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:

• earthquakes

• flooding

• 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.”

Read the full article.

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. 

Don't Overlook Two Critical Steps When Purchasing Life Insurance

Colleen Corrigan, Life & Health Agent

Having life insurance coverage is one of the best ways to protect your loved ones and is considered to be the cornerstone of sound financial planning. Life & Health Agent Colleen Corrigan examines two situations you may not have considered when purchasing a policy. 

Why a non-breadwinner partner in a household should get life insurance

Life insurance should be reviewed and purchased for both the primary breadwinner and secondary income earners within a family. There are misconceptions that if anything happens to the non-breadwinner, there would be minimal financial impact because the income is lower than the higher earning spouse.   

As a family reviews their financial planning, they should include life insurance into this equation. Consider the following during the review: 

1. Life Insurance will assist the surviving spouse with household expenses and upkeep. Undoubtedly, the loss of the non-breadwinner will mean hiring someone to assist with household duties or even childcare. Life insurance can soften the financial strain of the loss of support within the household

2. Life insurance can be used to support your family’s educational needs. Money can be set aside for future tuition, transportation to school or private tutors.

3. Life insurance will alleviate any burden left behind due to the passing of the non-breadwinner. Often, there are medical bills, burial costs and other expenses that the family must manage. It can be difficult to deal with the pain of losing a family member while managing bills associated with the loss.

4. The gift of life insurance can also be used as inheritance to your spouse and/or your children. Life insurance is the final act of caring for your family and securing their future.

Why the life insurance provided by your employer may not be enough

There are two primary issues with life insurance programs offered by employers. First, the life insurance offered is lower cost or no-cost to employees. However, many plans do not allow employees to purchase the amount needed to cover the financial needs of their family. These programs also do not permit adding spousal life insurance or enough life insurance coverage for the spouse. Secondly, this coverage may not be permanent. Life insurance programs offered to employees are not portable. If an employee leaves his/her employer, the coverage will need to be converted, which can be more costly than the premiums paid during his/her employment.    

In moments of grief, the last thing you want is to leave your loved ones with debt, so take a close look at whether the life insurance you are offered through work is the best way to provide for your family. It is important to partner with a broker who will assist you with your financial planning to protect your assets and make sure your family can continue the lifestyle they are used to and achieve the goals planned. 

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

Holiday Ugly Sweater Party

Feeling festive in the office, wearing our favorite holiday sweaters 😉We hope everyone has happy holidays!

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. 

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. 

Patrick Field Recognized with Ridgewood School’s Honorary Alumni Award

Patrick Field

In recognition of his significant contribution of time, effort and resources to Ridgewood School’s welfare, reputation and prestige, partner Patrick Field has been acknowledged with the Honorary Alumni Award. The Board of Trustees of Ridgewood School Association recognized that there are individuals who, although they are not Ridgewood School alumni, provide service, support and loyalty that the school values in its alumni.

As noted by the Board of Trustees, Patrick’s significant role in the development and success of Ridgewood School has enabled the school to enter its second century as an accredited member of the Independent School Association of the Central States in new and renewed facilities.  

How Does Term Life Insurance Work?

Ben Galbreath

Term life insurance is a type of life insurance policy that protects your loved ones in case you pass away while the policy is in effect for a limited time, for example, 30 years. Producer Ben Galbreath discusses how term life insurance works and what you should consider when purchasing coverage.

Why is buying term life insurance important? 

Buying term insurance has many benefits. The top two benefits to an individual are amount of coverage and cost; the cost for term coverage is usually very attractive for the amount of coverage you can buy. When you are starting out in life on your own, you will potentially start making decisions with much higher price tags. These price tags come with conditions or agreements. For example, many individuals do not have the cash on hand to put it all down on a home, condo or other residence. Mortgages come into play. Even if you could buy a home outright, you will incur many costs to maintain the home.

Purchasing term life coverage would help you to withstand the time it would take to build your cash back up and protect your family from unforeseen death of the main income or the secondary income. In the instance of your death, the life coverage would be there for your living family members, and then they have options instead of struggling financially and incurring additional debt. The options can range from taking time off to mourn, paying off debt, going back to school, job training, building a new way of life and childcare if you have kids.

What factors affect the cost of term life insurance? 

The easy factors to establish are the amount of coverage and how long you would like the coverage. However, it gets more complicated when you start the application process. Many factors come into play to establish your rate of insurance. For example, your auto insurance is rated on your specific vehicle and driving experience as well as recent auto claims.

When it comes to life insurance, the company looks at your morbidity table. A morbidity table is a statistical table that shows the proportion of people that are expected to become sick or injured at each age (Collins Dictionary). Term life insurance is not just calculated on your age and sex; insurance carriers will take many different factors into consideration, including height, weight, blood work, medical history, pre-existing conditions, past medical documents and others. 

How should you decide between term life and whole life insurance?

If you were to poll different advisors/life agents this exact question, you would receive many differing views when it comes to term or whole life insurance. Term insurance and whole life coverage serve two very different objectives.

Term, as the name suggests, is coverage that you purchase at an agreed value (death benefit) offered by the company to you for a set number of years (the term) at a set cost. Whole life insures you for as long as you pay the payments. Whole life has many other benefits to it like cash value, growth (depending to the type decline) or other options. Term coverage costs are much lower than whole life coverage in comparison to the same individual. Term rates are established for only a set number of years and at the end of those years, the policy/coverage ends with no cash value to you.  

When you visit your life specialist, they need to look out for your best interest, and how you would like the coverage to benefit you/your family and work alongside your investment plan. Advisors need to evaluate your whole portfolio and create a package best suited for how you invest and what you are looking for at the time of purchasing life insurance. Most individuals choose term coverage due to the cost for the amount of coverage you can buy. Most debt has a term so many individuals purchase the life coverage for the term to cover the debt taken on. Whole life is used more frequently when it comes to business settings, e.g. buy sell agreements, key man coverage and many other benefits for upper management. It is sold as a benefit to the individual.

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

Natural Disasters and the Impact on Your Homeowners Insurance

P.J. Miller

As the climate changes and we continue to see an increase in natural disasters, homeowners may be wondering how this will impact their home insurance coverage and rates. Partner P.J. Miller provides insight on the affordability of insurance in the face of climate change.

With all the natural disasters of late, is homeowners insurance harder to get in high-risk areas for flooding or wildfires?   

Yes. 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.

Have you found that homeowners are being dropped or getting notice of large rate increases?   

Only in those categories and proximity issues, otherwise, not necessarily widespread non-renewals or large rate increases.

Can homeowners dispute a home insurance rate increase?   

In extreme cases, they might dispute with the State Department of Insurance in their respective state. Insurance rates are filed and approved for Personal Lines in each state, so it would be difficult to dispute and/or overturn a particular home or auto account rate change.

In your experience, are homeowners in non-high-risk areas also seeing increases to partially "bear the brunt" of the losses?   

Rates are trending upward, not necessarily with any significant increase, but wind, for example, is definitely part of the problem. High risk area or not, wind damage to roofs, for example, are always going to occur, even in the low-risk settings.

Any experiences or stories you could share about the topic?    

In Wallace & Turner’s area (Ohio), it’s considered a low to medium wind zone but that doesn’t mean we don’t have any wind claims when a non-significant windstorm rolls through and the average wind claim is $12,000 for a new roof.

What do you advise your clients to do? 

Keep your roof well-maintained or replace as it nears 15 to 25 years of age. 

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

The Basics of Short-Term Disability Insurance – Colleen Corrigan Interviewed by Insure.com

Colleen Corrigan

Short-term disability insurance can be valuable to fill income gaps and cover expenses if you can't temporarily earn employment income. In an interview with Insure.com, Life & Health Agent Colleen Corrigan noted that disability insurance should be a key part of a family’s financial planning.

"The purpose of disability coverage is to financially protect yourself and family when illness or injury occurs. Short-term disability coverage is a great idea for a young, growing family where the concern is replacing income in the event of maternity leave, illness or injury not related to a worksite accident."

Colleen added that that short-term policies also come with exclusion periods. An exclusion period is the waiting period before you can begin to receive benefits after becoming eligible for a short-term disability claim.

"Typically, a benefit begins after 0, 7 or 14 days of being declared unable to work. Make sure your family is prepared to cover household expenses for those exclusion periods," she said.

Whether short-term disability is taxable depends on who pays the premiums. Colleen said it also depends on whether someone pays premiums on a pre-tax or post-tax basis.

"Short-term disability benefits are taxable if your employer pays the premiums. Employers receive a tax break when they pay on behalf of employees. It is a deductible business expense," she commented. “If an employee pays, short-term disability benefits may or may not be taxable depending on whether the employee chooses to make either pre- or post-tax payroll elections.”

Corrigan advised when shopping for a policy, it's essential to read the fine print and consider your financial situation carefully.

"It is imperative an individual or family review any exclusions or preexisting condition clauses of a policy when comparing policy options," she said. "Remember that prices are related to the amount of disability income. When shopping, look at your current expenses and project future expenses to make sure you apply for the appropriate dollar amount."

Read the full Insure.com article.

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

Ben Galbreath Featured in Leadership Clark County Alumni Update

Ben Galbreath

Producer Ben Galbreath spoke with Leadership Clark County (LLC) for their Alumni Update Q&A to discuss how Wallace & Turner and the insurance industry as a whole have adjusted to serving clients during the pandemic. Ben was a member of the 2019-2020 LLC Academy Class, completing a training program with a focus on leadership development, sensitivity to community needs and the history of Clark County. He currently serves on LLC’s Curriculum Committee and is Co-Chair of the Non-Profit and Board Governance Session.

How has your business changed since the pandemic?

Insurance has always been a relational business and that’s why I love the industry – the face-to-face meetings and doing business with a handshake. In these times, we’re maintaining these relationships, but now it’s done with a mask and hand sanitizer! The handshake has moved to a fist bump, elbow or a nod.

The pandemic has changed some things at Wallace & Turner. Initially, our staff began working from home per the State order, and we had to limit in-person meetings unless absolutely necessary. Now that we are back in the office, our staff is diligently cleaning and wearing masks to respect coworkers, and client meetings are held outside with masks on. We want to keep things moving for clients while protecting them. I have been meeting with clients to help them with cost savings and ways to adjust during the pandemic.

Which changes have worked and which have not? 

What has worked for us is that we used phone, Zoom and outdoor meetings to remain open throughout the pandemic in order to serve our clients. Our in-house claims department has not skipped a beat as we work to comfort and assist clients in the event of unforeseen claims. We offer a variety of ways for customers to pay their premiums without coming into the office, so that wasn’t an issue.

Fortunately, I can’t think of anything that hasn’t worked. We had a solid disaster plan in place that allowed us to transition seamlessly with no interruption to customers. We did not miss a call from any of our clients due to paying a bill, policy change and/or a claim. 

Despite everyone being impacted by the pandemic and having to adjust, the community banded together to keep Springfield moving forward. Wallace & Turner appreciates our clients’ flexibility during these challenging times, and we are proud that we’ve been able to maintain consistent service for them.

How has your LLC experience helped you during this time?

My leadership experience helped me to leverage my relationships and connect certain clients to services that remained open and could help them. It was also encouraging to see other class members growing and working hard to serve our great community.

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. 

Vote to Help On-The-Rise Win $3,000 - Wallace & Turner Named Liberty Mutual/Safeco Change Agent Finalist

We are thrilled to announce that we've been named a Liberty Mutual Insurance and Safeco Insurance Change Agents finalist for our volunteer work with On-The-Rise! Change Agents recognizes volunteer efforts of all sizes through awareness raising in five cause areas and awards nonprofit donations up to $3,000.

Please help us win $3,000 for On-The-Rise by voting from October 5 – 9 here:

https://www.agentgiving.com/wallace-turner 

On-The-Rise is a uniquely structured farm program that serves at-risk youth, ages 10 – 14, throughout Clark County. This year-round program helps students work on their goals during the school year and helps them continue progressing during the summer. On-The-Rise works to develop the life skills, social skills, and employment skills of youth. Students learn responsibility by caring for goats and chickens, doing farm chores, and running the brown egg business while also enhancing their academic abilities by working with tutors on areas of struggle.

A New Role for Critical-Illness Insurance in the Coronavirus Era – Colleen Corrigan Provides Insight to Society for Human Resource Management

Colleen Corrigan - Life & Health Agent

As the COVID-19 pandemic continues, employers and employees should consider the role critical-illness insurance can play in an effective employee benefits package. Critical-illness policies issued before the pandemic struck may pay benefits for conditions the virus causes (e.g., major organ failure, heart attack or stroke) rather than for the virus itself—unless the policy specifically covers infectious diseases.

Critical-illness insurance can be added without cost to employers and offered on a voluntary basis. Premiums have remained steady and even decreased over the past ten years, Life & Health Insurance Agent, Colleen Corrigan, told the Society for Human Resource Management. “Rates in Ohio, for example, can be as low as $10 per month,” she said. Experience in the market has helped to keep costs from climbing.

Click here to read the full article (subscription may be required).

Questions about health 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. 

Insurance for Riots and Looting – P.J. Miller Interviewed by Forbes

P.J. Miller

Many small businesses have seen damage and looting over the past months. The reality of trying to rebuild and reestablish operations has become a major hardship, and financial pressures pushed some to reduce their coverage.

In an interview with Forbes, partner P.J. Miller noted that some business owners called to review their insurance during the pandemic shutdown, however, without the proper coverage, business owners may fall short of what is needed to resume operations.

If the cuts included business interruption insurance and, on reopening, the company found itself in a riot, that could be a problem. Time out of business means lost revenue. No coverage, no money coming in when it’s impossible to operate.

Many small businesses opt for 30, 60, or 90 days of interruption insurance, P.J. said. However, serious damage could push recovery times far past those limits.

Read the full Forbes article.

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

150 Years of Insurance Services in Springfield – Wallace & Turner Profiled in Independent Agent Magazine

Lisa Miller, P.J. Miller, Patrick Field

With 150 years of doing business in Springfield, Ohio and beyond, Wallace & Turner serves its community through far more than insurance. 

“Take care of the community, and they'll take care of you," said Patrick Field, partner and third-generation team member. 

Partner and vice president P.J. Miller started in the industry working for his father's agency, which was acquired by Wallace & Turner. He and Lisa Miller, operations and commercial lines manager, are married and have the insurance industry to thank for the beginning of their love story. 

“We have great relationships not only with companies but with our customers. People know who we are, that we can get the job done, and that they can rely on us,” commented Lisa Miller, Operations Manager and Commercial Lines Account Manager.

“An aspect that makes Wallace & Turner unique is using an agency bill as opposed to a direct bill. Clients come in to discuss their insurance and bill, and that leads to interactions and relationship-building. It's almost unheard of these days to have an agency bill, but there's a long history of it here,” said P.J. 

Patrick added: “Both P.J. and I were raised in philanthropic families, and that's continued at Wallace & Turner. We represent most of the nonprofits in our area. Both personally and corporately, we are all very involved in our community.” 

Read the full Independent Agent article.

Learn more about our 150th anniversary.

Calendar Photo Contest – Deadline September 30

Want your original photo to be featured in the Wallace & Turner 2021 calendar? Submit a high resolution image taken in Clark or Champaign County and we’ll pick our favorites for each month of the year. Please read the guidelines below and good luck! 

The deadline for submission is September 30, 2020. Please submit to bethmillerpr@gmail.com with subject line “WT Calendar Submission.” 

• You may submit as many photos as you’d like for consideration.

• Photos must be high resolution and landscape (not portrait). Most cell phone photos should be fine; do not reduce the size when you submit the photo.

• Please include a caption with the photo describing where the photo was taken and/or what is taking place in the photo.

• Photos with signatures, watermarks or logos are not permitted.

• By submitting the image to Wallace & Turner, you warrant that:

  • You are the sole copyright owner and creator of the photo(s).

  • Any person depicted in the photograph has granted permission to be portrayed as shown, and has the right to grant that permission.

  • The photo does not infringe upon the copyrights, trademarks, contract rights, or any other intellectual property rights of any third person or entity, or violate any person’s rights of privacy or publicity.

• Any photo used by Wallace & Turner shall carry a credit line of the photographer.

• All entrants agree that all photo(s) submitted to the competition may be reproduced (with photo copyright credit) and used to conduct and promote Wallace & Turner’s calendar competition on our website, social media and other platforms. You hereby grant Wallace & Turner with the right to use submitted photographs in the framework of such promotional activities.

• Wallace & Turner will contact winners via the email address that submitted the photo. We also plan to announce the winners on social media.