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How to Save Money on Insurance by Combining Plans: An Interview with Michael DeVito of MyInsuranceGuy

Tell us a little bit about your company and its foundation.

MyInsuranceGuy is a family owned and operated Team of Licensed Independent Insurance Professionals. We search the insurance marketplace for you and recommend companies offering the best coverage at a competitive price. We have been in business over 25 years representing a carefully selected group of financially sound and reputable Insurance Companies. We do not use high-pressure tactics to sell coverage you don't need. We offer honest, thorough information, helping you make the most informed decision. We do not work for any one Insurance Company, we work for you. As an independent broker we will personally assist you with any claims or service issues you may have. We specialize in working with Individuals, Families, Businesses, Associations and Organizations and helping them with all of their insurance needs. Our professional attitude and dedication to serving our clients is something we take pride in and work hard to hold true.

In general, what should a homeowner have insured?

A homeowner owner should have their house insured for full replacement cost, any expensive jewelry should be added to the policy as a scheduled jewelry rider for full appraised value and any special collectibles such as a Hummel collection, expensive antiques, etc., can and should be added to a special rider or endorsement to the house insurance policy so they will be replaced at replacement cost.

Also, their basement for water damage caused by back up of sewer and drain, especially if they have a finished basement and/or store valuable items in the basement. A homeowner will also want to make sure that any separate structures from the house are covered correctly such as a shed or a detached garage.

How easy is it to combine these separate policies?

Combining these policies is a fairly easy process, they should talk to their insurance agent about any collections or items of value and can often be added with a simple appraisal or receipt of purchase.

What are some factors that influence the rate on my home insurance policy?

Factors that influence the rate on a home insurance policy are location of the property, age of the property, replacement cost, and age of roof, heating, air conditioning and electric as well as type of heating and electric the home has. The fire departments response time to fires will have an effect on the rate as well. The insureds claims history on the house or previously owned homes and the insured credit rating have an effect as well.

What are some common claim concerns that may arise with my policy?

Water damage is one of the biggest concerns an insured has. There are basically three types of water damage than can occur in a home and one only is automatically covered. Water caused by a pipe in the house rupturing, sink or toilet overflow is automatically covered and is just subject to the policy deductible. Water coming up from the sump pump or drain in the basement is not covered or the damage it causes unless the insured has Back up of Sewer and Drain endorsed on the policy. Lastly, water coming in from the windows or walls is considered flood, you will need a separate flood insurance policy to have that covered.

Also, a home insurance policy is not designed to cover wear and tear or breakdown, it is truly meant for accidentally losses or act of nature such as fire, wind, hail or tornado. An insured has an obligation as a homeowner to maintain their home and do their best to stop a loss from happening.

What is the best way for people to get in contact with you or your company?

The best method of contact is all methods. We have less than 24 hour turnaround time on inquiries. Phone 815-899-0950, email, website submission , or simply walk-ins (407 W. State Street Sycamore, Illinois 60178) are all accommodated by our agency.

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