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Archive: Sep 2017

Have You Reviewed Your Insurance Coverage Lately?

All too often, the safety net that protects your assets in the event of injury, illness, damage or death gets short shrift. That can be costly, and it’s worth noting that insurance coverage needs to change with every lift event.

Without an annual review, it’s tough to determine whether you’re paying too much, paying for coverage you no longer need or are under insured – which exposes your family to risk.

For Home

It’s important to review each piece. Even if you haven’t made any significant developments or improvements to your home, it is possible that other changes have occurred that your insurance agent should know about. Was there a flood, landslide, or damaging hail storm? Changes in the real estate market may affect the current policy or changes in lifestyle, living situation, or income are all factors to consider when reviewing your homeowners policy.

One area in which homeowners might come up short is liability protection. An umbrella policy extends further protection from lawsuits resulting from an injury in your home or on your property (that includes your vacation home, car, and boat). A $1 million umbrella policy may seem like a lot, especially if you have less than $1 million in assets, but in the rare event that you are sued, you could be forced to pay a legal judgement from your current assets and future earnings. The policy can also pay for defense costs, which can quickly add up even if you win your case.

For Auto

Auto insurance policies need to be reviewed to ensure that you have adequate coverage and protection for all drivers. If you have a new driver on your policy, it might be a good time to increase coverage. In addition to adding or changing the vehicles on your policy, it is important to review your driving habits. Are you driving more or less this year compared to last year? Will you have any upcoming road trips that may require additional coverage? If the value of your car has dipped below $3,500 it might a god time to ditch the collision coverage and go for liability only. Taking the time to review these aspects each year will save you money and give you piece of mind.

For life

Reviewing your lift insurance policy should involve a look back at the year and the responsibilities and roles you hold. If there have been any additions to your family whether that be a new baby or elderly parents moving in, it’s important to increase your life insurance to accommodate the care of all individuals who depend on you.

Any changes in health, activity or stress levels might also be reasons to review and perhaps change your life insurance policy. It is generally not a good idea to reduce your life insurance policy. Even in situations where there is job loss, divorce, or changes in family circumstances, there will be individuals who will be at a financial loss if you are no longer there, so it is important to provide for those unforeseen circumstances by reviewing and renewing your life insurance each year.

Give our office a call to discuss your policy and see if the coverage you have is the coverage you need!

What You Should Know About Flood Insurance

Just a single inch of water from flooding can cause costly damage to your home. Here’s what you need to know about insuring against damages caused by flooding.

What protection does it offer?

A standard homeowners policy does not cover damages from flooding. A separate flood policy is needed to cover losses to your property caused by flooding which provides coverage for things such as:

  • Structural damage
  • Furnace, water heater and central air-conditioning
  • Flood debris clean up
  • Electrical and plumbing systems

Cost of coverage

As a homeowner, you can insure your home for up to $250,000 and its contents up to $100,000. For this $250,000/$100,000 building and contents overage, yearly premiums average $405 in low- to moderate-risk areas. If your home is located in a high-risk area, talk to us to determine your premium.

While it is up to the property owner to decide if they want to cover the building, if you are a renter, you can cover your belongings up to $100,000.

Stay protected

Flood insurance means you’ll be reimbursed for all of your covered losses. As long as your community participates in the National Flood Insurance Program (NFIP), you’re eligible to purchase flood insurance.

In general, a policy does not take effect until 30 days after you purchase flood insurance. However, if your lender required flood insurance in connection with the making, increasing, extending or renewing of your loan, there is no waiting period.

For more information on flood insurance, including premium costs, levels of coverage and the flood risk for your area, visit floodsmart.gov or contact us.

Water losses and flood damage

For your losses to be covered under a flood insurance policy, the following definition of a flood applies:

“A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from: overflow of inland or tidal waters; and unusual and rapid accumulation.”

Federal disaster assistance

Federal disaster assistance is only available if the president formally declares a disaster. Even if you do get disaster assistance, it’s often a loan you have to repay with interest.

Want to know more? Contact us today.

Labor Day Weekend Driving Safety Tips

Traffic fatalities are estimated higher than normal for the upcoming Labor Day weekend. The National Safety Council (NSC) estimates 421 people may be killed and another 48,400 may seriously injured in car crashes for the three-day holiday period, which is 11% higher than the average number of deaths, 378 for past Labor Day weekends.

The National Safety Council’s recent State of Safety report states that preventable deaths are at an all-time high, and many fatalities are on the road. States receiving an “A” for road safety have strong laws such as texting bans, primary seat belt laws and sobriety checkpoints in place to help protect drivers passing through. The NSC has identified seven states that received an “A” – Illinois, Louisiana, Washington, D.C., Delaware, Maine, West Virginia, and Maryland.

Nevada, Florida, Mississippi, Idaho, Wyoming, Arizona, Missouri, South Dakota and Montana received an “F,” according to the NSC.

Here are some quick tips to help keep you safe while traveling this holiday weekend:

  • Buckle up – buckle up on every trip in every seating position.
  • Properly restrain children – make sure children are properly restrained in the appropriate seats for their height, weight, and age.
  • Don’t drink and drive – designate an alcohol and drug-free driver or arrange alternate transportation.
  • Avoid drowsy driving – get plenty of sleep and take regular breaks to avoid fatigue.
  • Cell phone use still dangerous – cell phone use is now estimated to be involved in 26% of all motor vehicle crashes – up from the previous year.
  • Don’t let teens drive – do not allow teens to drive with their friends. A single young passenger can increase a teen river’s fatal crash risk 44%, the NSC estimates.
  • Get to know your vehicle – learn about your vehicle’s safety systems and how to use them. After all, you are the car’s best safety feature.
  • Check for recalls – you can regularly check your vehicle for recalls at checktoprotect.org.

We hope everyone has a safe and fun holiday weekend!

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