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A Snowbird’s Checklist

Heading South for the winter? Foremost made it easy on all the snowbirds this year with a checklist! Continue reading below or head over to Foremost Blog before heading to warmer climates this winter!

 

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Claim Tips

Filing a claim can be overwhelming, check out Foremost’s article on tips for effectively filing a claim, so your prepared for the unexpected.

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Teen Drivers

Have you ever added a teen driver to your auto policy and been shocked at the increase of your premium? There are many factors as to why adding a teen driver to your policy can be quite pricey. Check out Safeco Insurance’s blog post below to read more about what could be causing your price to jump up.

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Umbrella Policy

Have you ever heard the term umbrella in the insurance industry and been struck with curiosity? If you have, you aren’t the only one. An umbrella policy is an added form of coverage that is really something to consider to help cover all your assets. Safeco Insurance broke down the reasons why you might want/need an umbrella policy. Click the link belowe or continue reading to learn more.

Safeco Insurance Umbrella Blog

 

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HO Claims Process

Owning a home comes with the possibility of having to deal with a loss on your house one day. Whether it’s due to hail, storms or the unexpected, things happen. It’s better to be prepared and have an idea of what to do next than be a ball of fluster once it happens. Continue reading to see what Travelers has to say about how the process works or click to link below to check them out for yourself.

Travelers

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Protecting Your Valuables

Do you have valuable possessions without much protection? Check out Travelers’ article below on helpful tips and steps to take to ensure your valuables are covered.

5 Tips to Protect Your Possessions with Valuable Items Insurance Coverage

“You may think that a homeowners insurance policy provides adequate coverage for all your valuables, but policies may provide limited or no coverage for certain items — including generally expensive items — that are damaged or stolen.

For example, many homeowners policies generally have a $1,000 or $1,500 coverage amount for jewelry if the loss is due to theft. Such limits are in place to help keep homeowners policies affordable. However, if jewelry valued at $2,000 is stolen from your home and you have a $1,000 policy limit, you can only receive $1,000 from your insurer to replace the missing items.

That is when an insurance endorsement (sometimes called a rider) can provide increased coverage for your possessions. For an additional premium, this coverage can help protect you from the loss of high-end valuables such as jewelry, furs, antiques, artwork and collectibles.

Here are five tips that may help you decide whether you need valuable items coverage.

1. Read Your Insurance Policy

Your insurance policy is a contract between you and your carrier. This document includes the limits of how much you will be compensated when certain valuable items are damaged or stolen. Note that certain items may not be covered, so be sure to carefully review your policy to determine whether you have insurance that meets your needs. If you have questions, contact your insurance agent.

2. Have Your Valuables Appraised

You may have possessions that are worth more than you think. To help you decide whether you need additional coverage, it may be helpful to have them appraised. An appraisal can help you determine if your homeowners insurance policy covers the full value of your property, as some items may not be covered.

The value of some items, such as collectibles or jewelry, may be difficult to determine without professional assistance. It may be necessary to have your valuables reappraised periodically. If they increase in value, you may need additional coverage.

3. Create a Home Inventory

You may not be able to make a decision about whether to buy additional coverage until you know exactly what you own. You may want to take stock of your possessions by creating an inventory. Do not forget to check your garage, basement or attic for stored valuables, such as antiques and coin collections.

Be sure to list all items of value and include copies of receipts or appraisals when possible. This may help you if you ever need to file a claim with your insurance carrier.

4. Check Your Neighborhood’s Crime Rate

If you live in a community where the crime rate is high, you may have a greater need for additional coverage to protect your valuables. Police departments may track crime statistics and share this information with the public. You can consider asking your police department about home burglary trends in your neighborhood. Also consider installing a security alarm system. An alarm system may qualify you for a homeowners insurance discount.

5. Take Stock of Your Electronic Equipment

In our increasingly high-tech world, people use their electronic equipment to perform their jobs and maintain social connections. In recent years, many new gadgets and devices have been developed that may enhance our lives. If you keep high-end computers and other electronics in your home, you may want to make sure your homeowners policy will cover their loss.

Safeguard Your Personal Valuables

Your need to insure valuable items is something you may want to discuss with your agent whenever you buy a homeowners policy. If you purchase additional coverage for high-cost items, it is a good idea to understand its limits and exclusions.”

Check out the article or more on Travelers

 

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Personal Umbrella

Personal lines umbrella policies are meant for an added source of coverage, and as of lately they have become more and more popular. Check out what one of our carriers has to say about why you might need and want an umbrella policy.

 

Why You Need a Personal Umbrella Policy

One of the most important insurance policies you can buy is the personal umbrella policy, but many people are unaware they need one. This policy provides high limits of liability to protect you against a catastrophic liability loss. For example, a major car accident may injure numerous people or cause head injuries or death that will result in liability far in excess of the limits typically purchased in a personal auto policy. An umbrella policy sits on top of the auto and homeowners policies to provide higher limits of protection. In addition to providing higher limits, this policy normally pays for some losses not covered by the underlying policy, such as legitimate allegations concerning libel or slander.

Personal umbrella policies are growing in popularity. In the past, only wealthy individuals and families purchased this coverage. Today, middle-income families also may procure this policy for protection in our society’s increasingly litigious climate. As the tendency to sue for damages rises and awards granted by the courts grow, the personal umbrella policy is increasingly seen as an insurance necessity, rather than a luxury. It is especially attractive because of its relatively low cost.

In particular, people with certain characteristics or who engage in certain activities have a higher-than-average need for a personal umbrella policy. These situations include the following:

  • Your total assets are greater than your underlying liability limits.
  • You are financially responsible for the actions of a young, inexperienced driver.
  • You live in an exclusive and affluent neighborhood.
  • You have a high-profile career or high income.
  • You frequently host guests on your property.
  • Your residence includes a swimming pool.
  • You own waterfront property, a farm, or a ranch.
  • You own watercraft, aircraft, or off-road vehicles.
  • You own numerous rental properties.
  • You engage in extensive international travel for pleasure.

Indeed, one could even argue that a lower-income person needs an umbrella policy. Consider an apartment dweller who inadvertently starts a fire while smoking in bed, and the fire damages adjoining apartments. The smoker’s liability exposure could be enormous in such a situation. So, once again, a personal umbrella policy is a wise purchase for people in nearly all income groups.

If you have more questions on Umbrella policies, contact your local IMT Agent today! 

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Copyright 2018 International Risk Management Institute, Inc.

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Full Coverage vs. Liability

Full Coverage vs. Liability

Are you in the market for auto insurance but can’t decide between full coverage or liability only? Or, maybe you’re still trying to decide what the difference is between the two. Fear not, below I have lightly explained some of the simplest ways full coverage and liability insurance differ.

Liability Insurance

Liability insurance is required by law when owning a vehicle and will only cover damages you’ve caused to somebody else. For example, if you get into an accident and you are found at fault and legally liable, you are expected to cover any bodily injury and property damage you have caused. If you are properly insured your insurance carrier should cover the damages incurred. However,  another thing to keep in mind is your liability limits. The liability limits you choose is the maximum amount your insurance carrier is liable to pay if you are found at fault in a covered accident.

As an example, If you choose to carry the state minimum liability limits, 20/40/15 in the state of Iowa, your insurance is only responsible to cover property damage up to $15,000. If you were to total a car with these liability limits and the property damages you’ve incurred are $50,000, you are now responsible to pay for the remaining $35,000 of property damages. The same rule applies when dealing with bodily injury coverages. An important thing to note about liability coverage is that it does not cover damages to your own vehicle.

Full Coverage

Having full coverage on your car is an optional coverage if you own your vehicle. If you are leasing or purchasing a new car with a loan, full coverage is then required from the dealership or your loss payee.

When choosing full coverage you have the option to pick your deductible, most common being the $500 deductible for both comp & collision. Having a $500 deductible means that before your insurance will pay out for any damage done to your vehicle, you are required to pay the stated $500 deductible first. Full coverage is the only coverage that will pay for damages done to your vehicle if you were to get into an accident or have a comprehensive claim such as, hail or theft. While full coverage is the costliest of coverages it is an option that should be considered when determining which coverages are best for you.

When picking your auto insurance coverages make sure you are with an agent/insurance company that will help you better understand the options you have available to you. Understand what you are getting and what is being covered.

 

Disclaimer: information provided in this article is meant to give a rough explanation between full coverage and liability only. Every accident is different with numerous circumstances. How an insurance company will cover an accident varies.  

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Choosing the Best Contractor

Are you in the market for a contractor? Trying to choose the right one can be overwhelming. Progressive made it simpler by supplying you with questions to ask to ensure you hire the right contractor for you!

— Check out Progressive’s article below on questions to ask when choosing a contractor or visit their website for yourself!

 

10 questions to ask when choosing a contractor

Ensure the right fit by interviewing general contractors about these topics that go beyond the basic

Homeowners starting their first remodeling project have to make their way through what can be an overwhelming amount of information and decision making. One of the first and most important decisions is selecting an architect or designer to design the project and a general contractor to build it. Homeowners often interview potential contractors but are at a loss for what to ask aside from the obvious questions about licenses, bonds and insurance. Here are a few more questions to help you with your selection.
Contemporary Exterior Contemporary Exterior

1. How is your company structured?

General contracting businesses can be organized in a number of ways. Understanding who owns the company and who is assigned to tasks will give you an idea of the company’s capacity to handle paperwork, manage your project and provide you with the service you expect.

2. Who from your company will be at my house each day?

This could be a company owner for a few hours or the whole day, or a lead carpenter or superintendent full time, or a lead carpenter plus a project manager for several hours a week. Understanding staffing will help you get a handle on how job security will be handled and how much attention your project will get from staff at the jobsite and in upper management. It’ll also help you understand the skill level of those involved.

3. How do you handle scheduling?

This is an open-ended question that can cover everything from how the contractor schedules staff and subcontractors to how a schedule is communicated to you. Many contractors use a task-based schedule with a start and end date to schedule not only your project, but the project that is scheduled after yours. Having a copy of this will help set expectations about sequencing and help you understand when material decisions will need to be made.

4. Who will communicate with me once the project starts?

In some companies the same person who makes the initial visit and estimates your project is also the person who performs the work. In others there may be separate salespeople, estimators, project managers, superintendents and a crew of carpenters who perform the work onsite. Understanding how information about your project is handed off from one employee to another or kept track of by a single employee or owner is important. Know how the company works so you can compare it to others and select the one whose system best aligns with your needs.

5. Is my project the kind you like to do?

This is a great question that very few people ask. The answer will tell you if your project is larger or smaller than typical for the company and if it has processes in place to manage your project well. Management of kitchen and bath projects is different than management of other projects. Some companies specialize just in kitchens and baths, and some are set up for projects of all sizes. Knowing you will get full attention from the contractor for your project — whatever the size — is essential.

6. Deal-breaker questions

Will you let me do part of the work? Can you leave the bath unfinished? Will you let me supply all of the materials?

If you want any of these or other things that don’t leave the contractor in control of the materials and able to complete the project in its entirety, make sure you discuss it up front. Many contractors will take on projects only for which they do all the work from start to finish, but some are more flexible. Go down this path very carefully so you are clear about what the contractor is and is not finishing.

7. What do you subcontract?

Things vary by state, but usually a licensed subcontractor does work that is limited to one or two trades, while general contractors can have their own staffs and subcontract out to other companies for some work. Knowing what work the contractor will do with his or her own forces and with subcontractors will give you a sense of how the contractor runs the business and the skills the employees will bring to your project. Check with your state licensing board for specifics about contractor licenses in your area.

8. How many projects do you have going at one time?

Generally, the more employees a company has, the more projects it will be able to run concurrently. Asking this question will open up a conversation about the number of employees the company has and how multiple ongoing projects are handled. A follow-up question is, Will the person assigned to manage your project be managing other projects at the same time?

9. What can I expect at the end of the project in the way of paperwork and lien releases?

The final paperwork generally does include lien releases, final permit sign-offs and some information about warranties. It can also have as-built drawings showing mechanical locations, photos of the interior of the home before insulation is installed, manuals for installed equipment and a complete list of subcontractors on the project. Ask about this in advance so you know what you will receive and if you’ll need to track something down or document something yourself.

10. Do you have any concerns about what we have planned, or think something might be a problem once we get started?

This question will give you immediate feedback about the feasibility of what you want to do, and if there are any parts of the project that are obvious unknowns with price tags that cannot be easily estimated. Contractors might home in on questions about your existing house and structural system or have some useful feedback about design. Either way, it will yield useful information about what to expect as you move forward.

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Jewelry Coverage

Are you interested in getting your jewelry insured? If so, Progressive broke down the basics of jewelry and engagement ring coverage. Check out all they have to say down below or click the link and go directly to their site and check out other related articles. If you’re interested in coverage stop in and see us, and let us explain all that Progressive’s policies have to offer.

Check out Progressive’s site – https://www.progressive.com/answers/jewelry-insurance/

How to fully insure your jewelry and engagement rings

“Coverage for jewelry is often limited on insurance policies. A lot of times, coverage depends on how much your jewelry is worth and the type of loss (theft, fire, etc.). Long story short: If you want to be sure your jewelry is fully covered, you need to add it to your policy.

This is technically called scheduling an item or adding a rider, but it’s really just like listing a special one-off item on your policy. If you have a Progressive policy, just tell us about your jewelry, and we’ll insure the appraised value against a variety of types of losses. If you schedule jewelry, you won’t have a deductible.

Current Progressive customers

Call 866-749-7436 and tell a representative about your jewelry piece(s). We may need an appraisal and color photo for pieces over a certain dollar amount.

Non Progressive customers

Just get an insurance quote and add your jewelry piece(s). Again, we may need an appraisal and color photo.

 

Why isn’t jewelry automatically insured?

A lot of customers want to know why jewelry isn’t just covered. Insurance companies won’t assume that you have expensive items. You’d then be paying for insurance you don’t need. If insurers built in extra coverage to all policies for a $5,000-$10,000 engagement ring, everyone’s price would be higher. That’s the last thing everyone wants. So, insurers offer the option to add expensive items to give you and everyone a better, more accurate price.

Jewelry insurance cost

Jewelry insurance is affordable at Progressive. It only costs 1% to 2% of the total value of your jewelry. So, a $5,000 engagement ring will cost about $50-$100/year to insure. If you’re looking for an exact price, just get a quote or contact your insurance company.

Coverages for your jewelry

What’s covered

Theft

No matter where it’s stolen (off your body, out of your home, car, gym bag, etc.).

Damage

This potentially covers both total and partial damage. For example: A prong on your engagement ring breaks off and you lose the diamond, a broken link on a gold necklace, a chipped silver ring.

Loss and disappearance

This is normally covered even if it’s your own silly fault, and you flat-out forget where you left it.

Types of jewelry you can insure

You can insure almost any type of jewelry, including engagement rings, other wedding rings, diamond rings, necklaces, bracelets, etc. Most insurance companies do have a maximum limit they’ll insure. That limit can vary and may depend on your policy’s total coverage amount. If you have jewelry worth more than the max insured amount, you’ll need a completely separate policy.

What’s not covered

Wear and tear

Sorry, but insurers won’t replace jewelry that simply tarnishes or gets scratched over time. For example: A gold wedding ring that’s 30 years old and is heavily scratched. Instead, something unexpected has to happen.

Is the ring insured when I give it to my fiancé or fiancée?

There are a couple different scenarios

You’re living together

if you added your fiancé’s (or fiancée’s) name on your insurance policy (or if you share a policy), it’s generally covered once you give the ring to them.

You’re not living together

Your fiancé or fiancée is responsible for insuring it. Your policy will no longer cover it at that time, and they need to add it to their policy.

If you’re not on the same policy, your fiancé or fiancée is responsible for insuring the ring.

How your insurance works and how you can get paid

If something happens to your jewelry that you scheduled, just file a claim for the cost of your repair if it’s damaged, or for the full appraised amount if it’s lost or stolen. For example: If a prong on your engagement ring breaks off and you still have the diamond, we or your insurer will pay for the cost of repair. If it’s stolen or lost, you’ll get a check for the full appraised amount.”

 

 

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