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A monthly information service of YOUR NAME HERE AGENCY
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The information contained in this e-newsletter is general in nature. For complete
information and specific details, please contact our agency.
Suppose you're involved in an auto accident and suffer bodily injury. What's more, the other driver is at fault, but does not have auto liability insurance. What can you do to cover your expenses? You can protect yourself by having uninsured motorist coverage.
Uninsured motorist coverage reimburses you, a member of your family, or a designated driver if one of you is hit by an uninsured or hit-and-run driver. Similar protection, called underinsured motorist coverage, provides for your needs when an at-fault driver has insufficient insurance to cover your loss.
Even though auto liability insurance is compulsory in 47 states and the District of Columbia, there are many drivers who, for various reasons, do not have auto insurance. According to the Insurance Information Institute, 14% of the nation's drivers are uninsured. In some states, that figure is much higher. Colorado, for example, leads the nation with 32% of its drivers uninsured.
While uninsured motorists may be subject to a number of legal penalties, that's of little comfort should you be in an accident in which an uninsured motorist is at fault. If you're in doubt about whether or not you have uninsured motorist coverage, please call us.
For more information, go to: http://moneycentral.msn.com/articles/insure/basics/6292.asp
Home remodeling is a booming business. Some estimate that one out of every three homes in America has recently undergone some kind of remodeling. Furthermore, one out of four home remodeling projects increases the home's value by more than 25 percent. In addition, a survey conducted by the Independent Insurance Agents of America (IIAA), indicates that nearly 60 percent of home remodeling projects involved major structural changes to the home.
IIAA also found out that 75 percent of those who plan to begin a remodeling project have not thought about updating their insurance policies. If your remodeling project appreciably changes the value of your home, you may need additional insurance. Also, whether you hire somebody else to do the job or do it yourself, there are other insurance issues you need to be aware of. If you're planning a home remodeling project, please call me so we can review your homeowners coverage.
For more information, check the "consumer information" section at www.independentagent.com
Most homeowners probably don't give much thought about their dog when it comes to buying insurance, but perhaps they should. You may not know it, but some insurance companies do indeed pay attention to dog-related insurance issues. And considering high-profile newsmakers such as the recent San Francisco case where a woman was killed by her neighbor's dogs, owners of certain breeds of dogs might be advised to consult with their insurance agent.
It's estimated that about 40 percent of American households own a dog. In addition, The Center for Disease Control reports that someone seeks medical attention for a dog bite every 40 seconds and that more than 300 people were killed by dog attacks during 1979-1998. In addition, the Insurance Information Institute estimates that the insurance industry paid out about $310 million in dog bite liability claims in 1999.
So, what do this mean to you, the dog owner? From an insurance point of view, homeowners insurance policies typically cover dog bite liability. But in recent years some companies are starting to look at dog liability issues more closely. In fact, some companies have begun to charge higher premiums for certain breeds of dogs, such as "pit bulls," Rottweilers, German Shepards, and others.
As a dog owner, you are responsible for your pet's behavior. Many options, including neutering, training, socializing, and others, can help minimize the potential for dog bites. If you own one of the larger and more aggressive breeds and have insurance concerns, call us for more information.
For more information, go to: www.hsus.org/ace/11858
Many workers, especially if they work for a company, have health insurance as one of their employee benefits. But considering the volatility of the American economy and job market, health insurance is a big concern if you should lose your job. So, what are your options?
First, don't panic. If you worked for a company that had 20 or more employees covered by a group health plan, you are probably entitled to benefits under a federal law called COBRA, the Consolidated Omnibus Budget Reconciliation Act. Under COBRA, you are allowed to receive continued health care coverage. Certain conditions apply, but you are not left unprotected without health insurance.
In all likelihood, your COBRA coverage will last long enough while you look for another job or make alternative health insurance arrangements.
If you decide to make other health insurance arrangements, there are a number of issues to consider. Give us a call to discuss your needs, concerns, and the health care options available to you.
For more information, go to: www.hiaa.org/consumer/guidehi.cfm#what
Many homeowners are not aware that their homeowners policy does not cover flooding. While homeowners insurance typically covers many disasters (e.g., fire and lightning, wind and hail, explosion, theft, etc.), damage from floods is not included. If you live in a designated flood zone or in an area that is prone to seasonal flooding due to extreme weather or other potential flood-causing conditions, you should consider flood insurance. And, if you recently moved to a new area, you may not be aware of local conditions.
Springtime floods along the Mississippi River, for example, make national news headlines. Other parts of the country are also subject to seasonal flooding. Special flood insurance coverage is available through a government program called the National Flood Insurance Program, which is available through your insurance agent. If you're concerned about flood protection or need to update or review your coverage, please give us a call.
For more information, go to: www.fema.gov/nfip
Gold prices are about the lowest they've been in 20 years. From an all-time high of $850 an ounce in 1980, the price had dropped to $257 in late February of 2001. Gold prices continue to remain relatively low.
What does this mean to you, the consumer? Quite simply, your jewelry may be over-insured if the policy is based on an appraisal that is several years old and based on higher gold prices. Thus, you might be paying too much for the insurance that covers your valuable jewelry.
This dramatic shift in gold's market value points out the importance of performing regular insurance-to-value calculations to avoid inflated valuations, which, in turn, lead to unnecessary higher premiums.
Jewelry is typically covered by your homeowners insurance. But depending on the jewelry and other valuables you own, other insurance options may apply or be appropriate. If you have questions about insuring your valuables, please give us a call.
For more information, go to: www.jcrs.com/newsletters/march2001.html
From time to time you hear reports of recall notices. You may even receive a recall notice in the mail. The recall of Firestone tires during the summer of 2001 made headlines.
Vehicles, tires, auto equipment, and child safety seats are things that frequently become the subjects of recalls. From a safety point of view, you should follow up on any recall notice you receive and remedy the identified problem according to the instructions provided.
If you suspect that your auto, tires, equipment, and child safety seat might be defective and subject to recall, you can check the National Highway Traffic Safety Administration Web site.
For more information, go to: www.nhtsa.dot.gov/cars/problems/recalls/Index.cfm
