Auto Insurance: Keep your contact and rating information up to date ensures proper customer service

   Your auto insurance policy maybe the last detail you think of when contemplating all the factors involved in the moving process. As a homeowner or renter you have to remember to move the most vital pieces of your life, such as your cable service or internet account. This would also include remembering the myriad of other billing changes that make up the various aspects that keep your life running smoothly. Sadly though your auto insurance policy sometimes gets over looked when reorganizing your life.
   One of the most basic ways to lift any confusion in providing you with best auto insurance customer service is to make every attempt at keeping your contact and address information up to date. A portion of your auto insurance rate is generated by your garaging address, and it can have an effect on the rate of your auto insurance coverage making the premium rise or fall depending on the new garaging location.
   Another aspect effected by accurate location and contact information is claims service. By ensuring the garaging location and contact information on your auto policy is correct; you are taking the basic steps in ensuring that your claims adjuster will be able to handle claim in an efficient manner.
   With the many facets involved in servicing an auto insurance policy it is very prudent to eliminate any barriers to service. By eliminating these barriers you are ensuring that you have done your part to streamline the service of the auto insurance policy, and thus creating a mutually beneficial relationship between yourself, your auto insurance agent, and your insurance carrier.

Auto Insurance: Understanding you liability coverages

   Your auto insurance policy can be the first line of defense in covering your financial exposures in the event of an auto accident. The various areas of coverage on your auto policy extend coverage to very different areas of financial exposure. Bodily injury coverage  is what most people think of when they think of  the liability coverage on your car insurance policy. This portion of your car insurance policy is coverage that provides protection in the event that someone is subject to an injury resulting from your participation in an
accident.
   The areas of coverage on your car insurance policy include but are not limited to uninsured, underinsured, and medical payments. Uninsured and underinsured bodily injury are coverage areas that are often overlooked or not explained when a new policy is purchased or comes up for renewal. These areas of coverage award coverage to the party not at fault in an accident given that the other party does not carry an adequate coverage limit or possibly no coverage at all. In effect it is a liability coverage that covers the car insurance policy owner instead of another party. It is of paramount importance that attention be paid to these separate limits on your auto insurance policy; because if it were to ever happen that you would need to rely on these areas coverage you  will be thankful a comprehensive limit was put in place.

Homeowner's Insurace: Protecting your college student's property while away at school.

   Under home insurance contracts there are certain provisions provided for college student's property. Certain portions of their parent home insurance coverage is extended in event of a property loss while away at school. In most cases there is predetermined limit for the extended coverage, and is usually 10% of the personal property limit on the primary home insurance policy. For example, if you currently carry $150,000 of personal property coverage on your home insurance policy the limit for your college student's property would be $15,000.
   In addition to the personal property coverage being extended to your college student's property; you can also add a property schedule for higher value items such as a laptop computer to the primary home insurance policy. When these items are scheduled it awards more comprehensive coverage to the listed items, which in most cases can mean agreed value coverage (retail purchase price) in stead of actual cash value coverage in the event of a loss.
   Your home insurance policy is not the only policy effected by your student moving away to school. You will want to inform your insurance agent of the move to allow them to endorse your auto policy with the appropriate rating changes. There are different effects to policy if your student takes a vehicle to school as opposed to them leaving the car behind. In all cases you will want to leave your student on the policy as they will still be considered a listed driving member of the household.

Auto Insurance: Increased liability limits can be your first line of defense.

   When you begin to have the auto insurance coverage limit conversation with your current, or potentially new insurance professional; a large emphasis should be placed on the bodily injury, underinsured, and uninsured coverage limits you are placing on your auto insurance policy.
   These three auto insurance coverages are your front line protection in the event you are involved in auto accident where injuries have occurred. The bodily injury coverage on your auto insurance policy is the coverage that protects you in the event you injure another motorist, while the underinsured and uninsured coverage on your auto insurance policy gives you a personal level of protection in the event the other motorist is deemed at fault and is not adequately insured.
   Writing adequate levels of protection on your auto insurance policy should be the number one priority of any prudent insurance professional. The price difference between higher and lower limits of coverage on your auto insurance policy is sometimes smaller than you might think, and can easily be endorsed onto an existent auto insurance policy . If you are currently satisfied with the service you are being provided by your insurance carrier and agency, than a simple policy review and endorsement quote can tell you any additional premium difference it would cost to increase the liability limits on your existent policy.
   

Homeowners Insurance 101

   The spring is shaping up to be another year full of storms and with them home insurance claims will  follow. Many home insurance carriers are beginning to take a long and hard look at the way they write insurance contracts. In some instances home insurance carriers are moving to a percentage of dwelling deductible instead of fixed dollar all peril deductible. For example if your home is insured for $220,000 and your carrier moves to 1% deductible, you could be exposed to a potential $2,200 out of pocket deductible.
   Changes of this nature are going to become more common in the foreseeable future as insurance carriers attempt to recoup losses that have them operating at a loss since the tragedies in Joplin, MO and Hazelwood, MO.
   Be sure that you make time to review your home insurance coverages on your home insurance policy with your agent. This will help to ensure your are purchasing the most comprehensive coverage you are able to obtain.

   The changes to home insurance policies are not as devastating as you might think, but the changes are definitely worth having a conversation about. Mainly because it will make some insured change the way the look at their home insurance coverage, and re-explore the true purpose of their home insurance coverage.  

Home Insurance:June is Still Peak Tornado Season: Are you Ready?

The country has already suffered severe damage and devastation from storms and tornados this year. The peak season for tornados in the midwest is actually March through June. Are you prepared? Do you know what to do before and after the storm hits? Missouri is considered at high risk for tornados and is in "tornado alley," which places the state in the top five for tornado activity. Tornado damage is covered by your basic home insurance policy under wind damage, but it is important to know what to do after the tornado to make a claim and ensure the most smooth payoff. Of course the most important thing is the safety of your loved ones. Once you know everyone is safe, follow the steps below so you are prepared to make your claim. Minimize damage: Protect the property from further damage, make reasonable and necessary repairs to protect the property and keep an accurate record of repair expenses. This could be as easy as putting a tarp over your belongings to decrease water damage. Take notes: Surprisingly, weeks later when claims are being made, many people forget the time and date the damage occurred. Make a note of it somewhere you can easily reference. Also, make an inventory of all damage to the property and all damaged personal property. Call your agent or insurance company as soon as possible: It is important to call your agent and insurance company right away to make sure your claim gets processed promptly. If possible, it may even be helpful to take pictures of the damage for reference. A few other helpful tips: Have your agent make sure your policy covers your house at "replacement cost" and not "actual cash value". You don't want your house valued at what you paid for it in the event it has increased in value. If you incur additional living expenses or loss of rent, be sure to keep and submit receipts and records. Examples include staying at a hotel while your property is being repaired, or losing rent because tenants are forced to live elsewhere for a time period. As always, it is best to go over your specific home policy with your agent. Call the Crawford-Butz office at (314) 752-2500 with any questions or concerns. We are here to serve you and your family this tornado season and always!

Home Insurance: Certain water losses could be potentially uncovered by your home insurance policy

   When you are shopping for a new home insurance policy, or doing a review of your home insurance policy with your agent there are few water specific coverages you may want to consider endorsing onto to your home insurance policy. Certain ground and sewer water losses can be a non covered loss on a basic home insurance contract, and separate coverage could potentially need to be endorsed onto to your home insurance policy in order to guarantee coverage.

1)   Sewer and sump pump overflow is a coverage that is often times over looked, but can prove to invaluable in terms of having your home insurance policy cover losses to major household item stored in your basement. Homes that are built on a slab foundation, or split level homes, as opposed to a basement should pay particular attention to this coverage as the backup will occur not in your basement but on your first floor living space.

2)   Groundwater not generated by the overflow of a sewer or sump, but instead generates and enters the home at the surface level needs to protected by a flood insurance policy. Ground water generated losses are excluded on almost all home insurance policies, but can easily be covered by buying a separate flood insurance policy through your agent. Homes located in designated flood plains will of course carry a higher premium, but for homes located outside of the designated flood plains these policies can be relatively inexpensive.   

  

Renters Insurance

 

  

If you live in a rental home or apartment, chances are you don't have the proper insurance. Despite the fact that  rented homes are more likely to be burglarized than owner-occupied properties, nearly 60 percent of renters don't have a renters policy.

What does it matter? "If you rent a house or apartment and think that your landlord is financially responsible when there is a fire, theft or other catastrophe - think again," warns the Insurance Information Institute. "Your landlord's policy won't replace your personal possessions or pay for your living expenses while the building is being repaired. The only way to protect your self financially against disasters is to buy a renters insurance policy." Renters insurance covers your possessions, liability and additional living expenses.

Possessions

Standard renters insurance protects your personal belongings against damage from fire, smoke, lightning, vandalism, theft, explosion, windstorm, water and some other possible catastrophic events. Similar to a homeowners policy, earthquakes are not covered, however they can be added through an endorsement to your policy. If your rental unit provides storage space in a basement, you may want to consider coverage for water and sewer backup. Talk to your agent to make sure you have the coverage you need.  

 

Liability

According to Safeco Insurance, standard renters insurance policies also provide liability protection in the event you or members of your household cause injury to others or damage their property. It may also pay for damage your pets cause. According to an article by Safeco Insurance, if you are sued, the liability portion of a renters policy may pay for both the cost of defending you in court and for court awards, up to the limit of the policy.

Additional Living Expenses

Many people are pleasantly surprised to learn that Additional Living Expenses (ALE) coverage is typically included in a renters insurance policy. If the home or apartment you are renting is damaged or destroyed and you need to live elsewhere while it is being repaired or rebuilt, renters insurance will cover your additional living expenses- namely the difference between your regular living expenses and the additional costs incurred by having to live away from your home, such as hotel bills, temporary rentals, restaurant meals, etc... 

 

If all of this has gotten you thinking about looking into a rental policy give us a call to discuss it today! 314.752.2500

 

The information in this article was provided courtesy of Safeco Insurance.

Auto Insurance: Steps you should take in the event of an accident

   When someone is involved in an automobile accident with another driver, there are a few simple steps you can take to ensure the claims process will be handled by your auto insurance carrier in a efficient and effective manner.

1)  Call a police officer: Even if the damage or accident is minor a police officer can assist in the exchange of correct auto insurance and personal information. There is no express need to take photos of the other vehicle or your own vehicle, as adjusters will be completing a valuation of the fault and damage.

2)  Call your auto insurance company's claim number as soon as is feasible. The initial contact to your auto insurance company does not have be from the side of the road, but the sooner you report the incident the sooner the claims process can begin. Your auto insurance company can also direct you to any resources you might need such as a rental vehicle or tow service.

3)  Call your auto insurance agent. They have a vested interest in your account and overall client satisfaction. They can prove to be a great sounding board and advocate in what can be a confusing situation.

5 Things to Know When You Add a Vehicle to Your Auto Insurance Policy

Buying a new car is exciting, and we want to make sure adding that car to your auto insurance policy is fast, easy and accurate. Here are 5 things to think about when calling to add that car:

What name is the vehicle titled in? Many carriers are particular about who the vehicle is titled in and may not cover the vehicle if it is titled in someone other than the named insured on the policy.

What are your current coverage limits? This is particularly important to think about if you are replacing a current vehicle. You will want to know if you need to increase coverage or keep it that same. A vehicle addition is a great time to review your auto insurance coverage.

What coverage options would you like to include? Beyond liability only and your choice of whether or not to cover your vehicle for comprehensive or collision losses, it is important to think about if you would like to add roadside assistance, auto loan lease coverage or original parts replacement coverage.

Who will be the primary driver and what distance will they be driving daily? It is important to list accurately who the primary driver for the vehicle will be. This effects premium, as does the distance to and from work or school driven daily. If that distance is less than 4 miles, many carriers will offer low mileage discounts. There may also be discounts for children who are away at school without the primary use of a vehicle.

Who is financing the vehicle? You will need to provide the name of the financing agency. It is important that we are able to list this accurately so that the company is aware that you have coverage on the vehicle.

Does any of this have you scratching your head? Call us at (314) 752-2500 with questions. We love talking insurance, and we really love helping our clients.