Category: The Daily Staple

Well it happened, you were in an automobile accident and now your vehicle is either totaled or in the body shop for repairs. Great. Now what?! You need transportation to get to work, if you have kids they probably need run all over the place, which means you do not have time to be without 4 wheels! You’re also thinking that this accident just got a whole lot more expensive because you are going to need to get a rental car and have to purchase the insurance that they offer, right? Not necessarily, there may be rental car coverage within your auto insurance policy. How do you find out? Well we broke it down for you…

When renting a car, the rental company will typically ask if you’d like to purchase insurance coverage for the vehicle. It’s at this point when you have to ask yourself: Do my personal insurance policies provide the coverage I need, or should I purchase insurance through the rental car company?

Although standard auto insurance policies may extend to rented vehicles, you should never assume you are protected. Examining your own auto insurance policy will show you the types of coverage you already possess and where additional coverage may be needed. Since auto policies differ, it’s a good rule of thumb to contact your broker so they can help you navigate your policy and determine if you have the appropriate amount of coverage when renting a vehicle.

Examining Your Insurance Policies

When deciding whether or not your personal insurance will cover your rental car, there are a few different coverages you should have. If you answer yes to all of the following questions, you may not need to purchase additional coverage:

• Do you have liability, collision or comprehensive car insurance? Liability, collision and comprehensive insurance are the three main coverage options available when purchasing car insurance. Although it is not always required to purchase all three coverages, they can optimize your protection in the event of an accident. You do however need all three coverages on at least one of your vehicles for your insurance to extend to the rental car.
  • Liability insurance provides coverage if you damage or injure another person or their personal property.
  • Comprehensive insurance provides coverage if your car is damaged by a variety of exposures such as theft, vandalism or natural disasters.
  • Collision insurance provides coverage if your vehicle is involved in a collision, either with another vehicle or object
• Does your policy cover administrative fees, loss of use or towing charges? It’s always a good idea to check see whether your insurance company pays for—or provides a rider for—additional fees associated with rental cars. This coverage can be helpful if a car you rent is lost, stolen or damaged.
• Do you have a renters or homeowners policy that will cover your belongings if lost or damaged? Your homeowners or renters insurance policy covers your personal belongings from theft, fire or vandalism within your home. Policies often include off-premises coverage that can extend your coverage to outside your residence. Therefore, if personal belongings in your vehicle are stolen or damaged, your homeowners or renters insurance policy may be able to cover a percentage of your losses. Not all insurance carriers will extend coverage to protect personal belongings within your vehicle—always check with your broker to see what your renters or homeowners policy covers.

What Is Rental Car Insurance, and What Does It Cover?

Car rental companies provide additional coverage that is often used to supplement insurance you already possess.

Rental car agencies offer four different coverage options:

1. Supplemental liability insurance: Most car rental companies need to have the minimum amount of liability coverage required by the state, but oftentimes it isn’t an adequate amount of coverage. If you have a personal car insurance policy with a high liability limit, you may not need additional protection.
2. Loss damage waiver (LDW)/collision damage waiver (CDW): This is not insurance per se, but rather a document that can alleviate your financial responsibility should your rental vehicle be damaged or stolen. This also includes loss of use coverage if the rental company charges you for the amount of time the car could not be used while being repaired, as well as other administrative fees the car rental agency assesses. The LDW may become void if the incident occurred from the driver of the rented vehicle exhibiting reckless behavior, speeding or the vehicle being driven on unpaved roads.
3. Personal accident insurance: This will cover the driver and any passengers within the rented vehicle for any medical bills caused by a car crash. This coverage is useful if you do not already have health insurance or personal injury protection insurance.
4. Personal effects coverage: This covers any personal belongings that are stolen from the rental vehicle. If you already have renters or homeowners insurance, this may already be covered under your policy.

The coverages offered are oftentimes the same as what you already have for your personal car insurance. Again, to avoid paying for coverage you already have, review your policy before renting a vehicle.

Does Your Credit Card Provide Rental Insurance?

Many reputable credit card companies offer rental insurance to their customers. To utilize this secondary form of coverage, you must put the total amount of the car rental on your credit card. In many cases, credit card companies will also require you to deny any insurance offered by the car rental agency in order to access their coverage. In the event that your rental car is in a covered incident, the credit card company will help cover costs of damage or theft up to a certain dollar amount. Various rental car fees can be covered by your credit card, but this can vary by provider.

Before purchasing any additional coverage through the car rental facility, call your credit card company to see if your card offers car rental insurance. Since most credit card rental insurance is classified as a secondary form of coverage, you may need to rely on your personal auto insurance coverage first.

Ask About Your Policy

Deciding on your rental car coverage can be a tricky endeavor. Before purchasing any extra coverage, talk to your insurance broker about your personal auto insurance policy and whether you may need to purchase any additional insurance. No one wants to pay more for their auto insurance, and you shouldn’t have too.

If you have any questions or are unsure if rental vehicles are covered under your policy, contact Stapleton Insurance Group today.

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Who hasn’t experienced having windshield chip or crack due to a stone being thrown, a deer that you didn’t see coming, a patch of ice or slick roads that resulted in your car meeting a tree or utility pole, not to mention the possibility of you or another driver not paying attention on the road and resulting in an accident? Most of us probably have, so what happens after these incidents occur? You call your insurance company to find out what is covered and what isn’t right? That’s right, but two out of the five examples given will be filed differently when making the claim. So here lies the question: What is the difference between Comprehensive and Collision Coverage? Search no further for the answer! We have the basics that you need to know when it comes to knowing the difference:

Collision and comprehensive coverages provide financial safety nets in the event that your vehicle is physically damaged and needs to be repaired or replaced. Although these coverages are generally not required by state laws, they can reduce your financial hardship during a loss.

Also, if you are financing a loan for a car, your lender will most likely require both collision and comprehensive coverage as part of your car insurance policy.

Collision Coverage (The Tree, Pole or Another Car)

Collision coverage pays for the cost to repair damages to a vehicle due to an accident, either with another vehicle or an object. Typically, you will collect only the actual cash value of your car versus the replacement cost value. Gap insurance protects you in the event you owe more than your vehicle is worth.

• Collision coverage is generally the most expensive portion of a car insurance policy.
• Premiums are based on a number of factors, including your deductible, driving record and the type of car you drive. If your driving record is fairly clean (no or very few tickets or accidents), your premiums will be lower because you are less likely to have a collision.

Comprehensive Coverage (The Stone or Deer)

Comprehensive coverage pays for damage to your vehicle that is caused by theft, vandalism, fire, natural disasters or hitting an animal.

• Comprehensive coverage comes with a deductible and the insurer will only pay as much as the vehicle is worth at the time of the incident.
• To calculate how much your car is worth, look up the Kelley Blue Book value or the National Automobile Dealers Association’s Official Used Car Guide value. If your car is low in value, the yearly premiums for comprehensive coverage may not be a sound investment.
• Comprehensive coverage has many limitations, so it’s best to review your policy carefully to make sure you are properly covered

We are always ready to answer any other questions that you may have and encourage you to contact us to learn more about collision and comprehensive coverage, and how we can protect you against losses.

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Ahoy, Matey! Is all this water in your yard and basement from the abnormally large amounts of rain we have been having this year or is there a bigger problem? Maybe it’s a water back-up issue? Let’s see if we can figure out the difference, provide some prevention tips, and see how you can be covered through insurance in both cases.

Here is what you should know about Flooding:

The primary reason your basement and home can flood during a rainstorm is due to poor or blocked drainage. To help you keep water from seeping into places it’s not wanted, use the following precautionary measures you can take to protect your home and its belongings from flooding due to surface water.

Use these simple prevention tips to avoid flooding in your home:

• Make sure that the ground area within 10 feet of your home slopes away from your home’s foundation.
• Extend downspouts at least 10 feet from your home.
• Direct water flow from downspouts away from your home, being careful not to discharge the water too close to adjacent property.
• Preventive landscaping can also help reduce the chance of a mudslide or flooding.
• Clean the gutters and the drainage downspouts attached to your roof at least twice a year.
• Have your roof carefully inspected at least once a year by a capable person to check the roof thoroughly.
• If your house or commercial lot is at risk of flooding from a higher neighboring property, consider building a solid wall masonry fence on the water-vulnerable boundaries of your property.
• Be vigilant for warning signs of an impending water flood problem.

According to the Federal Emergency Management Agency (FEMA), flooding is the nation’s most common natural disaster. Twenty percent of flood claims are filed by people living in moderate- or low-risk areas. Floodwaters have the power to damage not only your home and sense of security, but also your financial future. How can you protect your most important investment? What are your flood options?

Option #1: FEMA

Many people wrongly believe that the U.S. government will take care of all of their financial needs if they suffer damage due to flooding. The truth is that federal disaster assistance is only available if the president formally declares a disaster. Even if you do get disaster assistance, it’s often a loan you have to repay with interest, in addition to any mortgage loans that you still owe on the damaged property.

Most importantly, you must consider the fact that if your home is flooded and disaster assistance isn’t offered, you’ll have to shoulder the massive damage costs alone.

The bottom line? If you’re looking for secure protection from financial loss due to flood damage, federal disaster assistance is not the answer.

Option #2: Buy Flood Insurance

When disaster strikes, flood insurance policyholder claims are paid even if a disaster is not federally declared. Flood insurance means you’ll be reimbursed for all of your covered losses. Plus, unlike federal aid, it never has to be repaid.

As long as your community participates in the National Flood Insurance Program (NFIP), you’re eligible to purchase flood insurance. Stapleton Insurance Group can assist you in determining if your community participates in the NFIP.

As a homeowner, you can insure your home up to $250,000 and its contents up to $100,000. If you’re a renter, you can cover your belongings up to $100,000. As a non-residential property owner, you can insure your building and its contents up to $500,000.

In general, a policy does not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area and you want to purchase coverage, it’s already too late. You will not be insured if you buy a policy a few days before a flood. However, if your lender requires flood insurance in connection with the making, increasing, extending or renewing of your loan, there is no waiting period.

Here is what you should know about Water Back-Up:

One of the most common homeowners insurance claims is completely preventable. It’s not fires or theft; it’s water damage. This is not damage due to flooding, heavy rainstorms or snow on the roof – rather, it’s due to simple maintenance tasks that are often ignored or go unnoticed.

Use these tips to help prevent water damage:

• Check hoses for kinks and cracks when you do laundry, and replace your washing machine hose every five years with a high-pressure hose. At a cost of less than $10, it’s an inexpensive way to ward off costly problems.
• Check for signs of leakage by inspecting the floor near your water heater and other appliances. Hire a licensed technician to periodically inspect appliances, and replace a water heater that is more than 10 years old.
• Inspect the refrigerator, dishwasher and outdoor faucets for leaks and crimps.
• Place a tub under your kitchen sink to catch leaks before they start.
• If you move your refrigerator to clean the floor, do not overextend the icemaker line. Call a licensed technician if you see signs of moisture or brittleness.

How does water damage occur? It’s simple: homeowners fail to check the connection between the water line and their washing machine or other similar appliances. Eventually, the connection fails, and water leaks into the home until someone discovers the mess. Do a quick check of all your water lines from time to time, especially in low-traffic areas of the home. If you notice anything suspicious, contact a licensed professional to come take a look immediately.

Water Back-Up Coverage can added by an endorsement to your homeowners. This coverage is for the cleanup, repair, and replacement of any personal items damaged from water or sewage in your home.

If you are still confused on whether or not you are protected contact us! We are here to help guide you through your coverage options.

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Hello, is anyone out there? There has got to be more to work life than just a paycheck, right? Do you ever feel alone at work? Even though you are surrounded by co-workers, you still feel alone? Well cheer up because we have some great tips on how to kick loneliness to the curb when you are spending the day at your home away from home!

It’s easy to feel left out of the loop. For many adults, loneliness is a daily struggle, but while some people might think that loneliness only applies to someone’s social life, it can also affect their work life, and even their co-workers and company as a whole.

What Is Loneliness?

While the words may sound alike, loneliness and being alone are not the same thing. Loneliness is a subject that has been studied for a long time in psychological literature.

Loneliness can lead to an increased risk of heart disease, diabetes and dementia. According to the Health Resources & Services Administration (HRSA), an agency of the U.S. Department of Health and Human Services, loneliness and social isolation can be as damaging as smoking 15 cigarettes a day.

According to a study by the Harvard Business Review, lonely employees are observed by colleagues as more distant and less approachable. Those suffering from loneliness may have increased stress levels and tend to feel less committed to their organization as a whole.

So how do you go about knowing if you’re suffering from loneliness, and how can you start to overcome it?

Recognizing Loneliness

One of the first steps to solving a problem is realizing that it exists. Signs you may be struggling with loneliness include:

• Isolating yourself and feeling disconnected from your organization
• Heavily scrutinizing others, or becoming very sensitive to others’ responses toward you
• Forming negatively biased perceptions of how you’re viewed by others
• Having difficulty trusting people

Getting Out There

The hardest step to take when overcoming loneliness can often be the first one, but the rewards of reaching out to your co-workers can be invaluable.

• Examine your environment—First of all, don’t be hard on yourself. Many work environments simply don’t have a culture or atmosphere that encourages co-workers to socialize or speak with one another.
• Start simple—One way to take the first step is by simply greeting fellow employees every day. This opens up the possibility for co-workers to reciprocate and can even start to change your workplace’s culture as a
• Join a club—Does your company have any social clubs? Or perhaps a softball or volleyball team? Getting together with colleagues in an environment that isn’t work-related can help everyone relax and be more open. If there isn’t a club or team to join, see if your superiors will let you create one.

Look Past Technology

According to industry experts, the rising problem of loneliness may be due, in part, to our increased use of technology.

• Instead of sending an email to a fellow employee, step away from your desk and pay them a visit.
• If you’re working on a project with others, schedule a meeting in an office or conference room instead of hosting a conference call.
• Offer to host periodic meetings or workshops with co-workers so that everyone can share ideas and catch up on company news. These types of gatherings can help make everyone in the workplace, including yourself, feel more in the loop.

Expand Your Network

Experts believe that loneliness has less to do with how many relationships you have and more to do with the strength of your relationships. But why not have it both ways? A strong relationship or two can help you network within your company and create more bonds.

Try to start by forming a relationship with someone who has been with your organization for a while or seems to be outgoing and social.

• This doesn’t have to be someone within your department or who sits near you. For example, people involved in sales are often friendly and outgoing.
• As your relationship with this colleague grows, they can introduce you to more people around the company and may even be able to give you some tips on interacting with them.

If you’re not sure where to start with this process, you can use LinkedIn to find people within your organization and possibly discover some shared hobbies or interests to break the ice.

Summary

This is all easier said than done of course, but overcoming loneliness is very much about escaping your bubble and reaching out in new directions. Take small steps and try not to get discouraged if your initial efforts aren’t reciprocated.

The odds are that you are not the only person in your department, or your company, suffering from loneliness. By greeting your colleagues in the morning, stopping by their desks or forming a club, you can help yourself stop feeling lonely while also helping others.

The old expression says that misery loves company. But, instead of trying to deal with loneliness on your own, wouldn’t it be best if you could all escape it together?

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What did my insurance agent just say? Why are my rates increasing? Nothing has changed, why should I have to pay more?

Inflation will cause the price of all insurance policies to rise slowly, but you may have noticed that your auto insurance has risen more than normal lately. Most lines of insurance cycle between soft and hard markets over a number of years, which has a direct impact on the price you pay. Now, the auto insurance market is currently hardening after many years of a soft market, which has resulted in higher prices for personal auto policies.

Between 2011 and 2016, competition between insurance carriers created a soft, buyer-friendly market. Since then, however, a number of factors have caused carriers to exit the auto market or increase their prices in order to make a profit.

More Drivers Lead to More Accidents

Thanks to low gasoline prices and rising employment rates, more Americans can afford to drive. However, more vehicles on the road have led to more accidents that must be paid for by insurance carriers, and many carriers have transferred this cost to policyholders by raising premiums.

The number of accidents has also risen because of an increase in unsafe driving practices. According to the AAA Foundation for Traffic Safety, about 87% of drivers admitted to engaging in at least one risky behavior while behind the wheel, including using their phones and not wearing seat belts.

Claim Severity

The number of accidents isn’t the only factor affecting auto insurance claims. The size of the average insurance claim—also known as claim severity—has increased as well. The three largest drivers of claim severity include the increase in the costs of medical care, auto repairs and auto parts. According to a recent study by CarMD, the largest repair cost comes from replacing the expensive technology that’s common in newer vehicles, as body shops struggle to afford the special equipment and training required to perform the repairs.

Uninsured Motorists

Auto insurance is required in most states as a way to cover your own liability and provide compensation to others in the event that you’re responsible for an accident. Despite this, approximately 13% of drivers drive uninsured.

Unfortunately, it’s the drivers who follow required insurance laws who end up paying the price in the form of uninsured motorist coverage. According to the Insurance Research Council, uninsured claim payments have risen by 75% over the past 10 years, resulting in a $14 premium increase for every insured individual.

Autonomous Vehicles

Although autonomous vehicles that can drive themselves have the potential to save lives and reduce injuries, they could also decrease the personal automobile insurance sector to less than 40% of its current size. While this change should be gradual, many insurance carriers have been slowly increasing their rates in anticipation of the shrinking market.

Insurance Fraud

Insurance is meant to protect you in the event of an accident, but many criminals try to illegally use insurance policies for their personal gain. Most fraud schemes involve a policyholder faking an injury and blaming a third party, or conspiring to cause an accident that can be blamed on someone else.

Although insurance carriers attempt to uncover the truth during all insurance claims, the Insurance Information Institute estimates that insurance fraud costs the United States $32 billion per year. Unfortunately, much of this cost is transferred to law-abiding policyholders.

Price Optimization

Insurers commonly use applicants’ credit history as a factor in determining car insurance rates. However, they also use a practice called price optimization to see how much they can raise their customers’ rates before they decide to choose another company. For example, customers who tolerate small, regular increases to their internet or cable bills are more likely to stay loyal to their insurance carriers when premiums increase.

How Can You Save During a Hard Market?

With auto insurance premiums on the rise for the foreseeable future, it’s more important than ever to be aware of the steps you can take to save on your premiums. Contact us at 419-720-6446 to discuss your options for saving on your auto policy, even during a hard market.

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Let’s take a trip down memory lane shall we? Remember when 2006 was a wonderful year to buy a house? Loans were so much easier to obtain when you didn’t have to have a down payment. Fast forward 2 years later, to when we were all crying because the market crash of 2008 happened; and then BAM, all of a sudden we owe more on our homes than what they are worth!

Now, if you are among the lucky ones that bought your home way before the crash you might be in a different situation. Your home over the years might have increased in value and could be worth more than what you owe now. This is why having the right amount of insurance is super important on both sides of the fence.

You want to make sure you insure your home for the total cost to REPLACE your home. If your house burns to the ground, you need to make sure you have enough coverage to rebuild your home and make you whole. The cost of rebuilding a home is much more than just what it is worth or what you owe on it. Insurance agents calculate this cost by using a computer system called a “Replacement cost calculator” that will put in for example, how many bathrooms, square footage, and floor coverings in your home to come up with an estimate on what your specific home would cost to rebuild. The purpose of having insurance, in general, is to protect you in the event that something happens and a loss occurs, your insurance company wants to help put you right back where you were before the loss, as long as they are aware of the values of all that was lost!

What Protection Does It Offer?

A standard homeowners insurance policy insures the home itself and the things you keep in it. It is typically a package policy, which means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. Let’s look at each coverage part in more detail:

Part l: Property Protection

Dwelling: This offers protection as a result of damage to the structure of your home including fixtures, plumbing and heating due to a covered loss, such as fire or hail storm damage. It does not cover the normal wear and tear of your home or maintenance-related problems. You need enough coverage for the cost of rebuilding or repairing your home, less the cost of the land. Determining this new replacement can be somewhat complex, but we can assist with this process.

Other Structures: This includes coverage for detached structures, such as a garage, garden shed, and fixtures attached to land such as a driveway, sidewalks, patio, fence and swimming pool.

Personal Property: This covers the contents and personal items in your home such as furniture, clothing and sporting goods.

This also extends to your personal belongings anywhere in the world, up to a maximum value per item. To determine your property’s value, we’ll provide you with a home inventory checklist to help you quickly and easily itemize your belongings.

We recommend insuring your personal property for its replacement cost value. The longer you own your belongings the less value they hold. Replacement cost value ensures that you can replace yesterday’s purchases at today’s prices.

Loss of Use: In the event that a covered loss such as fire forces you from your home, Loss of Use provides a safety net for additional expenses over and above your normal living expenses while you are unable to live in your home, up to the policy limit.

Part ll: Liability to Others

The Liability to Others portion of your policy covers you against lawsuits for bodily injury or property damage that you or family members may cause to other people. It pays for both the cost of litigation and court awards, up to the limit of your policy. It also covers you at home or away.

If a visitor is injured in your home, medical payments coverage allows the person to submit medical bills directly to your insurance company. The benefit is that expenses are paid to the injured person up to the policy limit without a liability claim being filed against you.

Additional Considerations

Disasters – Damage caused by most disasters is covered in a standard homeowners policy, but floods and earthquakes are excluded. Upon request, we can provide coverage information about each.

Vacant Property – If your home is left vacant due to a move or new construction, you are vulnerable to claims for loss from vandalism and other mishaps. Please check with our agency to learn more about the coverage options available.

These are all reasons why insurance reviews are important! Your policy should match the changes within your life. Stay current and Stapleton Insurance Group will stay committed to making sure you are covered.

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