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The COVID-19 pandemic has impacted every part of daily life, from sheltering in place to lost paychecks. While car insurance is no exception, the good news is that every major provider has pledged to help Americans in need like never before. To separate fact from fiction, we spoke with experts and analysts across the country to determine exactly how the coronavirus crisis will affect your car insurance.
Is my insurer going to give me money back? As of March 22nd, the number of cars on the road had fallen dramatically, about 20%, following the declaration of a national emergency in the U.S. Many of the largest auto insurance companies recently announced they will be responding to the lowered risk of auto claims with premium rebates for customers. State regulators are also putting pressure on all insurers to step up to support consumers with measures like extended grace periods, so if your insurer hasn’t yet responded with meaningful actions, you can routinely check its website to catch updates or reach out directly. Should I change my auto coverage because of COVID-19? While you can definitely reach out to your insurance company to see if your lowered mileage could mean a discounted rate, keep the following in mind: Don’t cancel coverage you’ll need in the future. Canceling your car insurance, even if it’s only for a limited period of time, can have several negative impacts:
How can I lower my monthly payments? Increase your deductible Your deductible is the amount of money you agree to pay out of pocket before the insurance coverage will kick in. Increasing your deductible helps lower your premium because you’ll be on the hook for a larger part of any potential losses, but that also means saving on your bill now is something you’ll need to weigh with your ability to take that additional risk. Reduce your liability coverage limits Lowering your liability coverage limits can also help you save on insurance, but it will likely make a smaller dent than changing your deductible. Your car insurance coverage will have both bodily injury and property damage liability, or the maximum amount your insurance company will cover, if you cause damage to someone else or their property. Switch to a usage-based plan If you’re driving fewer miles than usual, you may want to consider a usage-based car insurance plan. While traditional car insurance is priced using factors like your age and claims history, usage-based insurance relies on driving data (usually gathered through an app on your phone) to determine how much you pay for coverage. Many larger insurers are starting to offer usage-based options. This option would be best for users who are likely to benefit from a usage-based policy for the long-term, though. Switching insurers too often can signal that you’re not a loyal customer, which can mean you may be quoted higher rates from even other insurers in the future. Will my future auto insurance premiums be affected by COVID-19? Most drivers are well aware that an increase in claims can spike car insurance rates, but the economy as a whole is also closely tied to an insurance company’s business. Will auto insurance claims be affected by COVID-19? With social distancing measures in place across the country, insurers are making sure their employees and customers stay safe by keeping the claims process digital. This may be a big change from a typically hands-on process or you may not see a change at all. What if I can’t afford my auto insurance payments because of COVID-19? If you are struggling with your car insurance premiums, you should contact your insurer. Many are addressing the COVID-19 pandemic with programs to assist policyholders. For more information, please contact Theodore & Associates today.
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Your building is now vacant due to Shelter in Place Key Tips to Consider... As we weather this national crisis and shelter in place, many of our buildings and surrounding property are attractive targets for thieves and other would-be criminals. Before shuttering your doors and leaving your business for, what could be, weeks at a time, consider these tips... Utilities
• Are unnecessary electrical appliances and equipment disconnected/unplugged. • Turn down temperature on hot water heater to conserve energy. • Set thermostat to minimal setting (55° F) to conserve energy but keep out the freeze and/or set low temperature alarms. Failing to maintain heat appropriately can void coverage if pipes freeze and burst. • Sprinkler system also need to be protected from temperatures below 40F to ensure proper operation. • During warmer months or in warmer climates, make sure to set your air conditioning to a minimum of 85 degrees otherwise if your building gets too warm it will become susceptible to damage from humidity and mold. • Check that sump pump is operational and remote alarms are working. • Ensure all refrigerators and freezers are secure and doors are closed. • Irrigation systems should be turned off and disconnected to prevent accidental flooding. Security • Does the building look secure from the street? • Are all vehicle entrances and exits locked/secured? • Are all windows and doors locked? • Have you contacted the police and requested random checks? • Have you alerted neighbors or neighborhood watch programs that the building will be vacant so they can also assist with random check? • Is there a centrally monitored security system in place (door contacts, window tape, motion sensors, video surveillance, etc….) • Has updated contact information been given to companies that centrally monitor security and fire alarms, as contact names/information may have changed from normal operations. • Arrangements should be made, if possible, to inspect the building at least weekly. Document the inspection with photos and utilize our check list. • Can security camera be added or maintained operational to cover the interior/exterior of the facility? o Have temporary, wireless cameras been considered? • Are there exterior aspects of your building that you need to consider: o Temporary weather proofing; o Drainage or flooding hazards; o Gutters and down spouts cleared? • Contact your agent to discuss potentially relocating some high dollar items, temporarily to a more secure location. Inventory • Do you have a list of inventories on hand? o Is it backed up off site? o If it were stolen or damaged what would you need for lead time to replace those items? • Tools and Equipment • Computers and Technology – Are there backups made daily with offsite storage of back-ups? • Furniture, Artwork, Fixtures. • Other Assets Perishable Inventory • Do you have products on auto-order that needs to be suspended for the time being? • Are you practicing all the necessary requirements per your local health department or FDA guidelines? • Do you have a remote alarm on refrigerators and freezers so that you are made away of a temperatures spike? o If this were to occur do you have a plan in place for dealing with this alarm? • Are you maximizing the products on hand to consider items reaching expiration? Fire • Have you contacted the local fire department to alert them of the vacancy and any changes to building access that now may have changed? • Additional monitoring may be necessary because of the following reasons: o There may be a delay in reporting of fires because of the vacancy o Fire could also start due to smoking trespassers, arsonists, faulty wiring or drug production. o Transients/homeless seeking shelter may have open fires for cooking or providing heat. • Are there centrally monitored fire detection systems in place? • Is the Automatic sprinkler system on and locked open with centrally monitored tamper switches operational? Making a plan for how to respond Having a good response plan is as essential as protecting your business investments. When developing a plan, consider communication beforehand with local responders, such as fire and police departments, emergency clean-up companies and security companies. Your livelihood may depend upon it in an emergency. And remember, if you have a helper with you when closing down, be sure to “social distance” from one another. Group life insurance shows employees you value what matters most to them - their loved ones, and it is an integral part of most employee benefits packages. When provided by an employer, employees appreciate the value of life coverage and the additional security it provides to their families.
Life insurance can help employees protect their loved ones. Did you know more than 35% of all households would feel a negative financial impact within 1 month after the death of the primary wage earner? Having life insurance can help your employees have confidence that, should they pass away, their family will have a financial safety net to replace lost income, cover final expenses, everyday living expenses, and long-term obligations that may otherwise cause them financial strain. Life insurance can even be used to help fund a child’s education. It’s a key benefit to help you attract and keep quality employees. When candidates are searching for a new job, benefits are a main differentiator, and prospective employees tend to consider a position’s benefits before they apply. That includes life insurance. Whether you cover the premium or offer employee-paid, voluntary life insurance, group rates make coverage through an employer an affordable option for employees. Including life insurance in your benefit package can make you stand out against organizations competing for the same candidates—and help you hold on to the good employees you’ve already hired. It can be a budget-friendly option for you to offer. If you think offering life insurance to your employees is out of your price range, think again. There are plenty of affordable life insurance solutions available. You can pay all, part, or none of your employees’ benefits, depending on your needs and goals. And keep in mind, group life insurance premiums are based on an overall assessment of a company’s risk. Spreading that risk helps bring group rates down, offering an affordable coverage option for employees. Offering life insurance can help you enhance your company culture. For many employers, building a strong company culture is about creating an environment that brings your core values to life. Culture is often what drives employee satisfaction. It makes employees feel like they belong, like they’re valued. That’s why including life insurance as an employee benefit plays a solid role in shaping your culture. It shows you put your employees first, and that you’re an employer who wants to help employees have a more secure financial future. For this reason, offering life insurance can help you see improvements in employee turnover, not to mention a general boost in productivity and company loyalty. The best life insurance policies can be catered to your business needs Your business—and employees—are unique. Fortunately, you can customize your group life insurance to make it the right match for you. As you’re considering life insurance policies, think about these questions:
Theodore & Associates offers free, comparative quotes on group life insurance from multiple insurance carriers so you can get the best possible rate, whatever your group size or benefit goals. Contact us to find out how to protect your employees with the right life insurance. As a homeowner, one of the most important aspects of your home isn’t something you use daily. And it isn’t something flashy you show off to friends. It’s your homeowners insurance policy, and it protects you in more ways than you may think, helping you rebuild your home or repair damage that results from a covered loss.
But, that’s not all. It can also help cover the costs of a lawsuit, help you pay for somewhere else to live when your home is uninhabitable, and much more. Home insurance is typically very comprehensive, but all policies have exclusions and coverage limits. It’s vital to know what those are so you know what’s covered and what’s not. Fire damage? Typically covered. Flood damage? Typically not. With this guide, you can begin to understand what a typical home insurance policy covers. Just keep in mind that coverage varies from carrier to carrier, region to region and even policy to policy. Only your individual home policy can tell you the coverage you have and that which you don’t. For an even better understanding of your home policy coverage, review it with one of our agents. What Home Insurance Covers The typical homeowners insurance policy has six types of coverage. They are commonly known as:
Remember that, despite having all of these different types of coverage, you’re only covered up to the dollar amounts that you select and only for covered losses, as outlined in your policy. Typically, you can change these policy limits at any time if you’d like to purchase more coverage. This is a good idea if, for example, you’ve recently added on to your home, acquired some pricey personal belongings or made other updates to your property. If needed, you can also reduce your coverage, though always ensure you are adequately protected. What Home Insurance Doesn’t Cover It’s just as important to know what your homeowners insurance doesn’t cover as it is to know what your home policy does cover. For starters, your policy does not cover any damage or repairs costing less than your deductible. It also does not cover any costs that exceed the coverage limits outlined in your policy. You are solely responsible for excess costs, unless you have an umbrella policy to provide additional liability coverage for a covered loss. More than likely, your policy also does not cover routine maintenance and repairs, as well as damage due to animals, termites, floods, earthquakes, sinkholes, sewer backups, and other incidents. These are often considered non-covered losses. If you experience a non-covered loss, as outlined by your policy, you will be responsible for the costs. What Home Insurance May Cover Outside of the typical home insurance coverage, optional or separate coverage may be available from your carrier or from a different carrier. For example, you may be able to purchase earthquake or flood coverage separate from your homeowners policy. Other coverage options are add-ons to your existing homeowners insurance. These can include identity protection and equipment breakdown coverage, which covers the cost to repair or replace a range of appliances and other equipment, such as pool equipment, in your home. If this sounds similar to an extended appliance warranty, it is. The difference is that you can insure an array of appliances at once through this optional coverage rather than purchasing a separate warranty for each one. This guide is a starting point for understanding your home insurance policy. Your own policy may vary greatly from the descriptions above depending on the state where you live, your carrier, and the coverage you have selected. So take a close look at your policy by reviewing your documents or viewing your coverage online. Or, even better, sit down with one of our insurance agents who can explain your coverage in detail, as well as discuss whether your policy provides adequate protection for your home, property, and belongings. Reposted with permission from the original author, Safeco Insurance®. As crowds swell at the beach, in parks, and even on roadways, it all makes for some challenging driving conditions. More people are out and about, whether on foot, bike, or skateboard, or by car, motorcycle, or RV, increasing the risk of an accident. And, the summer heat isn’t exactly kind to your vehicle.
Still, there’s no stopping the allure of a summer drive. To help keep yours safe, keep your attention on the road and on your surroundings, as well as on these safety tips. Summertime Safety Behind the Wheel Just like winter, summer has its own set of seasonal hazards that require your complete attention as a driver. Here are some to be particularly mindful of:
Road Trip Safety A road trip with family and friends can make a memorable summer for both the right and the wrong reasons. Make it the right reasons with some careful planning and driving. There will be plenty of time for fun once you reach the campground, resort, or cabin.
There’s no better time to be on the road than when the sky’s clear and the sun’s shining. We wish you safe travels and a wonderful summer! For more information, visit the Safeco blog. |
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