Personal Insurance Update
Personal umbrella insurance provides extra protection, or limits, above the liability insurance you currently have. Just as an umbrella protects you from heavy rain, an umbrella insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. Umbrella insurance can provide limits above your personal auto and home policies.
The cost of a personal umbrella can be as low as $175 per year for $1,000,000 worth of coverage. If you own a boat, jet sky, snowmobile, or any other kind of recreational toy, you should consider a personal umbrella policy. If you own your home or have a 401 K plan, don’t jeopardize your future by having a liability claim that could cost you everything.
Do you own a boat, second home, or have other expensive toys? Often high net worth individuals need higher liability limits to protect personal assets. A simple rule is, the more you own, the greater risk you may have of losing it.
Umbrella insurance provides broad insurance beyond traditional home and auto. It provides additional liability coverage above the limits of homeowner's, auto, and boat insurance policies. It can also provide coverage for claims that may be excluded by the primary policies.
It is the time of the year when parents and college students start gearing up for the next college semester. We hope your students are headed off to college. As parents, you worry about many things, including the safety of your children. Insurance may not be on your top ten list of things to consider, but it should be.
One of the most important things your student will need at school is something that doesn’t have to be packed – the right insurance coverage. Here is a list of some of the items you might consider before your college student heads the University.
Is Your Student Renting An Apartment?
If your child is renting a home or apartment with others, you may want to consider a renters policy. We usually recommend separate renters as this will keep any liability separate from your individual policy. The apartment manager may also require renters insurance.
Personal Property Such As Expensive Computers
Depending on the value, items like clothes and computers should be covered under your homeowner’s policy if your student has an expensive computer, smartphone, tablet, jewelry or other items, you might not be covered. Most homeowner’s policies have limitations on items valued at over $1,200. This will depend on your individual policy; we recommend contacting your independent agent.
This coverage is provided anywhere the student goes, inside the U.S.A. Your student will be covered under your current homeowner’s policy or even a renter’s policy if one is in place.
Identity Theft Insurance
Identity theft is one of the fastest growing crimes in the U.S. College students are very active in online activity, including shopping. Protecting financial records, credit card information, and student records is important. Students are often victims of identity theft as they tend not to check their credit information.
It might be a good idea to purchase a personal umbrella during the time your student is attending college. The umbrella policy would provide higher limits just in case there is a serious liability issue. An extra $1,000,000 of coverage can go a long way and provide added peace of mind.
What Auto Insurance?
If your student takes their car to college, you need to call your insurance company. Depending on where they attend college, you may have to make changes to meet minimum coverage requirements for that state, which may impact your premiums.
Children can remain on your health policy until the age of 26. Many colleges will offer student health insurance at a very reasonable cost. Here are some good options to consider
Stay on the parent's group plan
Purchase health insurance from the college or university
Sign up for Obamacare (subject to some limitations)
Depending on your income situation, you may be eligible for Medicaid
Some colleges may have specific insurance requirements, so check with the admissions office to make sure your student is covered. We recommend you contact our independent insurance agent to discuss your individual needs. Having the right insurance coverage can help give you peace of mind, knowing you and your child is protected.
This Newsletter Brought to you by William G Mechling Insurance Agency
Global temperatures are on the rise, and extreme weather is one of the most pressing issues of our time. As the Earth’s climate changes, our insurance premiums will too. Here’s what you need to know.
Are insurance premiums going to rise because of climate change?
Global temperatures are on the rise, which is causing climate change. And with climate change comes an increased risk of natural disasters like hurricanes, earthquakes and wildfires. These disasters can cause extensive damage to property, and as a result, insurance premiums are likely to rise.
How big of a rise can we expect?
It’s difficult to say for sure, but experts believe that insurance premiums could go up by up to 50% in the next decade. This is because the risk of natural disasters is increasing as the Earth’s climate continues to change.
What can I do to protect myself?
Unfortunately, there’s not much that individuals can do to protect themselves from the effects of climate change. However, you can take steps to reduce your risk of a natural disaster happening in the first place. For example, you can make sure your home is properly insured, and you can have a disaster plan in place.
Disasters can happen anywhere in the world, so it’s important to be prepared. If you live in an area that’s prone to natural disasters, make sure you have an evacuation plan and some emergency supplies on hand. And if you do experience a natural disaster, make sure to contact your insurance company as soon as possible.
Flooding is becoming more frequent and extreme.
Flooding is a common natural disaster that can cause serious damage to property. Even a few inches of water can cause extensive damage, and many homeowners and renters insurance policies do not cover flood damage.
Homeowners and renters who want to protect themselves from potential flooding damage should consider purchasing a flood insurance policy. Flood insurance policies are available through the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA).
The NFIP offers two types of flood insurance policies: standard and excess. Standard policies provide up to $250,000 in coverage for building damage and $100,000 in coverage for personal property. Excess policies provide up to $500,000 in coverage for building damage and $500,000 in coverage for personal property.
Flood insurance policies are not available in all areas. Homeowners and renters who want to purchase a policy should contact our office to see if coverage is available in your area and what the cost might be
In general, the higher your risk of flooding, and the coverage you need, the higher your flood insurance premiums will be. However, there are a number of ways to reduce your premiums, including raising your deductible and taking steps to reduce your risk of flooding. Please call our office at 724-465-4261 for more information.
Are you concerned about the future? Is your risk management program designed and prepared for changes in pricing, economic downturns, healthcare, changes in employment laws and upcoming political elections? A broker or agent who cares about your business will be at the forefront of change. Part of providing outstanding customer service is helping clients understand how current and future trends may affect their risk program.
Every so often, we think it is a good idea to talk about what may be happening regarding insurance and risk management. We review many different insurance publications, insurance company bulletins, and other professional’s opinions, to analyze these trends. This allows customers to make educated and informed decisions about their individual programs.
What Is Going on That May Impact Your Risk Program
Increased reliance on technology will lead to better-run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control. Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policyholders, and operations.
Mobile applications are one of the fastest growing areas of insurance. Businesses are able to manage risk programs through technology.
Most insurance companies are moving toward using data to develop commercial insurance premiums. This means your business will need to rely more on your agent. Your agent will be able to help you navigate through the complex maze of insurance program design, marketing, and placement
Many homeowners have experienced premium increases. Our agency works very hard to bring our clients the best possible combination of premiums, coverage, and service.
What Can We Do To Help?
We are an independent agency. This allows us to search the market for the best possible combination of premiums, coverage, and service. We compare the insurance company’s rates and use the competitive market to your advantage. Here are some ways to save on your premiums:
Purchase all your insurance through our agency
Ask us about additional discounts
Consider increasing your deductible
Keep your home well maintained
Replace your roof, water heater, and other equipment when needed
Review your policy regularly- you may not need the same kind of coverage you did a few years ago
Remember to call our office today. We will work hard for you.
Protect what matters most to you with Indiana & Indiana County, PA. Car, Home, & Business insurance. We offer the best combination of competitive rates, coverage and personal service in Indiana.