What is An Insurance Score?

Your insurance score is a number that is calculated based on your credit score and claim history by insurance companies. It’s used to determine the probability that a policyholder will file a claim in the future.

Insurance companies use Comprehensive Loss Underwriting Exchange (CLUE), and the Automated Property Loss Underwriting System (A-PLUS) to research a person’s claim history. 

Studies show that people with poor credit ratings are more likely to file insurance claims. Many insurance companies believe the higher your credit score is the lower the chance of you filling a claim, thus the higher insurance score. Insurance scores range from 200 to 997, a good score is usually 770 or higher. A poor score is typically anything under 500.

The insurance score is important because it is how insurance companies assess the risk of loss with a policy holder. Because of this it is important to be vigilant in maintaining, or improving your credit rating. 


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Message To Millennials: You May Want To Start Considering Life Insurance

You're young. Many of you are just at the cusp of your adult life. Others have been in the work force for a short time, and are beginning to learn the ropes of this whole thing called adulthood. During this time you have a lot of things on your mind; one of those things probably not being the possible need for life insurance. 

While death might be something you may not want to think about it is inevitable, and it's something people should be prepared for. Often money is tight for young adults, and many do not see the benefits of paying for something they won't need until much later in life. Life Insurance however, can be very beneficial for younger people considering the earlier you start a policy the more you can save, and the premiums are cheaper.

Maybe you've been looking for another way to start saving some money. You may want to consider a Permanent Life Insurance Policy, which along with a death benefit has a savings component that can be borrowed against considering the policy.

As independent brokers we are able to scan the market and find the policy that will fit you the best. Give us a call, or visit our site for a free quote. 

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Rental Car Insurance: What To Know Before You Reach The Counter

Okay, we need to rent a car and the person behind the counter is asking what insurance do you want to purchase. Here are some tips to help you make those decisions:

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Understanding Business Insurance

Here is an excellent insurance primer on the basics every business owners should be aware of:

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Is Travel Insurance Worth It?

The summer travel is season has come again. Many are counting down the days now until they are able to take off from work, or their semester has ended to take a vacation, or leaving for that once-in-a-lifetime dream trip. While during this time of year travel peaks, whatever time you may be traveling it is widely known that travel these days can be very pricey.

With the high cost of travel many wonder if they should invest in travel insurance for coverage for themselves and dependents. The short answer is: it depends.

When considering whether to purchase travel insurance it is important to investigate what the policy actually covers. These policies typically cover travel protection, baggage protection, medical, and emergency evacuation.

Travel Protection is probably one of the most popular types of travel coverage. This coverage will cover a fraction of the expenses of a trip that is cancelled or rescheduled. Usually the traveler or the traveler’s companion must be sick or injured to be reimbursed.

Baggage Protection is protection that covers baggage that is lost, stolen, or damaged. Usually airlines automatically extend coverage for the loss or damage of baggage during a flight, but do not assume your airline will cover your possessions. If you travel with jewelry, electronics, and other expensive items this coverage is worth purchasing.

Medical Coverage is coverage you will probably only need if you are travelling internationally. Many think they don’t need additional medical coverage, however many policies only cover in-network. If you are in a place with few in-network providers and have to go to an out-of-network provider there is a good chance your claim will be denied.

Emergency Evacuation this coverage covers expenses for a medically-necessary evacuation; this includes your transportation to medical care. When travelling to remote areas it is wise to purchase this type of coverage.

There are many different policies to choose from when shopping for travel insurance, with many different benefits. With all the different choices in travel coverage, as well as the likely hood your current policies coverage may overlap you travel insurance you should ask you independent insurance agent about your options. 

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How Does An Inquiry Affect Your Credit Score?

Many people believe that every inquiry affects a credit score however, that is not the case. Don’t be fooled certain types of inquiries do affect your credit score. To help keep a good score it is important to know what credit inquiries make an impact, and which ones do not.

The most often inquiry that will not affect your credit report is a soft inquiry. These inquires have nothing to do with a consumer’s attempt to get credit, and are not harmful to the report at all. Inquiries for auto, homeowner's and other insurances fall in this category of "soft inquiries". Also things like credit checks made by potential employers are examples of soft inquiries.

A hard inquiry is used if a person is attempting to get a loan, and it does have an effect on a person’s credit report. This information can be seen in the future by a bank, or any other lender. Whenever a person applies for a mortgage, car loan or credit card they are considered hard inquiries, or an attempt at a loan. Problems can arise if a person attempts a large amount of hard inquiries in a short amount of time. Lenders may think that the consumer is trying to obtain as much credit as possible.

In order to avoid excessive hard inquiries on your credit report it is a good idea for you to run your own credit report to see where you stand before trying to obtain a credit card or loan. It is also a good idea to wait awhile if you are turned down for a credit card before you attempt again.

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Household Inventory Checklist

Home Inventory Checklist
A Record of Your Worth
Your homeowners insurance provides coverage for the contents of your home, up to a limit, which you have selected with your insurance agent. In the event of a total loss, you would be expected to provide a list of all of your personal property that was damaged, along with its estimated value.

If a loss occurred today, would you be able to compile such a list? Would you trust yourself to remember every item in your home, and the approximate value of each item?

If you’re like most people, it would be very difficult. That’s why Emerge Insurance Agency has developed this Home Inventory Checklist. It’s a simple fill-in-the-blank worksheet that takes minutes to complete but could save you hours of frustration if you ever have a loss.

Get Your Free Home Inventory Checklist - Download


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