP and how it can help you protect yourself. Call me at (281) 338-7797 for a Flood Quote.</p> <div style="color: #333333; font-family: arial, sans-serif; -webkit-tap-highlight-color: rgba(26, 26, 26, 0.292969); -webkit-composition-fill-color: rgba(175, 192, 227, 0.230469); -webkit-composition-frame-color: rgba(77, 128, 180, 0.230469); -webkit-text-size-adjust: auto;"><br /> </div>urn:uuid:e1031f6b-33fc-45d2-b02b-2028557fee55There has been alot of changes with the Homeowner market in Southeast Texas over the last few years, but particularly the last two. For areas located in Galveston, Harris, Brazoria and Fort Bend Counties it has become more difficult to find a policy ...Fri, 17 Feb 2012 08:58:23 -0600There has been alot of changes with the Homeowner market in Southeast Texas over the last<br /> few years, but particularly the last two. For areas located in Galveston, Harris, Brazoria and Fort Bend Counties it has become more difficult to find a policy and more over a quality policy. &nbsp;Many agents in the area wll try to sell you a Texas Fair Plan policy, this is a policy of last resort and offers only the basic HOA with Replacement Cost and very little more.&nbsp;<br /> <br /> Agents that are captive with the so called Big 3 insurers, have little or no other home markets to offer because they are captive to the company they write for. &nbsp;A true Independent Agent that is part of the Trust Choice Independent Network (Independent Insurance Agents Association) have many markets that offer coverage for Homes, Auto, Boat, Umbrella,RV and just about any orther insurance that you may need and all are (A) Rated companies. These insurance companies offer the standard HOB, HO3 as well as HOA, Dwelling Fire and much more.&nbsp;<br /> <br /> If you are being cancelled by your current company, don't think that you have to settle for a basic Texas Fair Plan policy, you have options. Give us a call!<br />urn:uuid:01b18a75-9bcf-4288-a74c-5cf1cf317f5dIf you are in the market to purchase a home or refinance your current home, having a trusted Senior Loan Officer to help guide you through the&nbsp; process is important. Sharyl Badali-Howard has 29 years experience in the mortgage industry and works...Fri, 17 Feb 2012 08:14:48 -0600<img alt="" src="webkit-fake-url://2680D231-4D1B-4E86-8573-2F97FF589CBA/imagejpeg" />If you are in the market to purchase a home or refinance your current home, having a trusted Senior Loan Officer to help guide you through the&nbsp;<br /> process is important. Sharyl Badali-Howard has 29 years experience in the mortgage industry and works with mortgage banker that originates,&nbsp;<br /> process and fund loans locally.<br /> <br /> www.sharylhoward.comurn:uuid:6e050ef4-f702-4e53-a5a4-e76e1f1fd639Here are some important points about purchasing insurance from an independent insurance agent: Unlike other agents, an independent insurance agent is not tied to one insurance company. You don&rsquo;t need to change agencies as your insurance and se...Thu, 16 Feb 2012 21:38:18 -0600Here are some important points about purchasing insurance from an independent insurance agent:<br /> <br /> Unlike other agents, an independent insurance agent is not tied to one insurance company. You don&rsquo;t need to change agencies as your insurance and service needs change.<br /> An independent insurance agent treats you like a person, not a number. You can develop a personal relationship with your independent ins<span class="text_exposed_show" style="display: inline;">urance agent. Can you do that with a voice on the phone? Your independent insurance agent has strong customer and community ties.<br /> An independent insurance agent offers one-stop shopping. Dealing with a direct response company or a captive agent limits you to the plans available through only one company. An independent insurance agent offers many plans through many companies, giving the consumer the potential for the broadest range of coverage at a competitive price. One call puts you in touch with someone who can do the comparison shopping for you.<br /> An independent insurance agent provides personalized claims service. When you purchase insurance from a direct response company or a captive agent, who is going to assist you in the event of a claim? Your independent insurance agent is there for you when you need help. You agent can contact the insurance company and get the claim process rolling, help you fill out claim forms, advise you on the progress of your claim and work closely with the insurance company to make sure you get a prompt and fair settlement of a valid claim.</span>urn:uuid:88378629-4d9f-456c-b306-b9d649066087If you are one of one the 11,000 effected by the recent announcement by State Farm that they will be NON RENEWING your homeowner policy. Don't be alarmed because this has been going on for awhile with all the Big 3 insurers. Call Bob Howard Insurance...Thu, 16 Feb 2012 21:30:27 -0600<h6 class="uiStreamMessage" data-ft="{&quot;type&quot;:1}" style="margin-top: 0px; margin-right: 0px; margin-bottom: 5px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; word-break: break-word; word-wrap: break-word;"><span class="messageBody" data-ft="{&quot;type&quot;:3}" style="font-size: 12px; font-weight: normal;">If you are one of one the 11,000 effected by the recent announcement by State Farm that they will be NON RENEWING your homeowner policy. Don't be alarmed because this has been going on for awhile with all the Big 3 insurers. Call Bob Howard Insurance at 281-338-7797, we are part of The Trusted Choice Insurance Network and offer High Quality Homeowner policies. In most cases we save homeowners hundreds of dollars a year when compared to State Farm, Allstate and others.</span></h6> <div style="color: #333333; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 11px; line-height: 14px; -webkit-tap-highlight-color: rgba(26, 26, 26, 0.292969); -webkit-composition-fill-color: rgba(175, 192, 227, 0.230469); -webkit-composition-frame-color: rgba(77, 128, 180, 0.230469); -webkit-text-size-adjust: auto;"><span class="messageBody" data-ft="{&quot;type&quot;:3}"><br /> </span></div>urn:uuid:8404bfe6-e51b-4758-bf2a-e64df9821685If your current Homeowner and Auto Insurance Company is Non-Renewing, Changing, Increasing your Deductibles or Raising Your Rates. Give us a call! We have been in business for over 18 Years serving coastal clients with their Home, Auto, Boat, Flood, ...Thu, 16 Feb 2012 21:20:08 -0600If your current Homeowner and Auto Insurance Company is Non-Renewing, Changing, Increasing your Deductibles or Raising Your Rates. Give us a call! We have been in business for over 18 Years serving coastal clients with their Home, Auto, Boat, Flood, Umbrella, Life, Travel Trailers and RV insurance needs. We offer multi-car, multi-policy, senior, alarm discounts! We have saved our clients and your neighbors hundreds of dollars annually! Our companies are all (A) Rated Home and Auto insurers that are Nationally recognized insurers who what your business!