Accessing Your Attic: Find Out About What Your Home Insurance Policy Says About Utilizing This Space

How many stairs are you willing to climb to get the most benefit from every single inch of your living space? Converting your unfinished attic can affect your home insurance, and it mostly depends on what you plan to do with your space.

Here are just a few home insurance considerations to ponder before you begin your utilization of your attic space:

  • What is the space going to be used for? Is this space going to be a bedroom, a complete dormer, an entertainment area, a nursery? Your insurance responsibilities differ according to how space will be used.
  • Do you plan on renting the space to a family member or outsider? There are several additional consideration that you must review if you are going to rent the space. It will also have ramifications on your entire home insurance policy.
  • What utilities do you want to have in your attic space?  Will you need air-conditioning? Will you need heat? Is this space going to be used during all four seasons of the year?
  • What amenities do you want to place in your attic renovation? Will there be a bathroom? Will there be a kitchen area? Will there be entertainment space?

Market Value vs Replacement Cost

If I only paid $180,000 for my home, why does my insurance company want me to insure it for $225,000?

One of the biggest questions regarding home insurance centers around the amount of coverage to place on your home. Most homeowners assume the amount of coverage will be equal to the amount they paid for their house or the amount your town/county taxes places on your property.

It’s important to understand the difference between these two methods of valuation:

Market value. This is the price paid for your home. Real estate and property tax estimates are based on market value. It’s a method that values property based upon the amount a willing buyer would pay to a willing seller. In other words, the current value of your home based on market prices.

Replacement cost. The cost it will take to rebuild your house in the same spot, at the same size, and with the same quality of construction at today’s costs. Insurance companies use replacement cost, not market value. The specific configurations of your home (ex. square footage, brick or frame, garages, bathrooms, custom kitchens, etc..)  are used to determine the approximate replacement cost.

Here To Help Serve You

If you’re already a homeowner or anticipating a home closing, contact us today.

Instead of working for one big company, our family of Independent Agents represent multiple insurance providers. This allows us to compare rates and coverages so you’ll get the best coverage-to-value policy available. We’re here to serve you.

Let us help.

Can a Dog’s Breed Affect Your Homeowner’s Insurance?

Perhaps you already know most of the factors that affect your Virginia homeowner’s insurance. Common factors that will change your premium rates include the location of your home, your claims history, and the overall condition of your home.

But there is one more factor that you need to be aware of, and that is your pet dog. This is one of the most common and riskiest factors that can even prevent you from being insured at all.

Does the Breed Matter?

Yes, the breed of your dog is a critical factor that will be considered when it comes to creating your home insurance policy. Statistics indicate that at least 4.5 million people are bitten by dogs every year which justifies the fact that your dog can be dangerous to your visitors. In fact, according to III (Insurance Information Institute) dog bite claims cost insurers almost $700 million in 2017.

Most of the insurance providers categorize certain breeds as either high risk or even uninsurable depending on the statistical correlation between the breed of your dog and bite claims payout.

For instance, most of the insurance providers won’t cover the muscular and huge dogs that can inflict severe harm from a single bite. Most providers have a vicious dog list that they use to determine the risk involved in insuring a certain breed. Dogs that are included in a company’s vicious list tend to have a higher chance of causing harm to someone else so the liability is even greater and most companies won’t insure such dogs.

The dogs that most insurance providers deem unacceptable include:

  • German Shepherds
  • Great Danes
  • Pit Bulls
  • Akita
  • Dobermans
  • Rottweilers
  • Staffordshire terriers
  • Chows
  • Any wolf hybrid

Note that the above list is general in terms, and each insurance provider has specific lists and guidelines.

Are you a homeowner in Blacksburg, VA? Contact Dove Insurance Agency for a homeowner’s insurance policy. Instead of working for one company, our Family of Independent Agents represent multiple insurance providers to help you find the best rate and coverages.

Let us help.

 

4 Reasons to Purchase Life Insurance Today

One of the best ways to ensure things run smoothly in your wake is purchasing life insurance. It is an excellent method of protecting your family’s finances.

Are you on the fence about purchasing a life insurance policy? The following is an overview of 4 reasons to purchase coverage today.

Tax-Free Loans

One of the best benefits of having a life insurance policy is the ability to take out tax-free loans. An often overlooked benefit of having a life insurance policy is that many people are unaware of the fact that you can often borrow against your policy.

Tax-Free Benefits

On the flip side, another benefit of purchasing a life insurance policy offers tax-free benefits to your beneficiaries as well. This is excellent in that you will be able to let your loved ones know exactly how much money they will be receiving or you can plan everything out yourself, knowing you have enough to cover it. 

Take Care of Funeral Expenses

Life insurance policies also help to cover funeral expenses. Although it may seem grim to plan for such a thing, doing so will ensure your family is not stuck footing the bill for costly funeral arrangements. 

Estate Taxes

Lastly, estate taxes can be costly and can cause many issues when someone is ill or dying. Purchasing a life insurance policy will ensure your family has enough to cover your state taxes when you cannot. 

Overall, if you are seeking a high-quality insurance policy in Blacksburg, VA, Dove Insurance Agency is a fantastic option. Offering outstanding customer service and competitive prices, call, email, or stop by the Blacksburg, VA office to find out how you can start your policy and hopefully save. Contact Dove Insurance Agency today to speak with an agent about your life insurance options.

How Is It Determined That A Car Is Totaled?

The agents of Dove Insurance Agency serve residents who live in and near the Roanoke or Blacksburg, VA area. When it comes to automotive insurance, many of their clients rely on them to explain why their car or truck was totaled after an accident. There are times when a vehicle is totaled, but it still runs and looks as if it could be repaired. It’s important to know how the determination is made when it comes to totaling a vehicle.

Repair Cost vs. Resale Value

The cost of making the needed repairs versus the car’s resale or "book" value will play a definite role in whether the car can be repaired. If the car’s total value is listed at $1000 and the repairs to fix it will cost $1500, the car will be totaled simply because it won’t hold its value if you try to sell it after it’s been fixed. In some cases, the value of the car may hold, but the repairs may be so extensive that the labor makes it a poor repair choice.

Buying the Car

There are some cases where the car is totaled, but the owner has the option to repurchase the vehicle from the junkyard and make the repairs on their own. This is often an excellent choice for an older vehicle that has an engine with low miles. Even though the body may be damaged, the engine still has plenty of life left to it.

If you live in the Roanoke or Blacksburg, VA area and have questions about why a car has been totaled and what your options are, call the agents of Dove Insurance Agency and schedule a consultation today!

When Is the Best Time to Purchase Home Insurance?

As a homeowner in the Blacksburg, VA area, one of the questions that you may have is if you should get home insurance and when is the best time is to purchase a policy. When it comes to the biggest investment of your life, the question should really be, do you want to protect it or not? According to Dove Insurance Agency, if you want to protect it, then you need to get a home insurance policy as soon as possible. 

Imagine that something were to happen to your home and you did not have any home insurance. For example, if there was a fire and your home was destroyed, without insurance, you could lose everything and would have to start from scratch to get a new home. If your home was burglarized, you would have the same result with your belongings.

However, if you had home insurance and either of these things happened to you, you can file a claim and get the financial help that you may need to rebuild or replace any of the items that were lost. Your home and everything that you own is too important and valuable for you to leave to chance. These kinds of things can happen at any time and you need to have home insurance in place before it does.

As you can see, you need to have a home insurance policy on your home as soon as possible if you want to protect your investment. If you currently have a home insurance policy that you want us to examine or if you want a free quote for a home insurance policy, be sure to contact us at Dove Insurance Agency, serving Blacksburg, VA, today. We can help you find exactly what you need and we can make sure that it will fit within your budget. 

Standard Types of Life Insurance

Having proper insurance coverage is a very important responsibility. While most people are aware that they should have a home, auto, and medical insurance coverage, life insurance is often overlooked. Since life insurance is so important, understanding your options is very beneficial. For those that are in the Blacksburg, VA area, whole life and term life are the two most common insurance options and there are benefits to both. 

Whole Life Insurance

Whole life insurance is a type of insurance coverage that will provide you with coverage for your entire life. Beyond providing you with the predetermined life insurance amount, a portion of your premium payments will accrue in an account in your name. You will then be able to liquidate this account and redeem the balance at any time. This can also make a whole life insurance policy a good investment that provides conservative returns with minimal risk.  However, the premium payments tend to be much higher. 

Term Life Insurance

If you are looking for the maximum amount of coverage with a lower payment, term life insurance could be your best option. With term life insurance, you will receive coverage for a certain period of time. The cost of the term life insurance premium will be based on a variety of factors including your age when the policy is taken out, the length of the term, and a variety of other risk factors. 

For those that are in the Blacksburg, VA area, choosing the right life insurance option and policy is a big decision. If you are struggling to understand your insurance needs and options, contacting the Dove Insurance Agency could be a great option. The Dove Insurance Agency will be able to explain your life insurance options and help you find the right policy to meet your needs. 

If I get in an accident, will the cost of a new car will be covered?

Car insurance is meant to protect us and our vehicle from any damages that may happen while on the road. For most of us, we sincerely hope our car insurance will only be needed for minor fender benders or perhaps a cracked windshield from a stray rock. But what happens when your car is damaged so severely that it is not possible, or financially smart, to repair it? How will you get a new car?

When this happens, insurance companies will declare the car totaled. When a vehicle is totaled, it means that the cost to repair the car to make it whole again is beyond the value of the vehicle itself. In this case, the insurance company is required to “make the policyholder whole again.” So does this mean that you will get a brand new car? Most likely, no. If you are in the situation that your vehicle is less than three months old, some insurance companies will purchase you a new car. Most of the time though, the insurance company will give you the value your vehicle was worth at the time of the accident as determined by an adjuster. It is important to note that this will not pay off your car loan or purchase you a new car if the cost of either exceeds the value of the totaled vehicle.

Car insurance can be tricky to understand and the residents of Blacksburg, VA know they can turn to Dove Insurance Agency for help. Our agents can help answer any questions about your existing car insurance or can help you with a new policy. Virginia citizens know they can turn to Dove Insurance Agency in Blacksburg, VA. Call today to begin speaking with our experts and try our online rating tool for quotes on auto insurance.

Does Home Insurance Protect Jewelry?

Jewelry is a treasure. Most jewelry is gifts that we receive from our loved ones. Losing these possessions or seeing them damaged can be painful. You should ensure that your jewels have insurance coverage by getting a policy from Dove Insurance Agency.

However, most people do not know if their jewelry is protected by their homeowner’s insurance. Take a scenario where you have lost your engagement ring; you are left wondering if your homeowner’s insurance will cover the loss or if you will have to pay for the ring out of pocket.

When are jewels protected under home insurance?

Fortunately, your home insurance protects your jewelry if it is stolen or if it is damaged by some perils like hail, fire, smoke damage, and vandalism, just to mention a few. For example, if thieves break into your home while you are at work or on vacation, your home insurance policy will pay for part of the jewelry’s value. The value will be determined by the limit defined by the particular policy. Also, if a fire occurs in your home and ruins your jewel collection, the replacement cost will be catered for but only up to an absolute limit.

When are pieces of jewelry not protected under home insurance?

Your jewelry is not protected by your homeowner’s policy in some circumstances, for example, if you misplace it, or if it is lost in a flood, you will need an extra policy for its replacement.

It is wise to get an insurance policy specifically designed to protect your jewels. If you are in Blacksburg, VA, contact Dove Insurance Agency, and we will answer your questions about jewelry protection and home insurance. We serve Blacksburg, Salem, Riner, Radford, Roanoke, and Christiansburg and can help you get the right policy for your home. Also, try our online rating tool for quotes on home and auto insurance.