As you make your way through your spring cleaning checklist, don’t forget to dig out your insurance policies and look them over. Below are some of the reviewable elements of your home, life and auto insurance policies.

Homeowners Insurance

1. Make sure you’re not overpaying for insufficient coverage
Experts say the top insurance mistake is being underinsured, which happens when you fail to update your coverage as your property, lifestyle or needs change.
Take the time to assess those changes and determine where you need to adjust your insurance coverage. For example, if you like to entertain at home, consider increasing your liability coverage and purchasing a separate umbrella policy.
Umbrella liability policies typically offer a minimum of $1 million of additional liability protection and cost just a few hundred dollars a year.

2. Pay attention to increased rates
Insurance companies don’t always tell you how much your rates increased on renewals. While doing your spring cleaning, grab last year’s documents and compare the rates for yourself. If your rates rose by five percent or more, call your insurance agent and ask them to explain the increase.
Knowing whether the increase resulted from changes in your risk profile or from general increases in the marketplace can help you negotiate and shop for comparisons.

3. Learn how to lower your premium
You may be eligible for discounts that can lower your homeowners insurance premium. Our golden rule is to ask! You may miss out out savings if you don’t ask what is available.

4. Make sure you have enough personal property insurance
Most people do not take the time to inventory their personal possessions, and often do not have enough personal property insurance as a result. Homeowners should be careful not to overlook their belongings as a way to keep insurance costs down.
It is very likely that you have added new belongings to your home over the last year. If so, now is the time to inventory those belongings and ensure you have the right type of coverage for the actual value of your property.
Most consumers automatically accept the amount of contents coverage named in their policy. Instead, read the policies carefully to make sure there are no gaps in coverage, and check the dollar limits and excluded causes for personal property.
It is in your best interest to raise the dollar limit if necessary, as it will help you better replace or recover the value of your possessions if disaster strikes.
Having an updated list and video footage of your belongings could help you recover the true worth of your belongings.

Life Insurance
If you have a life insurance policy, you should make sure to review its principal points at least once a year,  including beneficiary, benefit amount, term, loans and cash value.

1. Update your beneficiaries
Many of us forget to update our policies when circumstances change. Life events such as marriage, getting divorced or having children should prompt you to update your beneficiaries. The beneficiary designations on your life insurance policy will trump any other documents you’ve created outlining your beneficiaries, so ensure that they match!

2. Review the term of your policy
If you have term life insurance, it’s important to know when the term ends. An annual review will prevent a term policy expiration from sneaking up on you. If you are caught unaware, you may face a major premium hike.
Some term policies may be convertible to permanent insurance on their anniversary, which others may be convertible at the end of their term.

3. Assess the amount of your policy
Make sure the amount of your life insurance policy is still appropriate for its intentions and for your financial situation.
Take time to evaluate what you intend for the benefits to cover. Are you hoping to fund your burial expenses, or provide college tuition for your children? Does your policy provide sufficient coverage for these needs? If not, it may be time to look into additional coverage.
If your personal wealth has increased significantly in the last year, you may consider more life insurance in order to protect your family from estate taxes.

Auto insurance

1. Reassess your comprehensive/collision coverage
If you have collision and comprehensive coverage, take time to make sure the limits are adequate, or whether you still need it. If you don’t have the coverage, consider whether it’s time to add it.
If you’re driving an older car worth less than $1,000 – or less than 10 times the insurance premium – having comprehensive or collision coverage may no longer make sense. Dropping either the comprehensive or collision coverage may reduce your premium.

2. Ask about any new discounts.
Ask about any discounts that you may qualify for, such as:

• Multi-vehicle discount
• Good student discount
• Safe driver discount
• Loyalty discount
• Resident student discount

If you don’t drive very often, providing your insurance agent with your low mileage estimate could save you money. You may also receive discount if you belong to professional associations and organizations.

For questions about your insurance or to get a quote, contact us today!

Nearly 17 million people have filed unemployment claims in the last three weeks with the U.S. Department of Labor. Forecasters predict as many as 20 million people could lose their jobs by the end of April. Millions of workers who have lost their jobs also will lose their health insurance. The potential severity of COVID-19 means that being uninsured could leave people at risk for catastrophic health care costs. Here are some key things people who lose their jobs or who are currently uninsured should know.

Coverage Options for People Who Lose Their Jobs or Are Uninsured
If you have insurance through the job you lost: Maintaining your coverage through COBRA is a possibility, but you might find a cheaper option through the Affordable Care Act’s marketplaces. As always, even though open enrollment is closed, anyone who loses a job with health insurance is automatically eligible for a special enrollment period through the marketplaces. The first thing to do after losing job-based coverage is visit HealthCare.gov to check out options. If you qualify for a premium subsidy or Medicaid, there may be options much cheaper than COBRA.

If you have coverage through the ACA marketplaces: If you lost your job, your income is likely dropping, which means you may qualify for a subsidy. Go to HealthCare.gov and update your income information.

If you have coverage through Medicaid: Keep your coverage and make sure your enrollment status is up to date, so you don’t lose your coverage if you forget to reenroll.

If you are uninsured, you have a few options — and there may be more in the coming weeks:

• Go to HealthCare.gov and click on the box that says “See if I can enroll” and enter your zip code. You may be able to get covered in one of two ways:
  • 11 states and the District of Columbia have opened their marketplaces for a special enrollment period because of the pandemic. People in those states who are currently uninsured should take advantage of this opportunity. Deadlines range from early April through mid-June, depending on the state. People with incomes between 100 percent and 400 percent of poverty are eligible for subsidies — $12,490 to $49,960 for an individual and $25,750 to $103,000 for a family of four. If you do not live in one of these states, you will not be able to enroll in marketplace coverage unless you lose your health coverage as a result of losing your job.
  • All but 14 states have expanded eligibility for Medicaid. If your income is less than $17,236 for an individual or $35,535 for a family of four you may be eligible for Medicaid. Medicaid enrollment is open all year; you can sign up anytime. Medicaid eligibility is based on current monthly income, so even if your total annual income is expected to be higher, you may be eligible for Medicaid.

Recent Legislation and Executive Branch Actions on Coverage
Congress has passed three major emergency spending bills to address the pandemic and the administration has declared a national emergency. Here is what you should know about what this means for coverage:

• Coverage for coronavirus testing at no cost.
  • If you have private insurance, all insurers and employers are required to cover — without cost-sharing — tests and services associated with tests (but only if the visit results in a test) through the duration of the crisis. This does not apply to any treatment you may need. While most plans will likely cover treatment, standard deductibles and co-payments will apply.
  • If you have Medicaid, testing is covered without cost-sharing. In most states, treatment is subject to co-payments.
  • If you are uninsured, states have the option of using Medicaid to cover testing for uninsured people and those with substandard health plans like short-term policies. Again, this does not apply to any treatment you may need.​

Looking Forward
The staggering economic disruption triggered by the coronavirus pandemic is revealing the importance of the Affordable Care Act in providing coverage options for people who lose their job-based insurance. But the pandemic also shines a bright light on the remaining holes in the system: 30 million people uninsured and at least 44 million who are underinsured because of unaffordable deductibles and copayments. The crisis will place added pressure on the states that have not yet expanded Medicaid and may encourage them to move forward with expansion. It also may push Congress to permanently patch the holes in our insurance system. If it does, the next time we face a public health crisis we can be secure in the knowledge that everyone has health coverage and that illness will not be compounded by personal financial catastrophe because of health care costs.

If you need assistance or don't know what your next step should be, feel free to call us and get help. We can offer Short Term Health Plans, Limited Medical Plans, and Major Medical Plans with loss of other coverage, to individuals who may be in need, or just offer friendly advice during this difficult time!

With the evolving and significant changes happening in the world around the
coronavirus and its impact on commercial insureds, we have received a number of
questions from our clients regarding business income coverage.

Designed to protect a business in the event of an interruption in operations caused
by a physical loss that results in financial downturn, business income coverage
serves to cover the period of time it takes to rebuild, repair or replace damaged
property. Requirements for the coverage to trigger vary across insurance carriers.
Additionally, each state has its own department of insurance that governs what is
acceptable insurance language which can cause variations from state to state.
Most insurance companies policy forms incorporate approved Insurance Services
Office (ISO) policy terms and conditions. Following ISO, the business income
insuring agreement requires a covered cause of loss that causes direct
physical loss of, or damage to, the property at the described premises. The
cause of loss must also cause a necessary interruption of operations that results in
business income loss.

Without a direct physical loss, business income coverage will not be triggered.
There will also not be a period of restoration of property to determine business
income loss.

In addition to the terms of business income coverage, policies include Exclusion of
Loss Due To Virus or Bacteria (form numbers CP0140 or CP7140), which exclude
commercial property losses resulting from any virus, bacterium or other microorganism
that induces or is capable of inducing physical distress, illness or disease. Form number CP0140 is found on newer Insurance policies. Form number CP7140 appears on older policies. These endorsements have been used since they were issued and filed by ISO several years ago.

With any claim, policy wording and the specific trigger driving losses determine the applicability of coverage. If a formal property business income claim is filed, it will be adjusted on the applicable policy wording and specific details driving the loss. Theodore & Associates is committed to supporting you through the challenges of the coronavirus. We will continue to monitor the evolving situation and work with you through this uncertain time.

4 Things to Consider When Changing Your Auto Policy

Whether you are adding a vehicle or a new driver, updating your address, or considering a new insurance provider entirely, the process of making changes to your auto policy can be intimidating. Read on for things to keep in mind when adjusting your auto policy.

1. Let Your Independent Agent Do the Work for You
As with any important decision, consider talking to a local expert who can help you navigate the decisions involved in switching to a new car insurance company. While paying the lowest possible rate may seem attractive at first glance, any responsible agent will explain that getting the coverage you need should be one of your top priorities.

For example, if you frequently drive with your dog in the backseat, you might ask your agent whether or not your dog is covered in the event you are in an accident. A professional independent agent can recommend an auto insurance policy that automatically covers any potential pet medical bills if you get into an accident. Not all insurance companies include this coverage. This is an example of how protecting what matters most to you is more important than the savings you get from buying insurance online. The foresight to look ahead and anticipate coverage needs is one of the many benefits of working with an independent agent.

2. Ask the Right Questions About Insurance Carriers
It’s important to balance between being price-conscious and making sure your insurance needs are met. To ensure you receive the correct coverage to meet the needs of you and your family, ask these questions when you speak with your local independent agent:

• Is the company well established? Companies that have been around for many generations and have experienced consistent growth are more likely to offer you insurance knowledge and a wide range of options.
• Is the carrier financially stable? Check the A.M. Best ratings to find out. A.M. Best is the industry standard for determining an insurance company’s financial strength and stability. An A++ Superior rating means you never have to be concerned about the financial stability of your insurance provider.
• Are you likely to receive personable and courteous customer service? As part of a service-driven industry, every car insurance company should make responsiveness a key focus, but that’s not always the case. Consider whether the company has received any consumer awards from a respected magazine or an industry research service like J.D. Power. 
• Are claims handled locally? Look for convenience and communication in your quest for the best insurance provider. Local, accessible agents can be invaluable, especially when you’re navigating a claim. When your agent turns your claim over to a claims representative, it is more convenient if that person is local, too.

3. Mind the Policy Gap
Timing is everything as you don’t want to be without coverage between policies. Fees might be involved if you change insurance providers mid-policy term, or discounts may be offered if you shop for a renewal prior to your expiration date, so you’ll want to plan your insurance switchover accordingly.

Failure to avoid a gap in coverage can have serious legal and financial repercussions, especially if a disaster strikes when you’re between insurers. Additionally, a lapse could mean that insurance carriers will charge higher premiums in the future. 

4. Follow Through
Once you’ve switched, make it a point to stay in contact with your local agent. Make sure that your previous policy has been canceled. Avoid billing mistakes and credit bureau issues by obtaining written confirmation from your previous insurer that your policy has been cancelled.

If you are moving to a new state, plan to visit with your insurance provider. Because insurance laws vary by state, you’ll want to complete changes prior to your move.
​
With the right insurance carrier watching out for you, making the switch should be a straightforward process. And, Theodore & Associates is always here to help!

The holiday shopping season will be here before you know it. But there’s an even more important shopping period to think about first: Open Enrollment.

Whether you’re buying your own health insurance for the first time or are considering switching plans, Open Enrollment may seem like a confusing, stress-inducing event. But it doesn’t have to be. Here’s everything you need to conquer this year’s health insurance signup process.

What is Open Enrollment?
Open Enrollment is the annual period of time when everyone gets a chance to sign up for health insurance for the coming year. This year, you may have heard the approaching enrollment period referred to as “Open Enrollment 2020”.

Employers that offer health benefits also have an annual enrollment period to allow employees to switch plans. While most companies kick off their signup process toward the end of the year (usually October or November), the start date and enrollment window vary from business to business.

Why is Open Enrollment a thing?
Before the Affordable Care Act (ACA) was passed in 2010, signing up for individual health insurance was often a challenge. If you had a pre-existing health condition, or had a family history of certain types of diseases, insurers could deny you coverage or charge you much higher rates than healthy people.

These practices prevented people from gaming the system by only signing up for insurance after they developed a health issue. But they also kept many consumers from getting coverage, either because they were denied insurance or because they couldn’t afford it.

After the ACA was passed, new consumer protections were put in place to ensure everyone can get health insurance, regardless of health history. It also provided subsidies to help lower-income people pay for coverage. But these new policies removed the check in place to prevent people from getting insurance only when they really needed it. And thus, Open Enrollment was born.

Under normal circumstances, Open Enrollment is your once-a-year chance to sign up for health insurance. If you miss this window, you have to wait until the next Open Enrollment period to get a new plan (with some exceptions – more on that later). By restricting signups to a limited time frame, insurers are protected from people dropping in and out of plans, paying for coverage only when they have an active health issue.

What’s changed for this year’s Open Enrollment?
For the most part, this year’s Open Enrollment will look a lot like last year. The signup dates are the same. The state and federal Marketplaces still exist, and are one of several ways you can purchase a health insurance plan for 2020. Subsidies will still be available for those that qualify for financial assistance.
Looking for new health insurance for 2020? Start a free quote here.

When is Open Enrollment?For health insurance plans beginning in 2020, Open Enrollment starts on November 1, 2019 and ends on December 15, 2019. But some states have extended the Open Enrollment period until January to give people more time to sign up.

What information do I need to collect for Open Enrollment?
In order to sign up for a plan during Open Enrollment, you’ll need a few key pieces of information, including:

• The names, dates of birth, and social security numbers of everyone you want to cover on your plan.
• Your estimated household income for 2020 (pre-tax), if you think you'll qualify for financial aid.
• Employer names, addresses, and phone numbers for everyone in your household.
• Immigration documents, if applicable.

For a complete checklist of what you need to prepare for Open Enrollment, click here.

Can I sign up for insurance outside of Open Enrollment?
If you don’t sign up for a health insurance plan during Open Enrollment, and your life circumstances remain the same, you’ll have to wait until next November for your next chance to enroll. However, if your life circumstances do change, you may be able to get insured during a Special Enrollment period.

Special Enrollment is a 60-day enrollment window that happens when you experience a qualifying life event – a fancy phrase for a significant change that impacts your status. Qualifying life events include things like:

• Losing health insurance through your job, spouse, or parent.
• Becoming ineligible for Medicaid or Medicare.
• Getting married or divorced.
• Having a baby or adopting a child.
• Moving to another city.
• Certain changes in income or legal status.

Check out the full list on HealthCare.gov to see if you qualify.

Contact our Benefits Department today to learn more and get covered!

You devote months to planning, working out every detail for what should be a perfect event. Unfortunately, even the best planned events are at the mercy of the unexpected. Like a flood that ruins your venue. Or a caterer who inexplicably goes bottom up. And chances are, you'll still be on the hook for all or most of the costs. Thankfully, special event insurance can help protect what you've invested in your event should the unexpected put a dark cloud over your big day.

WHAT IS SPECIAL EVENT INSURANCE?

Special event insurance helps cover financial losses that may occur when an accident, extreme weather, illness or a problem with a key vendor puts a stop to your private event. Policies often cost less than you might expect and typically offer two types of coverage:

Event cancellation coverage reimburses you for lost deposits and other charges when unforeseen circumstances cause you to cancel or postpone your function. This type of coverage may extend to special gifts, attire (lost wedding bands, for instance) and damaged photo and video files. It does not, however, cover a change of heart.

Event liability coverage helps protect you from financial loss if you're held responsible for an accident that hurts someone or causes property damage at your event. You may even be covered if one of your guests creates havoc. Many venues now require you to have liability protection before you can even book there.


WHAT TYPES OF FUNCTIONS ARE COVERED?

Events that are covered by special event insurance include but are not limited to:

• Weddings
• Engagement parties
• Business meetings
• Non-Profit functions

• Retirement parties
• Anniversary parties
• Corporate events

WHEN SHOULD I BUY SPECIAL EVENT INSURANCE?

It's a good idea to purchase a policy as soon as you begin making deposits, because unexpected issues can crop up at any point. That said, you need to buy event cancellation coverage at least 14 days before your function date and liability coverage at least one day prior. You can buy both up to 24 months in advance.
No one wants to think about something unpleasant when planning an important day, but it's nice to know there's a policy that can help protect you from the unexpected.

Call Theodore & Associates today to talk about how you can help safeguard your big day!