Your Insurance Tips - FYI Express

Jewelry needs special insurance

12/31/2021

Mysterious disappearance is a term often used by insurance professionals to describe a claim for lost jewelry or a lost gem from a piece of jewelry. The disappearance of the item might not actually be a mystery – the insured person might know exactly where the item was lost – but it might be irretrievable. For example, suppose a woman might lose her wedding ring while swimming in a lake. She knows where the ring is, but to her, it is lost forever.
Most Policies Provide Limited Coverage

Homeowner's insurance policies typically provide limited coverage for jewelry. Policies generally do not cover jewelry, or gems from jewelry pieces, that are simply lost or mysteriously disappear. Read your homeowner's insurance policy carefully to determine whether your valuables, such as a diamond ring, are adequately insured.
Insurance policies differ from one company to the next, but policies typically limit coverage for jewelry and other types of items that might be very valuable. The most common types of homeowner insurance policies impose a limit of $1,500 for loss by theft of jewelry, watches, precious and semi-precious stones. This means that, regardless of how many jewelry items might be missing following a theft loss, the insurance company will not pay more than $1,500 for the loss.
There is no limitation on jewelry (up to policy limits) if the loss occurs as a result of another insured peril. So, for example, if jewelry is damaged as a result of a fire the items would be covered. There is no coverage at all for jewelry or gems that are simply lost because mysterious disappearance is not a peril covered under the policy.

Our agency welcomes the opportunity to discuss how to properly insure your jewelry. Make plans to call or stop by our agency at your convenience.

Auto Insurance Myth - Color determines the cost of insurance

12/27/2021

It doesn’t matter if your car is red, green or purple. What does matter is the type of car you select. Before you buy a new or used car, check into insurance costs. Auto insurance premiums are based on make, model, body type, engine size, the age of the vehicle and the age, driving record and credit history of the driver. Premiums are also based, in part, on the car’s sticker price, the cost to repair it, its overall safety record, and the likelihood of theft. Many insurers offer discounts for features that reduce the risk of injuries or theft. These include daytime running lights and anti-theft devices.
For years there has been a notion that color plays a significant part in calculating insurance premium costs, many people believing that red cars cost more to insure because they are linked to aggressive driving or speeding. The fact is, insurers have no interest in the color of a car, but they are interested in knowing if you have had any previous car accidents, the number of miles you drive annually and where you live.
When purchasing car insurance, it’s important to understand the factors that affect your car insurance premium rates and coverage. But how do you differentiate between truth and fiction? A good place to start is by dispelling some common myths about auto insurance during a visit to our office.

We wish YOU a Merry Christmas!

12/22/2021

“May you have a holiday season that is full of wonderful surprises, treats and nonstop laughter.”

Home Insurance Considerations for Raising Grandchildren

12/20/2021

A special challenge facing these grandparents is that state and local governments, communities and schools may not formally recognize their role in raising their grandchildren. While acquiring legal custody and guardianship of a grandchild may be financially and emotionally burdensome, grandparents should be aware that many benefits, including healthcare, emergency care, financial assistance and social security benefits, require proof of a legal relationship before they will help. Proof typically includes court guardianship papers or adoption papers.
To help grandparents raising grandchildren better understand their insurance needs, our agency offers tips and considerations regarding auto, home, health and life insurance.
Home Insurance Considerations for Raising Grandchildren

When caring for a grandchild and his/her visiting friends, consider increasing your liability coverage through an umbrella policy in the event that someone is injured on your property. Remember that backyard items, such as a trampoline or pool, may require an increase in liability coverage.
Keep in mind that if your adult grandchild rents from you, he/she might not be covered under your standard homeowners policy. Contact our insurance agency to find out what is covered and if a renter’s insurance policy might be needed.

Take the Quiz and see how much you know about insurance considerations for raising grandchildren

Keep Your Mobile Home Protected

12/15/2021

Coverage for mobile/manufactured homes is generally offered using two approaches. Some policies include a laundry list of items (or perils) that may cause a loss. Other policies protect your home against everything EXCEPT for a host of specified perils. Either approach includes liability coverage that protects you for injuries or losses to others which you accidentally cause.
Property Insurance Needs
Any coverage option you choose is likely to reflect the fact that mobile homes are, well, mobile. Therefore coverage is affected by the fact that mobile homes:

are able to move under their own power (or are capable of being easily transported);
are more susceptible to wind damage,
tend to lose value with age.

The mobility of such homes creates a special need to protect the financial interest of the business that lent the money to purchase the home. For example, a mobile homeowner who lives in Georgia decides to drive his home to Florida. The soon-to-be Florida resident "forgets" to mention his plan (and his new address) to his Georgia Mortgage Company. The Georgia lender would be out of luck if the policy didn't include protection for this whimsical act. Another way in which a mobile or manufactured homeowner policy differs from conventional homeowner coverage involves coverage for unattached buildings. This coverage is usually minimal for, say, $2,000. Such a provision helps keep the premiums for policies lower by avoiding paying claims on very low value structures. The coverage is likely to be offered on an actual cash value basis. Unfortunately, mobile and manufactured homes tend to lose value over time.
The policy is likely to include a provision that requires you to get permission to move your home. Once granted, you're likely to get thirty days of special transportation protection for collision; sinking, upset or stranding (a special, higher deductible may apply during the move). Another common coverage feature is coverage for your attempt to move the home in order to prevent damage from an insured cause of loss. For example, you move your mobile home fifty feet to get away from a neighboring trailer that is on fire.
IMPORTANT: coverage for moving endangered property usually has a modest limit (several hundred dollars is typical) because of owners who may be too heroic or clumsy for anyone's good.
Liability Insurance Needs
The liability protection connected with mobile or manufactured homes is, for all practical purposes, identical to the liability provided to conventional homeowners. Why? The likelihood of guests to be hurt at your home, or your probability of being sued, tends to be the same. The important thing to remember is that one of our agents is a tremendous source for getting the information you need to be sure that your home and property are adequately protected at a reasonable price.

You're Never Home Alone When You Insure With Our Agency!

12/13/2021

Has it been over three years since you compared your coverages and rates?
Our agency uses the most state-of-the-art software to make sure you get all the discounts you deserve while comparing with all the many companies we have available for you.
Call us at your convenience and let us see how much money we can save you on your insurance.

Those flashing lights in your rear-view mirror are not Christmas decorations!

12/7/2021

Don’t get a ticket for driving without insurance and ruin your holidays!
Our agency uses the most state-of-the-art software to make sure you get all the discounts you deserve while comparing with all the many companies we have available for you.
Call us at your convenience and let us see how much money we can save you on your insurance. Most transactions such as quoting and binding can be done over the phone from the comfort of your home.

New Year! Do you Need to Update Your Insurance Needs?

12/6/2021

Holidays? Vacations? Coverage?
Usually insurance decisions are made on a static basis, related to life’s milestones such as the following:

New adults leaving home for their own apartment
Getting a new job
Marriage
Children
Major purchases
Moving to a new home
Acquiring cars, boats or other vehicles
New drivers in the household
Divorce
Retirement

The above events often trigger a need to evaluate one’s insurance landscape. It may spur a need to buy renters coverage, a homeowners or auto policy or secure wedding coverage, an umbrella policy or endorsements for jewelry etc.

However, there’s an issue with milestones. Typically years pass between these events and that may cause you complacency about your coverage needs. You may not recognize that having adequate protection is more dynamic.

How about holidays? Not to worry, there is an easy way to consider making necessary changes. Often, holidays and vacations include acquiring more personal items, such as Christmas, anniversaries and birthdays. These are times that, besides fun and memories, are also accompanied by gifts, such as jewelry or other high-value items. After these special days, take a moment to evaluate whether you received property that might make it prudent to update your coverage.

How about vacations? Generally any coverage concerns are unnecessary for routine trips within the country. However, what about dream vacations in foreign destinations or in-country get-aways for extended periods? In either case you may need to consider whether your existing policies cover the situation. For instance, do you need temporary, separate coverage for protection in other countries? Will your travel create any special liability issues? Did you acquire new property that needs protection? Will you be away so long that you have to address any issue created by your absence from your residence?

Having proper coverage means taking the steps to make sure that it protects you in the manner you need. Use these special days and events as touch points to contact one of our insurance professionals to make sure you have needed protection.