Blog

Some renters have leases that require them to pay for insurance to live in those apartments and make the mistake of thinking they have renters insurance coverage for their belongings. That is not the case. Most times, that renters insurance only covers their liability if they do something that causes damage to the unit or building, such as causing a fire the burns down a multi-family apartment unit. In such instances, the renters insurance policy would pay up to policy limits for the cost of repairs. Any other liability, such as civil liability for any damages to other tenants’ property, might not be insured.

Many Las Vegas Renters Are Crime Victims

Las Vegas police say there are more than 5,100 property crimes reported in the area every day. And high on the list of property-crime victims are renters, whose residences are less than secure and have belongings that are vulnerable to theft. Buying a renters insurance policy is one of the most affordable types of insurance protection renters can obtain for their belongings. And the coverage is portable, which means it extends to personal belongings when away from the home. If an expensive bicycle is stolen while out running errands, the renter’s insurance policy would cover the loss minus any deductibles that might apply. And when indoor belongings are damaged or stolen, there would be coverage available to help replace them.

Renters Insurance Policies Are Affordable

For the amount of coverage provided, renters insurance policies are very affordable. Many plans cost less than $20 per month and insure personal belongings and provide liability insurance protection. The policies likely would provide market-value coverage, which means it would pay the replacement value minus any depreciation for the item in question. Scheduled amounts that predetermine the insured value of costly items, such as artwork, jewelry, silverware and other expensive items, also is available with most policies.

If you are a renter, do you have any valuables that would be costly to replace?

Nearly 20 percent of vehicle owners in Nevada have no insurance coverage on their vehicles as required by state law. And when considering the number of people who drive vehicles for which they are not insured as determined by the policy, the percentage of uninsured drivers rises further, making Nevada one of the top 10 states in which motorists do not carry mandated insurance coverage. The proliferation of uninsured motorists makes it important for drivers to carry uninsured/underinsured motorist insurance to protect them against potential financial losses if involved in an accident with a driver who is not insured.

Not All Drivers Are Identified

An uninsured driver might have auto insurance in place, but if that drive cannot be found after an accident, as is the case with hit-and-run drivers, that motorist is considered to be an uninsured motorists, according to Nevada law as well as the laws in other states. And some vehicles are insured by policies that specifically name who is insured to drive a specific vehicle. If anyone else is found driving it, that motorist is an uninsured driver illegally operating a vehicle. If involved in an accident with a hit-and-run motorist or some other type of uninsured driver, all costs are borne by the victim unless there is uninsured/underinsured motorist coverage in place or collision insurance to cover the damages.

Many Motorists Are Underinsured

While uninsured motorists can be problematic, so can motorists who are driving legally but still do not have enough liability insurance coverage to pay for medical costs and damages if at fault in an accident. To drive legally in Nevada, a vehicle must have liability insurance coverage of at least $15,000 to pay for medical costs for injuries to a single person in an accident and at least $30,000 to cover the costs of injuries to more than one person. A motorist also must have at least $10,000 in liability coverage to pay for any damages to other people’s property. All of those liability limits easily can be exceeded if involved in an accident that injures one or more people and the vehicle driven is newer and worth much more than $10,000. In such situations, either higher liability limits or an umbrella policy are needed to protect the insured party.

Would $10,000 cover damages to your vehicle if it were totaled in an accident?

Driving in Las Vegas can be very trying at times, particularly around 5 p.m. anywhere near the Strip or I-15. Accidents are a too common occurrence, and most times, someone else is at fault. Unfortunately, that leads to another problem in Las Vegas, and that is the high incidence of people driving with no insurance. Studies indicate more than 25 percent of motorists on Las Vegas-area roads are driving illegally with no auto insurance coverage. And even those motorists who do have insurance policies in place in many times do not have enough in coverage limits to pay the full costs of any damages or injuries they might inflict on others.

Uninsured/Underinsured Motorists Coverage Protects Well

The best way to protect against uninsured or underinsured motorists is to have uninsured/underinsured motorists coverage as part of an auto insurance policy. If hit by a driver who can’t be identified in a hit-and-run accident or by a driver who is unlicensed or otherwise not insured to drive a vehicle, uninsured motorists coverage will pay up to policy limits for any financial losses. When a driver cannot  be identified, such as a hit-and-run driver, that motorists automatically is declared an “uninsured motorist.” Having insurance to protect against losses caused by an uninsured motorists is a wise move in a state where more than 25 percent of drivers have no insurance coverage.

Underinsured Motorists Coverage Pays  When Others Won’t

Even motorists who have state-mandated auto insurance coverage in place many times do not have enough to pay for potential damages to many vehicles and other properties. In Nevada, a motorists can drive legally if the vehicle in which he or she is traveling has enough insurance coverage to pay up to 15,000 for bodily injuries to one other person or a total of $30,000 for bodily injuries to more than one person from an accident. State law also requires at least $10,000 in property damage coverage, which can be exceeded easily by one accident. That makes it important to have insurance coverage in place in case an uninsured or underinsured motorist causes an accident involving you. If your vehicle were totaled in an accident, would $10,000 be enough to replace it?

Like many people, you may be perfectly satisfied with your insurance provider. In fact, maybe you’re using the same auto insurance company your parents did (and their parents before them). You may not have a real reason to switch insurance companies or even look into your options – and you might be paying way, way too much. That’s why we offer bundled auto and home insurance to help you save money.

Bundle Auto and Home Insurance for Big Savings

Perhaps you found your current insurance providers because of their initial low policy price, or maybe you’re still with the same home insurance provider that your lender picked out for you. If this is the case, you may be passing up huge discounts for bundled auto and home insurance. At AMS Insurance, we can find you auto and home insurance policies with great premiums, then top them with a multi-policy bundling discount!

Aside from the savings, bundling your auto and home insurance is also convenient. Imagine writing and mailing one check per month (or year) rather than several. Or, if your home insurance is paid through your escrow account, imagine getting a few dollars back each year because of your newly discounted bundling rate.

We know it’s easy to get “comfortable” with your insurance carrier. But while you’re sitting comfortably, you could be saving big dollars! Along with home and auto insurance, you can also bundle other policies we offer, like renters or commercial property. Our dedicated insurance agents will work with you to determine the your family’s specific needs, then get you all the coverage you need at the best price available. At AMS insurance, we think of our customers as family – and what family would let each other pay too much for auto and home insurance?

Give us a call today for your free, no-obligation quote. Or get an instant quote online here.

Have you weighed your health care options and come up more confused than ever? We get it; health insurance plans, deductibles, savings accounts, pre-existing conditions . . . It all sounds like jargon after a while, and confusing jargon at that. If you’re looking into health savings account, you’re on track to saving health care costs. Here we’ve listed the primary benefits of an HSA so you can make an unconfused decision.

1.Opposed to an flexible spending account, an HSA doesn’t lock you in to a set contribution amount. That means you can adjust your contribution a monthly basis, depending on your current medical forecast. Additionally, there is no “use-it-or-lose-it” rule with an HSA, meaning your unused funds will roll over into the next year.

2.HSAs are completely tax-free. You may be accustomed to 401k and other accounts that are “tax-deferred,” but if you follow the guidelines on your HSA and use the funds only for qualifying medical expenses, you’ll never actually pay taxes on the contribution.

3.Your employer contributions aren’t taxed either. Ever gotten a raise and then quickly calculated how much you’ll actually see after taxes and deductions? When an employer contributes to your HSA, you get the full amount – no “net” to speak of.

4.Your office visit payments actually go somewhere. With a coordinating high-deductible PPO, you won’t be paying office co-pays that don’t contribute to your yearly deductible or out-of-pocket maximum. That means you get credit for any payments you make.

5.With growing confusion in the health care industry, HSAs are likely to gain popularity. Many otherwise uninsured individuals will likely enroll in qualifying high-deductible PPOs in order to avoid a penalty. This makes them eligible for an HSA – which, if they’ve been listening to us at all, they’ll enroll in immediately!

Got specific questions on spending accounts? Let us know below!