Did you know that Charleston was hit with more than a magnitude 7 earthquake in 1886 and the USGS updated their earthquake maps in 2008 and Charleston is the bullseye for future seismic events?
Did you know that Charleston was hit with more than a magnitude 7 earthquake in 1886 and the USGS updated their earthquake maps in 2008 and Charleston is the bullseye for future seismic events?
On January 29, 2021, FEMA will finally announce flood map changes for Charleston-area residents. Overall, the new studies have shown a decreased risk of flooding for most areas of Charleston and more than 80,000 buildings have been re-zoned. In many cases, these changes will result in either a decrease in flood premiums; the flood insurance requirement becoming optional; or the ability to leave the private flood market and have access to FEMA flood offerings at a much more reasonable rate. These map revisions will also affect builders and their new construction height requirements, most lower than the current standard. Lastly, FEMA’s flood insurance rules for storm damage have been updated to state that homes needing repairs due to storm damage beyond 50% of their value have to meet FEMA’s base height requirement when repaired. To see the proposed new flood insurance rate maps, click this link
Please call us if you have any questions or concerns!
Established in 1878, Rough Notes, the nation’s leading source of information on insurance innovations, trends, products, and services shaping the property and casualty industry and independent agencies has selected Atlantic Shield Insurance Group as it’s National Agency of the Month. Its distribution reaches over 36,500 independent agents in the U.S. monthly.
Atlantic Shield Insurance Group (ASIG), an independent insurance agency founded and located in Mount Pleasant, SC has been named Agency of the Month by The Rough Notes Company in their June 2020 issue. The agency was selected from the 36,500 Independent Agents across the United States for this honor due to their track record of success and continued commitment to improvement.
ASIG’s article features the agencies’ humble beginnings, dedication to hard work, and the rise in becoming one of SC top agencies. This recognition highlights the detailed steps in which the agency creates a culture of accountability. It is this culture that has allowed their team to develop a differentiated client experience within the increasingly commoditized insurance marketplace. Established in 2005, the agency specializes in serving the needs of successful households by developing consolidated insurance plans as well as commercial insurance focusing on residential & commercial construction trades, hospitality businesses, property associations, and manufacturing.
“Our entire team is humbled and honored to be recognized with such a prestigious distinction, from our industry’s leading publication. I am thankful to both our staff and clients, which have both made this possible, along with the wonderful community we call home. We will continue to strive for professional excellence by serving our clients with best in class products and services, and to continue giving back to the community that has provided us the platform for success.” Hill Shaw, Principal Owner
I’m pretty confident that if you asked anyone who has ever owned a rental property you would get an overwhelming response that it’s not as lucrative or easy as they thought it would be. In fact, owning a rental property can be a major pain, and end up costing you a ton of money!
I certainly don’t mean to be a “Debbie Downer”, and I know that if it’s done right it can be lucrative, but from an insurance agent’s perspective, I don’t see a lot of people doing it right.
So you’re probably thinking, “Well Chris, you are an insurance agent. What do you know about real estate or rental properties? Why should I take advice from you?”
I’m not a real estate agent, and I don’t own a rental property. However, several of my friends/family/clients/co-workers own rentals, and because I insure a bunch of their properties, I’ve had a first hand account of the process, and I’ve learned what to do, and what not to do.
I was recently asked this question by one of our Atlantic Shield Insurance Group clients, and thought I would share the answer here for our readers.
There are a lot of things that go into homeowners and auto insurance rates, one of them being credit. I’ve heard a lot of complaints from people who don’t like the fact that insurance companies use credit in their underwriting.
Some people have absolutely no idea that it’s used in the rate at all.
At the end of the day, there’s not much we can do about it though. Insurance companies have been using credit in their rates for decades, and that’s not likely to change.
By the way, insurance companies don’t pull your credit like a mortgage company or credit card company does. There is no negative impact on your credit as a result of an insurance company looking at it.
When I say “pull” what I mean is that the insurance company is doing what’s called a soft inquiry, which is not the same thing as having your credit pulled (hard inquiry).
When does credit play a role in insurance rates?
It’s important to understand that insurance companies don’t continuously check or monitor your credit. Usually, they only check it when you first get a quote and/or sign up with them in the very beginning.
This means that if your credit score increases (or decreases) your insurance company does not automatically know about it.
So, to my customers question of whether or not his increased credit score will lower his rates, the answer is not automatically.
What has to be done on our side as the agent is contact the carrier the insurance and ask them to do what’s commonly referred to as a “re-score”. This is when the insurance company can re-run the person’s credit (soft inquiry) to see if there is any positive bearing on the rate.
This isn’t something that the insurance company is going to let the agency do every single year, so it’s not worth even asking unless there has been a significant change in your credit score, and only you as the customer would know if that was the case.
If you’d like to get a better handle on your credit rating, it could be helpful to setup credit monitoring. We hope this was helpful! As always, leave us comment below if you have any questions.
Why do my auto insurance rates keep going up even though my car is getting older? At Atlantic Shield Insurance Group, many of our clients ask this question so I would like to address it from a couple of angles.
First things first, even though it’s called car/auto insurance, it covers more than just your car. It should technically be called “auto-owners” insurance, similarly to how home insurance is actually called “home owners insurance”.
It’s important to understand that there are a lot of variables that go into insurance premiums, and with auto insurance, it’s no different.
The insurance company is much more concerned with you crashing into someone and causing them (or yourself) bodily harm, or death, than they are about your car. A car is a material possession which can be replaced.
A human life is not.
When is the last time you looked at your auto insurance policy?
If you look at it you’ll notice there are a lot of different coverages on your auto policy.
Bodily injury
Property damage
Un-insured motorist
Under-insured motorist
Medical Payments
Loss of Income
Funeral Expense
Loss of use
Rental Reimbursement
These are all things that you are covered for on your auto policy. How many of them have to do with your car?
None.
How many of them have a price next to them on your policy?
All of them.
Your car isn’t the only thing you’re being charged for on your policy
That’s because auto insurance covers far more important things than your car as mentioned above.
Let me re-phrase that: your car insurance rate isn’t just based on your car.
You’re not the only one…
It’s also important to understand that you are not the only person your insurance company insures. You are one fish in an ocean of other fish, sharks, and sea creatures, all who have different characteristics and risk profiles.
Insurance is all about spreading costs over a large number (risk pool) of people, which each person paying their fare share. That risk pool is constantly changing, and is impacted by a ton of different things, including the overall economic climate.
This means that you are sharing in the cost of millions of other people, many of whom may have poor loss history and/or credit.
That’s what insurance is though — sharing in the cost.
The next time your auto insurance rates go up, take a look at the big picture. Make sure you’re looking at ALL of the coverages, and corresponding rates.
Hope this helps! If you would like to know more about Car Insurance be sure to visit our page dedicated to it.
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