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Here's your round-up of the latest headlines and news from Fireman's Fund.
Winter Weather Tips for Homeowners
Nov. 11, 2011 - This winter got off to an early and roaring start with the recent surprise snowstorm in the Northeast. Claims related to the storm are projected to be significant. But with many months before spring arrives, there's still opportunity for you to help your clients mitigate their risk of injury or loss from winter storms.
Update on Our Personal Lines Policy Administration Platforms
Nov. 11, 2011 - In 2009, we launched the Fireman's Fund Policy Administration System platform for personal lines (known as EPAS) in 11 states: AZ, CO, CT, IL, KS, MD, MO, OH, OR, TN, and TX. Our goal was to increase efficiency and make us easier to do business with, but after two years of real-world testing and feedback from our agents, we have concluded that EPAS will not be able to deliver the necessary benefits and customer experience. As a result, we have made the decision to discontinue further development of the EPAS platform.
Learn About Our New Direct Bill System Live, from the Experts
Nov. 11, 2011 - You can learn about our new direct bill system for personal lines policyholders live from the experts in a series of webinars we're offering through the end of December.
Help Us Improve Our Producer Bulletins
Nov. 11, 2011 - The producer bulletins you find on Fireman's Fund Agency News are meant to provide you with timely and important information to help you work with us. To ensure we are meeting this goal, we'd like your input.
Personal: Prestige® Home Rate Changes in Missouri
Nov 9, 2011 - We have made pricing changes to our Homeowners products in Missouri.
Commercial: Small Business - Changes to Underwriting Guidelines for Hotels
Nov 9, 2011 - We are making changes to our appetite and company selection guidelines for hotels in Small Business.
If you have trouble using these links, type www.firemansfund.com/agencynews into your browser. If you still cannot access the site, e-mail agencynews@ffic.com.
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Reconstruction Cost Versus The Cost Of A New Home
Click here to view full image.
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For those classic car owners who live in more dramatic climates, it's time to put their cars to sleep for the winter. We've put together some steps to help your clients do it right. Feel free to pass this information on to anyone who may benefit.
1. Top off your levels.
- Fill your gas tank and add a fuel preservative. The full tank keeps out moisture, and the preservative keeps the gas from breaking down. Take one last drive to circulate the preservative.
- Make sure your antifreeze is fresh and topped off.
- To avoid a nasty sludge in the spring, change the oil
2. Take preventative measures.
- Give your car a good wash and wax to protect the paint. Protect the chrome with wax or paint sealant.
- Over-inflate tires to avoid flat spotting, or jack up the car to take pressure off the tires.
- Put a battery manager on your car.
- To prevent rodents nesting in an engine compartment, try a rodent repellent under the hood. Just remember to remove it before starting up.
- Put down a few moisture pads on the upholstery to absorb moisture and prevent mildew.
- Cover the car with a breathable car cover to prevent corrosion and rust.
3. Re-circulate your oil.
- When a car sits, oil settles into the pan, leaving the engine without lubrication. Disconnect the coil wire and crank the engine over several times. Reconnect the coil wire and you should be good to go.
More information on winterization, along with a wide variety of car care articles can be found on our website. If you have any questions, please contact one of our licensed agents at 800-747-5348 or email agent@hagerty.com. To better serve you, our office is open seven days a week.
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Homeowners Insurance 101- the basics
For any homeowner, understanding your homeowners insurance coverage is vital in becoming an educated insurance consumer. While there are a few different types of homeowners insurance policies, we have outlined the coverage included in a standard homeowners insurance policy below. For details on your specific coverage, however, you should contact your insurance agent or check your individual policy.
There are six basic types of coverage included in a standard homeowners insurance policy. They include:
- Dwelling Coverage
- Other Structures Coverage
- Contents Coverage
- Loss of Use Coverage
- Liability Protection Coverage
- Medical Payments Coverage
Dwelling Coverage: Your Dwelling Coverage protects your home's structure against covered losses. The limits of your Dwelling Coverage will dictate the limits for the other types of coverage under your policy. Your Dwelling Coverage should be enough to replace your home in the event of a complete loss. This is typically calculated by multiplying your home's square footage by local building costs per square foot. The average for the KC area is around $100/sq. ft.
Other Structures Coverage: Other Structures Coverage provides protection for the other structures on your insured property. The limits of your Other Structures Coverage are calculated as a percentage of your Dwelling Coverage. For example, most home insurance policies will offer about 10% of the Dwelling Coverage for Other Structures Coverage. Meaning, if you have $200,000 worth of Dwelling Coverage, your policy would automatically provide $20,000 in coverage for other structures on your property.
Contents Coverage: Your Contents Coverage protects your personal belongings including electronics, furniture, clothing, etc. Typically a standard policy will provide up to 50% of your dwelling limits for Contents Coverage, however, there are also individual limits for some items such as jewelry. This means that if you have $200,000 worth of Dwelling Coverage you may have $100,000 worth of Contents Coverage. However, your policy may have an individual limit of $1500 for jewelry. If you need additional coverage for a high value item (for example, a diamond ring or a coin collection) you would need to schedule an endorsement on your policy which would provide specific protection for that item.
Loss of Use Coverage: In the event your home becomes partially or entirely uninhabitable due to a covered loss, your
Loss of Use Coverage would provide reimbursement for living expenses that you incur while being displaced from your home. This may include dining, dry cleaning and hotel expenses. Loss of use coverage is usually provided at 20% of your Dwelling Coverage.
Personal Liability Protection: Personal Liability Protection helps protect your financial well-being in the event that you are involved in a covered lawsuit. Liability limits for a standard policy is usually $100,000, however, this can be increased if needed. Our agency recommends $300,000.
Medical Payments Coverage: This coverage, also known as MedPay, helps you pay for medical bills in the event that someone is injured on your property and no lawsuit is being presented. Typically a standard policy will offer $1,000 per person, per incident for a MedPay claim. However, higher limits can be purchased. |
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Home Inventory
A home inventory is a complete breakdown of the contents within your home. A home inventory will help you provide a detailed list to your insurance agent of anything you may have lost if your home is damaged or destroyed in a covered claim. Under a standard homeowners insurance policy, contents coverage provides reimbursement for your personal belongings in your home.
Your home inventory should list all of the contents of your home. Remember though that just because something is listed in your home inventory, doesn't mean it is guaranteed to be covered by your homeowners insurance policy. You will want to list any high-value items in your home inventory including electronics, furniture, jewelry, etc. If you have any items of particularly high value (for example a diamond bracelet) you should check with your agent to see what type of limits your policy has on that item.
You may need to take out a rider, or schedule an endorsement, for that item.
A home inventory is an important asset for any homeowners insurance policy holder as oftentimes when disaster strikes it can be difficult to remember everything in your home that you may have lost. It is a good idea to keep a few copies of your home inventory- for example, keep a copy in a fire-proof safe as well as a backup copy somewhere other than your home. Also, saving a digital copy somewhere outside of your home is also a good idea.
A few additional tips for creating a home inventory:
- List serial numbers for any items that have them
- Take photos and keep receipts of high value items and include copies of them with your home inventory
- Remember to update your home inventory regularly
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Progressive Spring 2011 Newsletter
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Four Questions
To Get The Right Auto Insurance
Using the right tool for a job is key to success in any profession. Experts say the same principle applies when selecting an auto insurance policy. Having the right type of policy can help ensure that you, your employees and your business are all protected in the unfortunate event that one of your vehicles is involved in an accident.
If you’re a business owner and you or your employees use a vehicle for business-related deliveries or to carry certain materials to and from a job site, you may need a commercial auto insurance policy that’s tailored to more closely suit the needs—and risks—of a business vehicle operator.
Here are some questions that can help you determine if you might need a commercial auto policy instead of a personal auto policy, courtesy of Midwest Professional Insurance:
- Do you need more liability coverage than your personal auto policy provides? Generally, a commercial auto policy provides higher limits of liability, but less or no coverage in areas that are typically not associated with commercial auto risks.
- Do you need special coverage for situations associated with con-ducting business? Commercial auto policies also usually offer certain coverages—such as hired and non-owned auto coverage and coverage for towing a trailer for business use—that are not available with personal auto policies.
- Do you need to list any employees as drivers? You can do this with a commercial auto
insurance policy.
- Do you use your vehicle for business purposes? If you use your vehicle for things like pizza or newspaper delivery, catering, door-to-door consulting service, landscaping or snowplowing service, logging business, day care/church retreat van service and/or farm-to-market delivery, you might need a commercial auto policy.
Midwest Professional Insurance is an independent insurance agency – trained, licensed insurance professionals who offer personal service and advice. We can help match you with the type of policy that best suits your needs and those of your company.
To learn more about all an independent agency offers,
visit progressiveagent.com or give us a call.
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