Personal Insurance: For reference to this section, see Glossary.
(Y)es or (N)o
1. I own or operate an airplane. Aviation
2. I own a condominium. Condominium
3. I own a home as rental property. Dwelling Fire
4. I own a farm. Farm Owners
5. I own a home. Homeowners
6. I own a mobile home or motor home. Mobile and Motor Home
7. I own a motorcycle. Motorcycle
8. I own a personal auto. Personal Auto
9. I would like to have personal liability limits in excess of my personal homeowner and auto insurance. Personal Excess
10. I own a boat. Watercraft
provide liability and physical damage to owners of private or commercial aircraft.
provide coverage to condo owners personal property as well as to buildings under the control of the private owner.
provide personal property (fire and extended coverage) on residential property exposures, as well as providing liability for the landlord.
covers the farms for loss to buildings, contents, crops, equipment, livestock and loss due to bodily injury or property damage on or off premises and for products sold by the farm.
provide coverage for homes, personal property and personal liability coverage on residential property exposures.
Mobile Home and Motor Home
provides property and/or liability coverage on mobile homes and travel trailers
provide liability and physical damage to the motorcycle owner in the same fashion as the personal auto policy.
offers personal auto insurance underwritten by our companies. Multi-tier rating enables us to write a range of preferred and standard auto insurance customers. We offer a full range of services including quoting, thorough underwriting, quality customer service, and 24 hour claim reporting. Coverage is provided through an ISO Personal Auto Policy with a broad range of vehicle and driver discounts. Liability coverage and physical damage coverage are available.
Personal Excess Liability
offers personal excess liability coverage, underwritten by our carriers to our customers. This product is provided only as an accommodation line to our automobile and homeowners policyholder. The policy provides excess liability coverage at limits up to $1,000,000.
Watercraft liability and physical damage coverage is underwritten much as a personal auto policy and provide similar benefits.
Now More Than Ever:
The Importance of Insuring Your Home
To its Reconstruction Cost
Current global economic conditions are greatly impacting everyday life in this country. Americans are making adjustments to their discretionary spending, and some have even decided to place renovation and construction projects on hold. Many assume there is a corresponding decrease in residential construction costs. Thus, as home market values have plunged as much as 30% in parts of the country, some homeowners think insurance premiums should decrease too.
Contrary to popular belief, however, while home market values continue to plummet nationwide, construction costs remain strong and are even on the rise, although at a slower rate than in the past. The Engineering News-Record Construction Cost Indices calculated a 4.9% increase in construction costs from Dec. 2007 to Dec 2008.
Market value vs. replacement cost
As a result of increased construction costs, approximately 58% of U.S. homes are underinsured by an average of 21%, according to Marshall and Swift/Boeckh, a leading provider of building cost data. Many homeowners don’t realize that insurance premium is based on the replacement cost to rebuild a home in the event of a major loss, not market value, or what the house would sell for today.
MARKET VALUE VARIABLESvsREPLACEMENT COST VARIABLES
Subprime loan crisis implicationsTrends in materials cost
Foreclosure ratesFluctuating fuel costs
New housing startsLabor costs and availability
Housing shortages in some locationsChanged construction codes
Location factorsChanged construction standards and practices
Land ValuesNew technology
Key factors that contribute to rising construction costs
•Fluctuating energy costs.
•Rise in the cost of skilled labor.
•Reduced competition as some builders goes out of business.
•Increased overseas demand for raw materials and building products.
•Price increases for roof shingles and wallboard.
Building materials cost increases from Dec. 2007 to Dec. 2008
Construction Cost ComponentANNUAL % INCREASE
Millwork (windows, doors, cabinets)2.1%
Concrete Block and Brick4.7%
Gypsum Producers (drywall)7.5%
(Sources:Engineering News-Record, Marshall and Swift/ Boeckh, and Reed Construction Data, 20O9)
Reconstruction costs more than new construction
When rebuilding a home after a loss, contractors must work with and match existing materials, which requires skilled labor that costs more. Plus, when a contractor rebuilds a single home, there are no economies of scale. i.e. cost to rebuild is always higher than the initial cost to build.
Varying profits for general contractors and subcontractors
The replacement cost for a home includes the builder’s profit and overhead, which averages 10-20% of the building cost on even larger, more ornate houses. Architectural fees for additions and renovations add another 10-15% of building cost. Decorator fees can be as much as 20% added to the total cost, since custom interior designs have to be replicated and integrated.
U.S. environmental factors
Recent natural disasters such as hurricanes in coastal regions, floods in the Midwest, and wildfires in the West have contributed to shortages of building materials and overall cost increases. For example, following Hurricane Katrina in 2005, the costs of materials like concrete, steel and copper increased at double-digit rates, while the cost of lumber more than doubled, also, a heightened emphasis on building “green” with environmentally friendly materials and ultra-efficient technology has contributed to rising construction costs.
Rebuilding custom and historic homes
The materials used to reconstruct custom homes or restore historic homes are more expensive than those used to build average homes due to finer quality and the fact that specialized homebuilders buy these materials in relatively small quantities. Also, fewer craftsmen specialize in custom construction and historic renovation, and greater demand for these specialists has led to increased skilled labor costs.
Our commitment to insurance to value
We take great pride in our local marketplace knowledge arid ability to work with homeowners to help determine appropriate replacement cost values. Construction cost trends are fluid and dynamic, and we will continue to monitor these trends and their impact on home replacement cost valuations throughout 2009, just as we have for well over two decades.
Please review carefully!
Information is not an offer to sell insurance. Insurance coverage cannot be bound or changed via submission of this online form/application, email, voice mail or facsimile. No binder, insurance change, addition, and/or deletion to any insurance policy coverage goes into effect unless and until confirmed directly with a licensed agent. Note any proposal of insurance we may present to you will be based upon the values developed and exposures to loss disclosed to us on this online form/application and/or in communications with us. All coverage is subject to the terms, conditions and exclusions of the actual policy issued. Not all policies or coverage is available in every state.
Please contact our office at 918-346-6973 or 918-660-0090 to discuss specific coverage details and your insurance needs. In order to protect your privacy, p/ease do not send us your confidential personal information by unprotected email. Instead, discuss that personal information with us by phone or send by fax.
Statements on this website as to policies and coverage and other content provide general information only and we provide no warranty as to their accuracy. Clients should consult with their licensed agent as to how coverage pertains to their individual situation. Any hypertext links to other sites or vendors are provided as a convenience only. We have no control over those sites or vendors and cannot, therefore, endorse nor guarantee the accuracy of any information provided by those sites or the services provided by those vendors.
Information provided on this website does not constitute professional advice. If you have legal, tax or financial planning questions, you need to contact a qualified professional.