As you’re swapping your snowmobile for your four-wheeler, don’t forget to call your insurance agent to see if you have proper coverage. Ask your agent if you have recreational liability coverage on your home policy or auto policy. If you have a new vehicle, do you have full coverage? If so, what is the limit of insurance and how is it insured? Ask your agent about the difference between actual cash value, replacement cost, stated value, etc. Your agent is there to help you and make sure you are covered before you hit the trails.
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The insurance industry is facing a ton of backlash when it comes to their rates. According to NerdWallet a 2023 survey from the insurance information institute found that 12% of homeowners don’t have insurance. The lack of home insurance comes from the increasing rates that many cannot afford to pay. In addition to homeowner’s insurance, auto insurance is also seeing record-high premiums. Technology and labor wages are the two main reasons you are seeing those increases. The price for repairs is not what it was 10 years ago as the price for parts is so high along with labor fees. “Car insurance costs rose 19% in August compared to the year prior, according to the latest data from the U.S. Bureau of Labor Statistics” according to NerdWallet. The number is rapidly growing for the number of Americans who are simply opting out of car insurance. This drives the need for uninsured and underinsured coverage to protect you from financial loss. What can you do to help your premiums? These are our agency’s recommendations:
- Shop: We recommend shopping insurance with several carriers as each carrier has a different appetite. You will also find out if your current coverage is fair and adequate.
- Adjust Coverage: You decide how much risk you want to take. You can do this by raising your deductibles or adding a separate wind and hail deductible for your home insurance. There are ways to self-insure certain risks to help lower your premium.
- Speak to an agent: If you have any insurance questions call your agent and run it by them to see how it affects your current and future premium. For example, if you are buying a new car call us to see how that affects your premium so you are not sticker-shocked on your next bill. Most importantly, contact your agent if you have questions about billing and deadlines as you never want your insurance to lapse. You can use your agent as a resource to help better plan.
Spring break season is here! As your insurance agent we want you to enjoy this vacation with your family and not worry about your coverage. Before you book your flight and hotel give us a call to see if your current auto insurance has you covered. Many rental car companies will offer additional auto coverages for your rental car which brings up the question, do you need this?
Every insurance carrier has their own rental car terms and conditions, so it is critical that you speak to your agent prior to your trip. For example, your carrier may extend coverage from your auto policy which is great unless you have liability only then your rental car wouldn’t have property coverage which creates an exposure for financial loss. Some carriers do not have an extension from your auto policy, so it is important you purchase the additional coverage at the rental company. Other things to consider are loss of use and diminishing value. Loss of use refers to the money the rental company would be out due to the car not being able to drive. Diminishing value should also be consider as this refers to what the car’s value would be prior to the accident and what the car is worth now. You would be responsible for paying for both if there was an incident which is another reason you want to be sure you are covered properly.
See this short video from Zywave Inc for a summary of Rental Car Insurance.
@2023 Zywave Inc. All rights reserved.
Give us a call and speak to your agent about all the coverages you can carry to protect your family and your belongings.
When buying a home and becoming a first-time homeowner it is important to note the difference between home insurance and home warranty. Home insurance is a financial protection from a covered loss. Home warranty is a contract to help cover damages caused by home mechanical failures. See below graphic from Auto Owners that gives examples of insurance vs warranty.
If you have a loss to your home, call your agent immediately. We will be able to walk through your coverages to see if the loss should be covered by your insurance policy or your warranty contract.
When shopping out your insurance it can be hassle with endless obstacles. There are a ton of terms used in the insurance industry and we are here to break it down for you. When purchasing insurance you will hear the terms “premium”, “limits”, and “deductibles” in regards to your policy. Auto Owner’s insurance has a great article, “What Are Insurance Premiums, Insurance Deductibles and Policy Limits?” and how it pertains to your policy.
What is that bolded dollar amount at the top? That magical number is known as your premium. This is the amount you pay to uphold your policy. Depending on the carrier, you can pay this monthly, quarterly, semiannually, or pay in full. The premium is based off the coverages provided by the insurance provider.
If a tragedy occurs, what are you paying out of pocket? That is your deductible. In other words, it is what you pay in case a claim is filed.
How much coverage do I have on my policy? It depends on the type of policy, what are we insuring, what is the value, etc. This is your maximum dollar amount insurance will pay towards a covered loss for that particular instance or item.
Don’t let insurance terminology intimidate you! As your trusted insurance agent, The Service Agency is here to help explain, provide, and assist you when shopping for your insurance needs. If you need a quote or have any questions on your current policy, contact us today!
It’s that time of year again, where snow visits the Midwest. How to keep safe this winter while driving? See below our safety tips to help eliminate the risk of an accident.
In dangerous conditions, it is important to reduce your speed, avoid accelerating and stopping at fast pace, plan ahead for lane changes or exits, and slow down while making turns. If you are driving and feel the vehicle starting to glide, steer into the direction you are sliding. Once you regain friction slowly direct your vehicle back to a straight direction.
Prepare when you are traveling in the winter months by packing essentials for any travel interruptions. Here is a link to create a “Winter Survival Kit“. You should keep this kit in your vehicle throughout winter months to be prepared for any situation.
At the end of the day accidents can happen at any time so be prepared for it. Your loved ones are waiting on your safe return.
