Category Archives: Useful Insurance Tips

There’s no such thing as FULL COVERAGE!!

Auto insurance is a crazy animal, such a pain to pay for but we loved it when we rear-ended the car in front of us! Unfortunately many policy holders are misinformed when it comes to coverage, specifically what we like to call “FULL COVERAGE”.

Insurance-MythLet’s bust this myth once and for all.. There’s no such thing as full coverage. Many people confuse comprehensive and collision coverage with full coverage. I’ll be honest, before I got into the insurance industry I had the same thought process. “Oh, I’m covered. I have FULL COVERAGE”.. boy was I wrong.

EVERY auto policy has limits, most policies I’ve come across are very low. Take a look at your own policy, what are its limits? California requires you to carry limits of at least 15/30/5, many take these limits and run with them only because they’re required.

Next time you’re on the road take a look at the cars you’re driving next to, average cost about $17,000 per car (in my area at least). With limits of 15/30/5 you’d be left to pay $12,000 out of pocket if I total a $17,000 car, and that’s if you only cause damage to ONE car.

You’re also responsible for bodily injury you cause others in an accident. The cost to ambulance a patient to the hospital, put them through surgery, and keep them in a hospital bed for a couple days can EASILY cost over $50,000. With 15/30/5 insurance limits you’d be left to pay $35,000 out of your own pocket.

See the pattern here? Every policy has limits, double check yours and make sure you’re properly covered. One things for sure, you don’t have full coverage..

PS. We offer quotes here, take a look around and give us a call.

Apartment Complex Insurance: How does it work?

Managing an apartment complex can be a headache, especially when you’re shopping for insurance. Many apartment building owners buy apartment insurance and have no idea what they’re covered for. Most call and ask for a “liability policy” because it’s required and “someone told them they need it.”

How it works

This post will go over a few California apartment insurance basics and how you can take advantage of your policy when something goes wrong.

Most apartment insurance policies come in a business owners package, more commonly known as a BOP. This package usually contains a wide array of coverage from the building to commercial vehicles used in daily apartment operations.

The property portion of your apartment insurance policy is probably the most basic type of coverage and gives protection if something like fire, vandalism, lighting, etc. were to damage your building.

Slipping LiabilityLiability (usually at limits of 1,000,000/2,000,000) adds protection for damage or losses you as the building owner are liable for. A tenant or guest could trip on a pothole, slip on a puddle, or even drown in a pool leaving the owner liable for damages or losses that occurred.

Added protection could include business property coverage for property such as washing machines, tools, expensive supplies etc. This type of coverage is very inexpensive – the last apartment insurance policy I wrote had $10,000 worth of business property coverage at a rate of only $17 dollars! Check your policy now and make sure you have enough business property coverage.

Hired and non-owned auto liability insurance can also be added to your BOP at a minimal expense. This type of coverage extends liability to vehicles your employees or property managers use for the apartment operations. The last apartment building insurance policy I wrote had this coverage with an addition $126 in premium.

Other coverage options include mold protection, terrorism coverage, building ordinance or law, loss of income, and much more. Get in touch with one of our California apartment insurance agents today and we’ll help you find a policy that fits your needs perfectly.

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How your HOA could lose MILLIONS

HOA Losing moneyCalifornia has some of the largest homeowner associations in the country. That being said members of the HOA deal with millions of dollars on a monthly basis.

Unfortunately fraud and theft have become extremely rampant in the past few years (20 BILLION PER YEAR) leading to the loss of hundreds of thousands and even millions for some California HOA’s.

Board members have been caught manipulating checkbooks and destroying records. Let’s go over a few ways your association can avoid this type of theft.

Check Signatures – Every check that goes out to a contractor or anyone else for that matter should always be signed by two board members. Some fidelity bond and crime insurance carriers won’t even cover you from a loss unless checks are signed in this manner.

Blank Checks – Association board members should never sign a check that has not been completely filled out. I’ve personally had clients that were victims to fraudulent checks due to this simple mistake.

Internal Association Systems – EVERY association no matter how small should have systems in place that ensure security and honesty. Many HOA’s have one person that takes care of the accounting, balances the checkbook, writes checks, and looks at invoices. If one person handles all financial matters there is no to ensure that every dollar is its correct place.

Make sure you’re properly protected – Every homeowners association in California needs a fidelity or crime policy. We can only do so much to prevent theft, even with refined systems in place theft can still take place.

Get in touch with one of our California HOA Insurance brokers today. We can go over your current policy to ensure you have proper coverage and re-quote your insurance policy with multiple carriers.

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How they saved $35,159 on wokers compensation insurance.

Managing a business can be a headache, especially if you deal with multiple locations. As deadlines, holidays, and daily paper work pile up we can EASILY forget about some of our biggest expenses, such as California workers compensation insurance. Unfortunately this was the case with one of our newest clients.

Business was doing well for this client, they had a profit increase up $121,000 from last year. With NINE locations (2 in California) you can only imagine how much paperwork they deal with. Unfortunately our soon to be client went 5 whole years without shopping their workers compensation insurance or looking for better rates.

Big saving on work compTurns out the client was with the California State Fund, total premium? $97,890. Sounds like a fair price for 9 different locations right?.. NO, this was for JUST 2 of its California locations. We were able to place this client with a A-Rated Superior California based carrier at, wait for it…. ..$62,731!

That’s a savings of $35,159!! Why were we able to save our client so much?

First, the prior insurance agent was using an incorrect class code (factor that tells the insurance company how to rate premium) per the WCIRB (Workers Comp Insurance Review Board) the client could have been using a more specific code.

Second, we shopped our clients policy with our list of over 120 different carriers. Our access to the vast California workers comp insurance market gave us an edge over the prior company. With quotes from 130K to 62K we were able to place our client with a reputable company at an amazing rate.

DON’T BECOME A VICTIM OF LAZY INSURANCE AGENTS. Call us right now and we’ll make sure you find a workers comp insurance policy that makes the perfect fit for your business.