Modern Family Insurance Education Page – Summary
The FYI Express "Modern Family" webpage is a comprehensive educational resource covering personal insurance topics. It blends technical insurance guidance with real-world examples, video tutorials, quizzes, and even motivational quotes. The content is geared toward understanding how to properly insure a modern household – from home and auto coverage basics to handling unique scenarios – while also emphasizing ethical principles and positive practices. Below is a structured summary of the key information and sections presented on the page. Importance of Policy Forms and Facts One major theme is “Why Forms AND Facts Matter” in insurance coverage decisions. The page notes that many people struggle to determine if a claim is covered often because they do not fully read or understand their policy forms. Insurance expert Bill Wilson has identified eight common reasons for this knowledge gap – ranging from apathy (believing policies don’t differ) to lack of training in policy interpretation. Even when a policy’s wording is understood, the specific facts of a claim scenario can change the outcome. The page stresses that one must review both the contract language and the unique circumstances of the loss to know if coverage applies. For example, a provision might cover a situation in one circumstance but not in another slightly different scenario, illustrating that “forms AND facts matter” in tandem. In short, the resource encourages careful reading of insurance forms and an appreciation of context, rather than making assumptions about coverage. Home Insurance Valuation and Underinsurance Homeowners insurance coverage amounts are another focus. The page warns against simply using a mortgage’s value to set insurance limits. In a segment titled “Ignore the Bank, Go With Replacement Cost,” it explains that lenders often require Coverage A (dwelling) limits equal to the loan amount, which can exceed the home’s replacement cost. This is because a mortgage also reflects the land value and location, whereas insurance only needs to cover rebuilding the structure on that land. For instance, if a property’s market value (land + house) is $200,000 with a $175,000 loan, but the house alone would cost $150,000 to rebuild, insurance should only cover $150,000. Insuring for the full loan amount would mean needlessly insuring the land (which does not burn down or get destroyed). Many insurers base required dwelling coverage on reconstruction cost, not market value, and some jurisdictions even prohibit lenders from demanding more than replacement cost coverage. The advice is to insure the home for its true rebuilding cost and not let the bank’s higher number dictate your policy limit. The page also addresses the opposite concern: underinsurance. It cites a CoreLogic study finding “approximately 60% of homes are underinsured by about 20% on average”. This underestimation of replacement cost can leave homeowners devastated after a total loss, and potentially expose insurance agents to errors-and-omissions liability. The issue gained public attention when The New York Times reported on widespread underinsurance of wildfire victims, even suggesting that agents or insurers sometimes misguided customers on coverage amounts. While tools exist to estimate rebuilding costs, errors or intentional low-ball estimates (for lower premiums) can result in Coverage A limits too low to fully rebuild a destroyed home. The takeaway is that ensuring sufficient dwelling coverage is critical – one should regularly review coverage limits to match current construction costs and avoid the underinsurance trap. Personal Auto Insurance – Exclusions and Scenarios The "Modern Family" content delves into personal auto insurance topics, explaining key exclusions and illustrating coverage scenarios through question-and-answer cases. Some of the notable auto insurance insights include:
Insurance Coverage Basics (Auto and Home) Throughout the page, there are references to fundamental insurance coverage knowledge for both auto and home policies. For those less familiar with policy details, the page links to explanatory articles to cover the basics:
Special Coverage Considerations (Home Businesses, Rentals, Trees) Modern families often have situations that fall outside the scope of standard personal insurance coverage. The FYI Express content addresses a few special personal lines scenarios and what insurance adjustments may be needed for them:
To enrich the learning experience, the "Modern Family" page is loaded with multimedia and interactive content. It references a series of short videos and self-assessment tools aimed at both insurance professionals and consumers:
In summary, the FYI Express "Modern Family" page provides a rich, structured tour of personal insurance knowledge intertwined with real-world case studies and uplifting wisdom. It covers everything from the nitty-gritty of policy clauses and coverage nuances to the broad strokes of professional attitude. A reader of this page would come away with a deeper understanding of homeowners and auto insurance intricacies – like why reading the policy and calculating proper coverage limits are so important – and also practical insights into special situations like home businesses and rentals. The inclusion of videos, quizzes, and quotes makes the learning experience engaging. Ultimately, the page serves as a one-stop educational hub for anyone (especially insurance agents or informed consumers) looking to better protect the “modern family” and do so with both expertise and integrity. Each section of content is well-sourced and backed by industry knowledge, reflecting the page’s goal to offer “FYI” (for your information) in an express, digestible, and enlightening manner. Source: https://www.fyiexpress.com/modern-family.html |
Click here to download manualVIDEO #1: RISK OVERVIEWVIDEO #2: GENERAL INFORMATION (PT.1)VIDEO #3: DWELLING - A & ADDITIONAL STRUCTURES - BWhen Insurance Strikes (Out): Underestimating Replacement Cost
Underinsurance is still a problem. According to CoreLogic approximately 60 percent of homes are underinsured by 20 percent on average. Obviously, this leads to devastating results for the insured, and possibly the agent from an E&O perspective. We know this in the industry, but now the NY Times is reporting it – and they are making serious charges. VIDEO #4: PERSONAL PROPERTY - C & LIVING EXPENSE- DVIDEO #5: PERSONAL LIABILITYVIDEO #6: PERSONAL UMBRELLAVIDEO #7: PERSONAL AUTOVIDEO #8: PERSONAL LINES WATERCRAFTVIDEO #9: IN-HOME BUSINESSIs Meth Cleanup Excluded from Dwelling Policies?
In February 2013, Jeremy Kaiser (Kaiser) learned the tenants living in his rental property might have been involved with drugs. On May 1, 2013, when the tenants willingly vacated the premises, he inspected the property and found evidence of methamphetamines. Kaiser contacted a bio recovery service to inspect and test the house. Methamphetamine vapors and residue were detected within the entire house and clean-up was recommended before new tenants could occupy the rental home. Kaiser submitted a claim to his insurer for the clean-up cost, but the claim was denied. He continued clean-up nevertheless and incurred more than $38,000 in costs. Once clean-up was completed, Kaiser filed a complaint against his insurer for breach of contract and bad faith and requested reimbursement for remediation, lost rent and serving as the general contractor. He argued that the loss should have been covered under vandalism and malicious mischief. Click here for court's ruling Liability Insurance Exclusion
Drivers involved in car pools and other group arrangements may wonder if the situation is covered under their auto policy. This concern is valid as many auto policies have restrictions. Typically, liability coverage under personal automobile policies does not apply to "…liability arising out of the ownership or operation of a vehicle while it is being used as a public or livery conveyance." (A public conveyance is a vehicle used indiscriminately in transporting the public without being limited to certain persons or occasions. A livery vehicle is one that is offered for rental). There is slight variation in language among policies issued by various insurers, but the intent is the same: to exclude the use of a personal auto for transporting people or property for income. However, this exclusion does not affect coverage for car pool, driver group, and share-the-ride arrangements.
Personal Auto Insurance Basics Can I drive legally without insurance? Article A Collision with an Animal IS a Collision It's bad when industry information sources and regulators publish wrong coverage information, especially info that’s detrimental to consumers. I hope, when you come across such instances, you take the time to correct them. Here's a good example of an auto insurance coverage myth that I've run across many times over the years.... Read on » What Happens When an Auto is Recovered...30 Years Later?
In 1973, the insured had a 1967 Chevy Corvette stolen. It was reported to the police and the insurer paid $2,500 for the claim. The car was recovered last October, completely stripped. The police called the insured and released the car to him. The insured sold the car to a friend who restores Vettes. The insurer now wants the insured to reimburse them for $14,000, the current value of the car. The insured wants to reimburse the carrier the $2,500 paid over 30 years ago. Who's correct? Answer Dad Hitches His Trailer to His Daughter’s Auto…Uh Oh
A father’s nonresident daughter borrowed his camper trailer to be hauled by her SUV. Dad hooked the vehicles up. While the trailer was being towed, it somehow became uncoupled, and the tongue of the trailer rammed the rear of the daughter’s SUV, causing several thousand dollars damage. Dad thinks this is his fault and wants his PAP to pay. Will it? Find out what the Experts say ... Personal Auto Insurance Basics
What Is Covered by a Basic Auto Insurance Policy? Article Homeowner's / Renter's Insurance Basics What Is Covered by Standard Homeowners Insurance? Article Understanding Trees and Insurance: Tree Maintenance Video Miscellaneous Personal Lines What Type of Insurance Do I Need If I'm Renting Out My Home? Article Academy Skills Test
Welcome to the Academy of Insurance Skills Test. These exams were designed to help you pinpoint areas of interest for possible training opportunities. Each of these skills tests is designed to be completed in two hours. Personal Lines Take the Skills Test This skills test focuses on personal lines topics, including;
Insurance Coverage en Español http://www.iii.org/es/insurance-topics/all-coverage-en-espanol The “Business Use” Exclusion in the Personal Auto PolicyWhy Forms AND Facts Matter
There are at least eight (8) reasons why some individuals cannot figure out why a claim is or is not covered. All too often this is due to the inability or, worse, unwillingness to read the policy. But in many instances the problem is the inability to review policy language in the context of the unique facts and circumstances of each claim. Read on » Ignore the Bank, Go With Replacement Cost
Every day agents are asked, well required, by banks to provide Coverage A limits in excess of the developed replacement cost. Why are such requests made? So that Coverage A limits match the loan requirements of course. Mortgagees tend to forget that the loan buys more than just the structure; it includes the land and location, location, location. The buyer/mortgagor is paying for the view and access to the office and shopping in addition to the house. The insurance policy only pays to replace the house. Tutorial en español |
Modern Family |
Modern Family |