News | Holley Insurance

Homeowners Insurance – Balancing Low Cost and Best Coverage

on April 22, 2011

For most people, purchasing homeowners insurance is a necessary evil. Since, in many cases, our homes represent our most valuable asset, it is very important that we balance our need to properly insure that asset with our desire to save money. Simply put, most folks just want to make sure they get the best combination of Price, Protection, and Service. Here are a few ways that we can help you be sure:

Price

Homeowners insurance can be expensive, especially in high-risk areas that are exposed to hurricanes, tornadoes, earthquakes, etc. Fortuantely, most of our clients are in portions of Virginia that are not overly exposed to the types of catastrophies. As a result, our rates are low compared to many other parts of the country. Beyond locating in a geographically protected area, there are a few other things to consider in order to control costs.

Maximize your discounts. Taking advantage of discounts for having security alarms, smoke detectors, and new construction can have a major impact. Perhaps the biggest discount is given for packaging your home and auto insurance with the same carrier. If you have those with different companies, we would love to shop them together to see if you can save.

Purchase the right deductible amount. We are often asked what is the best deductible to carry. The answer can vary. In general, most of our clients carry a $500 to $1000 deductible. However, raising the deductible can save big bucks. When considering whether or not to go with a higher deductible, you have to do the math. As an example, if you currently carry a $500 deductible and bumping it up to $1000 will save $75 a year, it will take you a little less than 7 years to recoup the additional deductible that you will be responsible for if you have a claim. Our experience is that most clients will not have a claim every 7 years. So, this may be a good bet for you. However, if the savings is only $25 a year, it will take you 20 years to recover the difference in deductible and you may not want to take that risk.

Know the score. Credit based insurance scoring is a major factor in the cost of homeowners insurance. According to one survey, 92 of the top 100 insurers use some form of credit scoring. An insurance score results from a credit-based statistical analysis of a consumer’s likelihood of filing an insurance claim within a given period of time in the future. However, having a solid credit score may or may not result in a favorable insurance score. Some of the information that can affect your insurance score are number of late paid accounts, liens, judgments, bankruptcies, total number of accounts on file, consumer inquiries, and bank installment accounts paid late.

Protection

Most people think that homeowners policies are all the same. That simply is not true. Some policies offer much broader coverage while others are more basic. Be sure you know which you have before you need to file a claim. In general, you should talk to one of our qualified agents to be sure that you have the coverage you need. However, there are a few things you can look out for. If possible, buy a policy that has guaranteed replacement cost coverage. Most companies, including many of the most well known, do not offer a true guaranteed replacement cost policy. Ask us for an in-depth description of the difference and click this link to see an example of what that can cost you. Some other items to consider are sewer and drain backup coverage, replacement cost for personal property, coverage for other structures on your premises, flood, earthquake coverage, and increased coverage for things such as jewelry, furs, fine arts, guns, and collectibles. Many of these are not covered under a standard homeowners policy, but can be added to the policy by endorsement. Personal Liability coverage is also included in standard homeowners policies. It is usually a great buy and you should consider buying a high limit.

Service

An insurance contract is basically a promise of service. The insurance company promises to give you service at the time of a loss in exchange for your premium dollars. Nearly everyone thinks that they will receive good service from their insurance agency or company. The real proof is how they handle your claims. Ask your friends and neighbors for recommendations (or check out Our Clients Say It Best). Also, check out the financial ratings of companies through A.M. Best, Standard & Poor’s, or the state insurance bureau. You can also get information about customer satisfaction from J.D. Power as well.

Finally, getting personal service from an independent agency like Holley Insurance can be a huge plus. Rather, than calling a faceless call center, you can get service from someone you know, perhaps even someone who lives in your community. Also, by representing many different companies, they can separate the good from the bad and connect you with companies that deliver the best combination of PRICE, PROTECTION, and SERVICE for you.

Thanks A Million Is Back

on April 20, 2011

Thanks A Million is back and better than ever. This year, every referral is a winner and it is still as easy as 1.. 2.. 3!

1. Refer your friends, family, business associates, or anyone else to Holley Insurance.

2. Have them mention your name when they call our office. (Don’t worry. We will ask who referred them to us.)

3. We will automatically send you a $10 gift card AND enter you into our GRAND PRIZE drawing for a 42″ HD TV! The more referrals you send, the more chances you have to win!

So, you can help yourself win BIG with our Thanks A Million program while helping someone else save up to 37% on their Auto, Home, Business, Life, and Health insurance.

Safely Beat Old Man Winter

on January 4, 2011

Is the chill of winter creeping in and around your house? The best defense is making sure your home’s heating system is properly maintained. Follow these tips for extra efficiency and warmth:

1. Have a professional inspect your heating system once per year.

2. Replace air filters often, per the manufacturer’s recommendation.

3. Seal up air leaks and add insulation around the house.

4. Clean registers and make sure they are not blocked by furniture, carpets, or drapes.

Above and beyond that, some homeowners opt for alternative heating devices such as wood-burning stoves and space heaters. While these can be comforting and warming, they can also become a fire hazard. The U.S. Consumer Product Safety Commission estimates that space heaters are associated with about 21,800 residential fires every year.

If you use alternative heating sources, make safety a top priority. Look for products tested by Underwriters Laboratory (UL). Do not leave a heater unattended. Check every electrical cord for fraying and cracking. If one looks worn, replace it before using. Never use a kerosene heater indoors. If using a wood fireplace or wood-burning stove, have it inspected and cleaned at least once a year by a professional chimney sweep. When using a gas fireplace, keep the glowing embers and logs clean, inspect and clean the air circulation passages and fan, and avoid obstructing the vents. For more winter heating tips, go to disastersafety.org.

Have you ever received “Flower-worthy” service from an insurance agency?

on November 2, 2010

Today, Wendy got a special delivery. A client of ours was so pleased with the service that Wendy gave her that she sent her a bouquet of flowers as a “Thank You” gift. If you want “flower-worthy” service for your insurance needs, call, click, or come by Holley Insurance today.

Halloween Safety

on October 29, 2010

It’s that time of year again. Fall has arrived and Halloween is just around the corner. A key part of having a happy Halloween is having a safe one. So, here are a few safety tips:

Trick-or-treaters: Carry a flashlight. Stay in familiar neighborhoods and only approach homes that are well lit. Wear reflective clothing. Make sure your costume does not drag and only carry flexible props. Steer clear of unfamiliar animals / pets.

Parents: An adult should always accompany young children. Purchase only flame retardant costumes. A safe alternative to pumpkin carving is pumpkin painting. If your children trick-or-treat on their own, make sure they carry a cell phone, travel in a group, know how to reach you, and be sure you explain the difference between a trick and vandalism. Be sure to carefully inspect all candy and report any tampering to the police.

Homeowners: Use small flashlights in jack o’ lanterns rather than candles. Offer a well-lit, clear path to your door. Keep pets away from Trick-or-treaters.

Drivers: Slow down. Children will be running everywhere and in their excitement, they may run out in front of you. Partygoers should always use a designated driver.

Guess Who Is Back…

on September 2, 2010

After being gone for a few months, Tammy Hodges has returned to the Holley Insurance Protection Team… and boy are we happy. Tammy brings more than 17 years of insurance experience with her and she is ready to hit the ground running since she was with the agency for nearly 5 years.

We know that many of our clients, particularly our Smith Mountain Lake folks, have missed her. So, call, email, or stop by to say hello.

Light Metal Outbuildings, Winter Weather, And Insurance

on September 2, 2010

These are great… until they collapse or get blown away.

Do you have one of these light metal carports? If so, please don’t put anything you care about under it. Well, that may be a bit extreme, but I have seen over and over that in many cases, these building do more harm than good for their owners and the property they hope to protect by owning one.

We have had several clients report that over the weekend their buildings collapsed under the weight of the snow. If yours is still standing, please go out and knock the snow off or it may not be standing for long. The danger is not over when you knock the snow off, though. As the snow melts it saturates the ground. A good gust of wind is all it takes to pull these structures out of wet ground and throw them into your car, boat, or house. Some of our clients have attached their buildings to concrete footers to avoid this risk with good results.

Ultimately, the best thing that you can do to keep your insurance rates low is to avoid claims. So, keep this in mind when purchasing an outbuilding. If you already have one of these outbuildings, do what you can to secure it.

Three Ways to Lower Your Insurance Premiums

on September 2, 2010

This is a reprint from DaveRamsey.com

Insurance. As much as we hate it, insurance is a necessary part of every financial plan. When bad things happen—car accidents, house fires, unexpected sickness—we need to be prepared.

But the good news is that you don’t have to pay top dollar on your insurance premiums. Start investigating your policies (this means actually reading them!) and you may discover that you can knock a nice little chunk off your monthly payments.

Here are three ways to lower your payments:

1. Consolidate
Some insurance providers offer discounted rates if you have multiple policies with them. If the savings are worth it, consider bringing your life, homeowner’s and auto policies under the same insurance provider.

2. Think Long Term
Good insurance providers reward their long-term clients. So the longer you keep a good relationship with your insurance company, the more likely you are to receive discounts off your premiums. Now, don’t stay with an overpriced provider just so you can save a few bucks down the road. But if it makes financial sense, your loyalty will pay off.

3. Good Grades
Are you the parent of a teenage driver? Listen up! Your teen can help reduce your car insurance premiums simply by earning good grades in school. They will be lowering your payments while earning a potential college scholarship at the same time. Pretty good deal!

So, yes, insurance is expensive. In fact, the cost of your combined insurance policies may be the most expensive item in your budget. But the good news is that you can save money—and lots of it! Check with your provider to see if you qualify for one—or all—of the options listed above.

Want to find insurance premiums that fit your budget? Dave’s insurance Endorsed Local Providers (ELPs) are independent agents who have access to hundreds of policies and can find just the right one for you. Contact an insurance ELP in your city today!

Insurance Institute For Highway Safety Releases 2010 Top Safety Picks

on September 2, 2010

27 vehicles have earned a Top Safety Pick award for 2010 from the Insurance Institute For Highway Safety according to a press release form IIHS. The institute tests vehicles for performance in front, side, rear, and now rollover crashes to determine safety ratings. Here is the complete list of winners:

Large cars
Buick LaCrosse
Ford Taurus
Lincoln MKS
Volvo S80

Midsize cars
Audi A3
Chevrolet Malibu built after October 2009
Chrysler Sebring 4-door with optional electronic stability control
Dodge Avenger with optional electronic stability control
Mercedes C class
Subaru Legacy
Subaru Outback
Volkswagen Jetta sedan
Volkswagen Passat sedan
Volvo C30

Small cars
Honda Civic 4-door models (except Si) with optional electronic stability control
Kia Soul
Nissan Cube
Subaru Impreza except WRX
Volkswagen Golf 4-door

Midsize SUVs
Dodge Journey
Subaru Tribeca
Volvo XC60
Volvo XC90

Small SUVs
Honda Element
Jeep Patriot with optional side torso airbags
Subaru Forester
Volkswagen Tiguan

Tips For Driving In The Rain

on September 2, 2010

In light of recent weather in the area and the fact that I passed 2 rain related accidents this morning, I thought it might be a good idea to post some tips for driving in the rain:
1. Slow Down – Allow more time for stopping and turning.
2. Keep a safe distance – Stay at least 1 car length behind the vehicle in front of you for every 10 mph you are traveling. Example: At 50 mph, stay at least 5 car lengths back.
3. Increase visibility – Turn your headlights on and be sure your windshield wipers are working properly. Also, keep plenty of washer fluid in case you get mud on your windshield.
4. Reduce chances of hydroplaning – Make sure your tires have the proper amount of tread on them and inflate them properly. Avoid hard braking.
5. Avoid damp brakes – lightly riding your brake pedal for several seconds at regular intervals can keep them dry and working correctly.
6. Carry an emergency road kit
7. Avoid flooded areas – Never drive through moving water if you can’t see the ground through it.