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Classic, collectible or antique cars are not ordinary, everyday cars. This means that general auto insurance cannot fully protect this type of vehicle against damage or loss. There is not a book definition of a classic car. If a car’s value exceeds its original selling price, then it might be considered collectible and a candidate for specialized classic car insurance. In general, vehicles that might warrant classic car auto insurance include:

• Antique and classic cars, usually at least 25 to 30 years old
• Hotrods and modified vehicles
• Exotic and luxury autos
• Muscle cars
• Classic trucks

How To Qualify for Coverage

The age of a car is usually not enough to qualify for specialized classic car insurance. Requirements will differ from company to company. Below is a list of requirements that most cars must meet in order to qualify for classic car insurance:

• Limited use – The classic car in question cannot be used for everyday commuting or errands. It is possible that the policy will include mileage limitations and proof that the classic car is being properly garaged. In this case, your insurance may require you to own a personal vehicle.
• Secure storage – When your classic car is not in use, it must be stored in a locked and enclosed private structure. This could be a residential garage or storage unit. 
• A clean driving record – If you have serious offenses on your driving record, such as reckless driving, repeat speeding violations, or driving while intoxicated, you may not be qualified for class car insurance. 

Classic Car General Policies

Classic car policies include provisions that are found in standard auto insurance policies. Typically, these provisions are property damage and bodily injury liability coverage. There are some differences as listed below:

• The car’s value – There is not a set “book value” for specific makes and models because every car’s condition is unique. Your initial step for your classic car coverage is to work with your insurance provider to agree on the value of the vehicle. This agreed value will be specified in your policy and your car will be covered up to that value without depreciation. 
• Specialized repair or restoration – With classic car coverage, you should be given the flexibility to bring your classic car to a specialist—even if the rates are twice or three times the cost of a typical car repair at a traditional auto body shop.
• Special towing and spare parts – Coverage for towing and spare parts coverage need to be aligned with the cost of the service provided. Towing with the special demands of transporting a classic car. Spare parts need to be aligned with the cost of replacing valuable and perhaps hard-to-find vehicle components, such as wheels, transmissions, and engine parts.

Keep your prized automobile well protected. Speak to your agent today about adding specialized classic car insurance.

It’s no contest that your home is considered your most valuable possession. This is also one of the most vulnerable items in your possession. From weather accidents to flooding to property mishaps, damage can be easily done. It’s not just the outside of your home that will sustain the damage; your possessions inside will also require unique coverage. Valuable items insurance was created to help protect your possessions inside your home when problems arise. 

What Does It Mean To Have Insurance On Your Valuable Items?

When it comes to insurance most home, condo, and renters’ policies automatically cover most of your personal property anywhere in the world. This coverage typically includes items like furniture, clothing, and appliances. When it comes to items that are considered high value, there are some restrictions if the items have come into unfortunate circumstances (such as theft or item loss). Valuable items are considered to be items like jewelry, furs, silverware, or firearms. The basic policy will usually only cover upwards to $1,500 theft coverage for jewelry, watches or furs, $2,500 for theft of firearms, and $2,500 for theft of silverware. As a tip: there is no need to specifically list items that are covered. As the owner, you will only need to provide documentation of ownership to make a claim for the lost, stolen, or damaged item.

Is Valuable Items Insurance Right for You?

Do you think that the items in your possession are worth more than the limits of your homeowner’s insurance policies? If so, it may be a good time to invest in valuable items insurance. When the damage has already been done, it’s too late to purchase coverage. 

What if you own a piece of jewelry that may be worth almost $10,000? If this piece is stolen, your personal property insurance may only cover fifteen hundred dollars to replace the stolen piece. If this is the case, you would be at a personal loss of $8,500! Let’s say that you have several items that are of lesser value (gold necklaces or bracelets). This insurance policy would be worth investing in. It may appear as though you have plenty of coverage, but for valuable items, you need an extra layer of protection. No matter if the valuable items are jewelry or a nice set of silverware, you’ll want to take extra precaution to ensure that you have coverage for these items if something were to happen in the future. Valuable items insurance can provide you that protection – and some valuable peace of mind, too. 

You purchase homeowners insurance to protect your greatest investment against damages that are out of your control. Most often, this means emergencies or acts of nature – forces you cannot control. What can you control? How you maintain your own home. This is why homeowners insurance is unlikely to cover claims you make that turn out to be due to wear and tear.

What Constitutes Wear and Tear?

Wear and tear is generally considered to be gradual damage that happens to a home over time, as the years and the elements take their toll. In some situations, wear and tear is unavoidable as a home ages. However to most insurers, there are certain failures and property damage that can be avoided if a homeowner performs the proper routine maintenance to their home. Common instances of wear and tear include roof leaks, slow leaking pipes, and mechanical breakdowns of appliances, among others.

Why Isn’t Wear and Tear Covered?

When homeowners adopt an insurance policy on their home, it is understood that there is an agreement between the homeowner and the insurer. This agreement asks that the homeowner keep up with regular, expected maintenance and repairs on their home, and the insurance will be there if an unexpected loss occurs. The insurer expects the homeowner to prevent any negligence that could cause property damage. The wear and tear exclusions arise from an understanding of the basic responsibilities of all homeowners. The exclusions keep insurers from being liable in situations where the damage is actually due to the insured’s failure to repair, replace, or maintain the aspects of their property that need work.

How to Avoid Claims That Get Denied

As far as wear and tear goes, it is pretty simple: maintain your home and do not delay if you notice an issue. If you notice a leak, do not wait a few months to report it to your insurance agent. This is the first thing you should do, and in the event that it’s not covered, get right to fixing the issue. Do not wait to tackle anything that needs repairing or replacing. Small fixes can seem like a large financial burden in the moment, but in the event of a large scale failure, you could be left responsible for a large bill of repairs if your insurance claim is denied due to evidence of wear and tear. In the case of mechanical breakdowns of appliances, you would be better off seeking coverage through a home warranty rather than home insurance, which will often exclude these appliances from coverage.

Utilize Your Resources

Your agent is available to answer any of your questions or concerns regarding coverage on your home and property. Give us a call as soon as possible if you notice a concern in your home!

Our pets are more than companion animals – they’re our family members. They live in our homes, sleep in our beds, and some people celebrate a pet’s, and even involve them in wedding ceremonies. Pets have become irreplaceable and hold such a huge value for the modern family. So when they get sick, we will do anything to make sure they are properly cared for. Here is where the big questions come in: is pet insurance worth it? What are the major benefits of having pet insurance? 

Did you know that many pet owners don’t register for insured pet policies? As we will discuss below, pet insurance is just as necessary as any other insurance we normally get. In view of this, here are a few reasons why getting pet insurance is a wise choice:

1. Peace of Mind

Having pet insurance can give you and your family peace of mind with the reassurance that your pet will be taken care of in the case of any unfortunate event that they may encounter. This allows you to choose the best medical treatment available so you will not have to worry about your pet’s health.

2. Saving Money

With pet insurance, you can refrain from using an emergency fund or travel savings when an issue with your pet arises. This can help you save thousands of dollars on unexpected times when your pet gets sick, get an injury, or needs surgery. Did you know that pet insurance can cover various injuries such as cancer, digestive issues, and diabetes?

3. A Rise in Veterinary Costs

The average veterinary bill can cost around $500 to $3000 depending on the pet’s reason for the visit. While veterinarians claim the inflation is caused by the development of drugs and medical technologies, many pet owners are not able to afford costs like these. Unfortunately, due to the expenses of veterinary visits, many pets die of sickness or not having proper medical care. Having pet insurance will give you financial solutions from pricey veterinary bills to allow you to take good care of your furry family member. 

4. Potential to Cover Pet’s Hereditary Condition

Many pets suffer from serious health problems and congenital conditions during their lifetime. Some of these conditions are inherited or caused by severe inbreeding. Experts have recommended getting pet insurance as quickly as possible if you wish to protect your family pet. Many pet insurance providers will include age limits or restrictions that may require you to pay an extra fee.

5. Flexible Policy Packages

An upside to investing in pet insurance is the option of flexible packages that fit your needs with your budget. You could choose to get an annual maximum package, deductible, or reimbursement percentage for services such as veterinary exams, surgeries, therapies, breed-specific conditions, and general pet care.

Living in a world with constant hustle and bustle can lead to accidents or illnesses occurring at the most inconvenient times. This could cause you to need to visit the hospital. You may be thinking, “If I have insurance through my employer, I don’t need any additional services.” But what if we told you that wasn’t necessarily true? What would you do if there was an emergency that you needed to go to the hospital? Your insurance received from your employer is not guaranteed to cover you when you go into the hospital. This is why Hospital Expense insurance was created. Hospital Expense insurance is there to protect you and your family from expensive out-of-pocket costs of hospital stays. 

The Drastic Rise in Hospital Costs

As we mentioned earlier, the world is full of hustle, bustle, and illnesses as we maneuver throughout our daily lives. It’s important, now more than ever, to prepare for the future. Protecting you and your family’s health has been pushed to the forefront. Here are some numbers of recent studies:

In 2018, the average annual premium for family coverage rose 5% to $19,616. For single coverage, premiums rose 3% to $6,896. Covered workers contributed 29% of the premiums for family coverage and 18% for single coverage. This means, on average, average workers will spend $5,688.64 for their family insurance premiums this year, and their employer will contribute the remaining $13,927.36. As shared above, the IRS defines an HDHP as any plan with a deductible of at least $1,350 for an individual or $2,700 for a family. But these are just base numbers. The average deductible for silver plans in the Affordable Care Act exchange this year is almost $4,000. And in the fast-food industry, many employers are only offering plans with the maximum out-of-pocket allowed. Currently, that’s a $7,150 deductible for an individual and double that for a family. The average amount of workers paid toward their deductibles rose 229% between 2005 and 2015, yet wages rose just 31% during the same period.

Are You Able to Cover the Cost on Your Own?

Everyone knows that hospital visits are expensive. When it comes to medical bankruptcy, hospital bills are the largest out-of-pocket expense people face. To truly see how expensive hospital visits are, look at the statistics below:

• Common ER procedures can cost as much as $17,797
• The average hospital stay costs over $10,700
• Fixing a broken leg can cost up to $7,500
• The average cost of a hospital stay for a heart attack is $20,086

Not to mention that for those with private health insurance, the out of pocket cost for a hospital stay is more than $1,000. According to a recent report by Bankrate, just 39% of Americans can cover an unexpected $1,000 bill with funds from their savings. When you put into consideration deductibles, copays, premiums, surprise bills, and everyday living expenses, $1,000 is a conservative amount but for the average American family, it’s still a very large sum. 

If you go unprotected, the death of your company’s leader could well mean the death of your company itself. There is a type of insurance that can help protect against the consequences of a tragedy like this. It is called key person insurance.

Key Person Insurance

Key person insurance is a type of life insurance that is designed not to protect your family, but to protect your business operation in the event of its leader’s – or a top employee’s – death. The company is the beneficiary on the policy, and the benefits can provide funds to help hire an individual or individuals to perform the duties that the key employee once did. It can also help in the event that your business does need to cease operations.

Crucial Operations Stop

Especially in small businesses, much of the work that keeps the company running is performed by the owner or another leader. This includes tasks such as keeping the books, payroll, handling important accounts or customers, and more. If your business leader were to die suddenly, there might not be anyone who can step in to perform these duties. As the owner or leader, the individual often does the job of several people. For that reason, the remaining employees may feel the need to hire several new people to perform the jobs that the business owner used to do. But where will you find the funds for this? That is where the benefits from the key person policy come in.

Your Business Closes

The business could also face closure after its leader dies. Sometimes this is unavoidable. If your business relied heavily on the work of it leader, and the leader not only did things no one else could, but also knew information no one else did, it is possible that your best option is to close the business. In these situations, the death benefits from the key person insurance can be used to pay off debts, give severance to employees, and perform any other financial matters that are needed to close the company. This kind of policy can help your business to avoid declaring bankruptcy in the face of a sudden key person death.

If you care about your business, you want to make sure it either goes on after you or is able to close down with minimal losses. Speak to your agent about whether your business has the coverage it needs.

When shopping around for general health insurance, you’ve probably come across the term supplemental health insurance. Most will go with the overall health coverage and be done with the search, but what if something happens that isn’t covered by your overall care? That’s why supplemental health care options are created and offered – to cover any holes left by a health insurance plan. Below, we’ve compiled a list of some different types of supplemental health insurance coverage and how they can help protect you.

Dental Insurance 

Many people wish to prevent lasting damage to their teeth and gums that are essential to your long-term health. Some general health insurance plans will include dental coverage, but because dental insurance is not one of the required benefits of the Affordable Care Act (ACA), the majority of plans will not include dental. When it comes to children, dental coverage is considered a required benefit and comes standard with all ACA-approved plans. Dental insurance works the same as health insurance with monthly premiums, copayments, coinsurance, and deductibles.

Vision Insurance 

Under the normal health insurance terms, preventive care for your eyes, and prescription eyewear are not covered. Benefits like these, even laser eye surgery, can be acquired through vision insurance. Most vision insurance plans provide services at discounted rates in exchange for a monthly premium. 

Hospital Insurance 

This kind of insurance is also known as a “Hospital Indemnity Plan” and it provides coverage for hospital stays. The national average for an inpatient, single day hospital stay is more than $2,000, so hospital insurance can prove to be a worthy investment.

Accident Insurance 

Accident insurance is enacted to pay lump-sum cash benefits if you are injured in an accident. This supplemental insurance type can help to pay medical costs and living expenses while you are healing. The types of expenses that are covered often will include surgery, emergency treatments, hospital confinement, and physical therapy.

Critical Insurance 

Also known as “Critical Care Insurance,” this type of insurance provides coverage for illnesses like cancer, major organ transplants, stroke, heart attacks, kidney failure, and more. A few types of critical illness insurance plans are very specific to one particular type of illness or disease. If one is diagnosed, they may receive cash benefits paid per procedure or per round of treatment done. Typically, there will be a minimum daily benefit and a policy maximum.

Disability Insurance 

When you are sick or injured, health insurance will help out to cover the current medical bills coming your way. Disability insurance will help to retain some of your income if you become too sick or injured to continue working. Depending on the disability plan, some may pay out benefits only for an illness, while others pay for illness and injuries. 

School’s out, the sun’s out, and pretty soon you might be out of town! As you’re packing for your summer vacation, insurance is probably the last thing on your mind. You’re probably thinking about what clothes to bring, whether you need both your phone and tablet, or trying to dig out the snowboard you haven’t used in months. However as with every big moment in life, there are always insurance considerations to keep in mind. 

Property Damage 

This can come in two forms – damage or loss of your own property or damage to others property. In the first instance, the same homeowners or renters insurance that covers your personal property against theft, vandalism, or some acts of nature when you’re at home also covers your possessions you take with you on vacation. This is especially important for more expensive items such as electronics, jewelry, or even sporting equipment you take on vacation. On the flip side, this coverage also ensures you are safeguarded against any loss that happens to the property you left behind when you’re away from home. The important thing to note for this kind of coverage is that your policy must have certain limits of coverage in order to protect everything you want protected. 

The other way in which your insurance can protect you in the case of property damage while you’re on vacation applies to the property of others. This is especially important if you’re renting a house or condo and end up breaking or damaging the property itself or something inside it. This type of coverage is called your personal liability policy, and if you cause damage in the place you’re vacationing, you may be covered by it. 

Medical Emergencies

This one depends on where you are vacationing. In the case of medical emergencies inside the U.S., you should not encounter many obstacles regarding your insurance coverage extending to other in-network hospitals. You should expect to pay rates similar to what you’d pay at home. However, depending on your policy you may not be covered if you visit an out-of-network hospital in another city or state. It is best to know up front before you embark on your journey – for this you will speak to your insurance agent. You should also put “insurance card” on your packing list, if you don’t already carry it with you at all times (which you should!). Your home doctor may also offer “tele” services – meaning he or she can diagnose you over phone or video chat, and you get to stay in network no matter where you are in the country. 

If you’re traveling out of the country, you may be surprised to learn that your coverage is more than you expected. Again, this is an instance in which it is most appropriate to speak to your agent before your trip to find out exactly what the out-of-pocket expenses would be for medical care abroad. Keep in mind this only applies to medical emergencies, not elective procedures. 

The most important thing is to notify your insurance agent that you’ll be traveling, and to ask them if there are any updates needed to your policies. With an independent insurance agent on your side, you’ll have a friend to help you properly prepare for this exciting upcoming trip. 

With Summer officially starting, many people are beginning to hit the water. Are you looking to purchase a powerboat or a sailboat to use this summer? If you are, there is a good chance that you are looking into boat insurance as well. Did you know that only two states, Arkansas and Utah, legally require some type of boat insurance coverage? Make sure that you verify your state’s regulations on boating and boating insurance before committing fully to purchasing a boat for the summer months. 

What Does Boating Insurance Cover?

Below is a list of common boat insurance coverages:

• Property Damage Liability – covers the cost of damages to someone else’s property after an accident that is caused by you. In most cases, your property damage will pay out when you are at fault for an accident that causes damage to someone else’s boat or Personal Watercraft (PWC).
• Collision Damage – when your boat or PWC becomes damaged in an accident, collision insurance is an optional coverage that will pay for the cost of repairing or replacing your property minus the deductible amount.
• Bodily Injury Liability – this is the part of your insurance policy that pays for the costs associated with injuries to other people involved if you are found legally responsible for a boating accident.
• Hull Coverage – covers any physical damages that occur to your boat and generally includes trailers, equipment, motors and accessories. Common claims for this coverage include fire and windstorm damages.
• Fuel Spill Liability – a policy that separates out fuel spill liability and provides coverage for any fines that may occur from an accident involving a fuel spill from your property. 

How Much Boat Insurance Do I Need?

The answer to this question may come down to your individual tolerance for risk. As mentioned earlier, some states do have a minimum requirement for liability insurance coverage. It’s always important to check with your state government to verify if you are required to meet a coverage threshold. The amount of boat insurance you may need can depend on a number of factors such as the boat’s value, motor size, and age. Like other vehicles, high performance boats will likely command a higher level of coverage to compensate for the amount of potential damage they are able to inflict.

Ultimately, your independent insurance agent is your best resource when it comes to determining the level of boat insurance you need to safeguard your summer fun.

According to a study by the Insurance Information Institute, around one in 250 insured homes files a theft claim each year. Although this is not the most common claim, it is significant enough that insured homeowners should be looking into their options for getting the best home security. Technology is constantly changing and improving, and there are now some rather impressive and very effective systems available to protect your home and help you avoid property damage theft claims.

Smart Doorbells

This is not your average doorbell. A smart system features a camera that can show you who is outside your door – even if you are not home. Many smart doorbells also allow the homeowner to speak to doorbell-users via intercom. Since thieves will often ring doorbells to check if a home is occupied, being able to see and speak to any visitor, threatening or not, is an attractive security advantage. If you are able to respond to the potential thief, making them think you are home, they may well leave your house alone.

Smart Locks

In our modern age, no one should be leaving a spare key under a doormat or plant. These common hiding spots are the first place a burglar will look, and unless you check the spot every day your key could be stolen, copied, and returned without you ever knowing. A smart lock system gives you the ability to lock and unlock your exterior doors from anywhere at any time. Many systems allow you to check the status of your locks remotely, and some will alert you to any attempt to tamper with the lock. You can also create codes for people you need to let into your home. It is important to note that your smart lock system will need strong encryption and two-factor authentication (such as a passcode and a fingerprint) in order to be safe from hackers.

Video Monitor Systems

Similar to smart doorbells, a video monitoring system allows you to check up on your home even when you’re far away. However, these systems take the surveillance a step farther since they can monitor any areas of your home that you wish – your only limitation is where you can set up a camera! If you want to install cameras that will cover the entire perimeter of your home, you can do so, and you’ll be safer for it. Some video monitoring systems even allow users to set up virtual boundaries and the system will alert you if the boundary is breached.

Full-Service Security Companies

There are many companies, large and small, that offer full-service security systems. These companies will often install the system for you and take care of most of the monitoring themselves. If you don’t feel comfortable with the DIY approach to home security or are not able to access something like a smart doorbell camera from your cell phone, a full-service company may be a good option for you.

A Final Note

Oftentimes, insurance carriers will offer discounts on your monthly premium for a home that has security systems. You will need to make sure that the system you have or intend to purchase is eligible for a discount from your carrier. Speak to your agent about this, and get on your way to saving money and staying safer.