Most people when they say "full coverage" really mean comprehensive & collision coverage on an older vehicle. Collision will only cover what the "book" value is on your car, so unless it is a higher end vehicle (think Mercedes or BMW) then probably not collision.
But you can keep comprehensive coverage on a car, without collision. And why would people do this? Comprehensive coverage is for fire, theft, glass and collision with an animal (think hitting a deer). The two most common used are glass (usually a $0 deductible) and collision with an animal - especially in hunting season!
So even with an older car, if you want the glass covered, you would need to keep comprehensive coverage on it. Plus, if the car is being stored for the winter in a garage, you'd want the glass covered if something fell on your car. Or if the garage started on fire, this is where the coverage would be found.
Landlords of 1-4 family rental units, can now have coverage for underground utility coverage. So if the water line breaks, the sewer line collapses, the septic system breaks, you have coverage to repair this.
For $20-$30 per year, you get $10,000 of coverage to fix the service line to your 1-4 plex. This is a relatively new endorsement that not all insurance companies offer. Some have chocen not to add on this endorsement, while other insurance companies have gladly approved it's use.
Six insurance companies in our office have chosen to offer this important coverage to our clients. It really is good insurance practice to include this, as most insurance companies "off load" this coverage to a 3rd party - like HARTFORD Steam Boiler. So for a small cost, the insurance companies claims are then paid by Hartford Steam Boiler.
Our insured was so happy when his $7,900 water line claim was paid, he said "It was harder to find a good plumber than it was to collect the insurance!" WE've had 3 claims paid so far for service line coverage.
Not Available yet for 5+ units in New York State.
Breweries have specialized equipment, tanks, pumps, valves, fermenters....that they need an insurance company that understands beer making. Some insurance companies will exclude valves, pumps & accessories that go into the tanks.
The way to insure breweries has evolved with the explosion of brew pubs and beer making. Fifteen or 20 years ago, there may have been 1 or 2 breweries in your town, where now there are 20+ making beer.
So insurance companies have had to keep up with the demand and the changing needs of beer makers. That is why we have aligned ourselves with insurance companies that can handle this line of insurance. They know the market, understand the risk and have put together an insurance package that covers everything about beer making.
Knowing what your risks are and then putting in place the coverage for those risks is what a good insurance company and their insurance agents do.
Telling a dirty joke at work could be taken as sexual harassment in today's world. Something that I am sure many small business don't even think about....and a possible lawsuit.
Luckily, there is something called Employment Practices Liability insurance - or called EPLI. Sadly, approximately 28% of small businesses carry this optional coverage and 72% do not! Since it is not a requirement for business insurance coverage, owners chose to go without.
Recently, there was a restaurant owner served with lawsuit papers regarding sexual harassment and he had to hire a high-priced attorney to represent him. If he had an EPLI policy in effect, the defense of this lawsuit would be covered.
Knowing what financial risks you face and how to minimize them, is the work a good insurance broker does for their clients.
Know your risk, know your financial health and cover it properly.
As independent insurance agents, we can choose with whom we do business with in our agency. This means making contracts with insurance companies to represent their brand/their products. But the true test of ANY insurance company, is how they handle claims.
In 2 cases, I was extremely unhappy with how these insurance companies handled claims. In 1 incident, the insurance adjuster was arguing over a $600 cost of a hallway rug, when it was the painter who caused the loss anyway - not the homeowner.
In another incident, I assigned an independent adjuster to get right on a claim and the insurance company head of claims said, "you don't get to assign the adjuster, we do." Well with many, many of our other insurance companies, we DO get to assign our own adjusters.
In still 1 more incident, one of the above companies I said "You need to get an adjuster down there TODAY, they are doing an emergency demo of the garage tomorrow. It took them 2 days to get someone there and then the argument started about what was/was not covered.
As independent insurance brokers, we have 17 other insurance companies we represent, so goodbye 2 lousy claims paying insurance companies.
Isn't that why you buy insurance to begin with?
Let's say you let your brother or neighbor borrow you car for the day, as theirs is in the shop. If they get in an accident with your car, that claims & payout stays with your auto insurance.
As far as any sur-charge, if their auto insurance policy sur-charges for the accident, then yours will not. But if they don't sur-charge his/her auto insurance policy, then yours will be sur-charged.
There cannot be 2 sur-charges for the same accident, so proof would have to be submitted to your insurance company that the brother or neighbor is being charged for the accident.
Always ask your insurance broker if you see something strange on your auto policy. No question is ever a bad one when it come to protecting your assets. At least at Larsen Insurance that is what we do. We look out for our clients and keep them protected the best we know how. That includes giving out our advice on important insurance matters.
A relatively new homeowner endorsement, called Service Line Coverage is being added by a majority of our homeowner clients because they have older water, sewer and electric lines buried underground.
For $20 or $25 a year, these homeowner's are getting $10,000 to fix, repair, replace, say a water line, that has broken, decayed or collapsed due to age. It is one of the only homeowner insurance coverage's that covers rot, collapse and decay.
When this endorsement came out, we let every client that had the insurance company offering it a letter. Almost 100% took advantage of this coverage, as it is a costly homeowner repair. But not all insurance companies offer this, especially the national one's (like Traveler's, Kemper, Hanover).
Since we also use smaller, regional insurance carrier's, we have 6 insurance companies that do offer this endorsement. Very inexpensive coverage to have, for homeowner's and landlord's in New York.
Doesyour homeowner insurance company offer Service line or Underground Utility coverage?
Who do you follow? Whether online or in-person, who is your mentor? Are you finding help in a coach/client relationship? Or mentor/mentee relationship?
You could be studying someone's teachings online or in a course. Or you could be part of a mastermind group of like minded individuals. Who do you follow?
I would love comments on who you follow and why? Please leave a comment for me below....I'll reply to every one.
I just sent out 5 handwritten Thank You cards...who does that today? Think about the last larger item you bought - washer & dryer, car, remodeled bathroom - who sent you a Thank You card?
Know why I sent them? They wrote a testimonial online for our insurance agency. They didn't buy a new policy, they didn't increase they current insurance policy...they just sent good words about my staff and us!
Why not you? I say YOU cannot say Thank You enough. Why not start today?
Just go to the card store and buy a 20 pack of generic cards. Nothing fancy, no printing costs involved, just a $1.00 card and $.50 cents postage. You will make someone's day for $1.50....$1.50!
Why wouldn't you want to make someone's day? If someone called you tomorrow and said "You are terrific, one amazing human and I am so glad to know you". Would your outlook in life now be better? You attitude just went up 1,000%!
Start today to put smiles on someone's face. Be different. Something simple like the written word and a Thank You card will make someone's day.