When to File an Insurance Claim
Umbrella Insurance in Ohio: What It Is, Who Needs It & Why
Insurance is often figuratively compared to an umbrella. If liability and risk are the rain, your insurance policy is the umbrella because it keeps you dry. But within insurance coverage, there is also a policy specifically called Umbrella Insurance. So what does this coverage do that’s different from a standard policy? Umbrella insurance in Ohio is a way to make your umbrella of protection bigger.
In other words, an umbrella insurance policy extends your coverage for liability. While many insurance policies already have liability coverage, they often don’t have enough. Umbrella insurance is a way to protect against that problem.
Is this type of extended coverage right for you? The team at Wallace & Turner is here to guide you through the decision by identifying which assets an umbrella policy would help cover and to determine how much coverage you should have. Our independent insurance agents are available to answer any questions you have Ohio umbrella insurance. Read on to learn more, or reach out to our team to talk about your policy options.
What is Umbrella Insurance?
Imagine you’re driving around Springfield, Ohio, when you get a distracting text message. You look down to see what it says, and in an instant, you slam into the rear of the car stopped at an intersection in front of you. The driver is hurt and his car is totaled. A few weeks later, you get notice that he’s suing you for $600,000.
Your standard car insurance may carry a liability limit of $300,000. If that’s the case, you would have to pay the remaining $300,000 out of your own pocket — that is, unless you had umbrella insurance.
Umbrella insurance is an additional policy designed to cover the difference between the liability limits on your existing policies and the amount you’re sued for. It’s also designed to cover related costs, such as the cost of a defense lawyer.
Types of Umbrella Insurance
Umbrella insurance isn’t just for car accidents, although this is a common use for the coverage. It’s actually designed to cover you against a wide range of liability. Here are some examples of the types of liability Ohio umbrella insurance can cover:
Boating accident liability
Homeowner liability (involving slip-and-fall accidents and similar issues)
Libel and slander
Umbrella insurance can cover many types of incidents that standard insurance policies won’t.
How it Works
Umbrella insurance policies usually won’t kick in until the limits of your other applicable policies are exhausted. For example, if you have a $250,000 liability limit on your homeowners policy and you are sued for $300,000 due to a slip-and-fall accident at your home, your umbrella policy would pay the $50,000 difference.
Umbrella insurance can cover your personal liability or liability related to your business. Keep in mind, however, that these types of policies are usually separated. A commercial umbrella insurance policy likely won’t cover you for an accident in your home, and a personal umbrella insurance policy likely won’t cover you for an accident at your place of business.
Things Umbrella Insurance Won’t Cover
Umbrella insurance is a particularly handy type of coverage if you have valuable assets or face a lot of potential liability, but it isn’t a catch-all. This type of insurance won’t cover everything, which is why it’s important to work with an insurance professional to make sure you’re covered in every way you need to be.
Here are some examples of things umbrella insurance policies typically won’t cover:
Injuries that happen to you
Damage to your property
Liability from contract violations
Any criminal or intentional acts you commit
Third-party liability involving your business
Who Needs Umbrella Insurance in Ohio?
Most people could benefit from having extra coverage, but umbrella insurance is only needed if you face certain types of liability. The following are some examples of when you may need this type of coverage:
You own property.
You are a landlord.
You are a public figure.
You coach children’s sports.
You own a gun, dog, trampoline, pool, hot tub or other items that can lead to injuries.
You have a lot of guests in your home.
All of the above scenarios can mean you are particularly vulnerable to liability. And an Ohio umbrella insurance policy is an effective way to protect yourself.
Why Get Umbrella Insurance?
The primary benefit of umbrella insurance is relatively straightforward: You are better protected from being sued. But these benefits actually go deeper than that. For example, the coverage amounts for umbrella insurance in Ohio typically start at $1 million, and that will usually cost you between $150 and $300 per year in premiums. And if you need more than $1 million in coverage, you can usually add on another million for around $75 each year.
That’s pretty affordable, especially when you consider that the average car accident settlement is more than $24,000, with settlements on the higher end easily topping hundreds of thousands of dollars.
Additionally, if you’re a world traveler, umbrella insurance may be the only type of liability coverage that travels with you. Typically, your Ohio umbrella policy will cover you for liability that arises anywhere in the world.
Find the Best Ohio Umbrella Insurance Policy for Your Needs
Put simply, umbrella insurance can be a lifesaver. No one wants to be sued, but if you are a member of society, you are always at risk. It’s just like rain — any time you go out, you run the risk of getting wet. That’s why you shouldn’t leave the house without your umbrella.
Umbrella insurance can offer the kind of broad liability protection you need, no matter the circumstances you face or the value of the assets you own. There are plenty of policies to choose from, and figuring out which one is right for you can be a challenge. We’re here to help.
The Wallace & Turner team can connect you with the perfect Ohio umbrella insurance policy to protect you, your family and your wallet. Ready to make sure you’re fully covered? Then reach out to our team. Give us a call at 937-324-8492 or contact us online today.
Cyber & Data Liability Insurance: Are All of Your Bases Covered?
What does condo insurance cover? P.J. Miller Explains in Interview with Insure.com
P.J. Miller
Owners of single-family residences obtain traditional homeowners insurance, but condominium owners need to get a special type of policy called condo insurance. In an interview with Insure.com, Partner P.J. Miller discusses differences between what your condo insurance policy includes and what your condo association covers.
Unlike a homeowners insurance policy, an individual condo policy doesn’t typically provide dwelling coverage, which is what protects a home’s physical structure.
“Condo coverage is usually made up of the interior structure and the interior finishings — which include built-in appliances, flooring such as tile or carpet, and heating and cooling equipment,” P.J. commented.
Personal liability coverage
Personal liability coverage helps you if someone gets injured while visiting your condo and you’re at fault. Imagine that a neighbor comes over, trips over a cord lying across your unit’s floor, and breaks her leg. “Personal injury liability coverage protects you in these instances,” P.J. said.
Loss of use coverage
Also known as additional living expense coverage, loss of use coverage pays for temporary shelter, such as lodging costs at a hotel, due to damage to your condo unit by a covered peril that makes your unit temporarily uninhabitable.
“This coverage is designed to put you back in the same or similar housing you had before the claim until the damage is repaired or the amount of loss of use coverage is exhausted,” P.J. explained.
Can condo owners get umbrella insurance?
“Condo owners can increase their liability insurance protection by purchasing personal umbrella liability coverage,” commented P.J.
Often sold in increments of $1 million, this extra amount of coverage can protect your home and finances in the event of a lawsuit or serious claim. You may want this if you have assets behind the $500,000 liability coverage limit that’s common in condo insurance.
Learn more about additional protection condo insurance provides and which type is right for you.
Questions about purchasing a condo insurance policy in Springfield or Urbana, Ohio? Contact Wallace & Turner at 937-324-8492 or info@wtins.com
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A special offer for our Ohio Mutual homeowner clients! Ohio Mutual will provide a complimentary SimpliSafe home alarm system and cover the cost of the first two months of service. There's no contract so service can be canceled after two months, or service can be continued for a monthly fee. The promotion ends on December 15, 2021.
Contact us to learn more.
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A special offer for our Ohio Mutual auto customers! Download the free Ohio Mutual 9&3 Smarter Driving app and save 15% on your auto insurance simply for activating the app. The app provides feedback to Ohio Mutual on your driving, but this information will NOT negatively impact your premium.
Contact us to learn more.
5 Questions to Ask When Choosing an Insurance Company
Selecting the right insurance company can feel overwhelming – there are so many options and you want to make sure you’re working with someone that will be there for you when the unthinkable happens. While price and coverage are essential considerations, what about customer service? When you have a question or a claim, you want to be able to speak with someone that knows your situation and you’re not “just an account number.” Have you considered financial strength? You also want to be certain your insurance company can pay and settle your claim fairly.
The following are a few tips to help guide your decision and ensure you have a smooth experience protecting your family and assets.
Financial Strength
Financial ratings of insurance companies describe how financially stable they are, meaning their ability to meet ongoing insurance policy and contract obligations. There are five main ratings companies – A.M. Best, Fitch, Kroll Bond Rating Agency, Moody’s and Standard & Poor’s – and they consider a variety of criteria to determine financial health, including how well the business is doing financially, can it withstand increased claims and vulnerability to natural disasters. Every rating agency has its own methodology, so ratings may vary somewhat among insurers.
This rating information is important to be aware of when you’re seeking insurance coverage because in the instance of a claim, you want to know the insurance company will be able to pay. Wallace & Turner has worked with top-rated insurance companies such as Westfield Insurance and The Cincinnati Insurance Companies for decades and has a proven track record of financial stability.
Reputation
Hearing first-hand what customers’ experience with an insurance company has been can be one of the most helpful ways to determine credibility and responsiveness. People often focus on cost when purchasing a policy, but when it comes time to file a claim, they may regret not having considered feedback from current or past customers which provides insight into how the company operates.
An insurance company’s website can give you a good sense of their professionalism, but go beyond this in your research – look at Google reviews, Facebook reviews, LinkedIn testimonials and other online resources such as the Better Business Bureau. Also, your state insurance department can tell you if the company has had consumer complaints about its service.
However, keep in mind that people are often more likely to head online to rant about a one-time bad experience rather than spend time to post about a positive experience.
Customer Service
Insurance can be complex so it’s critical to work with a company that will spend time from the outset explaining your options and tailoring a policy that best fits your needs.
This is especially true if you ever have a claim and need timely assistance. Find out if the company has a designated customer care center or in-house claims department. Many companies offer 24-hour claims reporting and will even text with customers to ensure they are being helped in a timely manner. You don’t want to have an accident or loss and end up sitting on hold for hours or not receiving a call back for several days.
Digital Capabilities
Rather than going in to your insurance company’s physical office, many would prefer to pay their bill or file a claim digitally. Also, in rare circumstances like the COVID pandemic, you want to know that your insurer can quickly pivot to continue serving you remotely.
Talk with the prospective insurance company about their options for paying bills online, managing your policy via an app, or even creating a digital home or business inventory. These are all benefits that can make your insurance experience seamless. Moreover, if you’re not as comfortable with technology, it’s equally important that your insurance company isn’t strictly online/digital and you have the opportunity to sit down face-to-face and ask questions or update your policy.
Expertise
Yes, cheap insurance is great for your wallet, but it doesn’t mean you have the right coverage for your needs – which becomes problematic come claims time. Unfortunately, many people look for a policy with a lower premium and they don’t realize this doesn’t cover them for a major accident. Rather than focusing on price alone, choose an insurance company that will take the time to help you understand coverage options and create a tailored policy.
Look at the company’s website and social profiles to see what their professional designations are and if they are providing educational resources to clients. This demonstrates their credibility and willingness to share their expertise.
To speak with a Wallace & Turner insurance agent in Springfield, Ohio or Urbana, Ohio, click here.
Expertly reviewed by Wallace & Turner Team Members
Wallace & Turner is an award-winning independent insurance agency with offices in Springfield, Ohio and Urbana, Ohio. Since 1870, we have worked with top-rated insurance companies to provide auto, home, business, life and health insurance.
I’m Moving. How Does This Impact My Car Insurance?
P.J. Miller - Partner
Why must you inform your car insurance company when you move residences?
Your rate or cost of coverage is partly due to your “territory," or residence location – city, state, etc. If you’ve moved out of state, your auto insurance company might not operate in your new state. That could cause your policy to not be eligible on the renewal date and you would need to secure other coverage.
Your new state might require evidence of insurance for that particular state and might require that to be done within a certain number of days.
Also, so your billing gets to you – don’t let your payments lapse and then your coverage is canceled!
If you are a college student going to school out of your home state, what does it mean for your car insurance if you take the car with you?
Typically, if you take your car with you, you might not receive a discount. That usually applies when a college-age student doesn’t have the car with him/her and leaves it at home with the parents.
More cautionary than technical, the student should be reminded that allowing others to operate the vehicle could jeopardize the policy and coverage. Plus, it creates a mess come claim-time with a college-age student giving another student “permission” to drive the non-parental vehicle – usually, permissive use of the vehicle has to come directly from the Named Insured, the policyholder/parents.
How much time do you have to change over your car insurance when you move out of state?
This is subject to the new state, so always check the guidelines, but it could be as soon as 90 days. Otherwise, it should be done as soon as possible or by the next renewal date. States have different guidelines as to the minimum standard of coverage and even though your policy would usually automatically “convert” to the new state required minimum or as close to your existing equivalent, it’s always good to be aligned with your new state coverage. For example, the new state might be a “No-Fault” state and when you change over to the new coverage, there will most likely be differences in coverage for you to select from.
Questions about car insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
Renters Insurance: Why You Need It & What’s Included
Myles Trempe - Producer
Consumers need to understand what their renters insurance policy covers and does not cover. Many assume that if something happens to the building, it’s the responsibility of the landlord to protect their property. This is generally not the case and the exact reason renters need personal coverage.
What Renters Insurance Covers
Renters insurance covers most specifically your personal property (your belongings) and your personal liability. Consumers should take inventory of their belongings to determine the total value if a loss took everything. Talk with an insurance agent who can explain if those contents are covered on replacement cost or actual cash value. Actual cash value policies are generally less expensive, but your personal property is depreciated, therefore, leaving you unable to replace some items.
Renters Personal Liability Exposures
Be aware of your personal liability exposures and talk with your agent regarding which limit of liability should be on the policy. Many policies have exclusions to personal liability as well; review those exclusions with your agent to make certain you have coverage if the claim arises. For example, certain dog breeds are excluded for liability if a dog bite occurs. If you have a dog or plan to purchase one for your apartment, make that call to your agent.
What’s Excluded in a Renters Policy
Renters should also be aware of what is excluded in the policy. Floods and earthquakes are not covered by renters insurance. Depending on where you live, these are two coverages that you may want to have, even though they are an additional cost.
Why Talking to a Local Insurance Agent is Important
A first-time buyer, unless well-versed in renters insurance, should have an agent or broker explain the complexities of a policy, rather than using an online quoting tool. These tools are only as good as the information provided and often don't provide a complete quote for coverage that will actually be needed. This would leave many renters underinsured in the event of a loss.
It’s best to talk with an insurance agent who can help advise on policy language, coverage offerings, exclusions and financial information pertaining to the insurance company they may be working with. Most renters insurance policies offer similar coverages, and an agent can speak on firsthand knowledge of which coverages may best fit the consumer’s situation and budget.
Questions about renters insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
How to File a Home Insurance Claim – Ben Galbreath Interviewed by Insurance.com
Ben Galbreath - Producer
Many homeowners have questions about what's involved with the homeowners insurance claims process: How do home insurance claims work? How are homeowners insurance claims paid? And how long do homeowners insurance claims stay on your record? Producer Ben Galbreath addressed home insurance claim topics in an interview with Insurance.com.
Can you keep your home insurance claims money?
Technically, if you are paid for a claim by your insurance company, you aren't required to spend the money on repairs, remediation or replacement if you own your home outright. But if you pay a mortgage, your lender may require you to use the money to fix or rebuild your home.
Even if you own your home outright or your lender doesn't obligate you to use the claim payout for repairs, think twice before choosing to pocket the money.
"Say you choose to take the claims money, not repair the damage and instead buy a car, for example. If so, your insurance company has every right to amend your policy, exclude damaged property they've already paid out for or even cancel or non-renew the policy altogether. If you do elect to keep the funds and not make repairs, the replacement cost clause becomes null and void," cautioned Ben. "When you sign the application for a standard homeowners insurance policy, you are agreeing to transfer the risk of financial loss to repair or replace any damage to your home and put it back to its original status before the loss or better."
How long does a home insurance claim stay on your record?
Typically, an insurance claim related to a recorded loss remains on your record for three to seven years. If you file one or more claims within this period, your premiums may increase or you could be excluded from coverage.
"Insurance companies tend to look at the frequency and severity of claims. If there is a high frequency - meaning high number of claims - they may increase your deductible, force you to purchase specific coverage elsewhere, change the way losses are evaluated from replacement cost to actual cash value, or cancel your policy entirely," Ben said.
Read the full article here.
Questions about boat or watercraft insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
How to Protect Your Home from Spring Flooding
It’s finally springtime, and you’ve just woken up to the sound of chirping songbirds. The sun streams through your window and you can breathe a sigh of relief that winter is over. You couldn’t be happier—until you walk downstairs and notice that your basement has become a swimming pool.
Spring floods can mean bad news for your home. They’re often the cause of mold growth, structural weaknesses and extensive water damage to your belongings. Even if you’ve got the proper home insurance coverage and flood insurance protection, it’s still a huge hassle to remedy.
If your home has flooded in the past, it’s more at risk for a flood in the future. You’ll need to take extra precautions. Make sure that your spring cleaning doesn’t involve a watery mess by protecting your home with these tips:
Inspect the Foundation
Water will find any cracks or gaps in your home and quickly pour inside. It will turn your brand new laminate floors into a soggy mess. For this step, you may want to contact a home inspector. They can survey your property and find any weaknesses in the structure of your house.
Cracks in your home’s foundation can be dangerous. Along with causing floods, they can allow insects and radon gas to seep into your home. If you spot a crack, you can patch it up using grout or concrete, depending on the size of it.
Upgrade Your Sump Pump
When your home floods, it often starts in the basement. That’s why these rooms have sump pumps, a mechanism designed to prevent water overflows.
A sump pump redirects water away from your home, which keeps your basement dry. Prevent water in your home by installing and maintaining a sump pump. It may be worth installing a back-up battery, as well, so that the sump pump will still function during a storm.
Check on the sump pump annually to ensure it’s in working order. If you’re handy, you can inspect it yourself. Even so, you may want to call a plumber to do the job, just to be safe.
A sewage backup is one of the worst issues that can happen to a homeowner. A backflow valve can provide your home with added protection against floods; it ensures that the water doesn’t flow into your home if there’s a backup.
Invest in Flood Insurance
When you’re choosing an insurance policy, talk to your independent insurance agent about what it offers for flood protection. Not all standard plans offer coverage for this type of incident. Flood protection plans can grant you peace of mind that you will be insured if there is a disaster.
Even though home insurance is another monthly expense, it will pay for itself in the event of a flood, fire or theft.
Clean your Gutters
We hardly think about our eavestroughs, but they play an important role in protecting our homes against water damage.
However, they’re not very effective at redirecting water if they’re clogged with leaves, twigs and other debris. Schedule an eavestroughs cleaning so that your gutters can handle the wetness that’s on its way.
You should also check where the downspouts are redirecting water. Make sure that it falls at least several feet away from your home.
Check your Window Wells
If you have windows in your basement, you know they aren’t as strong as a standard wall. To protect them from groundwater, window wells are usually installed. However, these wells can become built up with debris over time, diminishing their effectiveness.
Give any window wells on your home a thorough cleaning. If they’re blocked, water will collect near them and eventually seep into your home.
Inspect Your Roofing System and Plumbing
A small leak in your roof or pipes will result in a torrential downpour the next time it rains. Maintaining a healthy pipe and roof system is one of the most effective ways to prevent an indoor flood.
If you suspect that your roof is leaking, call a contractor who’s experienced with that type of roof. Similarly, contact a trusted local plumber to have a look at your home’s pipes. Detecting these issues early can save you a major headache (and repair bill) down the line.
We know what you’re thinking: the cost of preventative maintenance really adds up! It might be expensive to fix these issues with your home, but once you consider the cost of water damage, the upgrades pay for themselves.
April showers don’t need to come with a flooded basement. Make these preventive measures a part of routine maintenance for your home.
Questions about homeowners and flood insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
Roadside Assistance Plans: P.J. Miller Interviewed by NextAdvisor on What You Should Know Before You Get One
P.J. Miller
Roadside assistance is one of those things that’s easy not to think about — until you’re stuck on the side of the road somewhere or your car won’t start. It’s different from your car insurance coverage because it provides relief for a temporary situation when your car is undrivable. It is usually much less expensive than your annual auto insurance premiums, or possibly without any additional cost to you.
If you drive a newer car, review the manufacturer’s roadside assistance plan first, since it’s likely included at no additional cost. “Check what benefits your new car includes, then compare to others,” commented partner P.J. Miller.
Additionally, most insurance carriers offer or include roadside assistance plans with your auto insurance coverage. But don’t assume your roadside assistance plan is tied to a large network of service providers simply because you receive it through your insurance carrier. Some carriers use the reimbursement model, which means you’d have to pay out of pocket if the need arises.
Continue reading the full article to learn more about roadside assistance plan options.
Questions about roadside assistance plans and car insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
What Most Homeowners Don't Know About Homeowners Insurance
P.J. Miller - Partner
Homeowners insurance protects more than just your property, it also covers the people in it and your personal belongings.
Typical homeowners coverage includes incidents related to:
Weather: Storms, fire, wind, hail, lightning, freezing, weight of ice, snow or sleet
Non-weather: Theft, vandalism, riots, aircraft and vehicles
Sudden/accidental: Water from plumbing, tearing/bulging of heating or cooling systems, artificially generated electrical current
There are also situations you may not have thought of when your homeowners insurance will kick in. For example, if you have a child that is a student living in a campus dorm room, if they experience a burglary or similar type of loss, most homeowner policies will extend liability and personal property protection – this is considered “off premise” coverage.
What isn’t covered by a homeowners policy?
Of course there are a range of losses not covered by a standard homeowners policy, but probably the most important to know is flooding is not covered. Flood insurance must be purchased as a separate policy to protect against damage caused by heavy rains, hurricanes, snow and flash floods.
With the increase natural disasters as of late, homeowners insurance is becoming harder to get in high-risk areas for flooding or wildfires. As new business to the insurance carriers or renewals; applications ask the underwriting questions as to those two perils, wildfire and flood. Flood is somewhat of an exception since it’s NFIP/FEMA-based underwriting but they still analyze location as to proximity of water and also wind velocity. Flood Zones A/AE are subject to significant annual rate increases, typically 25% annually.
What are ways to get better coverage that people don't know about?
Combine your homeowners policy with your auto policy to save money.
Showing your loyalty to one insurer could help you land a discount, especially if you have multiple policies.
Renew your plan early and you could get a discount, as well.
It can be advantageous to work with an independent insurance agent versus a national carrier. Independent insurance agencies work with a range of carriers which means they can offer a variety of insurance options tailored to your personal needs. Insurance coverage can be complex and an independent agent can provide personalized attention to make sure you understand all aspects of your policy. There are often discounts and credits available within certain coverages, and they’re able to help you take advantage of these savings. Moreover, you will have one point of contact for all of your insurance needs.
What to avoid that people don't know about?
Avoid online quoting tools. A first-time buyer, unless well-versed in homeowners insurance, should have an agent or broker explain the complexities of an auto insurance policy, rather than using an online quote. These tools are only as good as the information provided and often don't provide a complete quote for coverage that will actually be needed.
Avoid overlooking flood insurance. Flooding is the largest natural catastrophe and largest single event natural catastrophe that ever occurs. There are some places that would say earthquakes, but from the standpoint of frequency and severity, flooding is more predominant over every other natural catastrophe. The largest negative is that you wouldn't have any coverage for the damage of your house or its contents if you don’t have flood insurance.
If you are in an area where you should have had flood coverage because it's a high flood risk zone, and if it is a repetitive loss situation, the government (FEMA and NFIP) may not cover assistance or loans due to the repetitive nature of the floods in your area.
Questions about homeowners insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
The Severe Cold Weather Survival Guide for Homeowners - Infographic
It's critical to stay ahead of deep freeze disasters during winter weather. While a standard homeowners insurance policy will cover most cold weather damage, is best to minimize risks. Here are a few tips to avoid potential hazards inside and outside your home.
6 Proven Ways to Lower Your Car Insurance Premium – P.J. Miller Interviewed by FOX Business
P.J. Miller - Partner
Car insurance is a necessary cost for any car owner but having a good auto insurance policy doesn’t have to mean paying sky-high premiums. Partner P.J. Miller spoke with FOX Business to offer six ways you can lower your car insurance premium.
1. Review your policy frequently. Auto insurance isn’t something you should set and forget. When your situation changes — even slightly — you’ll want to let your insurance agent know to make sure you’re getting the best rate and have the right amount of coverage.
“Rates can differ by a few dollars to a few hundred,” said P.J. If you have several cars and higher-risk drivers, the difference could be in the thousands, he said.
2. Don’t pay for insurance you don’t need. “Eliminate coverage when you don’t need it,” P.J. said. “Older cars might not need collision coverage. If you haven’t already removed the physical damage coverage — comprehensive and collision — to reduce your cost, it can be a consideration.”
3. Bundle your insurance plans. Most insurers offer discounts if you have several policies with them. “Combine your coverage,” Miller explained. “Bundle your auto coverage with your home or renters' insurance policy. Showing your loyalty to one insurer could help you land a discount, especially if you have multiple policies.”
4. Increase your credit score. “Most carriers use credit as a portion of the rate-setting process, where permitted by law,” P.J. commented. “While it is supposed to be a portion of the rate calculation, most believe it plays a significant role in determining the price.”
5. Raise your deductible. An easy way to reduce any insurance premium (car, home, rental, etc.) is to increase your deductible — or the amount you pay per claim before your insurance kicks in their portion. Generally speaking, the higher your deductible — meaning the more you pay out of pocket — the lower your premium will go.
6. Be a good driver. Many insurers offer premium reductions for claim-free periods — sometimes significant ones, too. According to P.J., “being a safe driver can lower your car insurance by approximately 5%.”
Because claims and tickets send premiums rising, smart driving habits also protect the rate you already have. “Slow down,” P.J. cautioned. “Speeding tickets can dramatically impact your rates.”
Read the full article at FOX Business.
Questions about car insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
6 Reasons Every Tenant Should Have Renter's Insurance
If you've moved out on your own for the first time and are looking forward to renting an apartment, condo or home, you need to get prepared. Don't let your excitement blind you to the potential risks of renting. To be able to enjoy your independence fully, consider purchasing renter's insurance to protect your possessions in the instance of an accident.
1. Renter’s insurance is actually affordable
One of the biggest mistakes renters make is thinking they'll see significant savings by ignoring added expenses. What you should know is that renter's insurance is affordable – so much so that it typically pays off even if you need to use it only once. While it can be tempting to save money now or think you’ll never need renter’s insurance, unforeseen accidents from fire, smoke, covered water damage, wind, theft, vandalism and more, can often be devastating to your wallet. With this in mind, it’s beneficial to spend a reasonable amount on coverage to prevent coming out of pocket for thousands of dollars down the road.
This kind of protection is one of the must-have types of insurance policies, tailored to suit renters wherever they live. While versatility and affordability of renter's insurance plans seem to be the most important traits to those who live on a tight budget, they are not the only reasons to get this kind of coverage.
2. Injury liability coverage protects your visitors
This kind of injury liability coverage pertains only to people visiting, and not residing in your home. It means that should your guest get injured while on your rented property, your renter's insurance policy will cover their medical costs. On the other hand, should you get hurt in the same manner, your only safety net would be your own medical insurance plan.
3. You're covered even if you accidentally cause damage to your rented property
Accidents happen, but that doesn't mean you're on your own if you unintentionally cause damage to your rented property. Even in such situations, when you need to conduct repairs or renovations, your renter's insurance will bear the burden. However, bear in mind that damage you have caused by negligence and deliberately harmful actions will not get covered by any tenant's insurance plan.
4. Renters' belongings are not covered by the landlord's insurance
This is the first and foremost reason to have renter's insurance. Your landlord's insurance covers the building itself, but that doesn't include your items. It is not the landlord’s responsibility to protect your belongings. Look at renter’s insurance as an investment as well as buying peace of mind. This kind of third-party insurance also allows you to be worry-free when storing your belongings at an offsite facility, for example, in your car or storage unit. There are numerous occasions on which you might need to rely on external storage capacities. You may be moving between homes, traveling abroad for a few months, studying in another state, remodeling your home, etc.
5. You are safe from (most) losses to your personal property
The list of all events causing losses or damage to your property is rather long, but it doesn't include everything. This is why it's crucial to understand your renter's insurance policy and work with your independent insurance agent to tailor it to your needs.
A few of the most common situations included in renter's coverage are:
theft
explosion, fire or lightning damage
riots, civil commotion or vandalism
On the other hand, a standard renter’s policy doesn't cover:
wind (hurricane) damage
You might want to consider additional policies for the above depending on where you live and if the area is prone to certain natural disasters. Your insurance agent will be able to guide you through all of the options.
6. Some renter's insurance policies cover additional living expenses
Let's say that the worst happened and you need to leave your rented home due to fire damage. With the right renter's insurance policy, you are entitled to receive a reimbursement of the expenses while you live elsewhere. Of course, there are certain limits to this. Be sure to clarify with your insurance agent which living expenses are covered by the policy and for how long. Most often, temporary lodging is covered for several months.
Understanding compensation for loss
To understand what you will get in compensation for the losses, you should know the difference between two offered types of reimbursement: Actual Cash Value (ACV) and Replacement Value (RV). Knowing which type to choose makes all the difference later.
Actual cash value returns the replacement cost of the product reduced for the accumulated depreciation. In other words, if you lost a 10-year-old camera, you will get enough cash back to buy another 10-year-old camera. Replacement value equals the market value of the lost item minus the deductible. Sometimes, you can even get the full market value of the item. While this kind of coverage costs more, it is incredibly beneficial when it comes to insurance of electronics and other valuable items. Thus, it makes purchasing renter's insurance an investment well worth considering. ACV coverage is better if applied to less expensive items that you can replace from your own pocket.
Bottom line
In the event of total damage to your possessions, the financial blow can be truly disastrous. The cost of renter's coverage is can be split into nominal monthly payments, making it quite affordable. At the same time, it saves you from an unexpected loss that can set you back for years to come. The best course of action is to discuss available insurance policy plans with your insurance company. Choose the one that offers the best balance between the insurance plan price and coverage options.
Questions about renter’s insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
The Ultimate Guide to Engagement Ring Insurance – P.J. Miller Interviewed by MyWalletJoy
P.J. Miller, Partner
If you’re newly engaged, you’re likely focused on wedding planning and not thinking about engagement ring insurance, but it’s important! Engagement ring insurance can potentially save the day if your ring gets lost, damaged, or stolen. Partner P.J. Miller was interviewed by MyWalletJoy to discuss coverage for your valuable jewelry.
Costs of engagement and wedding ring insurance
The cost of engagement ring insurance and other jewelry insurance isn’t too pricey, however, there are also other factors that influence your annual insurance cost, like where you live and the size of your deductible. “A ‘premium’ is the amount of money you pay for any form of insurance,” commented P.J. “A ‘deductible’ is the amount you will be responsible for as your ‘share’ of your insurance claim.”
Some insurers offer plans with a $0 deductible, which means you don’t have to pay out of pocket if something terrible happens. However, you’ll likely end up paying higher premiums instead. If you’re looking to lower your premium costs, you may want to pick a plan with a higher deductible.
Appraising your engagement ring
Insurers will require proof of your ring’s value to cover it.
“In almost every case of valuable jewelry, it is imperative to have the jeweler provide an appraisal on your jewelry item,” P.J. said. “Think of the process you’ll go through when your ring is lost, stolen or damaged beyond recognition — do you know the weight, color, clarity and all those important features that your professional jeweler will have included in the detailed appraisal?”
“Don’t forget to have the appraisal updated every so often to keep up with the changes in value,” P.J. added. “At some point, you’ll want to have your ring inspected for damage, weak prongs, etc.”
Questions engagement ring or wedding ring insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
The 2021 Insurance Industry Outlook – P.J. Miller Offers Insight in InsuranceQuotes.com Interview
P.J. Miller
Key issues this year like a global pandemic, a changing of the guard in Washington, and an economy upended by COVID-19 will likely continue to have a major impact well into 2021. Partner P.J. Miller was asked to break out his crystal ball and forecast what the new year will bring for the insurance industry, as well as what it ultimately means for policyholders.
Travel Insurance
On the topic of travel insurance, P.J. said: “There may be some insurance carriers that could bring forth new coverages that could cover some COVID-related items, for a fee, with conditions. This would potentially exclude coverage for the traveler, but cover some expenses for cancellations of usage, or cover the traveler but not the cancellations.”
Industry travel insurance policies will also most likely require a more in-depth questionnaire to purchase coverage. “For example, you’ll get questions like “have you received the vaccine”, “are you traveling internationally”, “are you traveling to a hot zone;” and what is your age and do you have pre-existing conditions,” among others,” P.J. commented “At a minimum, expect rates to rise.”
Events Insurance
“Coverage is available now and will be available with the same conditions that are currently in-place – but no coverage for anything COVID-related,” P.J. said. “Or, event insurance could be based on number of attendees, such as the higher the number, the higher the premium. Additionally, some carriers may entertain smaller events, with specific conditions and restrictions.”
Restaurant Insurance
“As with EVERY business or entity, the lost income due to COVID-19 will continue to be excluded (not covered), even though restauranters might have seen a few courts mandate that the insurance carrier pay the business income claim,” P.J. said. “This will be fought, appealed and likely end up in a Supreme Court (state and federal). It is clearly excluded in 99.9% of all insurance policies, so it’s not just a carrier declining to pay ‘just because,’ it’s a part of the contract; therefore, the carriers will contend that this will lead to a system of ignoring contract language.”
Film and TV Production Insurance
The film and television industry will see a continuation of strict guidelines. “Those guidelines will be focused on locations, contracts with studios, waivers, disability claims for actors unable to work due to COVID-19 infections, and on down the line to the theatres, nationally and internationally,” P.J. commented.
Read the full article at InsuranceQuotes.com
Questions about personal or business insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.
Here’s Why You Should Get Comprehensive Car Insurance
Myles Trempe
Nearly every U.S. state requires its drivers to have liability insurance coverage to drive legally. Additional coverage such as comprehensive auto insurance is optional, although it’s highly recommended considering it covers a range of damages that can occur due to events that are out of your control – theft, vandalism, fire, acts of nature, etc.
If you're shopping for auto insurance or renewing your policy, you may want to consider comprehensive coverage. Producer Myles Trempe discusses what comprehensive insurance helps protect, how it’s different from collision coverage and when drivers should purchase this type of coverage.
What is comprehensive car insurance?
Think of comprehensive insurance as coverage for your vehicle in the event it is damaged for just about anything except a collision with another vehicle or object. Comprehensive auto insurance is supplementary, meaning you have the option to add the coverage to your auto insurance policy. While comprehensive coverage is an option, lenders typically require it if you have financed or leased the car.
What does comprehensive car insurance cover?
Every auto accident that we see at Wallace & Turner is unique; whether comprehensive insurance covers your accident is determined on that specific scenario. Here is what comprehensive insurance normally covers: theft, fire, vandalism, contact with animals (deer hit), falling or flying objects, hail, windshield damage, windstorms, earthquakes, floods.
Comprehensive car insurance (CCI) is a coverage that generally applies to scenarios that are out of the control of the insured. Most frequently, windshield replacements from rocks, vehicle theft and animal related damages are our frequent claims. As we are entering late fall in Ohio, we may have one to two deer hit claims a week. Many clients assume this is a collision loss, but it is in fact a comprehensive loss.
How does comprehensive car insurance work?
The insured must have comprehensive coverage in place on the auto policy at the time of the loss. We recommend vehicle owners to meet with a local, independent agent to review coverages specific to their car. Your policy will specifically list what perils of loss are covered under the comprehensive portion of the contract. Most common coverages are vandalism, theft, fallen objects and fire.
If you have a loss, accident, etc., contact your insurance representative immediately to file a claim. Depending on whether the scenario results in a comprehensive or collision loss will be determined by the insurance company and their adjuster. If you are not sure which coverage best applies to your vehicle, consult with a local agent for peace of mind.
What is the difference between comprehensive auto insurance and collision insurance?
Collision insurance would apply if your vehicle hits an object, such as a utility pole. Comprehensive would apply if the utility pole falls on your car in a parking lot. Collision would apply if your car collides with another vehicle, where comprehensive would apply if an animal collides with your vehicle. Comprehensive applies to a vehicle that is vandalized, stolen, or damaged during a fire or natural disaster.
What's your take on the average driver purchasing comprehensive auto insurance?
First, comprehensive coverage is optional as far as your insurer and state government are concerned. Lenders typically require it if you finance or lease a car. Consider comprehensive coverage if you live in an area with greater likelihood of severe weather, vandalism or theft. Some drivers carry comprehensive coverage because they may not be able to replace the vehicle if it was stolen or totaled from a comprehensive peril of loss. Comprehensive insurance is based on the value of your car. If your car’s value is low, your insurance payout in a claim to replace that car will likely also be low. Depending on the premium in which you pay for comprehensive insurance, it may be in fact higher than the payout of your vehicle in a total loss.
As mentioned earlier, comprehensive insurance is supplementary and should be reviewed with an insurance professional if uncertain on the need.
Questions about comprehensive car insurance or other auto coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.