While celebrating the 4th of July with fireworks, barbecues, and pool parties can be a lot of fun, it also brings several insurance risks. Since this patriotic holiday is fast approaching, we’d thought it would be good to remind you of the top 4 insurance claims made on the 4th and how to avoid them. The most common insurance claim might actually surprise you!

1. Cooking Fires

Did you guess right? The most common insurance claim made on the 4th of July is actually NOT for fireworks, but for cooking fires. This includes fires caused by grills, smokers, and pits that accidentally got out of control. The average for years past is nearly a $100 million dollars in claims annually.

While this type of claim may be covered under your homeowner’s insurance, you should double check your policy before you fire up the grill. You’ll need coverage for fire damages to your property as well as if another person gets hurt by the fire on your property.

2. Car Accidents

The second most common insurance claim is for car accidents. The 4th of July is one of the deadliest days to drive in the entire year, attributed to drunk drivers and distracted teens.  If you are driving on this day, make sure that you stay alert and definitely don’t drink and drive! Review your auto insurance policy to make sure that you have full coverage.

3. Fireworks

Unsurprisingly, fireworks make the list of the top insurance claims on the 4th of July! Both professional displays and backyard pyrotechnics cause accidents landing between 8,000 and 9,000 people in the emergency room each year (U.S. Fire Administration).

If you’re lighting up fireworks around your home, then it might be a good time to review your home insurance policy to see what is covered. For example, accidentally lighting your roof on fire might be covered, but lighting the next-door neighbor’s tree on fire won’t be. In addition, you want to make sure that you have enough coverage should someone be hurt on your property.

4. Boating Accidents

Lastly, boating accidents are a common claim on the 4^th of July, due to firework mishaps and intoxicated drivers. Each year, thousands of boating accidents occur, so make sure your boat insurance policy is up to date before you go out on the water.

Happy Fourth of July from Your Cornerstone Insurance Agents

However you celebrate the 4th of July, we hope you stay safe and enjoy your holiday! Get in touch with one of our insurance agents if you’d like to check any of your policies.

The post Top 4 Insurance Risks on the 4th of July (Bet You Can’t Guess #1) appeared first on Cornerstone Preferred Insurance | Best Insurance in Glendale & Santa Clarita CA.

For a small business, one of the largest expenses is usually insurance, so it’s understandable to try and only get the bare minimum to save on costs. Living in Southern California, however, it’s vitally important that you make sure to add on earthquake insurance for your commercial property.

Even a mild quake could damage your business enough to stop operations and lose out on vital profits. That may be something your business can’t recover from in the long-run.

What will commercial earthquake insurance cover?

A standard commercial property insurance policy will NOT cover earthquake insurance; it is considered a “special” coverage, so you’ll need to take out a separate policy. This add-on will usually cover damage to your building, inventory, and work property like computers. It may also cover lost income during business interruption.

How is my deductible determined?

Usually, earthquake insurance has a high deductible, anywhere from 2-20% of your business’ value, location, building condition, construction materials, foundation, and age. An insurance adjuster will usually come out to inspect your business and possibly require upgrades before you qualify. Upgrades may include:

• Bolting structure
• Bracing chimney and walls

How much earthquake insurance should I get?

Your earthquake insurance policy should not just cover the market value of your commercial property, but the cost to rebuild it in case of total demolition.

Where can I get earthquake insurance for my business?

Unfortunately, there are many carriers that don’t even offer earthquake insurance for your business; however, at Cornerstone Preferred Insurance, we are independent insurance brokers that have access to numerous carriers and policies. We’ll be able to find a commercial business policy that encompasses EVERYTHING you need for your business, including earthquake insurance. Because we can compare many different companies, we’ll also get you a better price than you would find going directly to the insurance carrier.

Get in Touch with Our Commercial Business Insurance Agents ASAP

Don’t risk everything you’ve put into your business by leaving out earthquake coverage. It may be tempting, but it won’t be worth it in the next major earthquake. Talk to our agents about your business and we’ll help you figure out the right kind of policy to protect your assets.

The post Does Your Business Need Earthquake Coverage? appeared first on Cornerstone Preferred Insurance | Best Insurance in Glendale & Santa Clarita CA.

How to Protect Yourself from the HOA as a Condo Owner 

Did you know that as a condo owner, you can be held financially responsible for damage to the condo building and shared areas of the property? The portion that you pay is known as loss assessment and you may surprised to find out that the amount is completely determined by the HOA.

In order to make sure that you can afford any of these unexpected damage payments, your condo insurance policy should have loss assessment insurance.

Why Loss Assessment Coverage Is So Important

While it’s true that cost of damages will be divided among all owners in your condo, you could still be looking at numbers in the thousands. If your HOA has not insured the building properly, or has an extremely high deductible, then you could be on the hook for much more than you can afford.

Loss assessment can help protect you from these unforseen and unwelcome expenses, including:

• Claims from building damage
• Claims from shared areas (such as pools, playgrounds, walkways etc…)
• Claims from injury on shared areas

Don’t just assume that your HOA building insurance will be sufficient! If the damage exceeds their coverage or they can’t cover the deductible, then they will come knocking on your door to help cover the excess costs.

Don’t Worry About the Details – Talk to Our Specialized Condo Insurance Agents

Talk to one of our agents about your condo insurance policy if you have questions. Condo insurance is extremely complicated, but we have agents who specialize in this area. There are questions that you may not know to ask, such as if earthquake and water damage is covered.

Your needs will differ depending on where you live and what type of lifestyle you have. Every condo owner should have their own personal condo insurance policy that fits their needs and their budget. Call us today at (888) 840-4020 or fill out an online contact form to get started.

The post Does Your Condo Insurance Policy Cover Loss Assessments? appeared first on Cornerstone Preferred Insurance | Best Insurance in Glendale & Santa Clarita CA.

It’s a brand new year, so we’re starting a brand new blog series! We wanted to take some time to debunk some common insurance myths, so to start here are four general misconceptions about insurance policies and rates:

Myth #1: Your Credit Score Does Not Affect Your Insurance Rate

Wrong! While your insurer may not care how many dollars are in your bank, your past history of finance management could very well affect your premium. Many insurers will charge a higher rate to people with low credit scores because they generally have a higher risk of making expensive claims. You may think that an insurance company won’t look at your credit score, but what you may not realize is that in states where it is allowed, insurance companies will base your premium off of your credit score.

Myth #2: “Full-Coverage” Insurance Covers Me for Anything

While your insurance agent may have used the term “full-coverage” or “comprehensive coverage”, that does not mean your insurance will cover you for everything. Make sure you talk to your agent to ask them what full-coverage means and more importantly, what isn’t covered.

Myth #3: Taking a Few Months Off of Insurance Will Save Money

When you decide to let your coverage lapse to save on premiums, it may save you initially; however, when you try to reinstate your policy, you may be in for a surprise. Insurance companies do not like lapses in insurance, so your rate could go up significantly and leave you in a much worse spot than before. Not to mention, you could get in an accident while you don’t have coverage. Is it worth the risk?

Myth #4: It’s Best to Buy Insurance from a Dedicated Agent

While it may seem like sticking with an agent who is dedicated to one company is the best way to get a good price, it’s the opposite. Working with an independent agent will allow you more access to policies that could fit your needs much better than an agent who only has access to one company.  Independent agents don’t cost any extra money and are only motivated by your needs, rather than the insurance company’s needs as with a dedicated agent.

Questions About Your Policy? Call Our Insurance Agents in Glendale and Santa Clarita

If you’ve realized that you’ve fallen prey to a common insurance misconception, then now is the time to take action! Call one of our independent insurance agents at Cornerstone Preferred Insurance. We can help you understand your policy and the best way to save time and money. Insurance shouldn’t be a hassle, but a help! Give us a call at (888) 840-4020 or get a quote from us online.

The post Common Insurance Misconceptions appeared first on Cornerstone Preferred Insurance | Best Insurance in Glendale & Santa Clarita CA.

Myth #1: A Small Car is Cheaper to Insure than a Large Car

Not always. Minivans and mid-size cars are actually the cheapest to insure. Smaller cars have a history of getting into more accidents due to many factors such as:

• Lighter weight
• Less protective features
• Driven by younger drivers
• Commonly stolen (especially older models)

Since they have a higher risk of damage, insurance companies make their auto insurance rates higher for these types of cars.

Myth #2: A Red Car is More Expensive to Insure than Neutral Colors

While red cars may get more speeding tickets, the color of your car will not impact your insurance rate! Insurance companies don’t factor in car color when they calculate your rate.

Myth #3: Carjackers Prefer to Steal New Cars

Actually, car thieves often go for older models. Most thieves steal for the parts, not the entire car. Since there are more opportunities to sell parts with common, older vehicles, they are considered more valuable. Some thieves will take new models to sell, but most stolen cars will just go to a chop shop.

Myth #4: If Someone Else Drives My Car and Gets in an Accident, Their Insurance Covers It.

The primary insurance for an accident covers the vehicle, NOT the driver.  Most standard car insurance policies cover
“permissive use”, which means that if you loan your car to someone, they’ll be covered by your insurance. That means in case of an accident, the claim will appear on your car insurance policy and will affect your rates.

It’s good to note that if your insurance doesn’t cover all the damages, then the other driver’s insurance will help out. Also, if it’s not your friend’s fault, then your insurance won’t be affected. It’s only if the person you loaned the car to is at fault in the accident.

Myth #5: Once You Hit 55, It Costs More to Insure Your Car

Not necessarily. In most cases, it’s the opposite. If you’ve had a clean driving record and you hit 55, you’ll qualify for a discount for completing an accident prevention course. Also, if you’re driving less after retirement, your auto rates could go down significantly.

Myth #6: Comprehensive Auto Insurance Covers Anything Related to Your Car

Unfortunately, “comprehensive” auto insurance is a misnomer. Comprehensive coverage will pay for collision damage, theft, and vandalism, it may not pay out in all circumstances. You may need extra coverage for business-related activity, renting a car, towing, and damage from certain natural disasters. Check with our agents to see what your policy covers, and more importantly, what it does not cover.

Myth #7: You Can Prevent Your Insurance Rate from Rising if You Don’t Report an Accident

This may or may not be true. If you get into a collision with another driver, then there isn’t anything you can do to prevent them from filing a claim. Their insurance company will notify yours and your premiums may increase. Also, if police showed up at the scene and issued any tickets, those will show up on your driving record and activate a rate increase.

Questions? Get in Touch with Our Insurance Agents

If you have further questions about your auto insurance policy, then please don’t hesitate to contact our insurance agents at your earliest convenience. We’re more than happy to read through your policy and explain the particulars. Our specialty is making sure that you, the customer, understand the nuances of your insurance coverage and have the best possible plan!

The post Common Auto Insurance Misconceptions appeared first on Cornerstone Preferred Insurance | Best Insurance in Glendale & Santa Clarita CA.

Myth #1: I Should Buy Home Insurance Coverage Based on the Market Value of My Home 

While it may seem reasonable to buy home insurance coverage based on the real estate market value of your house, you actually want to buy coverage based on what it would cost to RECONSTRUCT your home. That number may vary more than you think. If you live in an area that doesn’t have a good housing market, your home may cost significantly more to rebuild, and vice versa for areas with strong housing value. Our insurance agents can help you with those calculations should you have questions! We will also help you reevaluate your insurance plans annually to make sure that your coverage is up to date.

Myth #2: I Should Overstate the Value of Damage So My Insurer Doesn’t Lowball My Claim

Though there are stories of claimants who have trouble recovering their losses, this is not the way to handle a dispute! If you tell your insurance company that your 60-inch tv was stolen and then they find out it was, in fact, a 40-inch, your trustworthiness instantly goes away and it will be much harder to recover your losses. Most insurance adjusters are familiar with manipulation tactics and can spot deception easily. If you do not get a fair settlement, then filing a dispute with your insurance company is a much more productive step.

Myth #3: My Home Insurance Policy Covers Everything in My House

Unfortunately, this isn’t always true. Standard home insurance policies have limits on coverage for certain possessions, especially those that are more expensive and risky. To have coverage for items such as trampolines, pools, jewelry, and rare art, you need to make sure that those are listed in your policy. Talk to our home insurance agents if you have questions about additional home insurance coverage for more expensive items.

Myth #4: Older Homes Are Cheaper to Insure

Not always. While the materials may be older, they are not necessarily less value. Older homes tend to have construction that is more expensive to replace, such as crown molding, hardwood floors, stained class, brick, etc… Value is determined by the cost of replacing or repairing your home, which includes its features, not necessarily its age.

Talk to Our Home Insurance Experts About Your Policy

If you have further questions about your home insurance policy, don’t hesitate to talk to our agents as soon as possible! We’ll walk through your current policy and make sure you are up to standards on anything and everything related to your home. Our goal as independent agents is to make sure that YOU have the most comprehensive policy for the lowest price. We don’t work for any one insurance company, so we’re able to get you the best deals without any obligations to a carrier. Call us at (888) 840-4020 or get a quote online.

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After you’ve kindly loaned out your car to a friend or family member, it can be shocking and disappointing to get a call that an accident happened in your car. Further confusion can occur when you try to find out what to do next. Here are a few simple insurance rules to help you navigate your insurance policy as it relates to other drivers:

1. Rule #1: Anyone Living in Your House is Usually Covered Unless They Are an “Excluded Driver”

On most insurance policies, any licensed driver in your house can drive your vehicle unless the policy expressly excludes them. This is because most policies require you to list all the drivers in your house, so they are covered within your policy. You may, however, have excluded a licensed driver in your house because of various reasons, such as a poor driving record. These drivers will not be covered in the event of an accident.

2. Rule #2: “Permissive Use” Covers Occasional Use by Other Drivers

For those cases that a friend or family member who is not part of your household needs to use your car, permissive use will usually apply. It’s important to know that permissive use means that you are giving that driver permission to take your car and they will be covered by your insurance.

3. Rule #3 Car Insurance Follows the Car

It’s a common misconception that car insurance follows the driver. In fact, car insurance covers the vehicle. This means that your own policy will provide coverage for another driver, not theirs. The other driver’s insurance acts as excess insurance in case yours does not fully cover the accident; however, your insurance is the primary insurance.

Here’s an example:

You lend your truck to a friend for a day so that they can move out of their apartment. Your friend accidentally backs into another car and damages their vehicle. Since your truck has primary coverage, you are the one who is liable and will need to:

• File an insurance claim with your company
• Pay the deductible
• Accept insurance rate hikes

If your insurance can’t fully cover the damage to the other vehicle, then your friend’s insurance will step in and cover the rest.

What happens if I didn’t give the other driver permission to drive my car?

If someone takes your car with your permission, then it can be difficult to prove, unless that person admits to taking it. If they don’t admit it, usually, you’ll still end up paying because of that lack of evidence.

If they will admit to taking your car without permission, however, then their insurance may be used as primary coverage.

Talk to Our Car Insurance Agents if You Have Questions

If another driver gets in to an accident with your vehicle, then call our agents to help you out. We’ll go over your policy and how to get the situation taken care of effectively and quickly.

If you are thinking about loaning out your car to a friend or family member, then please give us a call and we’ll talk at length about the terms of your coverage. It’s important to be as prepared as possible for any situation! Our goal is to make sure that you are protected.

The post What to Do When Another Driver Is At-Fault in an Accident in Your Car appeared first on Cornerstone Preferred Insurance | Best Insurance in Glendale & Santa Clarita CA.

When you are choosing a car insurance policy, it can be tempting to go for the most inexpensive plan; however, cheaper is NOT always better and can cost you more in the long run. With insurance, lower cost can mean fewer benefits and when it comes to an accident, you want to be fully protected.

What you want in a car insurance policy is affordability. You want low-cost with benefits that you should never consider skimping on, such as:

• Sufficient coverage
• Reasonable out-of-pocket costs
• Good customer service

If you skip out on these benefits, then you could end up paying much more in the long run.

Disadvantages to a Cheap Car Insurance Plan

Insufficient Coverage (a.k.a. Underinsured)

Going with the cheapest car insurance option may mean that you are also getting the minimum possible benefits. For example, if you simply get the required state car insurance coverage and nothing more, you may not be able to pay for anything but damages to another driver’s car, leaving your own at risk. When you buy a car insurance plan, you need to make sure that you have good protection, or buying insurance isn’t worth it in the first place.

High Out of Pocket Costs

Cheap car insurance policies often come with high deductibles. This means that you’ll pay a low amount every month, but when an accident happens, you’ll be left to foot more of the bill. While this might seem like a better plan for your monthly budget, a high deductible can leave you in the lurch when an accident does happen. A typical driver has at least three to four car accidents over the course of their lifetime.

Bad Customer Service

Choosing the cheapest car insurance can also come with the price of poor customer service. If you go with a company who offers low rate, but isn’t reputable, then you may find that the customer service isn’t there when you need it most. Filing a car accident insurance claim is difficult enough, and you want a team on your side who can help.

Finding a reliable company that offers a good plan at the lowest possible cost can be difficult if you are not familiar with the industry. Our independent insurance agents can help you find the perfect marriage between affordability and benefits.

In addition, our customer service is nothing less than the best. You won’t be placed on hold or directed to send a message to an unknown insurance rep – you’ll know our names and how to contact us directly right when you need us.

A Word to the Wise: Car Insurance Scams

Unfortunately, people who search for cheap car insurance are direct targets for scammers. These fraudulent companies lead you to believe that you are purchasing car insurance, but in fact the policy doesn’t exist. Here are some warning signs that a company might be fake:

• Requires cash or money order only
• Offering to “backdate” your policy
• No insurance ID cards
• Lots of typos in paperwork and advertising
• The price is significantly lower than other companies

If it seems to good to be true, it probably is. The good news is that our car insurance agents only work with the most reputable and trusted insurance providers. We only choose companies that are highly reputable. In fact, we’re endorsed local providers of financial guru, Dave Ramsey, because of our quality and customer service.

Call Our Car Insurance Agents in Glendale and Santa Clarita Today!

If you are looking for a LOW-COST car insurance plan, then give our insurance agents a call or get an online auto insurance quote. We can help you assess your budget and find the plan that will give you the most benefits. Our goal is to see you protected, so we will scour hundreds of insurance policies from reputable providers to find the best car insurance plan for you and your family.

The post When Choosing Cheap Car Insurance Is More Expensive appeared first on Cornerstone Preferred Insurance | Best Insurance in Glendale & Santa Clarita CA.

Your car is most likely the second most expensive thing you will ever own, yet we often tend to treat it worse than our phones, clothes, furniture, etc… Some ways to treat your car right are obvious – like going to your mechanic regularly or not speeding – while some are less intuitive. Here are seven habits to build that will save you thousands of dollars over the long haul:

1. Come to a full stop before you reverse or shift to park.  
   In a rush, it’s easy to throw the car in reverse or park while it’s still moving, but that is the best recipe for an early transmission failure (around $1000 to repair). Make sure to come to a full stop before moving into a different gear. Those levers are not designed to stop the car, so doing it often will cause it to fail sooner.
2. Warming up your car
   While it’s true that modern cars don’t require as much tender care as older vehicles, it is still a great idea to let your car warm up before driving it. The oil needs a few minutes to start circulating to all parts of the engine before you drive off.
3. Stop tailgating
   If you find yourself often stomping on your brakes in a panic, chances are that you are tailgating the person in front of you. Constant brake stamping is going to be expensive for brake pads and discs so you’re probably going to find yourself at the mechanics quite often – and it’s around $150 to replace EACH axle.. Slow down and give the driver in front of you some more room.
4. Listen to your dashboard
   It isn’t just there to look pretty. Get in the habit of glancing at your dashboard for warnings about system failure, service reminders, or warnings. Even ignoring something as small as the oil change light can get expensive really fast. Do yourself a favor and just check for problems.
5. Stop pretending that “E” stands for “Enough
   Letting your car consistently run low on fuel may be time-saving for you, but it’s actually terrible for the car. The fuel injectors don’t like running low because all the sludge at the bottom of the tank gets sucked into the engine, causing lots of damage. The fuel also acts as a lubricant, so when you let it get low, it isn’t good for any of the car. Just get to the gas station sooner rather than later when the empty light turns on.
6. Empty out your car regularly
   Cramming a ton of junk in your car and then never taking it out will hurt more than just your fuel efficiency. Having a heavy load or towing more than your car’s capacity can lead to damage in the vehicle’s suspensions, which ranges from $200-1500 to repair.
7. Turn the car only when it’s moving
   When you’re backing out of a tight spot, you may be tempted to start turning the wheel before the car is moving. Try to avoid this! This can lead to damage on the rubber and you’ll have to replace your tires sooner -around $150 a tire!

At Cornerstone Preferred Insurance, we care about saving you money. Call us if you want to see if you can get a better price on your car insurance! You can also fill out an auto quote form and we’ll do all the price shopping for you. We have access to hundreds of policies NOT available on Google.

The post 7 Driving Habits That Will Save You Thousands of Dollars appeared first on Cornerstone Preferred Insurance | Best Insurance in Glendale & Santa Clarita CA.

Data breach incidents are commonplace in this technology driven world. While all the media focus goes to data breaches in large companies, the reality is that over a third of small businesses get hit as well. And unfortunately for them, it can be a lot costlier. Nearly 60% of small businesses are forced to close down after a cyber breach, due to overwhelming legal costs, settlements, notification costs, loss of business, and more.

Small businesses are still a valuable target for thieves because they have thousands of dollars in their account and a false sense of security. They are much less able to withstand attacks because they don’t have the strategies in place to prevent attack and ensuing damages.

Not Just Your Average Hacker

You may be thinking that data breaches are only caused by hackers out to get your money; however, half of data breaches are caused by YOUR employee making an error or a technology malfunction. Here’s a few examples:

• Your employee accidentally emails sensitive information to the wrong address
• You lose your cell phone which has customer information on your work email
• Company credit cards are compromised through point of sale systems

Your Small Business Cyber Insurance Plan

A comprehensive business insurance plan will include cyber insurance that is both affordable and effective, including coverage for the following:

• Monitoring credit cards
• Notifying customers of a breach
• Forensic fees that will identify the cause of the data breach and resolve the attack
• Legal fees for lawsuits from alleged failure to prevent unauthorized access and use of personal information

Call Our Business Insurance Experts for Help – (888) 840-4020

If you are looking for protection for your small business in Glendale, Santa Clarita, or all of the Southern California area, then you need to call our agents. We are a group of independent insurance agents who are dedicated to helping your business succeed. Get in touch with us for a full-scale analysis of your business insurance needs.

The post Why Your Small Business Is at Risk for Data Breach appeared first on Cornerstone Preferred Insurance | Best Insurance in Glendale & Santa Clarita CA.