Clayton Hanley Insurance Blog

All You Ever Wanted to Know About Insurance

Common Questions

Jan 25th and 25 degrees outside.  So ready for winter to be over. 

This week I took notice of the most common questions we receive from customers.

  1. My neighbor pays less for home insurance than I do, shouldn’t they all be the same?

  2. Why did my car insurance go up?  I didn’t have any claims.

My answers are 1. Sorry and 2. Sorry.  Just kidding…. Well not really. 

I will try and explain.

Home Insurance - Your neighbor does not have the same house insurance coverage you do and trying to compare policies and companies can be hard, even for us.  The biggest differences we see between policy to policy and company to company comparison is dwelling coverage.  Our companies have the agent put in the general specs of your house (square feet, decks and patios, bathrooms, foundation and basement info, bathroom and kitchen customization etc).  We try and insure to the replacement cost on your house – what it would take to rebuild your home if something catastrophic happened.  Many times we see replacement cost is higher than market value.  Check out this video to explain more  https://www.corelogic.com/solu... 

The next big difference we see is deductibles in home policies.  One person has $500 deductible, the next neighbor has a 2% deductible, neighbor three has a $1,500 deductible plus 1% for wind & hail claims.  It is confusing, looking at the details and fine print is why you have an agent.  If you send us declarations pages to compare we can help, just ask.  Weirdly, the insurance nerd in me, likes looking at other companies declarations pages and comparing to what you currently have or what we can do for you. 

Then you have to get into all the extras, endorsements and perks you are given in the details of the policy.  Basically, just call us!!! It is much easier.

Most of the time car insurance goes up.  Like electricity, groceries and tuition etc. The cost of living and inflation keeps the rates on the rise.  Along with a few other factors that the insurance companies are seeing a large increase in – bells & whistles on cars, lawsuits, distracted driving are all playing a part in your rates.  Check out this infographic below that Safeco shared.  I had an ah ha moment when I saw this, and then I remembered how much I loved having Bluetooth in my car so I can listen to podcasts on my commute. 

Thanks and have a wonderful weekend

Peggy 'The Insurance Lady' Manes