Archive | February, 2011

Does Suicide Invalidate My Life Insurance Policy?

A sad incident for local families and Metrolink trains.

Our deepest condolences go out to the family and loved ones of Ronald Perry , who took his own life last week by jumping in front of a Metrolink train at the Irvine station (see news article here).  It is a tragic incident and we at BMR Insurance are deeply saddened by the entire ordeal.  To everyone involved in the incident, from the victim himself to the conductor of the train, we send our sympathy.

The issue of suicide raises a couple of issues we wanted to address for our own clients and loyal blog-followers regarding life insurance.  Life insurance is a tricky topic to address, as there are many hidden clauses and discrepancies within life insurance policies that could be mind-numbingly confusing.  For today, we will be focusing on issues, such as suicide, that could possibly invalidate one’s life insurance policies.

One of the most common ways one can erroneously invalidate his of her life insurance is by withholding information during the application process.  BMR Insurance urges all applicants of life insurance to be honest! If insurance companies find discrepancies later down the road, they could choose to invalidate your policy, wasting years of your financial investment.

It is also a common misconception that suicide automatically rules out any chances of beneficiaries being able to cash out on the victims’ life insurance policy.  Usually in life insurance policies there is an exclusion clause dedicated solely to suicide incidentals, which stipulates that if the insured individual commits suicide within two years of insurance issue date, then the insurance policy is hereby invalidated.  After the two year mark, however, insurance companies can choose to pay out a fraction of the premium to the beneficiaries.  All insurance policies vary, so BMR Insurance suggests that you check with your insurance agent in order to fully understand what is and is not included in your premium.

For a free insurance consultation, please contact BMR Insurance today at (714) 838-1911.  If you or a loved one is dealing with issues of suicide, please seek help immediately!  1-800-SUICIDE is a free national hotline available 24/7 with professionals trained to help individuals through their issues and to prevent suicide.

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Coastal Areas to See a Rise in Cost of Home Insurance

The flood that washed away much of Laguna's Main Beach in December 2010

Do you live in Laguna Beach, or one of the other towns blasted by the deluge of rain we saw in December, 2010? Do you live in Tustin? Many don’t realize how often this area gets flooded.

A recent Los Angeles Times article mentioned how the cost of home insurance is expected to rise again this year, for the third year running.

According to the Insurance Information Institute, premiums are likely to rise 2-3% on average, with coastal areas seeing the largest increases. You may think that they are only referring to places like Florida and Louisiana, where hurricanes hit, but it’s actually all coastal areas. The damage to homes from rain and winter weather and the higher costs for the materials needed for repairs that have driven up prices for home insurance.

And although we don’t get hurricanes, thank goodness, we do get flash floods when it rains here in Southern California. Many homes and businesses in Laguna Beach were heavily damaged or completely destroyed right before Christmas last year. Many sadly found out that they weren’t covered under their homeowner’s insurance policy.

Two major insurance companies, Allstate and State Farm, saw their overall homeowners insurance clients’ premiums increase by over 7% in 2010, and Allstate’s Tom Wilson, the Chief Executive, was quoted as saying recently that “you should expect to see it go up” in 2011, too.

What should you do? Shop around, that’s for sure. And BMR Insurance can do this for you. As an independent agency, we aren’t locked in to one insurance company for our customers. That gives us more flexibility to find not only the best price for you, but the best coverage for your needs.

And remember, flood insurance is NOT usually covered in your homeowner’s insurance policy. Are you covered? Let us help you find out, and get you covered right away, BEFORE another rainy spell starts! We’ve had some rain already this week, and more is expected over the weekend. As always, a real live person will pick up the phone when you call BMR Insurance—personal and attentive customer service is what we pride ourselves on. Call us now for a free consultation and insurance quote: (714) 838-1911

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Money-Saving Trends for Auto Insurance

Save money? Don't we all want to?

Auto insurance rates may always be on the rise, but that doesn’t mean that consumers should not try to get the most out of the hefty premiums they have to pay every year.  The following auto insurance trends forecasted for 2011 can actually favor auto insurance policy holders, and with the right course of action drivers can actually use these trends to their advantage and save money.

Competitive Policy Rates

With the weak economy, most insurance companies are scaling back on their premium costs in order to accommodate the needs of drivers.  Continue Reading →

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Santa Ana’s Saddleback Inn Burned, But Who Pays for the Clean Up?

Santa Ana landmark The Saddleback Inn burns last month.

The Saddleback Inn in Santa Ana was a long-time landmark of Orange County, once a major hotel back in the 1960’s and then in its last years a temporary lodging for low-income tenants. Tragically, the Saddleback Inn caught fire this past week, and all that remains now of the old hotel is a pile of rubble and dust.

We don’t know how extensive Saddleback Inn’s insurance coverage is, but we are crossing our fingers for the owners and hoping it is enough.  Cases like these are always reminders for us here at BMR Insurance that accidents do happen, and we always stress to our clients about the importance of adequate insurance coverage that will protect them should a mishap like this occur. Continue Reading →

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