Archive for the ‘Ohio Insurance’ Category

A recent Ohio news story implies a connection between increased storm losses this summer and an increase in home inspections by insurance companies.  While we can’t speak for other companies, we saw this story as an opportunity to explain Westfield’s home inspection process – how and why we do it.

When the insurance inspector visits, it is mainly to verify information about your house that will affect the price the company charges for your coverage.  This includes, for example, the size of the house and any additional features like bathrooms, swimming pool, fireplaces, and woodstoves.

We don’t believe our customers can have peace of mind that they are protected unless you know you have enough insurance coverage to replace your home if there is a loss, and unless you know how we determined how much coverage you need.  The inspection process also gives us an opportunity to identify potential hazards that may be dangerous to your home and your family, such as out-of-date wiring or a roof in need of repair.

If we discover that you have a gap in your coverage or a dangerous hazard in your home, we would much rather you had the opportunity to make corrections to your policy or necessary repairs rather than get stuck in the event of a loss.  Our business is providing protection and peace of mind.

We want our customers to understand their insurance policy and get to know us as a company.  If you have questions about your insurance, please contact Whitaker-Myers Insurance Group.

- From Greg Zawie, Personal Lines Appraisal Leader at Westfield
Brought to you by Whitaker-Myers Insurance Group in Wooster Ohio and Westfield Insurance.

Cars are probably the single most popular target of crime because they are relatively easy to steal. In about the time it takes you to tie your shoes, a car is stolen in the United States. At roughly two vehicles a minute, that adds up to 1.2 million stolen vehicles each year. While 62 percent of these vehicles are found, sometimes with significant damage, it’s a stressful event that costs everyone involved. To put the brakes on vehicle theft, try the following prevention tips.

Common Sense Tips to Reduce Your Risk
1.  Never leave your car running and unattended, even to dash into a business.
2.  Never leave your keys in the car or ignition, even inside a locked garage.
3.  Always roll up your windows and lock the car, even if it is in front of your home.
4.  Always park in a high-traffic, well-lit area, if possible.
5.  Consider anti-theft devices such as steering wheel locks or fuel cut-off switches.

According to the Insurance Information Institute, about one-third of a typical comprehensive auto insurance premium goes to pay for auto theft claims. Installing a mechanical device that locks to the steering wheel, column or brake pedal to prevent the wheel from being turned more than a few degrees can act as a highly visible physical deterrent if installed properly… and saves everyone in the long run!

Other Deterrents
-  Have your vehicle identification number (VIN) etched into each piece of glass on the vehicle as a deterrent. An auto thief is less likely to steal it because of the time and money involved in replacing the glass to remove the car’s identity.
-  Investigate the purchase of an auto alarm system if you live in a high-theft area or drive a theft-prone vehicle. Display an alarm decal near the door handle.
-  If you park in a fee garage, take the pay-ticket with you. It’s the thief’s ticket out of the garage, too.
-  If you use valet parking, leave just the ignition key with the attendant. Make sure no identifying information is attached to the key. Do the same when you take your car for repairs.
-  Copy your license plate and vehicle identification (VIN) numbers on a card and keep them on you with your driver’s license. If your vehicle is stolen, police will need this information promptly.

A car is one of the most expensive pieces of personal property you own, so it’s worth taking a few common sense steps to protect it! If you have questions about your auto policy coverage, contact us today at Whitaker-Myers Insurance 330-345-5000.

This flyer is for informational purposes only and is not intended as professional advice. Content © 2008-2010 Zywave, Inc.

-  Consider raising your deductible
-  Invest in a home security system
-  Update exterior locks to dead bolts
-  Install smoke alarms
-  Select an automatic payment method
-  Monitor your credit rating
-  Ask about our multi-policy discounts

Call Whitaker-Myers today at 330-345-5000 to discuss ways to save on your insurance premiums.

Helping You Build Security

When undertaking a remodeling project, people often forget to review their insurance needs, too. Whether your addition budget is large or small, you are adding both the value of your home and your exposure to risk. To ensure that your project goes smoothly and that you have the coverage you need, here’s what you need to know.

Working with General Contractors
The best way to minimize your renovation risk is to hire a reputable general contractor for the job. As part of the biding process, ask the general contractor to provide a Certificate of Insurance and/or copies of the policies. Specifically, check for coverage for the following:

Workers’ Compensation: Verify that he/she has workers’ compensation coverage in the event that an employee or subcontractor gets hurt on the job.

General Liability: Ask if the contractor has liability insurance, which covers losses due to negligence and errors or omission, which results in property damage. Also ask that you are added as an “Additional Insured.”

Builders Risk: This policy is designed to cover damage to your home and materials, including those not installed yet. We can help you verify whether you should require this from your contractor, based on your renovation project.
If they don’t carry the proper coverage, they are not the right contractor for the job!

Advice for do-it-yourselfers
If decide to go it alone and manage a renovation yourself, you assume all the risks. A review of your Homeowners coverage for liability and property is prudent, as you are assuming more risks and exposures than contemplated by Homeowners Insurance. 

Hiring bona fide subcontractors who can provide you with a Certificate of Insurance or copies of their policies showing their General Liability and Worker’s Compensation coverage is mandatory for your legal protection. Otherwise, if you are hiring subcontractors or paying friends to do the work, you could be subject to Worker’s Compensation laws, should they become injured while working on your home. If a friend or relative helps out as a favor (no money changes hands) and gets injured, your Homeowners Insurance typically covers the cost of their injuries, up to your policy limits. It’s important to note that a Homeowners policy is not designed to provide primary liability protection for these injuries. If a helper is seriously injured, the domino effect can be financially and emotionally difficult for all who are involved. For an extra layer of protection, it’s a good idea to also carry Umbrella Liability coverage, which kicks in to provide liability coverage above your Homeowners limits.

 

Your insurance partner
Adding to your home is exciting, but poses financial risks. Contact Whitaker-Myers Insurance Group at (330) 345-5000 to learn more about all of our home, auto and life personal risk management solutions.

Disclaimer: This brochure is provided for informational purposes only. The information provided herein is not intended to be exhaustive, nor should it be construed as advice regarding coverage.  Eligibility for coverage is not guaranteed and all coverages are limited to the terms and conditions contained in the applicable policy. Content © 2008 Zywave, Inc.

What property and perils are excluded from my policy?
Typically coverage does not apply to damage caused by flood, surface water, water which backs up through sewers or drains, earth movement, nuclear damage, war, etc. Personal liability and medical payments do not apply to the operation, ownership, use, etc., of any aircraft, automobile, RV, water craft powered by more than 50 horsepower motor; bodily injury or physical damage caused by an intentional act of the insured.

What happens if I have a fire?   How do I collect for my personal property?
Whether your policy pays for the replacement or just the actual cash value of your possessions, you will be paid for personal property that you can show you owned at the time of loss. It is a very good idea to keep an up to date inventory in a secure place. Also, to help you remember what you had, it is helpful to take pictures or video of each room.

If my sump pump fails due to water backing up through the sewers, am I covered? 
No, but you can easily add a sewer and backup endorsement to your Homeowners policy to cover the loss.

Is my boat covered?
Theft to watercraft, including furnishings, equipment and outboard motors, is typically excluded if the theft occurs outside your residential premises. To cover your boat and its accessories, you need a separate Boatowners Insurance policy.

I have insured antique items listed on my policy. If I have a total loss, do I receive payment for the full insured value? 
We will first confirm the value of the items with one or more independent antique dealers. You should then be paid a dollar value based on the dealer(s) estimate of the worth of the antique items. The best way to insure your antiques? Get appraisals and establish the stated values in the policy.

During a storm, a tree from my neighbor’s yard fell and destroyed my fence. Who pays for the loss?
Generally, your own policy should cover the loss. Our agency may be able to recover the amount paid for the loss from the neighbor’s Homeowners Insurance if the loss occurred as a result of your neighbor’s negligence.

If I have water damage from a rainstorm, am I covered? 
No, a separate Flood policy is needed to covers losses to your property caused by flooding. As long as your community participates in the National Flood Insurance Program (NFIP), you’re eligible to purchase Flood Insurance. We can assist you in determining if your community participates in the NFIP.

What if I lose power and the food in my freezer spoils?
A basic policy typically does not cover this loss; however, coverage for electrical outages is available for a nominal additional premium.

If my CD’s are stolen from my vehicle, is it covered under my Auto Insurance or my Homeowner’s Insurance policy?
Almost all Auto and Homeowners policies exclude coverage for any losses of disks and other sound transmitting or receiving equipment used in an automobile. For added protection, check with us to determine if coverage can be purchased for the stereo and disks used in your auto.

How can I be sure I have the right coverage?
A complete review of your policy is the only way to determine what property is covered and what perils are insured against. We can help you identify your risks, and explain what’s included in a Homeowners Insurance policy, including the standard limits of coverage on property insured such as money, water craft, theft of jewelry, silverware, and or guns. Contact us today to learn how we can help you insure your home, auto and life.

Naturally, if you have any questions about your policy, we’re here to help.  Please call Whitaker-Myers Insurance Group at 330-345-5000.

Organizing or sponsoring amateur sports leagues or camps can be a rewarding way to promote physical fitness in both youth and adults. As you prepare for these activities, remember that as the coach or administrator, you are faced with the risk of injury or personal loss. It is your responsibility to provide coverage for all participants, staff and facilities of the insured group for all activities that include participation in scheduled or supervised events, practice sessions and travel.

Amid the many challenges associated with organizing a league or camp, building a risk management plan and navigating the complicated web of insurance options might seem overwhelming. Your insurance professional or industry specialist can help you understand the specific risks associated with the activity you will be controlling and ensure that you purchase the right amount of coverage, which might include:

•     Accident medical coverage, which applies to medical expenses incurred as a result of an injury sustained while participating in the insured activity. This coverage is typically written on an excess basis over other collectible medical insurance.
•     Workers’ compensation insurance may apply to injuries sustained by staff members, depending on state laws.
•     Liability coverage protects coaches, volunteers, officers, directors, teams, associations or leagues against claims of bodily injury, property damage, advertising and personal injury, plus the litigation costs to defend against such claims. Legal liability to participants generally responds to suits made against you by a participant involved in an athletic or sports-related activity that you control, promote or sponsor.
•     Equipment floater policies can insure the transportation of league equipment or even portable concession stands.

 

Provided by:  Whitaker-Myers Insurance Group
Content © 2010 Zywave, Inc. All rights reserved

When insuring a house, or possessions there are two main ways that these items can be valued for insurance purposes: they are Replacement Cost and Actual Cash Value. Both of these Loss Settlement Bases have their own advantages and disadvantages.

Replacement Cost is dollar value that it would take to replace an item, brand new, with another item exactly the same, or one of like material and quality. Replacement cost does not take depreciation into account.  For example, if you had a covered total loss to a shed, Replacement Cost would pay to rebuild that shed to a like quality of construction with similar materials at today’s construction prices. If the loss was partial, the coverage will make any necessary repairs to make the shed whole again.  Neither example would include a deduction for depreciation.

Actual Cash Value (ACV) is less expensive AND if chosen, permits the purchase of a lower limit of insurance (the ACV rather than the Replacement Cost). 

A Replacement cost loss settlement basis is a bit more expensive than Actual Cash Value and requires an insurance limit at the replacement cost of that building or item(s), but it ensures that you will have your item replaced with a new duplicate, or an item of similar quality and/or construction.

Replacement Cost, less a deduction for depreciation, equals the Actual Cash Value of that item.  Depreciation decreases the value of an item based on its condition and age.

Since ACV tends to be less expensive (rates per $100 of insurance are a bit lower) than Replacement Cost, it might entice a buyer, but an insurance buyer should always be reminded that with ACV as a loss settlement basis, the buyer may receive insurance proceeds and STILL not be able to afford to replace that item with a new one at today’s prices (or rebuild his home or building).

A quick comparison of Replacement cost versus Actual Cash Value:  Say, you bought a computer in 2007 for $1,500.  It was destroyed when a lightening strike caused a surge rendering the computer no longer operational.  If the computer were covered at ACV you would receive, for instance, $150, the amount of money it would cost you to go buy the same age and condition computer today.  (Or, the RC of the same kind of computer new today would be stated, then a deduction for depreciation would be taken and a check for the difference would be written.  Either way, the settlement would be low).

If however, the computer were covered at RC, you would insure it for what it would take to buy the same kind/quality new today and then at the time of the loss, you would receive the amount it would cost you to buy a new, similar computer.  Since the price of that style computer has probably decreased in this case, you would receive, say $700.  As long as the amount you chose when you bought the policy was $700 or more, you will be a happy consumer. 

As you can see there can be a large difference in the settlement amount, depending on which method of loss valuation you choose ahead of time.

When choosing which type of coverage to carry, you need to consider the following:
1. Does the item need to be replaced?
2. Do you have the financial ability to pay to replace the item if you do not get the full value to replace or rebuild that item from the insurance company?
3. How much is the difference in premium between Replacement Cost and Actual Cash Value?

The truth is that today, insurance companies have reduced the cost of RC to the point where it motivates the buyer in most cases to not even consider ACV. There is little doubt that RC provides the most positive claims experience, so unless cost becomes the obstacle, RC is the preferred way to go.

Note:  Please keep in mind that deductibles were not part of this discussion and will apply during a claim situation.

Whitaker-Myers Insurance Agency Inc. | 3524 Commerce Parkway, Wooster, OH    44691 | (330) 345-5000

There is no “ideal” deductible. Each person should determine what the best deductible for him/her is based on his tolerance for risk, how much cash is available on hand to pay the deductible in the event of a loss/claim and how much differing deductibles affect the premium paid.  Higher deductibles will lead to lower premiums but will also mean that in the event of a loss you will have to pay more out of pocket.

Ask yourself this before choosing a deductible:  If you had a claim today, what is the most money would you be comfortable paying.  If your current deductible is higher or lower than that amount, you may want to consider changing it.  Also consider that property and auto insurance are both designed/intended for larger and/or infrequent losses and premiums are based upon this fact.  The more claims you have, the more costly is your insurance and claims frequency can even affect availability of insurance.  So, both the insurance company AND you should be hoping for very few claims.  Also consider that you PAY your premium EVERY year but you don’t and won’t have a CLAIM and have to pay a deductible every year.  So, the savings of a higher deductible can be multiplied over every year you go without a claim.  This should be the mindset when choosing the right deductible.

With all of this in mind, you should consider the highest deductible you can possibly afford in the event of a claim. This will keep your premiums lower (remember, you pay THEM every year).  The contrasting strategy of choosing a lower deductible assuming you’ll have frequent claims can be faulty:  because frequent claims experience will create its own unique set of problems.

In summary, if you’re like most Americans, you’ll pay your insurance for years before using it.  Therefore, since you pay premiums every year, choose the highest deductible you can afford, and take whatever premium savings the higher deductible offers.  It will not only save you a little money today, but will pay off even more over time when you turn in fewer claims.

Whitaker-Myers Insurance Agency Inc. | 3524 Commerce Parkway, Wooster, OH    44691 | (330) 345-5000

Our Personal Accounts Department is incredible. This isn’t news, we just thought we’d remind you! We represent 10 different insurance companies and offer HOME/AUTO package quotations with all of them. Give us a try or tell a friend to call us, or stop in. Or, send us an inquiry in the “Contact” page of this site. We’ll call you back. While insurance carriers do request alot of information and they all automatically run MVRs, CLUE and Credit reports as a part of their underwriting and rating process, we can normally quote ALL of our companies for you within 24-48 hours. Imagine that! An agency that you know and trust who can do your shopping FOR you!! We’ll set up the coverage/program, obtain the quotes, review them and point out which is the best value and fit for YOU – and we’ll explain why. And then, of course, we’re always here for you for ongoing service and claims reporting.

Just another reason why at Whitaker-Myers, we’re all about Answers, Results and Peace of Mind.

Whitaker-Myers Insurance Agency Inc. | 3524 Commerce Parkway, Wooster, OH    44691 | (330) 345-5000