Avoid a Homeowners Claim with Automatic Water Shut-off Devices

No one likes to imagine water damage in their home, but it happens all the time – more than 30% of homeowner claims submitted are due to water damage – and they often lead to inconvenient and expensive repairs. Many water losses can be prevented or mitigated by an automatic water shut-off device that:

• Detects the flow of water through your pipes

• Automatically shuts off the water supply after a pre-determined time

• Provides custom protection with home and away modes

Water shut-off devices can prevent or mitigate damage from:

• Washing machine hose failure

• Sink, bathtub or toilet over-flows

• Ice maker failure

• Water heater leak or failure

• Water supply line failure

• Frozen or leaking pipes

There are two standard types of water shut-off systems: whole-house systems and point-of-use systems. While both can prevent water damage, you should consider a whole-house system as that is generally the only one that will qualify you for a premium credit on your homeowners insurance.

Whole-House Automatic Shut-Off Systems

While not every water loss can be prevented, many water losses could have been prevented or mitigated if an automatic water shut-off device had been installed in the home – automatic being the critical word here. Automatic water shut-off devices provide the best level of protection from water loss. They require no human interaction – they automatically detect a leak and automatically turn off the water to the home when a leak is detected, preventing further ongoing damage.

Whole-house automatic water shut-off systems that detect or prevent water damage from internal plumbing leaks usually are either time/flow-based or sensor-based. Each uses a different technology to detect leaks, and each can be tailored to match the needs, lifestyle and usage patterns of any homeowner. Regardless of whichever system is used, installation should be completed by a licensed plumber.

Point-of-Use Systems

Point-of-use systems are designed to monitor and shut off the water to a single water source such as a toilet, a sink, water heaters, washing machines or an HVAC unit. Single-appliance devices can typically be purchased for $75 to $150.

Assessing Your Water Damage Risk

Almost every home can benefit from the installation of an automatic water shut-off device. It may be especially cost-effective and less disruptive to add a system if your home is under construction or renovation because work is already being done. 

While any home can sustain damage from a water leak, the costs are even higher to a luxury home with high-end interior finishes or those containing fine arts, expensive appliances or other valuable articles.

Consider the water damage risks in your home, and arm yourself with knowledge to prevent the hassle and cost that come with a leak. Visit with your local, independent insurance agent for coverage advice. 

Questions about water shut-off devices and homeowners insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com. 

Is Your Home Insured for Fall Weather Hazards? – Myles Trempe Interviewed by Reviews.com

Myles Trempe

With the change of seasons, insurance agencies typically witness a host of new property claims. Many homeowners have yet to safeguard their homes for colder weather. Producer Myles Trempe spoke with Reviews.com about how to best prepare for this fall’s seasonal threats.

Myles advises prioritizing the structural foundation of your home for fall preparations. “Repair caulk around doors and windows that may be showing deterioration.”

He added: “Keep fire extinguishers accessible, charged and ready for use. Test all smoke detectors monthly and change the battery annually or as needed.”

At the end of the day, Myles recommends you talk to your home insurance agent. “It is important to have a consultation with a local insurance agent to discuss potential fall risks,” he says. “It is also important to be aware of any exclusions your policy might have. For example, most standard homeowners policies will cover damage caused by hurricanes except for flood damage. Flood insurance is a separate policy that would need to be purchased if you have a greater exposure for flood.”

Read the full Reviews.com article.

Questions about homeowners insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com. 

4 Tips for Purchasing Renters Insurance

Myles Trempe

The advantage of renting an apartment or home is that your landlord is responsible for insuring the building and taking on the cost of making repairs. But as a tenant, you should know that your landlord won’t cover everything. If your possessions are destroyed in a storm or fire, or items are stolen in a burglary, your landlord’s insurance won’t pay to replace your belongings. Renters insurance can help protect you financially in the instance of a disaster or other loss.

Below are a few tips if you are purchasing renters insurance for the first time.

1. Talk with an insurance agent. An agent can help advise on policy language, coverage offerings, exclusions and financial information pertaining to the insurance company you may be working with. Most renters insurance policies typically offer similar coverages and an agent can speak on firsthand knowledge of which coverages may best fit your situation and budget. Down the road, the client/agent relationship allows for a more comfortable transaction if a claim or peril presents itself.

2. Understand what your policy covers and does not cover. Many tenants assume it is the responsibility of the landlord to protect their property if something happens to the building. This is not the case and the reason why you need renters insurance. Renters insurance covers most specifically your personal property (your belongings) and your personal liability. It is always important to take inventory and have an idea of how much contents coverage you should have if a loss destroyed it all. With personal property coverage, your agent should 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.

3. Be aware of your personal liability exposures. 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/adopt one, make that call to your agent. 

4. Be aware of what is excluded. Floods and earthquakes are not covered by your renters policy. Depending on where you live, these are two coverages that you may want to have as well. An agent can add those specific coverages to your policy for additional cost, but also additional peace of mind. 

When you purchase renters insurance, your hope is that you will never need to use it. If the day comes and you do, that relationship you built with your agent will make the process all the better. Depending on the claim and its severity, you should always make your landlord aware, contact the police if necessary, call your agent, document your loss (what belongings were damaged), and be available to the company and agent. Realize the more quickly you file your claim and more thoroughly you document, the faster the claim will be processed.

When you call your agent, be ready to provide your policy number and all the information you currently have about the incident. Your agent can verify the time limit for filing your claim, your coverage, and whether the amount of your claim will be higher than your deductible.

Questions about renters insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com. 

9 Must-Have Types of Insurance Policies

Raise your hand if you like paying for insurance. We’re guessing not many hands are up. Insurance is tricky because it’s an intangible product, but it’s also security in the instance you suffer a financial loss. Now raise your hand if you would be able to come out of pocket to pay for your totaled car and personal injuries, if your house burned down in a fire, or if someone hacked into your computer and stole $10,000 from your bank account. Again, it’s likely not many hands are up. Paying a nominal amount now for insurance, can save you a lot in the long-run and even prevent you from financial ruin.

While there are a range of insurance coverage options that may be needed based on your individual situation, we’ve broken down the nine must-have policies.

1. Auto Insurance

2. Homeowners/Renters Insurance

3. Flood Insurance

4. Umbrella Policy

5. Health Insurance

6. Long-Term Disability Insurance

7. Term Life Insurance

8. Long-Term Care Insurance

9. Identity Theft Protection

Auto Insurance

According to the Insurance Information Institute, the average loss per claim on cars is around $4,900. That’s a substantial amount of money to pay if you don’t have car insurance coverage.

We should also point out that it’s illegal to drive uninsured, so at a minimum, you need to follow Ohio’s (or your state’s) insurance requirements.

In Ohio, the state requires drivers to purchase Bodily Injury Liability Coverage as well as Property Damage Liability Coverage. The required minimum for Bodily Injury Liability Coverage is currently $25,000 per person injured in any one accident and $50,000 for all persons injured in any one accident. The required minimum for Property Damage Liability Coverage is $25,000 for injury to or destruction of property of others in any one accident.

Keep in mind that the above is the minimum required, and you should consider what you may have to lose if you cause an accident. If you don’t have adequate auto insurance coverage, the victim may take any of your assets to cover the cost of damages. It’s best to talk with your independent insurance agent to determine the level of coverage you should have to protect yourself.

Homeowners and Renters Insurance

Ohio is the 24th least expensive state in the country for home insurance. A standard homeowners policy includes coverage for:

• Dwelling: This pertains to the cost of repairing or rebuilding your home in the event of a loss caused by a covered peril such as wind, hail, lightning or fire.

• Liability: If you're sued by a visitor in your home following an accident, this will cover legal expenses whether you’re found responsible or not. In certain situations, it may help cover damages that stem from an accident that happens when you're away from home. Liability will also cover costs for damage to your neighbor’s property.

• Medical payments: If a guest in your home or on your property is injured, this will help pay for their medical expenses.

If you’re a renter, it’s important to purchase insurance to cover your belongings if they are lost in a fire, burglary or other disaster, and never assume your property or expenses will be protected by your landlord’s insurance. Renters insurance can also extend to personal belongings stolen or damaged from your car, or even a storage unit you rent.

The amount and type of homeowners or renters coverage you need will depend on the value of your home, personal property, unique or expensive items, and personal liability to determine the right policy.

Flood Insurance

Flooding is the largest natural catastrophe, and largest single event natural catastrophe, that ever occurs. Two-thirds of flood activity occurs in areas that are not high flood zones, i.e. it's flooding in places that may have never flooded before. Moreover, it’s reported that only seven percent of homeowners have flood insurance! It can take only an inch of water to cause thousands of dollars in damage to your home.  

Floods are not covered in homeowners or renters insurance, but anyone can get coverage as a supplement to their policy. 

Personal Umbrella Insurance

An umbrella policy covers claims in excess of your homeowners or auto insurance coverage. It’s an added layer of protection if you cause injury or damage to another person or their property.

For example, if you run a red light and cause a multi-vehicle accident, the cost of car repairs and medical expenses, not to mention any lawsuits you may face, could quickly add up well beyond your auto coverage. Without an umbrella policy, your assets, including your home and future wages, could be used to pay for the losses. This is a scary thought for most. Ask your insurance agent about increasing your liability coverage with a personal umbrella policy to safeguard you and your family.

Health Insurance

As reported by CNBC in 2019, 66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills, research found. It’s evident that most families don’t have enough saved for a simple emergency, let alone thousands of dollars in unexpected medical costs.

Even if you are healthy or don’t visit the doctor often, it’s critical to have some level of health insurance in place, otherwise, you’re leaving yourself exposed to potential financial catastrophe. At a minimum, consider a high-deductible plan where you pay more up-front medical costs, but have a lower monthly premium. 

Long-Term Disability Insurance

No one anticipates a life-impacting injury or illness happening to them. Unfortunately, the U.S. Social Security Administration says that approximately one in four 20-year-olds will become disabled before they retire. That’s a scary statistic, but by purchasing long-term disability insurance (LTD), you can protect yourself and your family if you’re unable to work for several years or even decades.

If your employer doesn’t offer an LTD policy, you can take out a supplemental policy. Expect to undergo a medical exam and be aware that any pre-existing conditions you have, could affect your coverage. The more complex your health history is, the longer it could take to approve coverage.

Term Life Insurance

If you have a spouse and/or children that depend on you financially or your death would be a financial burden for them, purchase a term life insurance policy. This type of policy guarantees payment if the covered person dies during a specified term – typically 10, 20 or 30 years. If the policy expires before your death, there is no payout. The policyholder can then choose to renew for another term, convert to permanent coverage or simply terminate the policy.

In comparison to permanent life coverage, term life insurance is less expensive but has no cash value or savings component. Term life premiums are based on a person’s age, health, and life expectancy. 

Long-Term Care Insurance

The U.S. Department of Health and Human Services reports that 70 percent of those turning age 65 today will need some type of long-term care, e.g. nursing home, assisted living or in-home care. Long-term care will cost you $140,000 on average if you pay out of pocket. These expenses will quickly deplete the savings of most individuals and/or their family.

Don’t think that you can rely on Medicare to cover long-term care costs – it doesn’t. Medicaid, the government’s program for people who don’t have money to cover these costs, isn’t a reliable fallback either. Throughout the U.S., doctors are reducing the number of Medicaid patients they accept.

Long-term care policies can be expensive and complex. Be sure to work with an insurance professional that can explain your options and help you find the best price based on your particular situation, age, health, etc. 

Identity Theft Insurance

Victims of identity theft may face lower credit scores, difficulty obtaining credit or loans, and even finding employment. This is an especially stressful and frustrating situation that can take months or years to recover from. Your homeowners or renters policy provides limited coverage for loss of this nature, so it’s smart to protect yourself with a dedicated policy.

An identity theft policy is designed to help victims recoup costs related to reclaiming their financial identities and repairing credit reports. This can include replacing documents such as a driver’s license and passport, notarizing affidavits, obtaining credit reports or paying for fees charged by an attorney for necessary legal action. 

Questions about insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com. 

Why Are Insurance Policies Impossible To Read? – Forbes Interviews P.J. Miller

P.J. Miller

Many policyholders believe insurance contracts are a nearly impossible-to-solve puzzle for the average person. So, what makes them so hard to understand?

An insurance policy is a legal document that has to hold up in court. That’s why you see lots of legalese and specialized terms in an insurance contract.

“Simple language opens things up to ambiguity,” said partner P.J. Miller. “And ambiguous contracts are prone to be torn apart by attorneys. In court, ambiguous policy language can work in favor of the consumer.”

Miller added: “Years ago, insurance contracts were easier to understand. But over time, new laws, regulations, court cases and differing opinions started to add complexity to the contracts.”

In other words, insurance contracts are complicated because they have to cover all their bases in case of a lawsuit or a large claim. Increased regulation has pushed insurance companies to make the contracts denser, making them difficult to read for the average policyholder.

Before you pay for any insurance policy, be sure to take the time to read and understand it. Get help if needed, so that you know what coverage you are—and aren’t—paying for. 

Read the full Forbes article.

Questions about purchasing an insurance policy, or understanding your current one? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

COVID-19 & The Insurance Industry – P.J. Miller Discusses the Biggest Challenges with Insurance Support World

P.J. Miller

Coronavirus is having a massive impact worldwide, including in the insurance industry. Partner P.J. Miller spoke with Insurance Support World about pandemic/virus “claims” and the potential for financial devastation if insurance policies had to pay out for such coverage.

P.J. commented, “Being in the insurance industry (as an Independent Agency Owner), I’ve learned, or should I say had it reaffirmed, that while most commercial insurance buyers understood the fact that Pandemic/Virus “claims” are basically not covered, some see it as an attempt by insurance companies to not cover claims, “just because.” Technically, all property policies exclude (do not cover) such claims, and there’s not another source or method to buy the coverage. The same exclusionary language exists for flood, and yet flood is almost always available and usually reasonably priced; however, the number of flood policies purchased each year falls woefully short.

So, which calamity would you have bet on to wreak havoc in the U.S.? If you were offered Pandemic/Virus coverage last year, would you have laughed it off like being offered Volcano coverage?

While there aren’t many reports out yet to determine the dollar value of what would be considered covered Pandemic/Virus claims, most guesses are that it would have eclipsed the trillions that the Federal Government expended and would have caused widespread bankruptcies in the insurance industry. 

The premiums currently and historically charged for property coverage contemplates known perils (fire, wind, etc.) and without calculating and charging for the potential expense of paying an excluded item such as Pandemic/Virus, it would cause the widespread, if not total devastation, in the insurance and financial markets.” 

Click here to read the full article. 

Questions about the impact of coronavirus on your insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Evaluate Your Insurance Coverage & Assess Your Risk - National Insurance Awareness Day

National Insurance Awareness Day falls on June 28th each year, reminding us that it’s a good idea to regularly review our insurance policies. Did you buy a new home or make upgrades to your existing home? Is a child heading off to college? Are you covered in the instance of a flood? Have you considered data and cyber insurance for your business? As life changes, so should your insurance coverage. Contact your insurance agent to evaluate your coverage and assess your risk.

Homeowners Insurance Deductible: How to choose the right one – P.J. Miller Interviewed by Insurance.com

P.J. Miller

Homeowners insurance deductibles are an important part of a home insurance policy. A deductible decides how much you will have to pay when you file a claim and affects your policy’s cost. Typically, the higher your homeowners insurance deductible, the lower your premium.

What’s the average homeowners insurance deductible?

“Not all that long ago, a $100 deductible was the standard deductible amount, but in keeping with inflation, the standard moved to $250. As property claims started to escalate and new coverages were developed, it wasn’t long until $500 became the new standard,” said partner P.J. Miller.

P.J. added that many insurers also offer disappearing deductibles. In those cases, companies reduce your deductibles if you have no claims over a period. So, your $500 deductible may shrink to $100 if you haven’t filed a claim in three years.

P.J. said some insurers have also attached higher deductibles to roof claims. Insurers usually want homeowners to replace their roofs after 20 or 30 years. Roofs protect the homes against the elements. Home insurance companies often check a homes’ roofs to make sure they are in working order.

Additionally, P.J. noted insurers have increasingly attached a higher deductible for roof damage as wind and hail claims have increased in recent years.

What’s the right home insurance deductible?

The homeowners insurance deductible that’s right for you depends on your financial situation.

“Go with the highest deductible you’re comfortable with, whether that’s psychologically or monetarily,” P.J. said. “And don’t think about it on a one-year basis as that tends to skew the thinking because you want to reduce your homeowner premium as much as possible over the course of your homeownership. A substantial deductible like $1,000 or $2,500 might save you $100 or even $200 to $300 or more on an annual basis, and after five years, you’ve put a dent in that homeowner premium.”

Continue reading the full article to learn more about homeowner deductibles and how to choose the right amount for you.

Questions about homeowners insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

How to Suspend or Lower Your Auto Insurance Because of COVID-19 – P.J. Miller Discusses Options with MoneyGeek

P.J. Miller

With fewer drivers on the road due to COVID-19, fewer accidents are taking place. Fewer accident claims could mean lower premiums for you. Even with those savings, you may be wondering if you can suspend your car insurance during the COVID-19 pandemic if you're not driving.

Partner P.J. Miller doesn't recommend consumers suspend their coverage because there are various reasons why it might cost policyholders more money in the long run. 

"If you suspend your insurance, you won't have coverage for non-driving related losses such as theft or vandalism," said P.J. "Additionally, if you want to reinstate your coverage at any time, your future rates could increase due to the coverage lapse."

If you are in a position to suspend your auto insurance, call your auto insurer to learn if this option is offered and if it would save money in the long run. You may be better off getting rid of the vehicle if you can't afford to insure it. 

Read the full article to learn other ways you can save money on car insurance.

Questions about lowering your car insurance premium? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

How to Save Money on Homeowners Insurance – P.J. Miller Discusses Strategies With TheStreet

P.J. Miller

Insurance for a home protects homeowners and their personal items in case of damage caused from a storm or theft to more major issues such as a fire. Partner P.J. Miller spoke to TheStreet to share ways homeowners can save money on their insurance premium. 

1.     Increase Your Deductible 

“While a $500 deductible sounds more affordable, increasing it to $1,000 will trigger a rate reduction,” said P.J. “Be aware that you'll need to cover more of the cost in the instance of a claim, so be sure to set aside money, just in case.”

2.     Combine Your Coverage

Check with your insurance provider if bundling your auto coverage with your home or renters' insurance policy can yield additional savings. “Showing your loyalty to one insurer could help you land a discount, especially if you have multiple policies,” P.J. said. “Renew your plan early and you could get a discount as well.”

3. Maintain a Good Credit Score

Most insurance carriers use credit as a portion of the rate-setting process in states where it is permitted. “While it is supposed to be a ‘portion’ of the rate calculation, most believe it plays a significant role in determining price,” P.J. commented.

4. Reduce Your Exposure to Perils by Upgrading Your Home

Install a security system, replace outdated plumbing and electrical systems, or install a new roof or energy efficient windows. “Speak with your insurer to confirm the upgrades make financial sense in comparison to the discount you'll be receiving,” P.J. said. 

5. Speak With an Independent Insurance Agent 

“Independent insurance agencies work with a range of carriers and can ‘shop around’ for homeowners to find a variety of insurance options,” P.J. commented. “There are often discounts and credits available within certain coverages and an agent could help you take advantage of these savings.”

Continue reading the full article to learn additional ways to save on your home insurance.

Questions about homeowners insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Dayton Business Journal Ranks Wallace & Turner Among Top Property & Casualty Insurance Agencies

Wallace & Turner was once again recognized on Dayton Business Journal’s annual list of top Dayton-area Property & Casualty insurance agencies for 2020. Operating locally in Springfield, Ohio since 1870, Wallace & Turner is one of the oldest independent insurance agencies in the state. We provide personal insurance, commercial insurance and life & health coverage. 

View the full list (requires subscription).

Dayton-area Insurance Agencies Become Key Resource in Pandemic – Wallace & Turner Featured in Dayton Business Journal

P.J. Miller

Dayton Business Journal (DBJ) spoke to top local executives at insurance agencies to learn more about how the COVID-19 pandemic has impacted their industry. DBJ noted that Wallace & Turner has been busy with car purchases and refinances due to low interest rates and good deals on vehicles.

Lisa Miller

Lisa Miller, property and casualty agency operations manager and commercial and personal lines account manager, said Wallace & Turner has “also received many calls about the auto credits that most insurance companies are offering due to people not driving as much.”

The firm has adapted quickly to virtual business operations, due to its already established virtual services. It also hasn't experienced any furloughs and budget cuts.

"Our outlook looks good," Lisa said. "We are just as busy as we were pre-COVID-19, and more so in some ways. We realize that everything has changed and some of these changes may have led to new ways of working that we never truly considered."

Wallace & Turner Inc. ranks No. 7 on DBJ’s 2020 property and casualty insurance agencies list with 16 agents. View the list (requires subscription).

View the full story (requires subscription). 

Questions about the impact of COVID-19 on your insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Lyft Insurance Explained – Ben Galbreath Talks With Insurance.com About Obtaining the Right Kind of Coverage

Ben Galbreath

There are at least 1.4 million Lyft drivers in North America, according to the most recent estimates. If you're planning to become one of them and hit the road for Lyft, you need to have the right insurance coverage. Insurance.com interviewed producer Ben Galbreath to discuss what you need to know about Lyft's insurance and how to make sure you're completely covered as a driver.

Your personal auto insurance only covers your vehicle’s personal use—not commercial activities that earn you money.

"Your personal auto policy is not written to handle the exposure of commercial operations in regards to driving an individual for pay. Not to mention the amount of liability limits are limited," commented Galbreath.

Galbreath says if you're driving for a rideshare company, you should have enough coverage to protect your assets. This includes not only your car, but your home, investments and anything else of value that could be at risk if you were involved in an accident and were found liable.

He recommends "at least $1 million of liability coverage, higher medical payment options and third-party liability coverage," which will take the pressure off your personal auto policy.

Continue reading the full article.

Questions about Lyft, rideshare or auto insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Ways to Reduce Your Car Insurance Premium During COVID-19 – P.J. Miller Interviewed by The Penny Hoarder

P.J. Miller

Millions of Americans rely on a car to get to work or school and run errands every day, but the coronavirus pandemic has curtailed our daily commutes. If you’re struggling to pay the bills, you may have considered canceling your car insurance since you’re not driving as frequently — but don’t do that just yet.

Canceling your car insurance outright is not the only solution to reducing your monthly insurance premium during COVID-19. “Increasing your deductible (for example, from $500 to $1,000) is another way to reduce your monthly bill — by upward of 40%,” commented partner P.J. Miller.

Additionally, car insurance companies are aware Americans are driving less during this pandemic. In fact, more than 82% of insurers are issuing partial refunds and credits to drivers because of reduced driving during stay-at-home orders. 

Keep in mind, canceling your car insurance could cost you more in the long run.

Continue reading the full article to learn additional ways to save on your auto insurance.

Questions about car insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

What You Need to Know About Uber Insurance – Ben Galbreath Interviewed by Insurance.com

Ben Galbreath

There are millions of Uber drivers across the U.S. who use the service to generate full-time or part-time income, and drivers are essentially operating their own small business. This means they need insurance to protect their business and reduce their financial liability. If you're a rideshare driver, you should know that your personal auto policy only covers your vehicle’s personal use. If you're driving your car for business, you'll need a commercial policy.

"Traditional car insurance is not set up for the liability and medical payments exposure, and the liability a driver exposes himself or herself to while getting paid to transport individuals," commented producer Ben Galbreath.

Galbreath says rideshare drivers should consider their personal assets, such as home, car, bank accounts and investments when thinking about coverage. 

"Auto claims have high bodily injury payouts, so medical bills and liability payment could bankrupt individuals if the right type of coverage isn't purchased," he adds.

Galbreath says if you're looking for coverage, you should take the time to compare policies and that you shouldn't base your decision on price alone.

"My advice would be to look into coverage options and pay for what you need to be protected based on your personal liability," he says. "The cost of insurance would not come close to the potential loss a driver could risk personally or professionally." 

Continue reading the full article.

Questions about Uber, rideshare or auto insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Does Homeowners Insurance Cover Roof Damage & Leaks?

Spring is here and it's time to see how your roof weathered the winter. After sustaining months of low temperatures, snow, ice and harsh winds, it’s important to check your roof to prevent maintenance and liability issues down the road. Because spring is not without its own inclement weather, what started off as a minor issue could turn into major damage. Wind and hail are the most common causes of roof damage, affecting roughly 1 in 50 homeowners, with more than $10 billion in annual property loss, according to the Insurance Information Institute. Your home’s roof is the first line of defense against the elements, but if it’s not properly cared for, your homeowners insurance may not cover a loss.

Will Homeowners Insurance Pay for Roof Damage?

The dwelling coverage section of your homeowners insurance policy protects the structure of your home, including the roof, from perils such as wind, fire and hail damage. If your roof is damaged due to a hailstorm or heavy winds cause a tree to fall on your home, your dwelling coverage would cover the cost if you file a claim. If the damage occurs to an unattached structure on your property, such as a shed or detached garage, you may be covered by the “other structures protection.” Similarly, if the contents of your home or garage are damaged, “personal property coverage” would help to replace or repair them. 

Keep in mind that you will need to pay your deductible before your homeowners insurance kicks in to pay for repairs and loss. It’s also important to note that some homeowners policies have windstorm and hail exclusions, meaning damage from either would not be covered. You may consider a separate deductible applied to your homeowners policy to cover wind and hail damage. Wind and hail deductibles are typically anywhere from 1-10% of your dwelling coverage amount. Understand what your coverage limits are and talk to your insurance agent to develop a policy that fits your needs. 

Does Homeowners Insurance Cover Roof Leaks?

Homeowners insurance will pay for a roof leak if it is caused by a covered peril. Examples of common insured risks include falling trees and limbs, windstorm, hail, issues caused by snow, ice or sleet as well as vandalism.

A leak and resulting damage will not be covered due to lack of maintenance, or wear and tear. A home insurance policy isn’t meant to be a maintenance policy and an insurer will expect the homeowner to be responsible with upkeep and repairs. Homeowners insurance policy are designed to cover damage that is sudden and accidental, rather than damage that accumulated over a number of years, such as an aging roof or unresolved maintenance issues. For example, if you experience a severe thunderstorm and your roof begins leaking, if it’s determined that the roof had been rotting for some time without being repaired, your insurer could conclude the damage was gradual and deny your claim.

Common policy exclusions that could cause a roof leak include:

• Neglect

• Mold, fungus, or wet rot

• Wear and tear, and deterioration

• Settling, shrinking, bulging or expanding

• Birds, vermin, rodents and insects 

Coverage is also limited for roofs older than 20 years old. They are typically insured at their actual cash value, meaning you’re only reimbursed for the roof’s value after 20+ years of depreciation.

Your insurer may deny a homeowners claim for the above reasons, which is why it’s important to conduct regular roof inspections. If you’re planning to buy a home, be sure to learn the roof’s age and condition, and address any issues before the sale is complete.

Protecting Your Roof and Home

As your roof ages and is impacted by severe weather, its ability to protect lessens. Manufacturers provide an estimated lifetime rating for roof shingles, but that’s under ideal circumstances, not actual conditions that typically occur in Ohio, like snow, hail and thunderstorms.

Aside from weather, there are other factors that can affect the lifetime of a roof shingle:

• improper installation

• improper ventilation

• slope of the roof

Here are six ways you can make sure your roof is in good shape and will protect your home:

• Inspect your roof regularly so you can be on the lookout for early signs of failure. Check for loose, missing or curling shingles; growing moss or algae; waves or ridges in the roof line that can indicate problems with the roof decking or framing.

• Clear any fallen branches or other debris, and don’t forget about gutters – built-up leaves and even animal nests should be removed.

• Keep trees trimmed to avoid leaves, branches, pods from falling on the roof and clogging up gutters.

• Check transition points in the roof for wear and tear. For example, where the roof meets the chimney or a skylight. This can easily create opportunities for water to enter the home.

• If you notice any area of concern, contact a roofing contractor to inspect and make necessary repairs. It’s best to leave roof repairs to professionals to prevent a more serious issue that could result in an entire roof replacement.

• Replace your roof when age or conditions indicate that it won’t be able to adequately protect your home. Replacing a roof can be expensive but it may be your only option if you want to avoid larger, and potentially even costlier repairs. Let your insurance agent know when you replace the roof so you can insure your home for the proper value.

Filing a Roof Replacement Claim

If your roof is damaged after a storm or other covered peril, here are steps to file a claim:

• Take photos of the roof and damage.

• Hire a contractor to make immediate repairs to prevent further damage to your roof and the inside of your home.

• Contact your insurance company to determine if the roof damage is covered.

• File an insurance claim with your insurer.

• Schedule an appointment with for your insurance company to inspect the damage. 

Questions about roof damage or filing a homeowners claim? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Cyber Fraud & Identity Theft: Protecting Yourself from COVID-19 Scams

The cyber fraud and identify theft landscape continues to evolve as criminals and hackers find new, aggressive ways to scam consumers and businesses. From robocalls and stolen credentials, to phishing and malware, vital information is increasingly being accessed online and through technology by the wrong people. The COVID-19 outbreak is creating the perfect storm for these type of attacks to flourish, and scammers are taking advantage of the pandemic to steal information.

Consumer Identity Theft and Fraud 

In the coming weeks, taxpayers will be on the lookout for an economic impact payment from the Coronavirus Aid, Relief, and Economic Security Act. This sets the stage for fraudsters to pose as government officials contacting individuals via email, texts and social media in an attempt to gain access to personal information and steal their identity. Individuals could be misled into providing bank account numbers, passwords or even installing malware on their computers for fraudsters to illegally access this information. Consumers need to be vigilant for scams related to COVID-19.

Below are tips to protect yourself from identity theft and fraud.

• Hang up on robocalls. Scammers are using robocalls to illegally obtain social security numbers, bank account information and offer bogus coronavirus treatments. Don’t press any numbers or say anything; simply hang up.

• Avoid clicking on links in unsolicited emails and be wary of email attachments. Instead of clicking a link, you can have it scanned for virus code using the VirusTotal URL scanner. Copy the link and paste it into the scanner to have dozens of malware detection engines review the contents of the link to see if any are harmful. See Using Caution with Email Attachments and Avoiding Social Engineering and Phishing Scams for more information.

• Only use trusted sources. Look legitimate sites such as government websites for information about COVID-19. Many sites will appear to offer helpful information, but you can often spot fakes by poor grammar, misspellings or missing contact information. Type a company or product name into your favorite search engine with words like “review,” “complaint” or “scam” to confirm legitimacy.

• Do not reveal personal or financial information in email. Call the organization to speak with someone directly. Research the company on Google and the Better Business Bureau if you are unsure.

• Be cautious about installing applications. Avoid downloading anything via email if you don’t know the source. For mobile devices, only install apps via the official app stores; avoid clicking from social media.

• Choose secure passwords. Don’t repeat the same password across multiple accounts. This makes it easier for scammers to access all of your information if they are able to gain entry into one account.

• Install security software that updates automatically. Make sure the security software, operating system, browsers and apps on your computer and smartphone are up to date. This may help protect your devices against potential identity thieves who try to take advantage of bugs or security holes in outdated software, systems or browsers.

• Talk to your agent about identity theft insurance. Having coverage will help you recover costs for obtaining credit reports from bureaus, notarizing affidavits, attorney fees, replacing documents, including driver’s license, passport and Social Security card, among other critical actions.

You can sign up for free scam alerts from the FTC at ftc.gov/scams. If you spot a scam, report it at ftc.gov/complaint. Your reports help the FTC and other law enforcement investigate scams and put an end to this type of fraud.

Business Cyber and Data Liability

The majority of employees are working from home, and they may not have the same level of internet and computer security, leaving businesses susceptible to cyber and data breaches. Companies must be prepared and have a plan in place to respond to incidents of fraud. This is true whether you are a small business or a large corporation.

Talk with your employees:

• Awareness: Make sure your employees have knowledge of the type of malicious calls, emails and websites they may experience.

• Educate: Train your staff on what to do if they receive a suspicious call or email with questionable links and attachments. Preach caution. If employees are unsure, they should speak with management or your IT team before responding to any communications. 

• Preparation: Work with employees to create a secure home office environment. Implement security measures to strengthen passwords, create multi-factor authentication for programs and applications, and set up strong VPN connections.

Planning and reacting to a data breach:

• Create a written security policy. Identify various types of security incidents that could occur; prepare a communications plan; designate roles and responsibilities among staff. Train staff on the plan.

• Use security tools: Implement software and other tracking methods to detect suspicious communications.

• Contain breached data. Isolate the affected information from the rest of your network to prevent the spread of unauthorized access/malware within your organization. Assess the impact and determine if additional information is at risk.

• Identify the cause of the incident. Correct broken security measures that allowed scammers in. Take steps to protect against identity theft and account takeover such as updating passwords and installing new malware.

• Gradually bring systems back up. Test systems to confirm they are working properly before giving employees access again.

• Contact your insurance agent. If you have cyber liability insurance, your insurer can assist with your response capabilities and start the claim process.

• Communicate with clients and consider regulatory obligations. Clients need to be made aware if their information may be compromised, and how you’re handling the situation. Clearly explain measures that are being taken to prevent this from happening again. Ensure you’re complying with all state and federal laws.

• Review the incident with your staff. Make sure they understand how the breach occurred and how it could be prevented in the future. Update your response plan accordingly.

A tremendous amount of time and money can be wasted trying to restore your credit, finances and reputation. While there’s no fool-proof method to prevent identity theft or data breaches, there are tools that can make the recovery process faster, and save you money with less aggravation should you become a victim.

Want to learn more about Cyber Crime and Data Breach Insurance? Download our free e-book.

Questions about identity theft or cyber and data liability? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Personal Auto Insurance Premium Relief

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View this email in your browser April 2020 To our Personal Auto Policyholder Clients: We understand many of you have questions and concerns related to the impact of COVID-19 (Coronavirus) on your personal auto coverage. Our carriers recognize that this is a difficult time, and in response, are offering a credit, refund, premium adjustment or premium reduction, for a current and specified time period. Additionally, many carriers are providing flexibility for payments, and have suspended cancellations and late fees.  Below, we've outlined the terms from each carrier, pending regulatory approval, which are being expedited for review. No action is required on your part to receive these discounts or policy adjustments. If you have any questions, please contact us at 937-324-8492. Wallace & Turner, Inc. Cincinnati Insurance and Cincinnati Casualty personal lines auto policyholders will receive a 15% credit per policy on your April and May premiums. Credits are expected to be issued in June. Learn more. Nationwide is offering a one-time premium refund of $50 per policy for personal auto policies active as of March 31, 2020. The refund will arrive in the next 30 days.  Learn more. If you have an active personal auto policy at the end of April or May, you will be receiving a 20% premium credit. Progressive will calculate your credit for you at the end of that month, and you’ll see it in your Progressive account a few weeks after that.  Learn more. Ohio Mutual is offering a 25% policy premium credit for all personal auto policyholders with an in-force policy as of May 31, 2020. Premium credit will be applied beginning the first week of June.  Learn more. WRG is adjusting discounts and reducing rates for personal lines auto policyholders. By reducing rates, WRG is lowering premiums by more than $3.7 million for personal auto policyholders, in addition to the almost $2 million in rate reductions offered to policyholders effective March of this year.  Learn more. Westfield Personal Auto customers will receive a 15% credit of their eligible monthly auto premium for the months of April, May, and June 2020. Customers with an active Personal Auto policy as of April 30, 2020, will receive the full credit to their bill in the month of May 2020. Learn more. Springfield Office Kissell Center 30 Warder Street, Suite 200 Springfield, OH 45504 Phone: (937) 324-8492 Urbana Office 113 Scioto St. Urbana, Ohio 43078 Phone: (937) 652-8492 Email: info@wtins.com www.WTins.com Copyright © *2020* *Wallace & Turner, Inc., All rights reserved.   Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

Damage Caused by Fallen Trees: Understanding Homeowners Insurance Coverage

Fallen trees or branches on a home are often the unfortunate result of severe storms and high winds. Whether a tree fell on your home or onto your neighbor’s, you’re probably left wondering, who is responsible for the damage? Let’s examine a few scenarios.

My Tree Damages My Property 

If a tree on your property falls and damages your home or related structure such as a detached garage, typically your homeowner’s insurance policy will kick in to cover the cost of repairs and cleanup of the property, after you pay your deductible. Covered perils generally include damage caused by wind, lightning or hail, i.e. acts of nature. 

The coverage limit you’ve selected for your homeowners insurance policy determines how much your insurance company will pay for the damage. You may have separate coverage limits for dwelling and other structures coverage. Dwelling coverage helps pay for repairs of your home if the damaged is caused by a covered peril. Other structures coverage helps pay for repairs or to replace structures on your property such as a fence, shed, gazebo or swimming pool.  

What Homeowners Insurance Won’t Cover 

Your homeowners insurance will not cover damage if a tree falls on your car; however, you may be able to file a claim if you have comprehensive coverage on your auto insurance policy. Comprehensive coverage can help pay for repairs or replace your car if it’s damaged or totaled by falling objects, like a tree. This is optional coverage on your car insurance policy, unless you lease or finance your vehicle. In that case, your lender may have required you to purchase comprehensive coverage which would ensure you have insurance for this type of damage. If you file an insurance claim on your comprehensive coverage, be aware that your deductible and coverage limit will affect what you pay out of pocket.

If a tree falls and you don’t need any repairs, typically your homeowners insurance policy will not cover tree or debris removal, unless it creates a dangerous obstacle like blocking a driveway or road.

Your Neighbor’s Tree Damages Your Property

If your neighbor’s tree falls and damages your house or other structure due to a covered peril, this would be covered by your homeowners insurance policy (not your neighbor’s).

It’s important to note that there are instances where a tree falls and causes damage unrelated to Mother Nature, and insurance coverage may be handled differently. If the tree fell due to negligent upkeep – it was dead or diseased – you may have a case that your neighbor is responsible for the damage, and therefore, their insurance policy would pay. This can be difficult to prove unless you have documentation that you asked the neighbor to remove the dead/dying tree before it fell.

Another scenario is that your neighbor attempts to cut down a tree or large branches, and in the process, those fall on your house. If it can be proven your neighbor was negligent and didn’t take proper precautions, they could be held liable and forced to pay for damages.

My Tree Damaged My Neighbor’s Property

If your tree falls on your neighbor’s house, their insurance policy would cover the loss. So the general rule of thumb is, the owner of the damaged property will file the insurance claim. Your neighbor could decide to sue you to cover their deductible, in which case, your insurer would be required to defend you and investigate the claim. And similar to the above, if you were found negligent of caring for the tree, your insurance policy would have to cover the damage. 

Avoiding a Homeowners Insurance Claim 

The best way to minimize damage from your own trees is to properly care for them and prepare before extreme weather. If the tree appears to be diseased or dying, have it inspected by an arborist to determine if it needs to be removed. This may seem like an unnecessary expense, but it can save you money in the long run. Poor maintenance will not be covered by homeowners insurance.

Of course, it’s also good to have a relationship with your neighbor and discuss any concerns before accidents and damage occur. 

Questions about homeowners insurance coverage or claims related to fallen trees? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Don’t Wait for a Tornado to Strike – Protect Your Family & Home With These Severe Weather Planning & Insurance Steps

Spring Severe Weather Awareness Week in Ohio falls in March each year, but it’s important to stay alert throughout the spring into summer when tornados are most likely to occur.

Don’t wait for severe weather to strike – have a household plan in place now so you’re not caught off guard in the instance of a tornado or other disastrous storm. Preparation is key to staying safe and minimizing potential loss. Below are steps to take before, during and after a tornado.

Planning Before a Tornado Strikes

• Ensure your family knows the signs of a tornado. A tornado is a violently rotating column of air touching the ground, usually attached to the base of a thunderstorm. Tornadoes appear to be a funnel-shaped cloud, an approaching cloud of debris, or a loud roar approaching. The sky often appears dark and greenish, and storms produce heavy rains, flash floods and hail.

• Pay attention to the weather forecast. Meteorologists can often forecast when conditions are right for a tornado to develop. A WATCH means a tornado is possible; a WARNING means a tornado is already occurring or will occur soon and you should take cover immediately. Don’t assume a watch won’t turn into a warning; take precautions and don’t risk your safety.

• Identify a safe place to gather in your home. Ideally an underground shelter with no windows – a basement, cellar or even an interior room at the lowest level of the house. Make sure everyone in your household understands to go to this designated area during a tornado. If you’re in a mobile home, find an alternative location you can go to such as a local emergency shelter.

• Learn about your workplace and children’s school emergency plans. Every building has a different plan of action. Talk to your child’s school or daycare and understand their emergency plan. You’ll feel much better if you know exactly where your child is during a storm.

• Create an emergency kit. Essential items to include: first aid kit, water and nonperishable food, manual can opener, flashlight, battery powered radio, extra batteries and a whistle. If you have a baby or pets, keep in mind you’ll want to have diapers, formula and extra food on hand. If you require medications, try to keep extra prescriptions in your kit. Also consider keeping important documents here such as birth certificates, insurance policies, a household inventory and ownership certificates (cars, boat, etc.)

• Prepare your home. If a tornado is approaching and you have time, turn off utility switches and valves. Secure or bring inside anything that could be picked up by the wind. Close curtains and blinds to prevent shattered glass from flying.

• Practice your plan. Teach your family how to administer basic first aid, how to use a fire extinguisher, and how and when to turn off water, gas, and electricity in your home. Conduct a family tornado drill to ensure everyone understands the plan.

• Confirm your insurance coverage. Tornado losses will typically be covered under “windstorm peril” in your homeowner’s insurance policy. Ensure you have adequate coverage and alert your insurance agent to any improvements, home inventory additions, etc.

What to Do During a Tornado

• Take immediate cover. Go to your designated safe room in your home or other shelter – remember to avoid areas with large glass windows or large open areas. Do not try to outrun a tornado in a car. Listen to weather reports for storm updates.

• Further shield your body. Cover your head and neck with your arms. Put other materials around you such as blankets and large pieces of furniture.

• Don’t leave shelter until it’s safe to do so. The tornado may pass but can still produce high winds, flying debris and weak tree branches that can fall and cause injury. Tune in to EAS, NOAA Weather Radio or local alerting systems for current emergency information and instructions.

Steps to Take After a Tornado

• If you are injured or trapped, don’t move. Cover your mouth with cloth to avoid breathing dust. If you have access to a phone, call or send a text. Otherwise, make noise by banging on a pipe or using a whistle.

• Continue listening to authorities for updated information. As previously mentioned, there can be continued severe weather following a tornado. Don’t go outside or move about until it has been cleared.

• Use extreme caution when assessing damage. Wear thick-soled shoes, pants, long sleeves and work gloves. Watch out for downed power lines and do not attempt to remove heavy debris by yourself.

• Take photographs/video of property damage. This will assist in filing an insurance claim and you should notify your insurance company of any storm-related losses as possible. Prevent further damage by covering up windows, putting a tarp over holes in your roof, etc.

Additional tornado safety resources:

American Red Cross Tornado Safety

Ohio Committee for Severe Weather Awareness Tornado Facts & Safety Tips

National Weather Service Tornado Safety

Federal Emergency Management Agency (FEMA) – Be Prepared for a Tornado

Questions about homeowner’s insurance coverage for tornadoes, flooding or other severe weather? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.