10 Things to Know About Hurricane Insurance Claims
After the devastating hurricanes in Texas and Florida, residents are now assessing the damage, contacting their insurers, and starting on the long process of physical and financial recovery. If you were affected by Hurricane Harvey or Hurricane Irma, here is how to get the money you deserve from your insurance company and ways to make the most of other assistance to fill in the gaps.
Keep reading to learn more about the 10 things you need to know about hurricane insurance claims.
Flooding Isn’t Covered by Homeowners Insurance
In general, damage caused by wind, wind-driven rain and water that comes into your home through the roof, windows, doors or holes in the walls is covered by homeowners insurance. But damage from flooding or water that rises from the bottom up–from the overflow of a body of water, for example, or a storm surge–is not covered. A lot of the damage in Houston was from flooding and will be covered if you had flood insurance, such as through the FloodSmart.gov National Flood Insurance Program. But even if you didn’t have flood insurance, it’s still worthwhile to contact your home insurance company to see whether some of your expenses will be covered, such as wind damage to your roof or the additional living expenses you incurred while you were out of your house. See Federal Emergency Management Agency’s Wind Damage vs. Flood Damage fact sheet. Also see Lessons From the Floods for more information about how flooding affected Cedar Rapids, Iowa, and other Midwestern towns, as well as what types of damages were and were not covered by insurance.
Flooding Is Covered by Auto Insurance
If your car insurance includes comprehensive coverage (which insures against the type of physical damage not caused by an accident), then flooding would be covered. In many cases, the water damage can be so bad that the insurance company will declare the car a total loss and pay the claim for the value of the car (minus the deductible). Also, be careful if you’re buying a used car in the next several months as cars with flood damage enter the market; such damage could pose major safety risks.
You May Have a Much Higher Deductible for Hurricane Damage
Until a few years ago, many people in high-risk areas of Florida had to buy separate policies to cover windstorms. Now, more insurers are offering windstorm coverage in Florida as part of their homeowners policies, says Chris Heidrick, an independent insurance agent in Sanibel, Fla. But you may have a higher deductible for hurricane damage. For example, you may have a $500 deductible on most claims, but a deductible of 2% to 5% of your coverage amount for damages caused by a hurricane. In Texas, people in some coastal areas, such as Corpus Christi, may have three separate policies: homeowners insurance, separate hurricane coverage from the Texas Windstorm Insurance Association and a flood policy with the National Flood Insurance Program. For more information, see What You Need to Know About Homeowners Insurance in Hurricane-Prone States.
Find Out If You Qualify for Other Assistance
See the Texas Hurricane Center and Florida’s Hurricane Irma Disaster Resources for information about emergency housing, medical and financial assistance from a variety of nonprofits and government agencies. You may also be able to get financial assistance from FEMA.gov if you don’t have insurance. Type your address in the tool at DisasterAssistance.gov to find out about aid in your area, including money for living expenses and rebuilding. You can also get in-person help at a FEMA disaster recovery center. Look up the nearest one using the recovery center locator. You may also qualify for SBA Disaster Loan Assistance, a low-interest loan available for homeowners and renters to repair or replace damaged property. (Even though it’s offered by the U.S. Small Business Administration, you don’t need to be a business to qualify.) Also see links to the state emergency management agencies.
Understand the Rules for Fallen Trees
Even if a hurricane didn’t destroy your home, you may have some damage from fallen trees. If your tree damages a neighbor’s property–say, crushing a garage or fence–your neighbor should file a claim with his insurance company, which will generally pay to fix the damage. When a tree falls and doesn’t hit anything, insurance policies will typically pay just $500 to $1,000–or sometimes nothing–for the cleanup. See Your Tree, Your Neighbor’s Property: Whose Insurance Pays? for more information.
Your Insurer May Pay for Living Expenses While You’re Out of Your Home
Most homeowners policies pay for additional living expenses–including rent, food and other costs–for up to a year while you’re unable to live in your home, or up to a certain percentage of your total coverage amount. This may be the first money you get from your insurance company before it determines how much to pay to rebuild your home. These living expenses can really add up if you’re out of your home for a while as you wait for your house to be rebuilt. Keep the receipts for reimbursement. Some insurers provide debit cards for these expenses.
Contact Your Insurer and Start Documenting Your Claim Right Away
Insurers usually want you to make temporary repairs, such as putting up a tarp, to stop any further damage to the house, even before an adjuster assesses the property. But take pictures before you make those temporary fixes. See the National Association of Insurance Commissioner’s apps and other resources to help you document the damages. Also keep receipts of any supplies you had to purchase for repairs, which may be reimbursed by your insurer. See Make Your Insurer Pay for strategies that helped people get their claims paid after Hurricane Katrina. Also see the “Managing the Post-Storm Insurance Claims Filing Process” consumer alert, important contact information and other resources at the Florida Office of Insurance Regulation’s Hurricane Season Resources page.
Get Credit for All of Your Possessions
If you had a home inventory listing your possessions, and you kept it online or outside of your home, you’ll have a great head start when filing your claims. Otherwise, you may be able to piece together information that can help with your claim. Any photos you have of the rooms in your home can provide evidence to the insurer about items that were damaged. Also look for any receipts for valuable items. And take pictures after the hurricane but before removing debris so that you have some documentation that the items were damaged in the storm. See How to Get Your Insurer to Pay Your Claims to read about how people have pieced together inventories after tornados and water-damage claims–and what they wish they would have done differently.
Take Advantage of In-Person Support
The state insurance department generally has consumer protection staff in disaster areas to answer questions and help you contact your insurer. Many insurance companies also have mobile claims units on the ground to assist with filing a claim and to answer any questions. See the Texas Department of Insurance’s Disaster Assistance Mobile Unit Locations and Help After Harvey resources. Also see Florida’s FloodSmart.gov Hurricane Irma Insurance Resource page and call the state’s insurance consumer helpline (877-693-5236; 850-413-3089) for more information about filing a claim and protecting yourself from scams.
Get Help From the State Insurance Department Throughout the Process
The state insurance department can help you with questions as you start to file your claim, and it can also step in if you’re having trouble contacting your insurer or getting your claim paid. Many insurance departments also set up special mediation programs to help resolve disputes between residents and their insurance companies after a major disaster. For more information, see the Texas Department of Insurance and the Florida Department of Financial Services. Also see the National Association of Insurance Commissioners’ insurance department map for contact information in other states.
Source: Kiplinger.com
Insurance For Newlyweds – Things To Think About
/in News /by AdminHere are some things to think about when it comes to carrying insurance as a couple. Use the topics in this article as a way to start a discussion about your insurance needs. We can then help you narrow down your options.
Auto Insurance
If you and your spouse have separate auto insurance policies, it may be wise to combine them. Get quotes from each of your carriers, and shop around to see if any others offer multivehicle discounts.
Keep in mind that it may not always make sense to bundle your car insurance policies. If your spouse has a poor driving record, you may end up paying more by bundling. Nonetheless, you may still qualify for a discount just for being married. Insurers typically offer discounted rates to people just for being married, because of the assumption that married people drive safer.
Renters Insurance
If you rent your living space, you should consider renters insurance to cover the value of your possessions. If you already have renters insurance, don’t forget that you have more to lose now that you have combined belongings, such as furniture, electronics and jewelry. Consider increasing your limits on personal property coverage, which pays to replace or repair items that are stolen or damaged.
Homeowners Insurance
Homeowners insurance is similar to renters insurance, but it covers more than just your possessions. It also covers your home in case of fire, theft or other perils. Both renters insurance and homeowners insurance also provide liability coverage.
Life Insurance
Newlyweds who both have jobs and are not yet dependent on their spouse’s income may not see the need for life insurance. However, as they build their lives together, that dependency grows. If you’re young and healthy, you can benefit from getting life insurance early in your marriage, since you can typically lock in better rates than if you were older. Remember that the older you get, the higher the rates, so don’t put it off for too long.
While life insurance is less urgent for young couples who are both working and don’t have children, it is important for newlyweds with only one working spouse or those who have children from a previous marriage to purchase life insurance early in their marriage.
If you already had life insurance prior to tying the knot, don’t forget to add your new spouse as a beneficiary.
Disability Insurance
Young people are more likely to become disabled than die prematurely. In fact, more than half of Americans identified as disabled are in their working years—between ages 18 and 64— according to the Council for Disability Awareness.
Disability insurance is historically inexpensive, and can pay you between 50-70 percent of your regular monthly income if an accident, illness or injury prevents you from being able to work. If your employer doesn’t offer disability insurance, you can purchase it on your own. This coverage can be critical for you and your loved ones.
We’re Here To Help
Addressing your insurance needs early provides a solid foundation for your marriage. Review your financial situation and objectives with your spouse, and contact us to help you find sufficient coverage within your budget.
Throwing A Party At Home? Have Fun. Be Smart.
/in News /by AdminHosting a party at your home can be a fun way to connect with your friends and family. However, it’s important to ensure that your guests will be safe and secure while you’re hosting them.
Here are some considerations for protecting guests and your home during a party:
Need more information on what your homeowner’s policy may or may not cover when it comes to having guests over? We’re here to help.
Basics of Extended Homeowners Replacement Coverage
/in News /by AdminWhen purchasing coverage for their home, too many policyholders often make the mistake of simply insuring it for the resale value. However, should a flood, storm or other event occur, they may find that the cost to rebuild far exceeds the original purchase price. This discrepancy can occur for a variety of reasons, including inflated construction costs following catastrophic events that impact multiple homes in a particular area.
To truly protect themselves, extended replacement coverage is essential. This form of coverage provides a benefit over and above the policy limits for replacing a damaged house. That means, should a covered loss occur, extended replacement coverage will kick in and pay up to a specified percentage over an insured’s policy limit—sometimes as much as 125 percent.
As an example, let’s say your $270,000 home is destroyed by a storm. Because this disaster affected an entire neighborhood, the costs of building materials and labor significantly increased due to high demand. As a result, the replacement value is estimated at $300,000—significantly over the normal replacement cost covered by standard homeowner’s policies. Without extended replacement coverage, you would likely have to pay the extra $30,000 out of pocket.
When considering homeowners insurance, extended replacement coverage is critical. While skimping on this protection may lower your coverage costs slightly, those savings will mean nothing should disaster strike and lead to tens of thousands of dollars in losses.
Get Started
Homeowners insurance can be complicated, and it’s importantto discuss your unique needs with an expert. To secure a policy that’s right for you, contact us today.
Uninsured and Underinsured Motorists
/in News /by AdminUnfortunately, many people wrongly assume that auto and umbrella insurance policies will provide reimbursement for all aspects of an accident on the road. Instead, both of these policies cover your own liability and provide compensation to others in the event that you are responsible for an accident. However, if another driver causes an accident and doesn’t have enough insurance coverage to compensate you, your own auto or umbrella policies may not be enough.
If another driver doesn’t have enough insurance coverage to pay for your medical bills, you could face extremely high costs or lengthy court battles. However, by purchasing stand-alone uninsured (UM) or underinsured (UIM) motorist coverage, or by adding the coverage as an endorsement to your umbrella policy, you can be fully protected on the road.
Why Isn’t There Coverage?
Auto insurance is required in most states because all drivers on the road essentially put their trust in one another to not get into an accident. As a result, your regular auto insurance policy will reimburse another driver if you are the cause of an accident. In a similar way, umbrella policies provide you with excess coverage for a number of different personal liabilities.
However, if another driver doesn’t have enough coverage to fully pay for the damage of an accident, you could be left to pay the bills yourself.
To protect yourself from these risks, it’s important to contact us about a stand-alone policy or an endorsement to your umbrella coverage.
Coverage Specifics
Without UM or UIM coverage, you’re essentially paying more for the protection of strangers than you are for yourself and your family. And, although uninsured and underinsured drivers are all too common, many people believe that they’re already covered if someone else causes an accident.
UM or UIM policies are available, as are endorsements to umbrella policies that can protect you from uninsured or underinsured drivers. In fact, in many states, you may be required to purchase UM or UIM coverage. However, just like a normal auto policy, there are some aspects of this coverage that you should consider.
Depending on the state, you may only be required to purchase a small amount of UM or UIM coverage. However, since these policies will protect you and your family in the event of an accident, it’s generally a good idea to purchase the same amount of coverage as your regular auto policy. Coverage is also inexpensive.
Latest Safety Features for New Car Shoppers
/in News /by AdminVehicle technology seems to advance each year, as new features improve driver and passenger safety. The following are just a few driver-assist features to be aware of the next time you’re in the market for a new vehicle:
If you purchase a vehicle with driver-assist features, it’s important to familiarize yourself with how they work. Doing so can help keep you safe on the road and allow you to get the most out of crash-prevention technology.
The Independent Agent Advantage
/in News /by AdminWhat do I give up by not using a licensed independent agent to purchase insurance?
The disadvantage of not using a licensed agent to purchase insurance is that the policyholder does not receive as much, or often any, personal service. A licensed agent with whom there is direct contact can be vital when purchasing a product and absolutely necessary when filing a claim. Without an agent to act as your personal advocate during the claims process, you are left to take care of the details on your own. You may be unsure who to contact at the insurance company or who you can really trust to help you during the times in life when you need help the most. Without an agent you are on your own to absorb the frustration and expense of resolving your problems.
The disadvantage of not using a licensed independent agent to purchase insurance is that agents who only represent one insurance company can only offer insurance based on that one company’s policies and rate structures. As an independent agency we represent numerous insurance companies and are deeply familiar with the intricate differences between them. Therefore we are able to match your needs with the best company to meet those needs and your budget without having to sacrifice coverage in order to find affordability.
What’s the risk in not using an agent?
Many insurance companies that can be called directly as a customer fail to tell you that the “call center personnel” who will take your information and issue the policy ARE NOT licensed to sell insurance, therefore lacking the professional knowledge to guide you toward an acceptable level of protection. These companies are conducting business using a loophole within the law which allows the company to have one license while everyone else works without it. Going this route can place your financial future at risk because unlicensed personnel are trained to simply sell you a policy without being aware of what “real” protection means.
For instance, imagine you own a $150,000 home and your auto insurance policy’s liability limits are $50,000. When you purchased the policy you were told this was plenty of protection considering your state’s minimum requirement for liability is $20,000. Yet if you have an accident and are sued for $200,000 your policy is only going to pay out $50k, leaving you responsible for the remaining $150k. Since your home would cover the difference, a court judgment could force you into selling your home as a way to settle the suit. If your policy’s liability limits had protected you at a minimum of $200,000, the policy would be paying for the total suit.
Because direct writers are typically located nowhere near where you live, many won’t hesitate to sell you a policy with low liability limits as a way to simply make the policy cheaper while convincing you to buy it. Leaving you extremely vulnerable to financial disaster.
Looking for an agent with your best interests at heart? That’s exactly why we’re here.
Lightning and Summer Storms
/in News /by AdminLightning storms are incredibly dangerous and more deadly than tornadoes, floods and hurricanes. When a storm is on the verge of striking your area, you need to know the steps to take in order to protect your family and home.
Use these tips to stay safe during a lightning storm:
If someone you know is struck by lightning, contact emergency personnel immediately. A lightning strike can cause the heart to stop and a person to stop breathing.
If you have the proper medical training, administer CPR to victims who do not have a pulse and treat conscious victims for burns, fractures and other wounds.
Quick Tips for Safe RV Usage
/in News /by AdminRecreational vehicles (RVs) can be a fun way to see the country and spend time with your family. However, because they’re bigger and heavier than an average car, there are additional hazards that come with owning and operating an RV.
Many RV accidents can be avoided by following these helpful tips:
Is Gap Coverage Right for You?
/in News /by AdminGuaranteed asset protection, or gap insurance is an optional automobile coverage that helps you transfer the financial risk if you are involved in an auto accident and you owe more for your vehicle than the amount that it’s worth. This is referred to as being “upside-down.”
Since a new car’s value drops significantly the minute it’s driven off the lot, if you are involved in an accident that totals your vehicle in the first few years you own your vehicle, you may find yourself owing the finance company more than the vehicle’s actual value. Gap insurance provides for the “gap” between the two amounts.
Is Gap Insurance for Everyone?
New vehicle financing options: If you took advantage of a zero percent down payment deal or put a small amount of money down, or stretched the life of your loan past 3 years, gap insurance is most likely a good idea. That’s because the vehicle typically depreciates considerably faster than you have actually paid down the vehicle’s loan.
Used vehicles: Gap insurance is typically not available for used vehicles. To cover your risk, it’s wise to put down an ample down payment and finance the vehicle for the shortest possible timeframe.
Leased vehicles: For those who lease a vehicle, gap insurance is considered an essential coverage because typically there is no trade-in and little cash put down to lease the vehicle. Similar to purchasing a vehicle, if the car is a total loss, you will owe the difference between what you have paid and what you owe on the balance of the lease.
Cost versus benefit: Gap insurance is offered for a nominal fee, which makes it a great value for anyone who finances or leases a new car.
We’re Here to Help
Depending on your vehicle’s make, model and loan terms, we can help you determine if gap insurance is the right choice for you. If you’re purchasing a new vehicle, contact us to learn about how gap insurance can complement your auto policy coverage options and keep you from getting caught upside-down!
Making Sure You Have the Right Auto Coverage
/in News /byDropping some of your coverage—like comprehensive or collision—to the lowest legal level can cut your premium, but it could also put you at serious risk.
An automobile insurance policy is designed to provide you with a level of protection against property, liability and medical costs if you are involved in an accident.
Selecting the correct liability limits is fundamental. 100/300/50 means you are covered for up to $100,000 in bodily injury coverage per person, $300,000 in bodily injury coverage per accident and $50,000 in property damage per accident.
Many states have minimum liability limits of 25/50/10, although some states are higher or lower than this. While it may lower your premium, reducing your liability limits to minimum legal levels and dropping underinsured motorists coverage could open you up to substantial risk.
Collison Insurance – Know the Value of Your Car
Your policy will not pay for repairs that exceed the value of your vehicle. For this reason, if you are driving a vehicle that isn’t worth more than a few thousand dollars, it may not make sense to purchase collision coverage. BHC Insurance can help you determine whether or not collision insurance makes sense for you.
Top Ways to Save on Your Auto Premium:
We’re Here to Help
Accidents happen to cautious drivers, too, and having adequate insurance can save you from serious financial burden should one happen to you.
We can help you determine which automobile insurance coverage is needed and what limits you should consider for your policy.
Are You Prepared for a Home Break-in?
/in News /byWhile it may be difficult to imagine it happening to you, home break-ins are a common occurrence. If an intruder enters your home, your property and the well-being of your loved ones are at risk.
In order to protect your home and family from an intruder, consider doing the following:
In addition to the above, consider arming your home with a security system. A security system may seem expensive, but knowing your family and possessions are safe at all times may make it worth the cost.
Remember Risk! Planning for Financial Stability
/in News /byObtaining the peace of mind financial stability brings starts with reviewing your current financial resources. This is important because your financial resources affect not only your ability to reach your goals, but your ability to protect those goals from potential financial crises. These are the resources you will draw on to meet various life events.
Start by calculating your net worth—this isn’t as difficult as it might sound. Your net worth is simply the total value of what you own: your assets, minus what you owe (your liabilities). It’s a snapshot of your financial health.
First, add up the approximate value of all of your assets. This includes personal possessions, vehicles, homes, checking and savings accounts, and the cash value (not the death benefits) of any life insurance policies you may have. Include the current value of investments, such as stocks, real estate, certificates of deposit, retirement accounts, IRAs and the current value of any pensions you have.
Now add up your liabilities: the remaining mortgage on your home, credit card debt, student and personal loans taxes due on the profits of your investments if you cashed them in and any other outstanding bills. Subtract your liabilities from your assets. Do you have more assets than liabilities? Or the other way around? If so, don’t beat yourself up. According to Forbes Magazine, a person with no debt and $10 in his or her pocket has more wealth than 25 percent of Americans.
Your aim is to create a positive net worth, and you want it to grow each year. Your net worth is part of what you will draw on to pay for financial goals and your retirement. A strong net worth also will help you through financial crises. Review your net worth annually as a good way to monitor your financial health. Websites like Mint.com help you keep track of your income, expenses and net worth on a daily basis.
Identify other financial resources. You may have other financial resources that aren’t included in your net worth but that can help you through tough times. These include the death benefits of your life insurance policies, Social Security survivor’s benefits, health care coverage, disability insurance, liability insurance, and auto and home insurance. Although you may have to pay for some of these resources, they offer financial protection in case of illness, accidents or other catastrophes.
Christmas Safety Reminder for Home or Office
/in News /byFor many of us, the holiday season is a time of joy, celebration and tradition. We look forward to hosting or attending festive gatherings or concerts. We travel near and far to share in the spirit of the season with family, friends and co-workers. We cook more, shop more and decorate more.
However, all that extra cooking, traveling, shopping, celebrating and decorating we do can post potentially serious hazards at home, in the office and on the road. Reports from leading safety organizations indicate that the time from Thanksgiving through the New Year is also one of the most dangerous for homeowners.
Whether you are planning or participating in the festivities, knowing the risks and how to help avoid injury, theft and damage to property through the holiday season are important however you choose to celebrate.
Fire Hazards
According to the National Fire Protection Association (NFPA), home fires and home fire deaths peak between December and February.* Cooking is the leading cause of home fires year round, and the increased use of stovetops and ovens for preparing holiday meals can increase the risk. Holiday decorations and the open flames of fireplaces and candles used during the holidays can also pose a threat.
To help reduce the risk of fire, consider using non-flammable or flame-retardant decorations. If you decorate a Christmas tree this time of year, select a quality artificial tree and decorate with only UL-listed lights. If you choose to have a fresh tree, be sure to keep water in the stand at all times. According to the NFPA, even a well-watered fresh tree should be taken down after four weeks. If you celebrate using a menorah, consider lighting using dripless candles. Remember to keep decorations and trees away from candles, fireplaces and heaters. Never leave an open flame or stove unattended.
Decorative Displays
Decorating the home, office or yard is a popular way to get into the spirit of the season. Planning your displays carefully is important to help reduce the risk of fire, electrical shock, trips and falls, and property damage. If a ladder is to be used always use a fiberglass or wooden ladder as they do not conduct electricity should the ladder come in contact with an open power source. Be diligent about everything you do while decorating to help keep your family and friends safe when putting up, playing around or packing away your festive displays.
Winter Driving Safety
Over the river and through the woods to grandmother’s house, shopping malls and holiday parties we go — all increasing our risk of having to drive in sometimes hazardous winter conditions.
Always check the weather before going out, and avoid driving in snowy, icy or other severe conditions if possible. Take a vehicle survival kit stocked with cold weather essentials on every trip, and try to keep your gas tank from getting far below the half empty level. Following your common sense and basic winter driving tips can help ensure you and your passengers reach your holiday destinations safely.
Consumer Protection Safety Commission, http://www.cpsc.gov/; Electrical Safety Foundation International, http://esfi.org/.
10 Things to Know About Hurricane Insurance Claims
/in News /by Admin10 Things to Know About Hurricane Insurance Claims
After the devastating hurricanes in Texas and Florida, residents are now assessing the damage, contacting their insurers, and starting on the long process of physical and financial recovery. If you were affected by Hurricane Harvey or Hurricane Irma, here is how to get the money you deserve from your insurance company and ways to make the most of other assistance to fill in the gaps.
Keep reading to learn more about the 10 things you need to know about hurricane insurance claims.
Flooding Isn’t Covered by Homeowners Insurance
In general, damage caused by wind, wind-driven rain and water that comes into your home through the roof, windows, doors or holes in the walls is covered by homeowners insurance. But damage from flooding or water that rises from the bottom up–from the overflow of a body of water, for example, or a storm surge–is not covered. A lot of the damage in Houston was from flooding and will be covered if you had flood insurance, such as through the FloodSmart.gov National Flood Insurance Program. But even if you didn’t have flood insurance, it’s still worthwhile to contact your home insurance company to see whether some of your expenses will be covered, such as wind damage to your roof or the additional living expenses you incurred while you were out of your house. See Federal Emergency Management Agency’s Wind Damage vs. Flood Damage fact sheet. Also see Lessons From the Floods for more information about how flooding affected Cedar Rapids, Iowa, and other Midwestern towns, as well as what types of damages were and were not covered by insurance.
Flooding Is Covered by Auto Insurance
If your car insurance includes comprehensive coverage (which insures against the type of physical damage not caused by an accident), then flooding would be covered. In many cases, the water damage can be so bad that the insurance company will declare the car a total loss and pay the claim for the value of the car (minus the deductible). Also, be careful if you’re buying a used car in the next several months as cars with flood damage enter the market; such damage could pose major safety risks.
You May Have a Much Higher Deductible for Hurricane Damage
Until a few years ago, many people in high-risk areas of Florida had to buy separate policies to cover windstorms. Now, more insurers are offering windstorm coverage in Florida as part of their homeowners policies, says Chris Heidrick, an independent insurance agent in Sanibel, Fla. But you may have a higher deductible for hurricane damage. For example, you may have a $500 deductible on most claims, but a deductible of 2% to 5% of your coverage amount for damages caused by a hurricane. In Texas, people in some coastal areas, such as Corpus Christi, may have three separate policies: homeowners insurance, separate hurricane coverage from the Texas Windstorm Insurance Association and a flood policy with the National Flood Insurance Program. For more information, see What You Need to Know About Homeowners Insurance in Hurricane-Prone States.
Find Out If You Qualify for Other Assistance
See the Texas Hurricane Center and Florida’s Hurricane Irma Disaster Resources for information about emergency housing, medical and financial assistance from a variety of nonprofits and government agencies. You may also be able to get financial assistance from FEMA.gov if you don’t have insurance. Type your address in the tool at DisasterAssistance.gov to find out about aid in your area, including money for living expenses and rebuilding. You can also get in-person help at a FEMA disaster recovery center. Look up the nearest one using the recovery center locator. You may also qualify for SBA Disaster Loan Assistance, a low-interest loan available for homeowners and renters to repair or replace damaged property. (Even though it’s offered by the U.S. Small Business Administration, you don’t need to be a business to qualify.) Also see links to the state emergency management agencies.
Understand the Rules for Fallen Trees
Even if a hurricane didn’t destroy your home, you may have some damage from fallen trees. If your tree damages a neighbor’s property–say, crushing a garage or fence–your neighbor should file a claim with his insurance company, which will generally pay to fix the damage. When a tree falls and doesn’t hit anything, insurance policies will typically pay just $500 to $1,000–or sometimes nothing–for the cleanup. See Your Tree, Your Neighbor’s Property: Whose Insurance Pays? for more information.
Your Insurer May Pay for Living Expenses While You’re Out of Your Home
Most homeowners policies pay for additional living expenses–including rent, food and other costs–for up to a year while you’re unable to live in your home, or up to a certain percentage of your total coverage amount. This may be the first money you get from your insurance company before it determines how much to pay to rebuild your home. These living expenses can really add up if you’re out of your home for a while as you wait for your house to be rebuilt. Keep the receipts for reimbursement. Some insurers provide debit cards for these expenses.
Contact Your Insurer and Start Documenting Your Claim Right Away
Insurers usually want you to make temporary repairs, such as putting up a tarp, to stop any further damage to the house, even before an adjuster assesses the property. But take pictures before you make those temporary fixes. See the National Association of Insurance Commissioner’s apps and other resources to help you document the damages. Also keep receipts of any supplies you had to purchase for repairs, which may be reimbursed by your insurer. See Make Your Insurer Pay for strategies that helped people get their claims paid after Hurricane Katrina. Also see the “Managing the Post-Storm Insurance Claims Filing Process” consumer alert, important contact information and other resources at the Florida Office of Insurance Regulation’s Hurricane Season Resources page.
Get Credit for All of Your Possessions
If you had a home inventory listing your possessions, and you kept it online or outside of your home, you’ll have a great head start when filing your claims. Otherwise, you may be able to piece together information that can help with your claim. Any photos you have of the rooms in your home can provide evidence to the insurer about items that were damaged. Also look for any receipts for valuable items. And take pictures after the hurricane but before removing debris so that you have some documentation that the items were damaged in the storm. See How to Get Your Insurer to Pay Your Claims to read about how people have pieced together inventories after tornados and water-damage claims–and what they wish they would have done differently.
Take Advantage of In-Person Support
The state insurance department generally has consumer protection staff in disaster areas to answer questions and help you contact your insurer. Many insurance companies also have mobile claims units on the ground to assist with filing a claim and to answer any questions. See the Texas Department of Insurance’s Disaster Assistance Mobile Unit Locations and Help After Harvey resources. Also see Florida’s FloodSmart.gov Hurricane Irma Insurance Resource page and call the state’s insurance consumer helpline (877-693-5236; 850-413-3089) for more information about filing a claim and protecting yourself from scams.
Get Help From the State Insurance Department Throughout the Process
The state insurance department can help you with questions as you start to file your claim, and it can also step in if you’re having trouble contacting your insurer or getting your claim paid. Many insurance departments also set up special mediation programs to help resolve disputes between residents and their insurance companies after a major disaster. For more information, see the Texas Department of Insurance and the Florida Department of Financial Services. Also see the National Association of Insurance Commissioners’ insurance department map for contact information in other states.
Source: Kiplinger.com
Insuring Your College Student
/in News /byWhen your child leaves for college, it is a big event. One thing that you should think about is your insurance coverage and how it could change with your son or daughter away at school.
Protecting Your Student’s Belongings
Many homeowners policies consider a dorm room as an extension of your home, so items your child keeps there may be covered to some extent. However, if your child has expensive electronic equipment or furniture, you may want to consider purchasing additional coverage.
If your child lives off campus, his or her possessions may not be covered by your homeowners policy. In that case, you may want to consider renter’s insurance, which typically costs as little as a few dollars per month. Renter’s insurance will cover possessions in your child’s off-campus apartment or house as well as provide liability coverage if anyone is injured in the residence.
Changing Auto Coverage
If your son or daughter moves more than 100 miles away from home to attend school and does not keep a vehicle there, your car insurance premiums could decrease by as much as 30 percent.
Keeping Your Child Healthy While on Campus
Since 2014, children up to age 26 can stay on their parent’s employer plan even if they have another offer of coverage through an employer. This rule applies to all plans in the individual market and to new employer plans. It also applies to existing employer plans unless the adult child has another offer of employer-based coverage.
If you find your child does not have adequate coverage under your plan, you have a few options. Most universities have their own health plans, but some policies have low deductibles and low coverage maximums. It may be better to consider an individual policy for your student depending on his or her needs.
Count on Us
If you are sending a child off to college and haven’t looked at adjusting your coverage, contact us today to learn more. You could save money on your policies and protect your child from expensive incidents while away from home.
Boat Insurance for Smooth Sailing
/in News /byYou can insure just about any kind of vessel, whether you have a yacht, speed boat or personal watercraft like a JetSki. Every type of boat has the potential to be stolen or damaged, and can be involved in an incident that results in harm to another person or their property. Even if your boat is docked or stored in your garage, it can potentially be vandalized, damaged in a fire or storm, or stolen.
Many owners of small watercraft such as canoes, rafts and kayaks assume they will be covered under a homeowners or renters policy. This may be the case, up to a specified limit in your home policy. However, when it’s time to make a claim, you don’t want to be surprised to find out that this limit is not adequate to cover the value of your investment.
Be sure to consider the amount of coverage you would need to repair or replace each of your boats and recreational vehicles if damaged or stolen and ask your agent to help you get the right coverage for those items.
What Does Boat Insurance Cover?
The exact boat coverage you need depends on multiple factors. Small boat insurance is very different from yacht insurance, for example. However, for most types of boats, the three kinds of coverage in a basic boat insurance policy include:
You also may want to add additional types of coverage to your boat insurance policy in order to fully protect yourself and your property. Here are some examples of additional coverage:
As with all insurance, the amount of benefit or reimbursement you have in the event of an incident is set at the time you buy your policy.
Grilling Safety Reminders For Your Summer BBQ
/in News /byThough grilling is an extremely popular way to prepare food in the summer, it can also be dangerous. According to the U.S. Fire Administration, gas and charcoal grills account for an average of 10 deaths and 100 injuries annually. Additionally, the National Fire Protection Association reports that an average of 8,900 home fires are caused by grilling each year.
This year, keep the following safety suggestions in mind when you go to fire up your grill:
Grill Your Food Thoroughly
Prevent food-borne illnesses by grilling your meat to the proper internal temperatures.
Summer Water Safety Refresher
/in News /bySummer Water Safety Refresher
Facts About Flash Floods
/in News /byFlash floods occur as a result of heavy rainfall, rapid snow thaw, city drains overflowing or dam/levee failures. They occur quickly and unexpectedly, within 6 hours of the events that caused them. Here are more facts to give you an idea of how dangerous flash floods can be:
It’s Tax Season. It’s Also IRS Phone Scam Season.
/in News /byPrepare Yourself for IRS Phone Scams
Your phone rings. When you check, the caller ID shows it’s the IRS calling. (Three letters that can give you a sinking feeling in the pit of your stomach.) But you think to yourself: I don’t believe I owe any taxes. And I haven’t even submitted this year’s return. Why are they calling me? But it says it’s the IRS, so it must be them… right?
WRONG.
For a number of years scammers have been calling people across the country, spoofing the caller ID, claiming to be IRS officials, and demanding immediate payment of fines or back taxes. Their goal is to trick you into giving them personal information and/or get you to send cash.
So the REAL IRS has assembled a number of tips to help you understand what the criminals are doing and how to avoid becoming a victim of one of their scams:
So to protect yourself, remember the following:
Phone scams first tried to sting older people, new immigrants to the U.S. and those who speak English as a second language. But it has become such a profitable enterprise, the crooks now try to swindle just about anyone. And they’ve ripped-off people in every state in the nation. Stay alert. Don’t let the next victim be you!
Get Your Flood Disaster Action Plan
/in News /by AdminOrganizations and individuals will likely face unexpected emergencies — both natural and man-made. It is vital to plan well in advance of possible catastrophic events in order to protect yourself and your business.
Floods can be devastating, causing those affected to lose their home, their property, their pets, and even their lives. Floods and flash floods are among the most common types of natural disasters, so preparedness must be considered a priority for responsible managers and business owners.
Pre-Flood Preparation
Learn more about the National Flood Insurance Program (NFIP). If you live in one of the more than 18,500 U.S. communities that participate in the NFIP, you can purchase flood insurance from Liberty Mutual Insurance. Visit floodsmart.gov, or call your local agent or broker.
It’s important for your business to always be prepared for severe weather, tornadoes, wildfires and other potentially destructive events. We’re here to help, with comprehensive, easy-to-follow action plans that make it easy to:
DOWNLOAD GUIDE FOR FLOOD DISASTER ACTION PLAN
GuideOne Foundation Scholarship Program
/in News /by AdminSeeking Applicants for the GuideOne Foundation Scholarship Program
Once again, the GuideOne Foundation will be awarding four $2,500 scholarships to students who are actively pursuing a future career in ministry. If you know someone who is seeking a leadership role in one of America’s religious organizations, please encourage them to apply for the scholarship. To gain more program awareness among church congregations and students of higher education institutions, commercial agents also are urged to share this information with their customers. Examples of how churches can share this with their members include putting announcements in Sunday bulletins, adding information to their website, and creating fliers about the scholarship and distributing them to congregation members.
To be eligible, students must meet the following criteria:
More information, including the online application, can be found on GuideOne.com under the GuideOne Foundation page. The deadline to apply is April 15, 2016. Applications must be received online and in full. Please note that GuideOne agents or children of agents are eligible to apply.
Teens, Social Media and a Parent’s Liability
/in News /by AdminFor many the high school experience comes with social pressures and obligations to fit in and belong, and sadly this can lead to exclusion and isolation of some students. At some point everyone probably said something in their teen years in the heat of the moment that they now wish could be taken back, but today’s teens face the added burden that if they convey those statements on social media sites like Facebook and Twitter, their words could be around for a lot longer than just the heat of the moment.
In addition to hurt feelings, cyber bullying could potentially damage someone’s reputation. With college admissions offices and employers beginning to look up applicants on social networking sites, rumors and gossip have the very serious potential to damage someone’s ability to get into the college of their choice, or find a job. For parents, this could create a potentially serious exposure to a lawsuit if their children engage in cyber bullying.
Aren’t my kids covered under my insurance?
Generally speaking, any coverage a parent has through their homeowners or renters insurance policy also provides coverage to other residents of the household, including teenage children. Standard homeowners and renters policies include liability protection for bodily injury or property damage, which would pay for the costs to cover medical bills or repair/replacement costs if a child injured a friend in a pick-up basketball game or if they were at a friend’s house and accidentally spilled soda on a $13,000 oriental rug, subject to the policy’s deductible.
But what if a child were to post rumors about other teens online that implied negative information that could damage that person’s reputation? Interestingly, a standard homeowners or renters policy would not cover these instances.
What can be done?
In order to cover claims from that kind of situation, homeowners and renters policies must have what is called an endorsement- extra language that is inserted into the policy to expand coverage- in order to have liability protection extended to cover “personal injury”.
As insurance professionals we will be able to tell you if your current insurance policy already has this personal injury endorsement by reviewing it, and if it doesn’t, we would be able to help you get one. You may be surprised to find that this expanded coverage may not cost you much in additional premium. A personal injury endorsement will pay the costs up to the limits of your policy to defend you, pay a judgment or settle a case when legal action is brought against you or your children for defamation.
Make sure that if you’re a parent, you talk to your children about social media, how they use it and what’s expected of them regarding personal responsibility. It’s critical that they understand how their use of social media not only has the potential to hurt others, but that it could impact your family as well.
Some parents choose to actively monitor their children’s use of social media, and there are various software programs available to assist those who want to closely monitor what their children do in social spaces for parents who want access to their children’s profiles. No matter what you choose to do, begin with treating others with respect as the best way to avoid this type of risk.
Be Aware of What Your Kids Are Doing Online
Sources: stopbullying.gov | trustedchoice.com
Don’t Be Fooled: Auto Insurance State Minimums Probably Aren’t Enough
/in News /by AdminThere are a wide variety of silly and somewhat funny things we can do from time to time, like telling people that dihydrogen monoxide is coming out of the sink (dihydrogen monoxide is the chemical name for water), but one thing you should avoid falling for as a consumer is being told that carrying only the state mandated minimum coverage is adequate auto insurance protection.
In an auto accident, drivers can be legally liable for their passengers’ injuries. While most states have mandatory minimum limits of liability required of all drivers, many of these requirements may not be sufficient in covering injuries sustained in an auto accident. In some states, this required amount may be as little as $25,000 per person and $50,000 total for all injuries in an accident – which may not be enough when you consider the severity of certain injuries and the number of passengers that could be involved. Remember that this limit also applies for all injuries caused by an accident for which you are liable, including passengers of other cars.
So what are the right limits? Like many answers… It depends. Everyone’s situation is different, but as an independent insurance agency we can help you understand what issues you should consider when evaluating what liability limits to purchase.
For Instance:
Naturally you might wonder if increasing your liability limits will increase the price of your insurance premiums. While you’ll pay more for the additional coverage, it’s likely that it won’t be very much to raise your liability limits, and in the long run it offers you more financial protection. You may be able to offset some of those expenses by raising your deductible or through other discounts. This is where we can help identify the different options available to you.
There is no definitive rule of thumb for making sure you have “enough” insurance but it’s important that you feel comfortable with the amount you have, because nobody likes to be made a fool of when it comes to an insurance claim.
Source: trustedchoice.com
Was Your Home Loan Sold? Quick, Call Your Insurance Agent!
/in News /by AdminDo you have a mortgage? Yes? Then at some point in your home-owning life, you have received a letter telling you that your mortgage has been sold to another lender. There’s certainly nothing unusual about it when this happens, as home loans are sold every day in the United States. It is a very common practice. Typically, the letter tells you that nothing will change for you and – "you do not need to do anything."
WRONG!!! – You should contact the insurance agent that handles your home insurance.
Here’s Why: If your home insurance is part of your escrow then your agent needs to know and needs to change the Mortgagee endorsement on your policy.
Every year your insurance company sends a bill to the company that owns your loan. Your lender sends a check from your escrow account to pay for your Homeowner’s insurance for the next year. If your insurance company does not have the correct lender information the bill will be sent to the wrong company and the bill will not be paid. Believe it or not – that is not the big problem.
Here is the BIG PROBLEM. Your new lender wants to know you have insurance that will pay to replace your home in case of a total loss – they want to know they will get their money! If your new lender does not get a bill or see some form of proof that you have insurance – then the lender will put insurance in place for you. And guess what? The insurance the bank puts in place can cost up to THREE TIMES MORE than what you are paying now and that is just for your house and wouldn’t include insurance for all your belongings inside your home.
If this occurs the lender is simply going to pass the high-cost of this other insurance along to the home owner in the form of a much higher mortgage payment on your next statement, which can cause unnecessary panic and confusion.
The lesson – keep your Insurance Agent updated on any change regarding not only your home, but your lender as well. Your agent wants to be up to date and will appreciate the call and it’s a simple change that only requires a few moments to complete.
Home Inspections Before Winter Weather Comes
/in News /by AdminThis time of year can be just great here in Mississippi. However, you won’t get much fireside snuggling done if your chimney clogs or your roof springs a leak. And while prepping your home for winter weather isn’t much fun, once you do it, your peace of mind can last all season long.
Here’s a handy checklist to make sure the weather stays outside where it ought to be.
Furnace Follies
If you have a forced-air furnace, visually inspect the outside of your system, the ducts, and other points attached to the unit. Repairing potential air leaks is easy to do with a little duct tape. It’s also a great time to clean or replace the filter according to the manufacturer’s instructions. If you can reach them, vacuum off the blower blades while you’re in there.
Winter Weather Stripping
A common source of heat loss and drafty spaces is faulty door or window weather-stripping. Check for drafts by holding a lit candle a couple of inches from the seam. If the flame moves (and you’re sure it’s not the dog breathing over your shoulder) you could have a leak. Typically these are easier to replace entirely than “spot repairing” and kits for doing so may be found at any hardware store.
Chim Chim Cher-ee
Creosote is the black, scaly deposit left behind in wood-burning chimneys. It slows airflow and is an enormous fire hazard. While the chimney is cool, take a flashlight and look for build-up past the damper (at the mouth of the flue near the base of the chimney). If you burn a lot of wood during the season–or very resinous wood like pine–cleaning the chimney is an annual must-do. This is one repair where hiring qualified professionals is best because they have the proper tools and experience to make sure it’s done right.
Stormin’ the Doors
Operational storm doors and windows prevent additional drafts and save energy costs. Make sure the hinges are lubricated and adjusted so they close properly. If you have interchangeable glass panels, make sure to install them instead of leaving the screens over winter.
Rain Gutter Braining
Clean gutters help prevent many cold weather problems from arising, such as basement flooding, siding damage, and door and window leaks. Clean gutters also help keep your foundation dry and repair-free. Plus, if your gutters are holding too much water they can pull free of eaves and fall off at any time, posing a hazard to your noggin.
Show Your Best Siding
In some cases you’ll need to hire a professional to make siding (or paint) repairs, but you can easily inspect for cracks and separations, peeling paint, or other damage that’s not difficult to repair yourself. Usually, a little caulk and some paint do the trick. But don’t leave it to chance–or leave it too long–because when water gets behind siding it’s expensive to repair as well as a health hazard.
Put a Lid On It
If possible, check your roof close up. You can use binoculars to inspect safely from the ground. Look for missing tiles, cracked shingles, and “bald spots”. If you have a composition roof past its warranty, make sure to check for brittleness, a sure sign it needs replacing. Also, if you notice lots of asphalt granules in your newly spotless rain gutters, it’s a sign your roof is eroding and needs replacing soon. Lastly, make sure to check the flashing around the edges of the roof for damage.
Taking just a few minutes this time of year to inspect your home for these common cold weather entry points and it will prevent more costly repairs, reward you with a lower energy bill, and help you have a relaxing holiday season.
Employment Opportunity – Commercial Lines Service Unit Team Member – Insurance
/in News /by AdminCommercial Lines Service Unit Team Member – Insurance
About the Job
Insurance Associates, a regional insurance agency with five offices in Mississippi, has an outstanding opportunity in our Magee, MS office for a Commercial Lines Service Unit Team Member. This employee will be an important member of a team dedicated to providing the finest customer service to our clients.
We are looking for someone who has a strong work ethic, a positive attitude, customer service oriented, articulate, a team player, and has a desire to grow. Professionalism in appearance and demeanor is critical. Outstanding organizational skills, the ability to multi-task and meet deadlines are also important.
We offer excellent benefits, including medical/dental/ vision insurance, 401(k) plan, paid continuing education and more!
Please complete our online application or submit your resume to Melissa Keyes at mkeyes@nullinsuranceassociate.com.
Download Employment Application5 Big Insurance Mistakes
/in News /by AdminTRYING TO SAVE MONEY? AVOID THE FIVE BIGGEST INSURANCE MISTAKES.
With far too many Americans out of work, and others forced to make ends meet with less money, many people are looking for ways to cut costs. There are smart ways to save on home and auto insurance; however, there are also mistakes that can result in being significantly underinsured.
When money is tight, it is extremely important to be financially protected against a catastrophe with the right amount and type of insurance by taking a few simple steps, it is possible to cut costs and still be protected should disaster strike.
Following are five of the biggest insurance mistakes that consumers should look out for:
Insuring a home for its real estate value rather than for the cost of rebuilding. When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home. But insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings.
A better way to save: Raise your deductible. An increase from $500 to $1,000 could save up to 25 percent on your premium payments.
Selecting an insurance company by price alone. It is important to choose a company with competitive prices, but also one that is financially sound and provides good customer service.
A better way to save: Check the financial health of a company with independent rating agencies and ask friends and family for recommendations. You should select an insurance company that will respond to your needs and handle claims fairly and efficiently.
Dropping flood insurance. Damage from flooding is not covered under standard homeowners and renters insurance policies. Coverage is available from the National Flood Insurance Program (NFIP), as well as from some private insurance companies. Many homeowners are unaware they are at risk for flooding, but in fact 25 percent of all flood losses occur in low risk areas.
A better way to save: Before purchasing a home, check with the NFIP to check whether it is in a flood zone; if so, consider a less risky area. If you are already living in a flood zone area, look at mitigation efforts that can reduce your risk of flood damage and consider purchasing flood insurance.
Only purchasing the legally required amount of liability for your car. In today’s litigious society, buying only the minimum amount of liability means you are likely to pay more out-of-pocket—and those costs may be steep
A better way to save: Consider dropping collision and/or comprehensive coverage on older cars worth less than $1,000. The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury protection per person and $300,000 per accident.
If you don’t own your home, neglecting to buy renters insurance. A renters policy covers your possessions and additional living expenses if you have to move out due to a disaster. Equally important, it provides liability protection in the event someone is injured in your home and decides to sue.
A better way to save: Look into multi-policy discounts. Buying several policies with the same insurer will generally provide surmountable savings.
Scheduling Under Homeowners
/in News /by AdminSCHEDULING ITEMS UNDER YOUR HOMEOWNERS INSURANCE
Perhaps it’s the latest electronic gadget or large screen hi-def television, or new sporting goods gear or maybe a piece of sparkling jewelry. If you happen to receive or purchase a particularly expensive item, you may consider purchasing extra protection, just in case.
Why would I need to schedule valuable items?
The protection provided for personal property under the typical homeowners, condo or renters policy is very broad, and includes coverage for your furniture, clothing, and appliances. It only provides limited coverage for valuable items such as jewelry, silverware, furs, and art. It may not cover some types of loss that may be important to you, such as the stone falling out of your diamond ring, your china being accidentally broken or your rare coins being stolen.
What types of property can be covered?
Here’s a quick listing of some of the items typically covered:
cameras (video or still) and related equipment
china and crystal
coins (rare and current)
firearms
furs
golfer’s equipment
jewelry
musical instruments
personal computers
stamps (rare and current)
silverware
works of fine art, including paintings, etchings, pictures and other bona fide works of art (such as oriental rugs, statuary, rare books, manuscripts and bric-a-brac) of rarity, historical value or artistic merit.
If you own something of value that is not listed above, it may still be eligible for coverage.
How to Schedule Personal Property
The process for scheduling valuable personal property differs from one insurance company to another. The insurance company keeps copies of appraisals or recent receipts for the items on file. The dollar amount of the value of the items added determines the price of scheduled property insurance.
Scheduling items allows you to purchase better protection for your special property than would be available under the typical homeowners policy. In addition to being able to purchase higher limits of coverage, more perils are covered.