Monthly Archives

June 2018

Home Insurance and What the Real Estate Professional Should Know

By | Blog, Success Story

Home Insurance GlendoraGlendora Home Insurance – The infamous PITI. It’s funny, even the Insurance portion of this acronym takes the bottom of the list. Between the mortgage, taxes, HOA, utilities, and other expenses, the thought of having to pay homeowners insurance on top of it all can be a real drag for  homeowners if they don’t understand the true purpose and value behind it.

But what about from the real estate professional’s perspective? From a loan officer’s and Realtor’s view, it can also be stressful. Think about it, although homeowners insurance is usually mandatory if you have taken out a mortgage on your home, from the LO’s and agent’s perspective it’s just one more debt to add to the DTI ratio. Each additional debt/expense increases the risk of exceeding qualification ratio limits and consequently receiving a loan denial. Not to forget to mention, if the transaction is a purchase and the sales price is a bit stretched, there may be a disconnect between coverage limits and lender requirements.

That said, we also know the value and necessity behind homeowners insurance. Not only does coverage protect the homeowner and lender from losses should the property be damaged, but it protects the homeowner from liability should anyone get hurt on the property. As real estate professionals, this should be clearly communicated across to the client. Insurance is more than just another condition ordered by an underwriter.

By working with OAK Insurance Solutions you can receive that personal touch to really understand the borrower’s/client’s situation, deliver the right message, and obtain the necessary coverage to protect the home while continuing to qualify the client for their loan program.

Furthermore, you know what else stresses some professionals out? It’s understanding how to read the homeowners insurance declaration page, particularly, if they are not sure what to look for.

So what is a declaration page? In short, insurance companies provide a yearly declaration page, outlining the homeowner’s insurance coverage. The document should show who is insured on the top. This will include the policy number, the coverage period for the insurance, the name of the insured, the name of the lien holder, the property location, and the issuing insurance agency’s name and address.

Afterwards, it should also show what is insured. Also known as the rating information, this section will include details about the property to determine the premium.

Side note, we suggest that you highly recommend to your clients to review this section thoroughly each year and when a change is made to the home (i.e.  obtaining a new roof, alarm, pool, or even adding a new pet can affect your premium).

Another main component is the section indicating how much the homeowner is insured. This will present the early premium, limits, deductibles, as well as the coverages for the dwelling, personal property, unattached structures, personal liability, loss of use benefit, personal liability, and medical payment protection.

The standard protection plan covers:

  1. The Dwelling – This includes the home, attached structure, plumbing, heating and air conditioning, electrical wiring, as well as built-in appliances.
  2. Personal Property – This includes the personal belongings in the home.
  3. Unattached Structures – Examples can include sheds, detached garages, fences, driveways, patios, etc…
  4. Loss of Use Benefit – If an unforeseen event strikes, requiring the homeowner to live elsewhere while repairs are being made, the loss of use benefit will cover some living expenses.
  5. Personal Liability – If someone or their property is injured while hurt on the insured’s property, personal liability coverage will protect the homeowner from financial loss should they be sued.
  6. Medical Payment – Similar to #5, this protection will provide no-fault medical coverage to the third party injured in the home.

If you have any questions regarding coverage, reading a declaration page, or an existing policy, please do not hesitate to contact OAK Insurance Solutions.

Call Us & Find Out How Much You Can Save in Insurance!

(626) 775-7850

Legal Insight, Coverage Protection | OAK Insurance Solutions representing their newest client, The Napolin Law Firm

By | Blog, Success Story

OAK Insurance Solutions welcomes Los Angeles and Orange County’s leading personal injury litigation attorneys, The Napolin Law Firm!

Not only did we reduce their Worker’s Compensation net rates by 50%, buy we increased their Business Owners’ policy limits by 25% to 100%. This includes Cyber Liability, Employee Benefit Liability, and Employment Practice Liability. Additionally, we have implemented Group Health Insurance for their firm and are also managing the plan.

Thank you to The Napolin Law Firm for their trust and business. We value them as clients and a company!

We helped them and can help you too!

We helped them and we can help you too!

OAK Insurance Solutions
CALL) 626.775.7850
TEXT) 626.818.8987

The Napolin Law Firm provides outstanding legal representation to those who have been injured in an accident or suffered harm due to the negligence of a third party. They realize the full impact a car accident or other personal injury can have on you, your family, your friends, and your community. Since opening our doors in 2011, we have developed as one of the most aggressive injury lawsuit law firms in Southern California. They have developed a great formula of success with client attorney relationships, while representing individuals, families, friends, co-workers and small businesses. We aggressively pursue our client’s best interests, taking on the insurance companies and big businesses, head-on. With a track record of success on literally 1000’s of personal injury claim cases, you can rest assured that you have the most powerful advocacy in California.

Whether you are involved in a car crash, motorcycle accident, slip and fall, or dog bite, you owe it to yourself to retain the best legal representation possible to safeguard your interests. Their attorneys and staff are dedicated to helping people just like you get their lives back on track.

The legal team here at The Napolin Law Firm has the experience and resources necessary to take on the biggest cases.

Meet the Team
Alexander D. Napolin, Esq.
Alex earned his law degree in 2011 from Pepperdine University School of Law. Mr. Napolin graduated from California State University, Fullerton with a double major of Business Administration and American Studies. Prior to forming The Napolin Law Firm, Mr. Napolin advocated for injured workers and personal injury victims at the largest accident injury firm in California.

Catherine R. Lombardo, Esq.
Catherine has practiced jury trials for over 25 years. Having performed more than complete trials, Ms. Lombardo has worked for the Los Angeles County District Attorney’s Office and the San Bernardino County Public Defender’s Office. Attorney Lombardo has served as a Judge Pro Tem in both Los Angeles and San Bernardino County since 1996. She has also been chosen by The Federal Bench in the Central District of California as an appointee on the CJA panel for indigent defendants. Ms. Lombardo is also a former Police Commissioner and Chaired the Claremont Police Commission.

Notable Cases
The Napolin Law Firm in Orange, California have become the top-rated advocates and litigators for the children who have been infected by the bacteria tainted dirty water at Children’s Dental Group in Anaheim, California. Learn More…

The Napolin Law Firm representing victims of the Route 91 Harvest Festival shooting against Mandalay Corporation and Stephen Paddock. Learn More…

Contact Information:
The Napolin Law Firm
Personal Injury Lawyer
269 W Bonita Ave. Claremont, CA 91711

Call Us & Find Out How Much You Can Save in Insurance!

(626) 775-7850