Insuring Your HomeInsuring Your Home

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Insuring Your Home

When we started thinking about buying a home, I realized that we had a boatload of work to do. I knew that we needed to save up a down payment, talk with a mortgage broker, and most importantly--figure out what we were doing about homeowners insurance. Fortunately, a friend of mine told me about a great insurance broker in our area who handled that kind of thing. We met with her to talk about our options, and before we knew it, we had found a policy that really melded with our budget and lifestyle. This blog is all about insuring your home.




Understanding SR-22 Insurance

Auto insurance can be a complex product to purchase. Each state has different minimum coverage limits that must be met, and these coverage limits can be different from the limits required by a lender if your car has been financed.

Basic auto insurance is challenging enough to navigate, but adding SR-22 insurance to the mix can really confuse drivers. Gaining a better understanding of SR-22 insurance will help you better utilize this product if you need it in the future.

SR-22 is usually required because of a court mandate.

There are many reasons why a driver might need an SR-22 insurance policy, and most of these reasons involve some type of court order. Common reasons why drivers will be asked to maintain SR-22 coverage can include a DUI or DWI conviction, failure to maintain continuous auto insurance, and an accumulation of too many traffic violations.

The court will typically only require SR-22 coverage for a finite period of time, so be sure that you read and understand the court order so that you can remain in compliance.

Failure to maintain SR-22 insurance could have serious consequences.

Because most SR-22 insurance policies are obtained because a court order requires them, the penalties for failing to maintain continuous SR-22 coverage for the mandated period of time can be steep.

In addition to having to pay any fines that were waived during the resolution of your court case, you could find your driver's license suspended or revoked if you fail to keep a current SR-22 insurance policy. Insurance companies are required by law to report any lapses in coverage for SR-22 policies to the DMV.

If you are switching insurance companies during the time period when you are required to keep SR-22 insurance, be sure that you have your new company file an SR-22 certification with your state's DMV to avoid a suspended or revoked license.

An SR-22 insurance policy will cost you.

Most insurance companies don't actually charge an additional fee to add SR-22 insurance to your existing auto policy. A filing fee may be required for sending the policy certification to your state's DMV, but there is no ongoing financial obligation.

This doesn't mean that you won't end up paying for the SR-22 policy in the long run. Drivers who need SR-22 coverage are considered a higher risk by insurance companies. Your monthly premiums will probably increase after you request SR-22 insurance, and they might not come back down for a significant period of time. Contact an agency, like Nelson Insurance Agency for more help.