Entries Tagged 'Personal Insurance' ↓
June 15th, 2020 — Personal Insurance
Any home project job site can become a place of danger that can harm you, the contractor, or any other people working onsite. Here are four reasons why you should only hire insured contractors.
Damage liabilities. When job-related damages arise, uninsured contractors may not be able to foot the bill. This leaves you with the double headache of solving the underlying problem and seeking to collect from a contractor or other responsible party. Working with an insured contractor ensures that there will be an insurance company that is able to cover the damage up to the limits of the policy, giving you peace of mind.
Contractor responsibility. When evaluating contractors, it is difficult to make a true determination of a contractor’s level of responsiveness and responsibility toward clients and their obligations. While a person can rely on online reviews, a contractor who is licensed and insured demonstrates that the person and his or her employees take their obligations seriously.
Property value. Working with an uninsured contractor may impact the value of your property. If the work was not up to code, you will have to disclose that information to potential buyers.
Correcting errors. Sometimes, even the most well-meaning contractors can make mistakes that end up costing you down the line. An insured contractor will be more likely to fix their mistake or at least have the funds to enable you to fix it.
If you have an upcoming home project, call us so we can walk you through the types of insurance contractors should have to make sure you are protected
February 17th, 2020 — Auto, Personal Insurance
Eighty billion dollars. That’s how much insurance fraud costs American consumers each year, according to the Coalition Against Insurance Fraud. This amount of money could buy new vehicles for 2.4 million people (which would cover every driver in Oklahoma.)
This alarming cost takes many forms. It might involve staging an accident to make false injury claims. Or it might include inflating damages to get a higher insurance payout.
Whatever scam is involved, the cost of the fraud ultimately gets passed along to consumers as they are forced to cover false claims, investigations, legal activities, and (potentially) higher insurance premiums.
To protect yourself from these costs, take the following precautions against insurance fraud.
Drive defensively: Never tailgate. Other drivers may take advantage of the situation to stage an accident.
Report accidents: Even if the damage is minor, always report any auto accident to the police. Be sure to obtain a copy of the police report. This will provide proof if the other driver tries to make false claims down the line.
Document everything: Take pictures of the vehicles involved in an accident. These images will document what damage (or lack of damage) is present to prevent false claims or exaggerations. Additionally, record the details of the incident. This should include license plate numbers, contact info and driver’s license numbers of all drivers, and contact info for any witnesses.
Avoid scammers: If anyone appears at the scene of an accident and attempts to guide you to an attorney or a specific doctor, turn them away. This is a red flag that they are attempting insurance fraud. The same is true for doctors who insist that you file an injury claim even if you’re not hurt. If this is the case, you may need to find a new doctor.
Consult quickly: Regardless of fault, report auto accidents to your insurance company as soon as possible. We’re here to help you navigate any claims and protect you from insurance fraud.
January 15th, 2020 — Personal Insurance
Gary and Nancy Doss of Burlingame, CA have been collecting Pez dispensers for two decades. They now have more than 500 of the small candy containers. The rarest product, a “Make a Face” Pez from the 1970s, is worth $5,000.
Do you have a hobby that has grown larger than you may have anticipated? You don’t have to be as dedicated as the Dosses to find yourself heavily invested in a hobby. A model locomotive could be valued at $300. One guitar can easily cost $1,500.
Whether you collect, build, or play, funding for hobbies can quickly add up to significant amounts. If you think you’ve invested quite a bit in your hobby, do a quick review.
Consider the value of your items and supplies. Is it more than $500? If you have invested more than $500 so far, you should make sure it is properly protected.
Review your insurance policies to make sure the items are covered under your homeowners or renters policy in the event they are damaged or stolen.
Keep in mind there are certain limits to most policies, and high-value items might max out the coverage. You may need to purchase a rider to add a particularly valuable piece of equipment to your insurance coverage.
If your hobby investment is less than $500, you should still make sure any high-priced items are included in your home inventory.
January is the perfect time to update this list. Be sure to add any recent holiday gifts to the inventory!
If you have any questions about your insurance coverage or needs, feel free to contact me. I’m just an email or phone call away. |
December 14th, 2019 — Personal Insurance
As the new year approaches, many people review their lives and make new goals for the future, to maybe eat better or exercise more, for example. This turning of the calendar page is also a good time to review your insurance coverage. An annual review allows you to update information and policies to ensure you are appropriately protected in the coming year.
To complete this process, take the following key steps.
Take inventory: Create a home inventory (or update your current one). Be sure to add any major gifts you receive this holiday season and remove anything you have donated, sold, or thrown away in 2019. In your inventory, include a description and the cost of items. Scan or photograph receipts to save with your list. Store everything online and/or off-site so you can access it in case of disaster.
Assess automotive needs: Consider the age and value of your vehicles. Is your coverage still appropriate? Have the primary drivers on any vehicles changed this year, or will they soon? Make sure deductibles, limits, and primary driver designations all make sense for your current needs.
Look for changes: Have you experienced any changes in the past year that might affect your insurance coverage? Renovations, births, purchases, and commute changes can all affect your insurance considerations.
Check for savings: Don’t miss out on any savings opportunities. Check for multiple policy discounts, changes in requirements, or new programs that may cut your insurance costs.
Contact our office for a quick review of your policies. I can help you evaluate your insurance needs to make sure you have the right coverage as you head into the new year.
August 16th, 2019 — Personal Insurance, Sign Of The Times
It’s time for a teen to get their driver’s license. Who is more nervous – the teenager or the parent?
Parent anxiety during this rite of passage is understandable. According to the Insurance Information Institute, motor vehicle accidents are the number one cause of death among those age 15 to 20.
Fortunately, teens and parents can take steps to improve safety on the road. If you have a teen behind the wheel, try these best practices.
Choose a safe car: Sure, your teen will probably prefer to drive that sporty convertible, but giving a teenager the keys to a sleek, fast car will only encourage speeding and other unsafe driving habits. For a teen’s first vehicle, choose a car that is easy to drive and offers solid protection during an accident. Avoid small cars and SUVs, which are prone to rollovers.
Limit their risk: Consider following a graduated driver’s license (GDL) program. These are in place in some states, and parents can institute similar policies in areas where they aren’t required. Under these programs, teens’ driving privileges are restricted until the teen has gained experience behind the wheel. Restrictions may prohibit driving at night or with teen passengers.
Emphasize safe habits: Talk with teens about risky driving behaviors. Explain the dangers involved with distracted driving caused by phone use, radio use, or conversations with passengers. Stress the importance of remaining focused while driving.
Additionally, certain practices, such as enrolling teens in a safe driver program or using electronic devices to monitor their driving, may qualify you for insurance discounts. Contact our office to discuss what programs are available in your area. |
June 14th, 2019 — Commercial Insurance, Personal Insurance
Are you familiar with hired and non-owned auto (HNOA) insurance? If your business involves vehicle use in any way, this coverage could be crucial for your operations. Here are the FAQs.
What is HNOA insurance?
Hired and non-owned auto insurance provides coverage if an employee uses a personal or rented vehicle for business purposes.
If an employee in these circumstances is in an accident, the company for which they were driving could be held liable for damages. HNOA insurance covers this liability.
Who needs HNOA insurance?
Business owners may assume that if their employees don’t use company vehicles, they don’t have to worry about insurance coverage. This isn’t necessarily true.
The employee’s personal insurance may not always cover the full liability, in which case the litigators may go after the business for which the employee was driving at the time. This makes it important for any business with exposure to this risk to maintain HNOA insurance.
While HNOA insurance is most commonly associated with food delivery tasks, the need for HNOA goes beyond pizza and sandwich delivery. Home health care providers, consultants, contractors, and anyone else who uses their own vehicles or rented vehicles for business-related tasks or travel have HNOA exposure.
Of course, a company with a fleet of inexperienced teens delivering dinners will have a higher risk than a small business with two professionals who attend occasional client meetings. Still, the risk is there, and it should be addressed.
What can business owners do to reduce HNOA exposure?
To reduce their risk, business owners can take several steps. First, they can conduct motor vehicle record checks on employees. This task can be completed twice a year to monitor employee driving. Second, business owners can establish guidelines for who is considered an acceptable driver. The employer can use driving experience, age, and driving records as parameters to set these guidelines.
Modern technology allows for a third method that could be worthwhile for some businesses. This solution is telematics. Using this technology, an employer can monitor the activity of a vehicle and the driver’s performance. The data will reveal whether drivers speed, how they brake, and other information that can be helpful in determining risk. Because they are being monitored, employees may make greater effort to drive safely. Employers can also create reward programs based on telematics data to further incentivize safe driving among employees.
Is HNOA coverage provided by a standard commercial auto insurance policy?
Business owners who have a commercial auto insurance policy may or may not be covered for HNOA situations. Previously, this coverage was often a standard part of commercial auto policies, but the rising frequency and cost of litigation have forced many providers to make it a separate policy. Business owners should check with their carriers to see what coverage is included and what is available.
What’s the next step?
If you’re unsure about your HNOA exposure and insurance needs, contact our office. We can provide a quick review of your policies and risks and make sure you have appropriate coverage. |
May 13th, 2019 — Personal Insurance
Have you ever purchased a brand-new car? It had that new-car smell. The odometer readout was near zero. The paint was bright and shiny. You were excited to drive off the lot and put the first miles on your untainted vehicle.
Guess what else happened as you drove off that lot? The vehicle started depreciating. According to Kelley Blue Book, most cars lose about 20% of their value in the first year.
This rapid depreciation could pose a problem for insurance claims. If your initial deposit on the car was small, the loan amount that you owe may be higher than the value of the car.
If your vehicle suffers extensive damage or is totaled in its early years (before you have paid down that loan), your insurance coverage may not provide enough to pay off the vehicle. Why? A standard auto policy typically covers the depreciated value of the car. In other words, it will pay what the car is currently worth on the market when you make your claim.
If this amount is less than what you owe on the car, gap insurance comes into play. It will cover this difference (the gap).
This extra coverage can be helpful in several circumstances.
Long-term financing: If you financed a vehicle for 60 months or longer, you might need gap insurance to provide adequate coverage.
Leasing: If you lease a vehicle, gap insurance is often required as part of the lease agreement.
Lost value: Some cars depreciate faster than others. If your model depreciates faster than average, gap insurance could prove useful.
Low down payment: If you put less than 20% down on the vehicle, this insurance will help cover the gap between the value and the balance of your loan that will most likely exist for a while.
Are you unsure whether you need gap insurance? Contact our office to review your current auto policy and determine whether this coverage makes sense for you and your vehicle. |
April 16th, 2019 — Personal Insurance
Your dog ate your couch. Birds destroyed your gutter. A family of raccoons overran your garage.
Will your homeowners insurance cover these animal invasions?
Yes and no. Here’s the scoop:
Infestation: If your home suffers damage at the hands (or legs) of insects, rodents, or vermin, the cost probably won’t be covered by your homeowners insurance. Whatever damage these unwanted guests cause, including nesting and infestation, is not usually covered. However, this varies by policy, so be sure to check with your insurance agent to confirm.
Destruction: If your personal property is destroyed by an animal, this usually does not fall under your homeowners policy coverage. If the animal damages the property itself, this is probably covered. So, if a bear breaks into your garage and mauls your tools, you might be on your own to replace your saw, but the damage Mr. Grizzly caused to the garage door should be covered.
Liability: Coverage for damages caused by pets varies based on where the damage occurs. If your cute kitten ruins your new loveseat, you’ll have to hold Fluffy responsible. Your insurance company probably won’t pay for that. But if you bring Fido to your friends’ house and he eats their loveseat, the liability portion of your policy will kick in and cover this damage.
Do you have concerns about potential animal-related damages? Let us help you review your policies and determine what specific coverage is best for you and available in your area.
October 16th, 2018 — Personal Insurance, Sign Of The Times
Are you considering renting out your home, guest room, or basement? Peer-to-peer home rentals and services such as Airbnb have grown in popularity. Discovering the income potential in these opportunities may entice you to hand over your keys.
While this may be a good option for you, it’s important to first consider the insurance implications involved. Do you have the right coverage for peer-to-peer rentals? If a renter starts a fire in the home, will you be covered? Always consult with your insurance provider before pursuing any rental arrangements.
If you will be renting all or part of your property on a regular basis, your homeowner’s policy is likely insufficient. You may need business coverage, such as a hotel or bed-and-breakfast policy. Month-to-month home-sharing liability policies may also be available that suit your circumstances. On the other hand, if the rental situation is a one-time occurrence, you might be covered by your current homeowner’s policy, or you might be required to add an endorsement.
Either way, notify your carrier about your intent to determine whether your current coverage is appropriate. Your agent can help you make any changes needed to ensure you and your property are fully protected.
Additionally, if you are considering renting someone else’s peer-to-peer rental space, confirm your coverage with your carrier. Typically, your homeowner’s policy will provide coverage for stolen possessions and accidental injuries you cause to others. However, you should verify this with my office before making any rental agreements.
July 18th, 2018 — Personal Insurance
He has matured past the tricycle phase, grown beyond the bicycle stage, and is ready to try his hand at something with an engine. Your teen says he’s ready to drive. Are you ready?
Whether or not you’re emotionally up for the task, you can at least prepare yourself financially. Take the following steps before your teen takes the wheel.
Assign for savings: Which car will your teen drive? If possible, ask your insurer to assign your teen to the car with the lowest value. Keep in mind that this must be the car that the teen drives. By linking your teen to the least-valuable car, you can save on insurance premiums.
Boost your coverage: If you currently have minimum liability insurance, consider increasing your coverage. You may be fortunate to have a responsible teen, but statistics are still stacked against him. Research shows that teens are more likely to be involved in car accidents than adults, and their chance of being held accountable for a crash is twice that of adults. You’ll be grateful for greater coverage if your teen has an accident that results in costly repairs or lawsuit payments.
Balance the cost: As you raise your liability, you may pay higher premiums. To balance this, consider raising your deductible. Higher deductibles typically result in lower premiums. You can apply this savings to your increase in overall coverage.
Make the call: As with any life changes that may affect your insurance, contact your agent to discuss what solutions are best for your new teen driver.
