Friday, May 31, 2013

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.
  1. 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.
  2. 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.
  3. 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!

Wednesday, May 29, 2013

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.   

  

Tuesday, May 28, 2013

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.

Thursday, May 23, 2013

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.

Tuesday, May 21, 2013

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.