Wednesday, October 14, 2015

Uninsured Motorist and UnderInsured Motorist - What DO They Cover?



The KISS version:
Uninsured Motorist (UM) and Underinsured Motorist (UIM) provides financial protection for Bodily Injury (BI) sustained by an "insured" (you, any "family member" or passengers in your vehicle) which you are legally entitled to recover from the operator/owner of the vehicle causing the accident in the event the driver/owner of the vehicle causing the accident either has NO insurance (yes, we all know driving without insurance is against the law) or they don't have enough coverage to cover all of these costs. UM and UIM do NOT cover the damage to your vehicle or your property with a few exceptions! FYI, hit and run accidents need to be reported to law enforcement and fall under Uninsured Motorist.
UM & UIM can also come into play for you and "family members" as pedestrians and as passengers in someone else's vehicle. Just remember - you can't double/triple dip.


How can I protect my vehicle and property?
Covering your vehicle: If you carry collision coverage on your vehicle you can make a claim through your own insurance for the damages. You would have to pay your deductible, but in most cases your insurance carrier will make every attempt to recover the full amount of the claim including your deductible from the driver/owner of the other vehicle. This can be a long process but you will get reimbursed for your deductible before the insurance carrier is reimbursed for their share.
In Illinois, if you don't carry collision coverage on a vehicle you can purchase Uninsured Motorist Property Damage (UMPD) coverage. Talk to your agent about this if you are interested.
Covering your property: Purchase some type of homeowners insurance: Condo, Renters, Mobile Home, Dwelling Fire and Homeowner policies are available. If you live in your motorhome or on a boat you can/should include coverage for your personal property with these policies as well.


How much UM and UIM coverage do you need?
Most insurance carriers don't allow you to have UM/UIM limits higher than your Bodily Injury Liability limits; we recommend you carry them at the same level as your BI. A catastrophic accident can be financially devastating between immediate medical expenses, lost wages and long term medical expenses, even with health insurance coming into play.


Disclaimer: This is an abbreviated explanation PLEASE read your policy for full details, including
the definitions, limits of coverage, exclusions and duties. Contact your insurance agent for a detailed explanation of these coverages.










Thursday, August 13, 2015

Insuring your engagement ring.












As I stare down at my stunning engagement ring, I can’t  help but wonder when the age old tradition of engagement rings started.
 

Some believe ancient Egyptians twisted and braided rushes and reeds into rings. Roman adopted the tradition of the wedding ring. However, it wasn’t a symbol of never ending love, it was given as a symbol of ownership. Roman men would “claim” their women by giving them a ring. It wasn’t until 860 that Christians began using the rings in wedding ceremonies. The rings were considered to be a symbol of the union of two hearts. The first recorded account of giving a diamond engagement ring was in 1477 when King Maximilian of Germany proposed to Mary of Burgundy. Jewelry stores around the world have been rejoicing since that moment!!
 

Today’s rings have come a long way since the braided reeds of Egypt. Should your ring be lost or stolen, you can’t run down to the river and braid another one. The sentimental value is priceless; having your ring own properly insured will allow you to replace it in the event “something” happens (knocked down the garbage disposal, flying off your finger while bungee jumping, vanished from the hotel nightstand, etc.)

Most standard home owner’s policies offer limited coverage if your ring is stolen. Coverage is typically under the $5,000 average value of an engagement ring in the U.S. In addition, there is usually NO coverage if the ring is lost or a stone falls out or breaks. To insure that you have your ring covered for nearly anything that could happen, you need to add additional coverage. This is called scheduling property….you’re insuring an individual item. For jewelry, you can expect to pay under $1 for every $100 that it would cost to replace. If your ring’s value is $9000.00, you can expect to pay under $90 per year for insurance. Think of how much happier your marriage will be if your ring is fully covered when it slides off your finger while gardening, kayaking or whatever your fancy!

Wednesday, May 6, 2015

Vacation Safety Tips

As the weather is getting nicer here in the Midwest and the school year is ending, many folks are planning weekend getaways and vacations. While making your plans don't forget to include a few simple ways to protect your home and possessions.

We see all kinds of tips on how to protect your home from thieves - put lights on timers, stop your mail (USPS.com) and your newspaper, have someone mow your yard, make sure your garage door is closed (yes we have come home from day trips and the garage door has been wide open!) but have you considered other, preventable losses?

Small appliances including coffee makers, toasters, flatirons and curling irons left plugged in (even when switched off) can cause a fire. Take a few extra minutes to make sure everything (including  TV's and all the attached players,) are unplugged. Not only will this protect your home from fire but it will also protect all these items from possible lightning damage.

Do you shut your water off? Ask ANYONE that has experienced a water leak from any appliance or pipe- it gets nasty quick. Not only does it ruin your flooring, sub floor, any cabinets it comes in contact with, it gets moldy and smelly pretty darn quick. Take the extra few minutes to shut your water off where it comes into the house, then starting at the highest point in your house, flush the toilets, turn on all the faucets and work your way down to the lowest spot in your house. Some folks even drain their water heater and shut it off, we don't but our water heater is in the basement and right by the floor drain.

Fell free to share any additional tips you have.