Rick Saxen talks Credit, Deductibles and Umbrella Policies

Las Vegas Real Estate Radio Show.

We also had Rick Saxen of American Best Insurance back with us for a segment on July 13th. Rick revisited the topic of how credit impacts insurance. He explained that insurance is a statistical thing and they take all the numbers of what everyone’s ever done however the insurance companies do something completely difference and don’t use some components from your credit profile so it’s hard to exactly define but they also look at property claims and other factors to come up with the credit criteria.

Another topic Rick talked about was deductibles. Rick said that if the deductible was $1,000 and the claim was $1,500 he would elect to pay out of pocket because he wouldn’t want the small claims on his report. Rick talked about how homeowner’s insurance is designed for a large claim or major issue. Ricked added that typically the higher the deductible is, the lower the rate is for the premium.

Umbrella Policies are another insurance option when you need coverage in excess of the policy maximums. It’s basically a back stop if other insurance policies fall short of protecting you from your liabilities. An umbrella policy is fairly inexpensive but provides $1,000,000 in coverage, covers quite a bit and also has a retention deductible. The retention deductible is only for something that outside of what is listed on the policy. Umbrella policies aren’t for everyone but are very prudent when you own property or have assets you need to protect.

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