Simply Explaining Insurance: Recent Episodes
Simply Explaining Insurance
Welcome to an insightful exploration of the homeowner’s insurance industry, a domain that is rapidly transforming and affecting countless individuals. Today, I aim to simplify the complexities of insurance and provide you with the crucial knowledge you need.
The State of the Industry In recent years, the insurance landscape has shifted significantly. Companies are non-renewing policies at an unprecedented rate, and homeowners in some areas, like Florida, are facing soaring insurance costs. In Florida alone, the average homeowner’s policy now exceeds $12,000 annually. This context is vital to understanding the broader trend of increasing costs and diminishing coverage options. Catastrophic events are becoming more frequent, with destructive fires occurring in unexpected places, such as Los Angeles and Boulder, Colorado. These events, exacerbated by high winds and urban settings, have challenged the traditional risk assessments and coverage practices of insurance companies.
The Reality of Risk Assessment. Insurance companies rely on intricate metrics to assess risk. These include factors such as proximity to fire stations (formerly known as protection classes) and access to water. In some regions, especially mountainous areas or locations with sparse water access, insurers are withdrawing coverage. It’s important to remember that these decisions are not influenced by personal history but rather by broader risk calculations.
Adapting to Change If you find yourself with a non-renewed policy, understand that it’s a response to these shifting risks. Agents are committed to helping you navigate these changes and find alternative solutions. Trust them to work diligently on your behalf or to guide you to someone who can.
The Economic Impact The economics underpinning insurance have also transformed. Many companies are now paying out more in claims than they take in as premiums—a trend that is unsustainable long-term. In Idaho, for example, the payout ratio recently reached $1.30 for every dollar collected in premiums. This is partly due to rising repair costs and the aging housing stock, amplifying the overall financial burden.
The Importance of Coverage Insurance is unlike a savings account; you don’t invest in premiums expecting a payout. Instead, it’s a safeguard against unforeseen, covered events that could threaten your financial stability. Despite frustrations over premium increases, having this safety net ensures you can rebuild and recover if disaster strikes.
Navigating Through Change This is undoubtedly a challenging period for the insurance sector. Last year, I conducted over a hundred reviews with clients to elucidate why rates are climbing and to explore ways to mitigate these increases. These conversations are crucial, and if you haven’t reviewed your policies recently, now might be a good time to ensure you have the appropriate coverage. In conclusion, I encourage you to leverage your agent’s expertise. If necessary, reach out for a policy review or contact your agent for guidance. They’re here to support and protect your interests. If you have any questions feel free to reach out. Be safe and informed. — Thank you for reading, Matt Dietz
The post Simply Explaining Insurance #300- Your homeowners policy is non renewing appeared first on Dietz Agency.
The post Simply Explaining Insurance #300- Your homeowners policy is non renewing appeared first on Dietz Agency.
Show Notes
? Show Notes
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In this insightful episode of Agency Launch, Matt recounts a story that delves into the nuances of handling referrals and the art of providing value, even when you don’t win the business. He walks us through a promising referral from a commercial broker, involving a high-premium client with complex insurance needs. As Matt tackles the quote, he encounters a challenge—an 18-year-old with a hefty claim and ticket that throws a wrench into the works. Despite being unable to offer a competitive rate due to the daughter’s driving record, Matt turns the situation into a teachable moment.
Our host seizes the opportunity to conduct an impromptu review with the client, offering actionable advice to potentially save thousands on his policies. From increasing deductibles to exploring payment options and safe driving apps, Matt lays out a strategy that not only helps the client but also cements his reputation as a thoughtful and thorough agent. He even crafts an email for the client to send to his current agent, ensuring his advice is easy to follow.
Matt’s dedication to service shines as he reflects on the importance of nurturing relationships and being memorable, even when the sale isn’t made. He encourages listeners to bring value to every interaction and to view prospects as long-term opportunities. For those eager to enhance their own client communication, Matt offers a special resource for managing home renewal conversations amidst rate increases—just text “email” to 208-213-8809.
And for agents seeking to elevate their game, Matt’s master program at agencylaunch.net is ready to guide you. Tune in to this episode of Agency Launch to learn how to leave a lasting impression, provide exceptional service, and potentially turn lost sales into future wins.
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Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message
Show notes created by https://headliner.app
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? Episode Chapters
(00:00) Introduction to handling referrals and providing value
(02:50) The high-premium referral scenario and initial excitement
(05:15) Encountering challenges with the client’s teen driver
(07:40) Matt’s strategy for providing value despite not winning the business
(09:30) Advice on policy adjustments to save money
(11:25) Crafting an actionable email for the client’s current agent
(13:00) The importance of nurturing relationships and long-term prospects
(15:10) Resources for managing home renewals and the master program at agencylaunch.net
(17:00) Closing thoughts on memorable service and future opportunities
The post Simply Explaining Insurance #299- The Art of Losing Gracefully appeared first on Dietz Agency.
Show Notes
? Show Notes
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The heart of the episode beats with Matt’s passionate discourse on the affordability and necessity of life insurance. He demystifies the process, explaining recent industry advancements that make acquiring life insurance faster and easier, such as accelerated underwriting. Matt emphasizes that today is always the cheapest day to buy life insurance, outlining how age impacts cost and the importance of securing coverage early in life.
He also shares effective strategies for agents to initiate life insurance conversations with clients, leveraging life events like home purchases, marriage, and childbirth as natural triggers. With a current campaign targeting clients without life insurance, Matt demonstrates how to showcase the value and affordability of policies, even illustrating how a policy can cost as little as $4 a month after home and auto discounts.
To wrap up, Matt extends an invitation to his text community for additional resources to assist homeowners in understanding and managing policy renewals during rate increases. He also shares a success story from his master program at agencylaunch.net, where he helped an agent secure a substantial bonus, showcasing the potential financial rewards of dedicated coaching and strategy implementation.
Tune in to this episode of Agency Launch for actionable advice, free resources, and the inspiration to take your agency to new heights.
—
Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message
Show notes created by https://headliner.app
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? Episode Chapters
(00:00) Introduction to commercial insurance sales resource
(02:20) Brightco jewelry insurance carrier benefits and appointment process
(04:40) The simplicity and affordability of life insurance
(07:15) Strategies for discussing life insurance with clients
(09:50) Matt’s current campaign for life insurance awareness among clients
(12:30) Invitation to Matt’s text community and success stories from his coaching program
—
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The post Simply Explaining Insurance #298- Life Insurance Uncomplicated: Cheaper Today Than Tomorrow appeared first on Dietz Agency.
Show Notes
? Show Notes
This episode delves into a real-life scenario where Matt demonstrates the significance of an agent’s intervention in preventing a non-productive audit for a valued client. By actively engaging with both the client and the auditing company, Matt exemplifies the kind of dedication and problem-solving that saves clients time, stress, and potential financial headaches. His proactive approach not only resolves issues efficiently but also reinforces the value of having a reliable agent.
Matt’s narrative is a testament to the agent’s role in navigating complex situations and ensuring clients receive the service they deserve. It’s a reminder that sometimes, paying more for a policy with an agent who will go the extra mile is worth every penny.
For agents seeking to enhance their service quality and client relationships, Matt encourages action. He also extends an invitation to text “email” to 208-213-8809 for a powerful email template aiding in client communication during rate increases.
For personalized assistance and to see if you’re a good fit for the Agency Launch program, visit agencylaunch.net. Matt celebrates the success of one of his agents, inspiring listeners to strive for similar achievements.
Tune in to gain practical advice, learn about valuable resources, and be motivated by success stories within the insurance industry. Remember, it’s not just about policies; it’s about people.
—
Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message
Show notes created by https://headliner.app
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? Episode Chapters
(00:00) Introduction to new resources for selling commercial insurance
(02:30) Introducing Brightco, the online jewelry insurance provider
(04:45) The role of an agent in preventing non-productive audits
(07:10) Matt’s hands-on approach to resolving client issues
(09:50) The value of agent intervention in complex insurance matters
(12:30) How agents can enhance their service and client relationships
(14:55) Text “email” for an email template to help with rate increases
(16:20) An invitation to explore agencylaunch.net for personalized help
(18:35) Celebrating an agent’s success story and encouraging others to excel
—
Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message
Show notes created by https://headliner.app
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The post Simply Explaining Insurance #297- The True Value of an Agent’s Intervention appeared first on Dietz Agency.
Show Notes
? Show Notes
In this value-packed episode of Agency Launch, join our host Matt as he unveils a treasure trove of strategies to combat the rising tide of homeowners’ insurance premiums. With the insurance landscape shifting beneath our feet, Matt pilots a proactive approach that’s already yielding positive results. He generously offers a free template that’s been battle-tested to prompt policy reviews and retain clients amidst daunting rate hikes. Discover the magic word that’s opening doors to meaningful audits and the personal touch of a BombBomb video that’s warming hearts and preserving client relationships.
But that’s not all—Matt doesn’t stop at homeowners’ insurance. He dives into the realm of auto policies, advocating for higher deductibles and telling compelling stories that resonate with clients, helping them understand the value of their coverage choices. He shares a success story that’s sure to inspire, detailing how he saved a client $1,200 by making smart adjustments to deductibles and payment methods.
And for those looking to expand their product offerings, Matt drops a hot tip about a free resource to help sell commercial insurance, specifically workers’ comp—a golden opportunity for those eager to pivot and grow their business.
Finally, Matt extends an invitation to both clients and agents: for clients to schedule policy reviews, and for agents to step up their game and embrace their duty to inform and support their clientele. This episode is a masterclass in client communication, retention strategies, and the relentless pursuit of excellence in the insurance industry.
Text “email” to 208-213-8809 for the client-saving email template, and text “commercial” for the free resource on selling workers’ comp. For an immersive learning experience on running a successful agency, visit agencylaunch.net and consider joining the master program.
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? Episode Chapters
(00:00) Introduction to tackling premium increases and client retention
(02:15) The successful email strategy for initiating policy reviews
(04:00) Personalizing client interactions with video suggestions
(05:45) Adjusting deductibles to save clients money
(07:30) The importance of storytelling in client consultations
(09:50) Success stories of significant premium savings
(11:20) A call to action for clients to schedule reviews
(12:35) Encouragement for agents to be proactive and transparent
(14:10) Free resources for selling commercial insurance and workers’ comp
(16:00) Matt’s invitation to join his master program for agency growth
(18:15) Closing thoughts on the importance of client service and education
—
Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message
Show notes created by https://headliner.app
The post Simply Explaining Insurance #296- Saving Clients Money in a Premium Spike Era appeared first on Dietz Agency.
Dive into the world of jewelry insurance with Matt Dietz and Dustin Lemmick as they unravel its complexities in this enlightening episode. Dustin, the founder and CEO of Brightco, sheds light on the pain points of jewelry insurance and how his company’s tech-driven approach is revolutionizing the industry. Listen in as they swap roles, asking each other insightful questions that reveal the inner workings of insurance sales, customer service, and the importance of empathy in claims. This episode promises a wealth of knowledge that will leave you more informed than 99% of people on Jewelry Insurance.
Episode summary created by https://headliner.app
(00:00) Free resource for you that will help you sell commercial insurance
(01:10) This is a great deep dive episode on jewelry insurance
(02:03) Matt Deets is a 19 year insurance agent and podcast host
(03:03) Dustin Lemeck is the third generation jeweler and founder of Brightco
(04:57) With jewelry and watch insurance, I noticed a handful of pain points
(09:40) Matt Miller: The insurance industry right now is very challenging
(12:58) With rising replacement costs, are incident rates and claim rates also subsequently increasing
(17:31) How do you guys at Brightco keep your pricing so competitive
(20:00) If your loss rate is really low, can you pass those savings on to clients
(25:43) Matt, why are agents debundling for their policyholders
(32:41) Some companies are trying to control costs by cutting agent commissions
(34:29) Brico uses algorithms to reprice items every year through insurance
(41:07) Matt Bright: What role does customer service play in a client’s experience
(47:59) Let’s do feedback on insurance differentiation for agents
(48:28) Brightco has been in business since 2017, but brought first product in 2019
(56:16) Matt: If you want to get appointed with Brightco and sell their product
Get Appointed at Brite.com
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Show Notes
Settle in for a candid narrative in today’s episode of Agency Launch that delves into the harsh realities of the insurance business. We share a cautionary tale of a commercial client facing the consequences of non-payment, resulting in a canceled $44,000 policy. Learn from this story as we explore the intricacies of policy reinstatement, the insurance company’s reluctance to take back risks, and the ripple effects of financial mismanagement. Discover the challenges of piecing together a new policy amid claim histories and market hesitations, and understand why punctuality in payments is not just good practice but a business lifeline. This episode is a stark reminder of the domino effect one missed payment can have and the importance of having financial safeguards in place. Join us as we dissect this real-life scenario, offering insights and advice to help you steer clear of similar pitfalls. And remember, sometimes the best lessons come from the toughest stories.
For more insights and resources, text “email” to 208-213-8809 to receive a useful tool for explaining homeowner policy renewals to your clients. Visit agencylaunch.net for support with your agency operations, and remember, we’re just a call away if you need us. Stay informed, stay prepared, and stay safe with Agency Launch.
Show notes created by https://headliner.app
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Episode Chapters
(00:00) A commercial client’s insurance policy was canceled because he didn’t pay
(06:12) Matt Dietz: Finding monoline auto is really tough right now
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With spring upon us, Let’s shift focus to a seasonal concern: flood insurance. Many homeowners are unaware that their standard policies don’t cover water damage from external sources. I recount my experience with clients in Idaho, where despite a low risk of flooding, I emphasize the importance of being prepared. He debunks common myths and shares FEMA’s guidelines on when flood insurance kicks in, providing clarity on a topic shrouded in confusion.
Matt’s approachable style and his knack for simplifying the intricate details of insurance make this podcast a must-listen for industry professionals and homeowners alike. His practical advice, from how to handle steep renewals to understanding the nuances of flood insurance, is invaluable.
So, if you’re looking for a way to demystify insurance and learn from an expert who knows the ins and outs of the industry, tune into this episode, you’ll walk away with a wealth of knowledge and the confidence to tackle your insurance needs head-on.
Listen to the episode now and take the first step towards mastering the world of insurance with Matt Dietz as your guide.
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Did you know you in some instances, you can use your life insurance for collateral for a loan? You can! And it’s called a Collateral Assignment. My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android […]
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This episode covers how a casual cigar smoker will get rated on a life insurance application.
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The post Simply Explaining Insurance #252- Cigar Smoking and Life Insurance appeared first on Dietz Agency.
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The post Simply Explaining Insurance #215- Add medicare plans to your agency appeared first on Dietz Agency.
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The post Simply Explaining Insurance #250- When an adjuster is denying coverage for damage that should be covered. appeared first on Dietz Agency.
Magic Mind! (code insurance20)
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The post Simply Explaining Insurance #249- Insuring a new car appeared first on Dietz Agency.
Magic Mind! (code insurance20)
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The post Simply Explaining Insurance #248- 5 ways to lower your auto insurance appeared first on Dietz Agency.
Magic Mind! (code insurance20)
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The post Simply Explaining Insurance #247- Diagnosing a leak from your roof appeared first on Dietz Agency.
Magic Mind! (code insurance20)
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This episode is part 2 of my conversation with David Hitz from Kahana. We discuss some best practices when it comes to helping our clients navigate workers comp audits. It all comes down to communication, education, and setting expectations.
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The post Simply Explaining Insurance #245- Premium Payroll Audits appeared first on Dietz Agency.
On this episode, I have David Hitz from Kahana to talk about Loss Control Inspections. Kahana is a company that is contracted by insurance companies to perform these inspections. David is a wealth of knowledge when it comes to the process. We talk about best practices on how to work with the inspection company, the insurance company and your clients.
My thanks to David for coming on!
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The post Simply Explaining Insurance #244- Loss Control Inspections appeared first on Dietz Agency.
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The post Simply Explaining Insurance= #242- Life insurance underwriting appeared first on Dietz Agency.
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The post Simply Explaining Insurance #241- Hole in my roof appeared first on Dietz Agency.
My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and search for Simply Explaining Insurance.
The post Simply Explaining Insurance #240- When should a youthful driver get their own policy? appeared first on Dietz Agency.
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The post Simply Explaining Insurance #239- Solar Panels appeared first on Dietz Agency.
My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and search for Simply Explaining Insurance.
The post Simply Explaining Insurance #238- Does my homeowners insurance cover damage from rain? appeared first on Dietz Agency.
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The post Simply Explaining Insurance #237 – Equipment Breakdown Coverage appeared first on Dietz Agency.
This episode walks you through what happens when you are hit by an uninsured motorist. My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and search for Simply Explaining Insurance.
The post Simply Explaining Insurance #236- Hit by uninsured motorist appeared first on Dietz Agency.
This episode walks you through a situation in my agency, where I had the opportunity to step in the middle of a claim that was going awry. My client wasn’t being approved for the full amount of the repair and I was able to navigate both sides to get my client paid in full. My […]
The post Simply Explaining Insurance #235- Why you have an agent appeared first on Dietz Agency.
Why you should consider carrying higher deductibles on your homeowners policy. My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and search for Simply Explaining Insurance.
The post Simply Explaining Insurance #234- Homeowner Deductibles appeared first on Dietz Agency.
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The post Simply Explaining Insurance #233- 2 Companies sharing 1 LLC appeared first on Dietz Agency.
I had a client email me and explain that they had mold in the walls of their apt due to a slow leak. They are going to have to demo the bathrooms and he was wondering if the additional living expense coverage on the renters policy would help him. This episode walks you through the […]
The post Simply Explaining Insurance #232- Renters Insurance and Additional Living Expense appeared first on Dietz Agency.
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The post Simply Explaining Insurance #231- How much coverage do you need on your umbrella policy? appeared first on Dietz Agency.
There have been some changes to the way that insurance companies are allowed, by law, to rate based on credit scores. This episode explains the changes. My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android […]
The post Simply Explaining Insurance #230- Changes in credit based rating for premiums appeared first on Dietz Agency.
This episode walks you through a specific situation where a business owner rents space from a landlord. In the event of a covered loss, what is the best way to ensure that the building owner still receives their rent money during the rebuild? Through business income on the business owner policy or loss of rents […]
The post Simply Explaining Insurance #229- Loss of rents vs. Business income appeared first on Dietz Agency.
This episode walks you through a situation in which an insured gives permission to someone else to drive their car. The person given permission, then gives the keys to someone else to drive the car and that driver is involved in an accident. Is this a covered loss? My Website Agency Launch training. Agency Launch […]
The post Simply Explaining Insurance #228- Can permissive use be transferred? appeared first on Dietz Agency.
This episode walks you through a scenario in which a prospect was offered our second best rate due to a speeding ticket. I share my thoughts about what her options are. My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on […]
The post Simply Explaining Insurance #228- Life insurance options after underwriting appeared first on Dietz Agency.
This episode covers a recent claim in my agency that was not covered. I explain why, and how I explained it to the client. My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and […]
The post Simply Explaining Insurance #227- Wear and Tear appeared first on Dietz Agency.
It is covered! My episode last week was wrong! Found a different answer and needed to put out a retraction. My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and search for Simply Explaining […]
The post Simply Explaining Insurance #226- Weed eater vs. Glass window retraction! appeared first on Dietz Agency.
In this episode, I had a chance to sit down and chat with Dustin Lemick who is the founder and CEO of BriteCo. BriteCo is an online portal where you can insure your jewelry properly and quickly. I love an origin story and that is where our conversation starts. We discuss some common misconceptions about […]
The post Simply Explaining Insurance #225- Dustin Lemick appeared first on Dietz Agency.
Is this covered on a homeowners insurance policy? My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and search for Simply Explaining Insurance.
The post Simply Explaining Insurance #225- “Broke two windows with my weed eater” appeared first on Dietz Agency.
This podcast explains the inner workings on how to choose a body shop to fix your car when there is a claim. My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and search for […]
The post Simply Explaining Insurance #224- Body Shops appeared first on Dietz Agency.
In this episode, I brought on a guest. Rick Fox who is the Head of Agency Sales for Vertafore. Here was my list of questions that we worked through: Tell me about yourself and how you got into the exciting world of insurance.Tell me about Vertafore. Give me a little history of the company, how […]
The post Simply Explaining Insurance #223- Rick Fox appeared first on Dietz Agency.
This podcast episode explains the different types of universal life insurance policies and how they work. My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and search for Simply Explaining Insurance.
The post Simply Explaining Insurance #222- Universal life insurance appeared first on Dietz Agency.
Sometimes commercial policies have on-site visits from the insurance company. What are these for and why do we do them? My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and search for Simply Explaining […]
The post Simply Explaining Insurance #222- Loss Control Recommendations appeared first on Dietz Agency.
How do you find coverage if you are regularly driving a customer’s car? Social Jazz offer! My Website Agency Launch training. Agency Launch Podcast. Music by Roger Clyne and the Peacemakers Simply Explaining Insurance on ITunes Simply Explaining Insurance on Spotify. On Stitcher On Android use Podcast Addict and search for Simply Explaining Insurance.
The post Simply Explaining Insurance #221- Driving a Customer’s Car appeared first on Dietz Agency.
I get asked every week by people and companies who want to be on the podcast. I am pretty protective of who I let through. When Easysend reached out to me, they caught my eye. You see, I am fanatical about being efficient and getting the most out of my time and my team’s time. […]
The post Simply Explaining Insurance #220- Easysend.io appeared first on Dietz Agency.
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The post Simply Explaining Insurance #219- Blanket Coverage appeared first on Dietz Agency.
This episode covers the question, “Is your mountain bike covered if you crash it?”
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The post Simply Explaining Insurance #218- Mountain Bike Crash appeared first on Dietz Agency.
Should you buy a 10, 20 or 30 year term policy?
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The post Simply Explaining Insurance #217- 10, 20 or 30 year term? appeared first on Dietz Agency.
This episode is a little different. I have on the show, Paul Baccaro, founder of Social Jazz. Social media should be a formal part of your business. To do it right, you need to understand how to post, and what to post. This can be a daunting task.
Social Jazz helps you by planning your posts and posting for you. Not only that, it gives you high-quality content that is designed to drive curiosity and interaction. For my listeners, we are giving you 2 weeks free and 20% off your first two months. Click the link below, to sign up!
Social Jazz offer!
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The post Simply Explaining Insurance #216- Social Jazz appeared first on Dietz Agency.
If you are hit by another driver and it is their fault, should you file a claim with their company or yours? There are pros and cons to each. Listen to find out what they are.
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The post Simply Explaining Insurance #215- What company do I file an auto claim with? appeared first on Dietz Agency.
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The post Simply Explaining Insurance #214- Why auto rates are increasing. appeared first on Dietz Agency.
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The post Simply Explaining Insurance #213- 3 ways to save 20% off your auto insurance appeared first on Dietz Agency.
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The post Simply Explaining Insurance #212- Permissive use on Commercial Auto appeared first on Dietz Agency.
This episode covers how to make sure you have the proper coverage for structures not attached to your house.
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The post Simply Explaining Insurance #212- Separate Structures appeared first on Dietz Agency.
So
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The post Simply Explaining Insurance #212- Off Premises Property appeared first on Dietz Agency.
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The post Simply Explaining Insurance #211- Splitting Class codes on workers comp appeared first on Dietz Agency.
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The post Simply Explaining Insurance #210- Workers Comp bonuses and overtime appeared first on Dietz Agency.
This is a conversation with two insurance nerds, talking insurance. I talk with Collin Leino about what his first year of agency ownership was like. And yes, he wrote 2400 policies his first year (Including 133 life)
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The post Simply Explaining Insurance #209- “I wrote 2400 policies in my first year” appeared first on Dietz Agency.
A few tips and tricks on how to get your commercial premiums more competitive.
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The post Simply Explaining Insurance #208- How to get lowest premiums on commercial insurance appeared first on Dietz Agency.
This is a real story from an agent that I chatted with who had a really tough situation to deal with.
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The post Simply Explaining Insurance #207- Uninsured Auto Fatality appeared first on Dietz Agency.
This episode walks you through an experience my customer had with another insurance company and why it’s a good idea to use a preferred body shop.
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The post Simply Explaining Insurance #206- Why use a preferred body shop appeared first on Dietz Agency.
This episode walks you through how to start the life insurance conversation with prospects and clients and then how to maneuver the most popular responses.
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The post Simply Explaining Insurance #205- The first life insurance conversation appeared first on Dietz Agency.
This episode tells a story of a client of mine who was referred a restoration company that doesn’t play well with insurance companies. This can be a costly mistake and we always recommend calling your agent to help you with the claim process.
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The post Simply Explaining Insurance #204- Risks of hiring the wrong restoration company appeared first on Dietz Agency.
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The post Simply Explaining Insurance- Jab Jab Jab, Right Hook appeared first on Dietz Agency.
This episode shares a story of an incident that happened in my agency last week. We got a call and our client informed us that he hit a car, with his bike. The car is damaged and he broke his wrist. Is there any coverage for him?
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The post Simply Explaining Insurance #202- Bike vs. Car appeared first on Dietz Agency.
This episode covers what compresensive coverage can cover on an auto policy.
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The post Simply Explaining Insurance #201- I put gas in my diesel truck appeared first on Dietz Agency.
This episode walks you through how my agency is trying to place a difficult risk.
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The post Simply Explaining Insurance #200- How I place a tough risk appeared first on Dietz Agency.
I have been an early adopter of technology all of my career. Anything with a button and a screen I am interested in. About 3 years ago I started sending out video emails and it has completely changed the way that I communicate. This episode walks you through why it works and gives some free resources for you to be able to do the same thing.
Bombbomb
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The post Simply Explaining Insurance #199- Why I am sending more video emails. appeared first on Dietz Agency.
My agency came across a situation recently where the client was out of the country and was allowing a friend to drive her car while she was gone. This created an interesting scenario with some grey areas. This episode walks you through how we determined what to do.
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The post Simply Explaining Insurance #198- Car registered in one state and driven in another appeared first on Dietz Agency.
Imagine opening up your seasonal home for the summer and placing your key in the lock. You have this unnaturally large grin on your face in anticipation of what an incredible summer you are about to embark on. You are literally thinking about where you packed your swimsuit, or if you even need a swimsuit. You turn the key, you hear the click of the tumblers, you turn the knob, open the door, and all of sudden, you are hit with a damp wall of musty stench.
There was a slow leak that started while you were away and it leaked for 55 straight days and now, the first month of your summer, is going to be very, very different.
There are devices available now that can detect a slow leak, and then SHUT OFF THE WATER TO THE HOUSE! I would encourage you to check these out. There is some newer technology out there that could save you a LOT of time and a LOT of money. Any homeowner should consider this. For anyone who owns a second home or other properties, this is almost a must-have.
https://meetflo.com/ or Flume water
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The post Simply Explaining Insurance #197- Leak Detection devices appeared first on Dietz Agency.
I received a call from a client who had some coverage questions about her commercial property. The property is 50 years old and the main water pipe was leaking at the point of insertion into the building and underneath the parking lot. Is this covered?
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The post Simply Explaining Insurance #196- Tree roots+ water pipe= ?? appeared first on Dietz Agency.
No this isn’t a country song. This is a true story of a call my office received. The story is worth sharing. Enjoy.
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The post Simply Explaining Insurance #195- A gun, a dog and a crime. appeared first on Dietz Agency.
This episode walks you through the gray area of dealing with a household that wants a youthful driver on their own policy.
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The post Simply Explaining Insurance #194- Youthful Driver out of household appeared first on Dietz Agency.
This wraps up a series in which I interviewed Alicia Berruti, the National Speaker for Bombbomb on why this product is a must-have for agency owners and producers.
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The post Simply Explaining Insurance #193- Using Bombbomb for your agency part 5 appeared first on Dietz Agency.
This podcast episode walks you through a dispute on an auto insurance claim. The claim was originally denied until my agency got involved to help turn that decision around.
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The post Simply Explaining Insurance #192- Auto claim dispute appeared first on Dietz Agency.
This episode walks you through an incident that happened when an insured’s family member was injured while working in the family business. Is there coverage or not?
Edge Solutions and Services
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The post Simply Explaining Insurance #191- Family members and workers comp appeared first on Dietz Agency.
One of my favorite things to do as an agent is to remove coverage that a client doesn’t need, and repurpose that premium into more coverage that they do need.
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The post Simply Explaining Insurance #190- How to get a free umbrella policy appeared first on Dietz Agency.
Not all insurance policies are created equal. This is a story of a coverage that we offer that has to be added to a policy. It’s called Limited Water Leak coverage. If you have a slow leak in your house, it is likely not covered on your base homeowners policy. This homeowner benefited from $7000 of coverage because they had this on their homeowners policy. Get with your agent and make sure you’re covered properly.
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The post Simply Explaining Insurance #189- Slow Leak Coverage appeared first on Dietz Agency.
Part three of a series in which I take a deep dive into the power of using video email. This episode includes simple tips on how to make sure your email videos look good. Tips like, make sure you have the right lighting, make sure the camera is at eye level or higher, and be authentic.
Edge Solutions and Services
Bombbomb
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The post Simply Explaining Insurance #188- How to send video emails like a pro appeared first on Dietz Agency.
This is a story of a claim that occurred in my office where a client filed a claim on their roof and the claim was denied. I walk you through what role I as the agent play when something like this happens.
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The post Simply Explaining Insurance #187- Roof claim denial appeared first on Dietz Agency.
Video email is a formal part of my business. This episode is a portion of my conversation with Alicia Berutti who is the National Speaker for Bombbomb. She helps walk you through how to get started and get over the fear of using this powerful communication tool.
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The post Simply Explaining Insurance #186- Getting Started using video email appeared first on Dietz Agency.
I took a call from one of my clients in the back of an ambulance this week after an auto accident. This episode explains Medpay on an auto policy and a real-life scenario when it could’ve come in handy.
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The post Simply Explaining Insurance #185- Medpay appeared first on Dietz Agency.
It’s almost back to school time. Ugh. This episode helps answer the question, should your college student get a renters policy?
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Music by Roger Clyne and the Peacemakers
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The post Simply Explaining Insurance #184- Should my college student get a renters policy? appeared first on Dietz Agency.
This podcast walks you through a story in which my agency helped turned a claim denial, into one that was covered.
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The post Simply Explaining Insurance #183- Fixing a coverage error appeared first on Dietz Agency.
Ah, the beautiful magic of compound interest. In this episode, I dive into some numbers and show you how $15k will be worth $1m and $100 will turn into $1083 and other fun math calculations!
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The post Simply Explaining Insurance #182- How to turn $15k into $1m. appeared first on Dietz Agency.
In this episode I share a story in which a client of mine sold merchandise to a crook using a stolen credit card. Is there coverage for such a thing on your insurance policy? How can you protect yourself from such malfeasance?
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The post Simply Explaining Insurance #181- Credit card forgery appeared first on Dietz Agency.
For contractors that need to rent equipment, they have to make sure that said equipment is covered. They can have this covered by the shop that they rent from. They can also have it covered, if their policy has a coverage called “contractors tools and equipment non owned”. This coverage can significantly reduce their insurance expense over the course of a year.
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The post Simply Explaining Insurance #180- Contractors tools and equipment non-owned appeared first on Dietz Agency.
Sometimes the hardest part of doing something is just starting. Pushing the ball down the hill. In this case, hitting record on the camera and talking to a little piece of glass and a microphone. I sat down with Alicia Berruti who is the National Speaker for Bombbomb and she gives some great pointers on how to get started.
Edge Solutions and Services
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The post Simply Explaining Insurance #179- How to start sending video emails appeared first on Dietz Agency.
Workers comp audits are a part of our job. It’s our job as agents to help make sure they are done, make sure they are done right and make sure they are understood by the client. This episode walks you through a few common pitfalls of the audit process.
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The post Simply Explaining Insurance #178- Workers Comp audit results appeared first on Dietz Agency.
When someone files a claim and chooses to do the repairs on their own, it is vital that there is proof that whatever is being repaired, was damaged. You cannot file a claim and get coverage if there was no proof that there was damage.
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The post Simply Explaining Insurance #177- Proof of Loss appeared first on Dietz Agency.
This is part 2 of my interview with founder and CEO of Edge Services and Solutions. They provide employees virtually (Ambassadors) for insurance agencies. Get in and learn more!
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The post Simply Explaining Insurance #176- Interview with Iffi part 2 appeared first on Dietz Agency.
This episode walks you through a situation we are dealing with in my agency regarding a water loss that will be declined.
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The post Simply Explaining Insurance #175- Declined Water Loss appeared first on Dietz Agency.
I sat down with Alicia Berruti who is the National Speaker for Bombbomb and we discuss why video email is so impactful when it comes to prospecting and servicing current clients.
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Bombbomb
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Agency Launch Podcast.
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The post Simply Explaining Insurance #174- Why video email works so damn well. appeared first on Dietz Agency.
I wanted to share a conversation I had with a potential commercial client over the use of personal vehicles while on the clock.
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The post Simply Explaining Insurance #173- Non-Owned Auto appeared first on Dietz Agency.
This episode covers how a home inventory can be a real life saver when faced with a large claim.
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The post Simply Explaining Insurance #172- Home Inventory appeared first on Dietz Agency.
This podcast will help restaurant, bar and wine bar owners understand how to properly cover their wine. The policy my company offers, has a coverage no other carrier does. We reimburse based on retail cost! Not what the owners paid for it. Secondly, we reimburse the owner on what they would’ve made if they sold the wine by the glass, not the bottle. This is a 20% increase in a claim payout.
LINKS Edge Solutions and Services
Bombbomb
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Music by Roger Clyne and the Peacemakers
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The post Simply Explaining Insurance #171- Wine Coverage appeared first on Dietz Agency.
Spoilage is a coverage that is important to certain types of businesses. Restaurants and food stores come to mind first. What happens if they lose power and their refrigerators warm up? Florists are another business who need to keep their product cold. Doctors offices are one that many don’t think about. The vaccines that they keep on site though need to be kept at very stable temperatures. Spoilage is an important coverage to have them as well!
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The post Simply Explaining Insurance #170- Spoilage appeared first on Dietz Agency.
This is a coverage that is included in almost every commercial building policy, but almost never written correctly.
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The post Simply Explaining Insurance 169- Building Ordinance or Law Coverage appeared first on Dietz Agency.
I had the pleasure of interviewing Jay Bregman. Jay is the CEO & Cofounder of Thimble, insurance that helps small businesses succeed on their own terms, and provides policies designed for the uncertainty of starting and
growing a business.
We discussed a number of topics. I asked him what makes Thimble unique in an industry that hasn’t seen a great deal of innovation. I asked him why he decided to enter a space that is difficult to enter. We discussed how Thimble is different, how they came up with pricing and what we can expect to see from them in the near future.
To date, Thimble has sold more than 150,000 policies representing over $175B in coverage to
small businesses across America via its award-winning app, partner APIs, and broker tools.
Thimble has raised $30M from investors including IAC (NASDAQ: IAC
Prior to Thimble, Jay founded Hailo, a ridesharing company in London backed by investors
including Sir Richard Branson and acquired by Daimler. Earlier, he founded and sold eCourier,
a technology-enabled services company to Royal Mail, the U.K. equivalent of USPS.
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Jay Bregman, LinkedIn
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The post Simply Explaining Insurance #168- Jay Bregman appeared first on Dietz Agency.
In this episode, I walk you through a real life conversation I had with a client who was shopping for life insurance.
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The post Simply Explaining Insurance #167- A Life Sale appeared first on Dietz Agency.
This episode is pretty special for me, and for my guest. Collin has a very inspiring story to share with us. Collin was an employee of mine about 9 years ago. I hired him because I liked him. He was young, and had raw talent. He has that thing, that makes him likable to anyone he meets. He can make a warm connection with people immediately and in sales, that is something that can’t be taught.
Collin worked for me for about two years. During those two years he was losing a battle to alcohol. After giving him a second chance, I had to let him go. It was hard for both of us. I wanted him to beat this and to be OK, and he hated letting me down. To this day, he’s the only person I know who has had both of his appendices removed.
He hit bottom and started climbing his way back. He found himself as a producer for a high producing aggressive agency owner in town. I knew if he could make it with her, he would’ve turned an important corner. Collin worked there for 8 years and became a crucial cog in her machine.
He went on to be awarded an agency of his own on 1/1/2021 and he and his team are off to a historic start. They have written 51 life policies in the first 60 days of the year.
Collin went from, “I want to do the least amount of work to make the most money” as a young adult, to “I am going to be so good, I will not be denied. The struggle is where you grow”
Proud of you buddy!
Listen to the entire story here.
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The post Simply Explaining Insurance #166- Collin appeared first on Dietz Agency.
This strategy is one of my favorites. I know it is misunderstood and it isn’t really taught. I have studied it for many years and use it as a part of my personal plan. Here is some 101 info, on how to use permanent life insurance to create a tax free stream of income for retirement.
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The post Simply Explaining Insurance #165- Tax-Free Income appeared first on Dietz Agency.
This episode has a story of an incident that occurred in my agency. I had a client whose daughter was invovled in a minor accident. He wanted to handle the claim out of pocket but a few things happened that worked against him. I go through the details and examine a few things that we could’ve done better.
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The post Simply Explaining Insurance #164- Withdrawing Claims appeared first on Dietz Agency.
This is a strategy that you can use that serves two purposes. It helps you cut costs on your insurance and it takes the savings and puts it in a vehicle where that money can grow.
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The post Simply Explaining Insurance #163- Deductible Savings Accounts appeared first on Dietz Agency.
This episode answers the question, “Can I insure silver or gold on my insurance policy?”
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The post Simply Explaining Insurance #162- Silver and Gold appeared first on Dietz Agency.
What is the proper thing to do when a youthful driver gets their own vehicle and their own insurance policy but they still live at home?
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The post Simply Explaining Insurance #161- When a youthful driver gets their own policy appeared first on Dietz Agency.
I had an interesting claim recently with a coverage that I THOUGHT I knew. Nope. After 15 years, still learning new things. Like the coverage for employee tools, may not be so great. Check your policy and check with your agent.
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The post Simply Explaining Insurance #160 Employee Tools appeared first on Dietz Agency.
This podcast episode covers what your options are when your term life insurance policy is at the end of its term.
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The post Simply Explaining Insurance #159- When a term life policy runs its term appeared first on Dietz Agency.
This episode answers the question- “Does renters insurance cover damage done by bedbugs?”
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The post Simply Explaining Insurance #158- Bedbug Coverage appeared first on Dietz Agency.
This podcast explains how your personal belongings are covered in the event someone breaks into your car or steals it.
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The post Simply Explaining Insurance #157- Stolen Items from car appeared first on Dietz Agency.
I received a call from a client of mine who discovered water in her basement. After some investigating, it turned out she had a crack in her foundation that led to some water leaking in her house. This episode walks you through the ensuing conversation on whether there is coverage on a homeowners policy or not.
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The post Simply Explaining Insurance #156- Crack in Foundation appeared first on Dietz Agency.
Insurance is weird. It’s something we all need, but very few know all of the ins and outs of how these policies work. It’s why you have an agent. The agents job is to educate the client on all of these nuances. It’s crucial to have your policies set up properly on the front end and managed regularly. I ALWAYS encourage going in, or chatting on the phone with your agent for a policy review.
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The post Simply Explaining Insurance #155- Make sure you are covered properly appeared first on Dietz Agency.
This episode explains the difference between individual and family deductibles on health insurance plans.
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The post Simply Explaining Insurance #154- Individual Vs. Family Deductibles. appeared first on Dietz Agency.
Do you know what is covered in a covered water loss on a homeowners policy? If you assumed that whatever the water damages is covered, you would be correct (genereally). But what about the burst pipe? Is that covered? That is what I discuss with myself in this episode of Simply Explaining Insurance.
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The post Simply Explaining Insurance #153- Plumbing Coverage appeared first on Dietz Agency.
Insurance professionals and mortgage lenders work very closely together. This episode walks you through one of the small hiccups we have to deal with from time to time. Sometimes the lenders ask us to insure the home for the value of the loan. Sometimes that means we are overinsuring the house because the insurance doesn’t cover the value of the loan. It covers the cost to repair or rebuild the house.
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The post Simply Explaining Insurance #152- Working with Mortgage Lenders appeared first on Dietz Agency.
In this episode of Simply Explaining Insurance I talk about if your auto insurance policy covers a car when you use Turo.
Turo is an app based car sharing program. You can actually rent your car to others using this service. It’s very similar to Air BnB, but for cars.
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The post Simply Explaining Insurance #151- Turo appeared first on Dietz Agency.
This episode contains a strategy to help lower your cost of life insurance. You can buy two policies at the same time. One term and one permament. If funded properly, the permanent policy will become an asset and the cash inside of it, could be greater than the total expense of both life insurance policies. It is a strategy worth learning!
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The post Simply Explaining Insurance #150- Save $$ by buying more appeared first on Dietz Agency.
There is an exciting development in the world of life insurance underwrting with my company. We aren’t requiring paramed exams for people aged 18-55 who are applying for $300,000 or less of life insurance.
I never thought I would see the day. It seems with the access we have to enough data coupled with the sophistication of underwriting techniques, companies are confident to accurately underwrite without the need for the invasive paramed exams.
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The post Simply Explaining Insurance #149- No more paramed exams appeared first on Dietz Agency.
An insurance review is something I would recommend everyone do every other year or so. Your life changes and your insurance needs to change with you. Today I did a review with a client and we may have uncovered $900 that we are going to attempt to get back in their pocket due to a claim that wasn’t filed a few years back.
You may be reminded of coverage that you forgot about. You also may learn of newer coverage or products that you didn’t know were available. I am going to make sure that you are getting all of your discounts and you aren’t paying for something you don’t need. It’s a beneficial appointment that both you and I will benefit from.
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The post Simply Explaining Insurance #148- The Review Process appeared first on Dietz Agency.
September is life insurance awareness month. My industry generally does a poor job of educating the public about any of our products, including life insurance. This episode is just real talk about an important product.
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The post Simply Explaining Insurnce #147- Life Insurance Awareness Month appeared first on Dietz Agency.
This episode is about water leak detection systems. These have become much more advanced and affordable over the past few years. If you can avoid a water claim in your house, you want to do this.
A water loss is very disruptive not only financially, but from a time standpoint. It can take 2-6 weeks to recover from a water loss.
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The post Simply Explaining Insurance #146- Water Leak Detection appeared first on Dietz Agency.
This episode explains why we need the info we need, to do an accurate auto quote and why we can’t guess what a premium might be.
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The post Simply Explaining Insurance #145- Info needed for an auto insurance quote appeared first on Dietz Agency.
This episode is about Goat Vs. Car.
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The post Simply Explaining Insurance #144- The Goat appeared first on Dietz Agency.
I had a conversation with a prospect who has some life insurance in force and wants to move her policies over to my agency. This has to be done properly and sometimes the best advice is to leave it as is. I walk you thorough my questions and thought process when presented with an opportunity like this.
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The post Simply Explaining Insurance #143- Life insurance strategy appeared first on Dietz Agency.
When you take any sort of loan out for a home or a car, it’s up to you the client, to make sure it’s insured properly. It’s buried deep in the paperwork that you sign. Also buried in the contract, is the right for the bank to insure it properly if you don’t. They will put their own policy in place if you don’t hold up your end of the bargain.
This episode explains how this works.
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The post Simply Explaining Insurance #142- Forced Placed Insurance appeared first on Dietz Agency.
There is an important coverage in your homeowners or rental policy called personal property. This essentially covers all your “stuff”. Everything you would take with you if you moved.
There are some details about this coverage that are important to understand. I cover those details in this simple 5 minutes podcast.
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This episode covers everything you need to do get the best auto insurance premium by utilizing all of the discounts available. Some discounts you may not be aware of.
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This podcast explains how the uninsured and underinsured endorsement works on an umbrella policy.
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I had the opportunity to be interviewed by Phil Lafleur and Salvatore Scradato. Phil and Salvatore are consultants to professionals in the insurance industry and they wanted to pick my brain about what it is like being an agency owner.
A few of the topics discussed:
- What is it like helping a small business owner secure insurance
- What is my relationship like with my underwriters
- What role does technology play inside my agency
- What happens when a claim is denied?
- What do clients believe is covered vs. what is actually coveres
- and more
I really enjoyed having the conversation with Phil and Sal. It was nice to chat a little more about some of the mechanics of running an agency. I hope you enjoy our conversation.
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I was recently asked by an insured how to increase their life insurance coverage. This episode explains this simple process to achieve this.
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This episode describes how to cover a condo unit properly on an insurance policy.
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There is a little known secret about liability insurance. I mean your liability on your auto, your home, your business, etc. It is VERY VERY VERY VERY inexpensive to increase it once the policy is written. Example. To go from $300,000 to $500,000 on your homeowners policy, may only cost $6 a YEAR!
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This podcast episode covers employee dishonesty coverage and how it works on a business owner’s policy.
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Dog bites are generally covered on your homeowners or renters policies but there are some things you need to know. Some companies have breed restrictions and there are some details that are important to know.
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In this episode I explain how mold is, and is not covered on your homeowners policy.
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Deductibles on your insurance shouldn’t be some arbitrary number. A deductible should be defined as, “The most money you are comfortably able to risk in order to self insure.”
Some coverage inside of policies can have different deductibles. There are different coverages inside of policies and it’s important to know what deductibles come with what coverage.
Sit down with your agent, give them a call and make sure there you are aware of what your deductibles are on your insurance.
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This episode is part 2 of a 2 part interview I had with my new friend Seth Preus. Part 1 can be found on the None of my Business Podcast. Seth has owned an insurance agency since about 2005, is an entrepreneur, and founded a company called Mivation to help motive insurance agents to sell more.
I asked Seth what consumers should be looking for when buying insurance and how agents can fill that need for them.
From a sales standpoint, I asked him what is a simple thing agency owners can do to move the needle in onboarding new policies. His answer was public goals. This comes from the age-old adage of if you write down your goals you have a greater chance of reaching them. His company analyzed data from 30,000 agencies, and they found that agencies that have public goals write 12% more new business than those who don’t.
His company Mivation is directly connected to this simple strategy. It’s software that helps you set and track your goals on a daily basis and essentially gamifys your agency. No business owner wants to walk into their business, look at goals on a daily basis and be behind.
I want to thank Seth for coming on the show and sharing his thoughts and expertise with me! Find him and Mivation in the links below!
Links: Seth on Linkedin
Mivation on Facebook
Mivation on Linkedin
None of my Business on ITunes.
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This is a very special episode for me. I had an opportunity to sit down with an industry giant, a 35 year expert in the field of insurance, an award winning agency owner, consultant, speaker, author, my friend and mentor Troy Korsgaden.
This episode is actually part two of a series and you can find the beginning of the interview here on the None of My Business Podcast. In that portion, we talk about how he built his agency, how a visit to the dentist changed his life, and some best practices when it comes to growing your business.
In this episode, we talk about insurance. Troy talks about how the customer is king. What does that mean to you as a consumer and what does that mean if you are an agency owner?
We talk about what it really means to be a part of a family’s financial team. A partner. How to forge deeper customer relations with your book of business. How important an annual review really is and how it benefits both client and agent.
Troy talks about the use of technology and how he encourages its use, but with caution. He stresses the need for human interaction throughout all parts of the process.
We go on do discuss something that is important but can be confusing. Price. Has our industry been commoditized? Did we do it to ourselves? How can we fix it or dispel the myth?
My thanks to Troy for coming on and finding some time in his busy schedule to chat with me. It was a conversation I know I’ll never forget. Be safe out there!
Links Troy’s Personal Website, Korsgaden.com- https://www.korsgaden.com/
Facebook Page- https://www.facebook.com/TroyKorsgadenConsultant/
LinkedIn- https://www.linkedin.com/in/troykorsgaden/
Korsgaden International LinkedIn- https://www.linkedin.com/company/974632
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Life insurance premiums are based on a mix of 3 things. Your age, your current state of health and your immediate family history. While I don’t get to determine what your rate is, I am going to do my best to figure it out.
We have 8-10 different rates for these policies. An average rate, preferred rates, non-preferred rates, and nicotine rates. I ask a few questions during the quoting process to try and figure out which one you are going to earn.
I start with your age, and follow up with “do you have any diagnosis or are you taking any medication”. I will also ask your height and weight. With this information, I can determine with some degree of accuracy what you are going to qualify for.
I am not just going to tell you my best rate and start the process there. Our best rate isn’t easy to earn. I find full disclosure from the start, make the entire process easier for the buyer.
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We continue to live in strange times. 90% of the country is not going out. Businesses are closed, cars are in garages and some industries are doing what they can to help out. The insurance industry’s response to all of this has been positive.
This last week, almost every major carrier has come up with a way to give something back to their clients. It is showing up in the form of credits to auto policies and even commercial risks. Our industry is absolutely driven by measuring risk and right now, risk is low.
In 15 years I have never seen our industry react so swiftly and make seemingly big decisions in such a short period of time. I applaud the companies for jumping in and being proactive during this time. On top of these credits, I have a few suggestions to help out clients.
- If you aren’t currently using the safe driving app your company offers, now is the time. These apps track your driving habits and one of those habits is miles driven. The lower the miles driven the higher the discount.
- If you aren’t driving a car at all, and have no plans on doing so for some period of time, you can place a car in storage mode. This strips all of the coverage off except comprehensive in the event that the vehicle is damaged while in storage.
As always, contact your current agent to see what they can do for you during this time. Be safe! Wash your hands!
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Well, I finally have my earthquake story. We had one yesterday here in Idaho and I swear the first thing I thought of was about insurance. It wasn’t that bad but it wasn’t one that you had to question, “Was that an earthquake?” It measured 6.5 on the Richter scale and its epicenter was about 100 miles from here. Thankfully no one was hurt and nothing was damaged.
In a nutshell, Earthquake coverage is something that you can add as an endorsement to many homeowners policies. You cover the entire amount of the home. You can’t insure half your house on this coverage.
The deductibles are higher as well. The lowest that I can offer on our new products are $10K. Some of our older home policies have a $5K deductible available.
There is no traditional waiting period here in Idaho for these. Although after an earthquake over 5.0 and within a certain radius, you can’t add this endorsement for at least 72 hours.
As always, call your agent for more details on your policy as this coverage and these policies may vary from state to state.
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This pandemic sure is giving me an opportunity to field some new questions. The latest question is, “Does workers comp cover anything if I have an employee test positive for Covid-19? Would it cover any of the testing for other employees that they may have come in contact with?”
Unfortunately, the answer to both of those is “no”. Workers comp will pay for injuries or illness that were sustained on the job. The language that I was given says this:
As to Worker’s Compensation coverage for an employee’s disease, in general, the particular disease must arise in the course and scope of employment, and the risk of contracting the disease must be unique to the type of employment or the employee’s duties. Similarly, under employer’s liability coverage, the employee’s disease must arise out of and be caused or aggravated by the conditions of employment.
Of course, each claim must be evaluated on its own merits, applying the actual policy language, and all claims should be reported to the Claims department.”
Essentially, if you get sick on the job, the only way it would be covered is if it was determined you get sick BECAUSE of the inherent risk of the job. For example, if you got black lung disease because you worked in a coal mine. Or cancer because you installed asbestos siding for 30 years.
Your workers comp doesn’t cover you if you get sick, or a virus. Things may change in the future, but as of this writing, there wouldn’t be coverage if your employee was ill. As always please call your agent and you can always file a claim to be 100% sure.
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Updated thoughts and information on business income and coronavirus.
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Where will you find coverage if some property is stolen from your car? This is a question I get from time to time when a client reaches out after a theft. The simple answer is, the coverage will come from your homeowners policy or your renters policy.
Your auto insurance policy will cover physical damage to your car. Listen here for how that works. There is no personal belonging coverage on your auto policy.
That coverage will come from your home or renters policy. The deductible to that policy will apply. In the event of your car being broken into, you may need to file two claims. One to repair the damage done to your car, and one to recover your stolen property.
As always, contact your agent for specifics.
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Business income is a coverage you can find on a commercial policy that will pay you income lost due to a business shut down due to a covered loss. The last two words of that sentence are probably the most important.
I have been involved in a number of conversations with clients recently asking if this coverage will kick in. I was asked today if this coverage would kick in due to shutdown because of the coronavirus. I’ve been asked if this would cover if income dropped due to road construction. I have also been asked if it would cover if business shut down because of smoke from forest fires. The answer to all three is “no”.
Fear is not a covered loss. Neither is construction or environmental factors. The most common loss when this would kick in is a fire or water claim. If your business cannot operate due to a fire, you will receive your average monthly receipts while you are down. Same with a covered water loss such as a burst pipe.
There may be a waiting period before this coverage is available. It is not uncommon for that to be 72 hours. Sometimes this coverage will max out at 6 months and some policies will extend as far as 18 months. As always, it’s best to consult your agent about the details of coverage on your policy.
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Billing within insurance policies can be confusing. The billing systems that we use aren’t the most user friendly. It’s helpful to have a conversation with your agent if you have any questions if your bill looks off.
The issue we see most is when a change is made to an auto policy after a bill has been generated. After a bill has been generated, our billing doesn’t change for THAT bill.
If a new vehicle is added onto a policy and you don’t pay anything for it, you will owe extra. You may think that whatever is owed, will show up on the next bill. Sometimes that is the case. Sometimes, they take what is owed, and spread it over the remaining months of the policy period.
This makes it look like you are paying more for the policy that you were initially told, but the reality is, you are paying the proper amount. I always say, our billing is confusing, but it is rarely wrong.
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I came across an article recently that had some interesting statistics. What better way to address these than do a simple podcast episode? The article listed three things that some Millenials do not know about life insurance.
- 35% of millennials do not know that life insurance costs less for a healthier person. It’s true! Part of being underwritten for a life insurance application is a medical exam. They do a cholesterol screen, blood pressure, height and weight, and a drug screen. The underwriters will reward you for living a healthy lifestyle.
- 39% don’t know that life insurance costs less for younger people. This is true as well. The younger you are, the less expensive life insurance is. It is one of the most important factors of determining cost. My experience is that clients start seeing the price spike significantly is when they are starting their policies after they are 40 years old.
- 50% of millennials state they haven’t purchased because “no one has approached me”. This is a call to everyone in my industry. We need to be having this conversation with everyone and I would encourage millennials to feel comfortable starting the conversation with your current agent.
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There are inherent risks to becoming a landlord. There are some things that you cannot foresee or plan for and I have a story to share, about a client going through a tough situation.
Essentially, my client, the landlord, got a call from their tenant about some water damage in the bathroom. A landlord policy has very similar coverage as a homeowners policy. It will cover fire, a burst pipe, an act of god and theft. It will exclude coverage for neglect, wear and tear and faulty installation.
In this situation, the client had been using the bathtub but the secondary drain was leaking for an extended period of time. This caused water damage and mold. Visible mold in the bathroom. This wasn’t reported to the landlord until the damage was rather severe.
The question is, is this covered and if so, on what policy. You will have to listen to the podcast to find out!
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If you own a business and your business requires you to have a lot of equipment, it’s important to make sure it is covered properly on your insurance policy.
I had a client tell me a story recently. He told me he was with the same insurance agent for 15 years before he filed his first claim. He had some equipment stolen from a trailer and he filed a claim on his general liability policy for his company.
There were 4 pieces of equipment stolen and they were all worth $2500 apiece. The policy covered only up to $2000 per piece. My client was understandably upset that he had been covered wrong for the past 15 years and that conversation about proper coverage had never taken place.
There are two places on a commercial policy you can cover your stuff. One is called “Contents” or “Business personal property”. This coverage is for everything in your space or in the address listed on your policy.
If you are a retail location or a restaurant or an office space, this is for everything in your space. Desks, chairs, computers, stock, food, supplies, etc.
If you take things out in the field, there is a different line you need these items to be on. There is another coverage called “tools and equipment” that will cover everything outside of your space.
This is for artisan contractors who work in the field. For example, plumbers, painters, electricians, lawn care and more. There is a higher risk to these being stolen and it may be slightly more expensive of a coverage.
There is one caveot to this coverage. Many policies have a limit, to how much will be covered PER ITEM. The limit I am familiar with is $2000. If you have any piece of equipment that is worth more than $2000, it most likely needs to be scheduled. Not unlike an engagement ring on a homeowners policy.
Check with your agent to make sure your stuff is covered properly!
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One of our most common claims, is to replace or repair a windshield for a customer. So what exactly do you need to know when going through this process?
Will is raise your rates? Unlikely.
What do you need to know when talking to the glass repair company? Knowing your VIN # is a good start. After that, it’s important to know if your car has certain kind of tech. Like rain sensors for example. Also, how many doors your car has. These will help determine the exact windshield your vehicle needs.
Can you choose who repairs your glass? Absolutely! What are a few questions that you can ask a glass company to properly vet them? Always ask if they are insured, and ask what their warranty is.
Do you know how many chips in your windshield will damage the integrity of your windshield? It’s 3. If you have 3 or more chips filled on your windshield, it’s time to replace it.
These are just a few things that we run into when assisting clients with windshield repair or replacement. Listen to the episode for more in-depth information.
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How do I find a great agent? I was asked this question by a good friend of mine recently who lives out of state. I figured it was a good opportunity to share my thoughts on what you should look for when looking for a good agent or agency.
In my experience, people buy insurance based on a mix of three things. Price, service and product. Service is really the only real X factor that can truly differentiate one agency from another. Price will always play a role in a buying decision.
Products in the insurance industry on the home and auto side are 95% the same. Most home and auto policies are just about the same regardless of whatever company you go with. Each company might have it’s own bells and whistles inside of these products, but as a consumer, you need to do your research and know if those are worth the extra expense.
At the end of the day, being with a professional agency is the best way to go. How do you find one? Start with asking your friends. If your friend rants and raves about their insurance agency, that’s a good start.
Check online reviews in your area. People that are willing to actually write a review on their insurance agency should tell you that they are doing a good job.
Once you identify a place, I would get a quote. I would then see what kind of turn around they have on that quote. If they can get you a full-blown proposal while they are on the phone with you, that’s a good start. If they take your info and you don’t hear from them for 3 days, that can be telling too.
You are looking for a place that will be there for you during what could be some of your worst days. It’s important to have a place that will be there for you and that you are comfortable with.
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This episode covers what a collateral assignment is in regards to a life insurance policy. This is a formal agreement that comes into play when a client takes out a loan.
Some financial institutions, require a borrower to take out a life insurance policy in the amount of the loan. This secures the loan in the event of the untimely death of the borrower.
Collateral assignment is different from naming the bank as the beneficiary of the policy. Instead, collateral assignment ensures that if you die, the insurance company will use the death benefit to repay the loan. Any remaining funds will go to your named beneficiary or beneficiaries. You remain the policy owner.
If you already have a life insurance policy with a face value greater than the loan amount, you can collaterally assign that policy by requesting the paperwork from your insurer. If you don’t have a life insurance policy, or you need additional coverage, you will need to apply for life insurance and go through underwriting. Once the policy is in force, you can request collateral assignment paperwork from the insurer.
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What does the term “full coverage” mean to you? It’s a term that is now creating confusion in the auto insurance industry. It used to be the simplest way to tell someone that they had liability AND coverage for their car (comprehensive and collision).
The thing is, there are more coverages on an auto policy than just liability and comp and collision. There are more optional coverages that one can select on their policy. Coverage like towing and roadside, rental reimbursement, gap coverage, uninsured and underinsured motorists, medical and more.
The term full coverage should no longer be used. It is confusing to the consumer. Some consumers believe that full coverage means they have ALL of the optional coverages. There may be a situation where an agent says that they have full coverage but it doesn’t have towing. This would create an issue when the client needs a tow and believes they have towing coverage.
Or some clients believe that full coverage means an unlimited amount of liability coverage. There is no such thing. Liability coverage has policy limits.
As a client, it is up to you to know what coverage you have and what limits you have. I would recommend reviewing your policy with your agent to clarify what your policy actually covers.
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This episode includes two of my favorite things. Insurance and math! I talk about coinsurance and what that means on a commercial property policy. This is not to be confused with coninsurance on a health insurance policy as these are different.
Coninsurance essentially is an agreement between the insured and the insurance company agreeing that the insured will cover their property or building to at least 80% (or 90% or 100%) of its value.
If it isn’t covered to at least that amount and there is a claim, the claim will pay out only a percentage of what the loss is. Let me show you an example.
Example Suppose that “80% coinsurance” appears in the declarations of your commercial property policy. The following example demonstrates what this means.
You own a building that will cost $1 million to replace. Because the coinsurance percentage is 80, you must insure your building for at least $800,000 (80% of $1 million) to avoid a penalty. You want to save money on insurance premiums so you insure your building for only $700,000. Your policy has a $5000 deductible.
A fire breaks out in your building and causes damage that costs $200,000 to repair. At the time of the loss, your limit of insurance was $700,000. To satisfy the 80% coinsurance requirement, you needed to purchase at least $800,000. The ratio of the amount you carried divided by the amount that was required (700,000 / 800,000) is .875. While your loss was $200,000, your insurer will pay you only $175,000 (200,000 X .875) minus the $5,000 deductible or $170,000. Your coinsurance penalty is $25,000.
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Not the sexiest topic but an important one. This podcast is for businesses that have employees doing more than one type of job and how to properly set up your workers compensation policy as well as do the payroll audit properly.
The most important thing the business owner has to do in cases where there are multiple jobs being done is to be able to prove how much work is done in each class. And by how much work, I mean how much payroll.
For example, I insure a company and they are a residential window cleaning company. There are two class codes for this risk. One for ground floor and one for above ground floor. As you would imagine, the above-ground floor code is significantly more expensive (3x as much) as the ground floor code.
When the payroll audit comes around, the business owner needs to prove how much payroll is done per class code. The best way to do this is via your bookkeeper or accountant and it should show on their paystubs. It should segment out how much payroll is done per job.
If the business owner is unable to prove this, ALL of the payroll will go to the highest class code. This can result in a serious charge on your workers compensation policy.
The other topic this podcast covers how clerical work is defined. There are some very strict rules when it comes to this classification. It is important to know these rules and regulations to manage your policy properly. As always consult with your agent in regards to questions with setting up your policies properly.
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This podcast feels more like a public service announcement. I have seen some very real-world problems arise from clients not reading their mail from their insurance carriers.
I have seen clients that have been moved from one network to another with their health insurance. I have seen clients canceled because we didn’t get a proper signature. Discounts fall off all the time because we didn’t receive proof that the discount was earned in time.
Insurance companies probably send out 34% of all of the mail in the United States (I made this number up). I get it. It’s overwhelming. But we have to! The department of insurance makes us tell you about every little change. In effect, that rule has the opposite effect. By telling you everything, you don’t want to read anything.
I am here to urge you to please read your mail through. Just get the high points of the letter. You will want to know if we are canceling your insurance or taking off a discount you should have. This will save you time for sure, and possibly even $$.
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If you travel for work and need to rent a car, do you know if you are covered? Are you willing to risk a claim on your personal auto policy if you are in an accident while renting a car for work?
The rental car company does offer its coverage and it is excellent. You can purchase coverage that covers the vehicle (collision damage waiver). You can also purchase liability. You can essentially drive a car into the Pacific Ocean and walk away. There is a daily charge for these and it can add up pretty quick.
If you want to decline their coverage, there are a few checks and balances that you can do to make sure you are covered. There is a coverage called “hired auto” that is an optional coverage on a commercial general liability policy or a commercial auto policy. This will cover the liability portion when you rent a car, but not the actual car itself.
There is an additional coverage called, “hired auto physical damage” which will cover the rental car in the event of an at-fault accident. If you have both of these, you can rent a car and the proper coverage will be in place for you. The one thing that these may not cover, is the downtime the rental car company may charge while their vehicle is in the shop getting fixed.
The other thing that can help you is the credit card that you use to pay for the rental. Many credit cards offer coverage for both liability and physical damage when renting a car.
Get in and listen to the podcast.
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I was having a review with a client last week and he told me how many miles he had on his vehicles. My company used to care how many miles clients were driving. It hasn’t been that way in the better part of a decade now though.
Turns out, it wasn’t the best way to determine the right way to price a risk . There was no real way to prove how much people were driving without creating so much work that it became more of an impediment than an asset.
There are other companies that still use mileage as a factor. In fact, it’s making a huge comeback because now we can absolutely prove how many miles people are driving. Most companies have apps now that track everything from speed to braking to distracted driving to good ol fashioned miles.
My hunch is that in a decade, these apps or whatever iteration they will be, will be mandatory to qualify for an insurance company’s best rate. We will have your specific driving habits handed right to us and will be able to price accordingly.
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Does your auto policy cover other drivers who aren’t listed on your policy? This is a common question in the insurance world. The short answer is, “usually”. Almost all auto insurance policies include a clause that will cover drivers that you have permitted to drive your car. This is called permissive use.
Where you might run into issues, is if someone is using your car regularly and isn’t listed on the policy. I would define regularly as more than once a month. Insurance companies need to know who is driving the cars regularly in order to determine the proper risk to charge for. Many companies even have you sign a form stating that you will be forthcoming on who is driving regularly.
If someone is driving your car regularly and isn’t listed on the policy and this person is in an at-fault accident, the insurance company has the right to deny coverage for that claim.
There may not be coverage if someone is using your car WITHOUT your permission and gets into an at-fault accident. Then the driver’s insurance works as a secondary policy and would come into play.
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What is betterment when it comes to an auto insurance claim? If you are in an accident in your car and you file a claim to get it fixed, there is a chance that you will end up paying more than your deductible.
Insurance by nature isn’t to better your current situation. It is to get you back to where you were. Auto insurance policies are actual cash value policies. When it is being repaired at the shop, the parts you get put on of like kind and value. Some of the parts that get put on have to be new.
Tires are the most common thing that is subject to betterment. If your tires are 50% worn before an accident, you are going to have new tires put on if they are damaged in an accident. These new tires are putting your car in a better position than before the accident. There will be a betterment charge for this.
Other things that are subject to this are parts like, mufflers, batteries, and belts. Again, insurance isn’t to better your situation and if the vehicle is repaired and in better shape than before, you may run into a betterment charge.
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What is diminshed value? Let’s say that you are in an accident in your new car. It’s a pretty good one too. The hood looks like a sound wavelength. The bumper is on the ground. It’s just a mess and you know in your heart that when you are ready to sell or trade in this car, it’s going to be worth less.
This is called diminished value due to an accident. Does insurance cover this? The simple answer is, unlikely. I am not aware of any formal coverage or endorsement that you can put on your existing auto policy to cover this. That’s not to say you can’t ask for it.
That is my only recommendation. Ask your claims adjuster for coverage because you know that the car will be worth less when you are ready to sell it or trade it in. I am aware of some cases where the adjuster added a little more to the settlement.
Now, if we are talking something a little more robust- like your Ferrari was t-boned but was still able to be fixed, then you may have a different conversation. I rarely suggest getting a lawyer involved. If you think you are getting a raw deal because your $150,000 car is damaged and they won’t kick in for some diminished value, a consultation with a lawyer might be worth it. Remember, when you take it to this step, you have to PROVE the value is diminished with hard data and FACTS.
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Umbrella policies are generally very affordable and becoming more and more important as the cost of medical costs increase and lawyers find new ways to file lawsuits (social media slander) Get in to learn more.
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I have clients call me regularly asking if something is covered on their insurance. Something has happened. Something got damaged. They want to know if it is covered. The answer can be like Chinese algebra. It’s hard to figure out.
If I try and call my claims office they will tell me to file the claim and we won’t know until a claims adjuster surveys the damage. My service center who is aware of how insurance works and has access to what is covered and what isn’t, likes to direct me to claims because they don’t determine coverage.
It is this fun endless loop that I got tired of riding. So now, I go straight to the people on the ground who do determine coverage. Claims adjusters. As an agent, I have access to these hardworking professionals whose main job, is to determine if there is coverage and to help fix what is broken.
Now I call them. Adjusters are always happy to talk to agents. If we can pass on bad news to a client before them, it saves them a hard conversation. If it is covered, we get to share the good news with the client first.
What I am trying to do, is to help my clients avoid filing a claim that isn’t covered. This type of claim activity can’t be removed and you don’t want to file 2 claims in a 3 year period. At that point, you are at risk of being non renewed and shopping for a new insurance carrier that will charge you twice as much as you are paying today.
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There are some situations where a claim has been filed on your homeowners policy that shouldn’t have been. Since claims have a direct effect on your premiums, it’s important to know how to have these removed.
Every claim is reported to a master claims database that other insurance companies and other entities have access to. They can affect your premiums and even have an impact on selling your home. We want to make sure that the information on this report is accurate.
We have had some instances where a claim was filed in error. There are ways to have this removed. In some cases, you will need to contact the reporting service directly to file a dispute. In some instances, your insurance agent can help you with the resources they have.
This IS NOT to remove a claim if you filed one that did not offer coverge. Those are there for good.
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This episode explains the difference between a claims-made and an occurrence made policy. It is very important to understand the difference between these two policies.
Insurance companies may provide two different types of liability coverage—occurrence or claims-made—and each comes with its own set of advantages and disadvantages.
The limitations associated with each type of policy are largely dependent on two factors:
- When an incident occurs
- When a claim is filed
Occurrence Policy: An occurrence policy protects a business from any covered incident that happens during the policy period, regardless of when a claim is reported. This type of policy will cover a business even if the claim comes in after the policy is canceled, so long as the incident occurred within the time frame enforced by the initial policy.
Example: Bob the business owner purchased an occurrence policy in 2010 but switched to a new form of coverage or insurance supplier in 2015. Bob gets sued in 2018 for an incident that occurred in 2012. In this instance, Bob is still covered by his original occurrence policy, because it was active at the time of the incident.
Claims-Made Policy: A claims-made policy provides coverage for claims that occur, and are reported, within the specific time period set forth by the policy. This means that if a policy is canceled, or a premium isn’t paid, any claim that comes through will not be covered, even if the incident occurred during the period when the policy was active.
Example: Bob the businessman purchases a claims-made policy in 2010 and continues coverage through 2012, then cancels. He does not purchase any extension (tail coverage) on the policy’s original limits. In 2013, Bob is sued for an incident that occurred in 2011. Since the claims-made policy is no longer in effect, and he did not purchase tail coverage, Bob is the liable party obligated to pay for damages—not his old insurance carrier.
Tail Coverage, or, officially, an extended reporting period (ERP), is an additive option that becomes available only after a policy has been terminated. In effect, a ‘tail’ endorsement extends the limits of claims-made coverage indefinitely. For a claims-made policy to cover claims made after the expiration date, a tail can be purchased to protect the policyholder from past incidents, despite a claim being made post-policy cancellation.
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I get this question once in awhile in my agency and I think it’s a very valid question. Every coverage in your auto policy comes with a price. The way it works is that the cost to cover your vehicle as it ages, actually does decrease.
It is the liability portion of the policy that continues to increase. As the cost of medical expenses and cost to repair vehicles rise, insurance premiums will follow. These cost increases outpace the decrease in costs on an aging vehicle.
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I have had a few instances of clients who have had damage to their homes or separate structures and went through with the repairs without filing the claim first.
This would not be our recommendation. The specific issue that I address in this podcast is that there was no proof that anything was damaged. The client didn’t take any photos. In one instance, there was a roof that caved on a separate structure. The client went and got a new roof on before filing the claim and didn’t take any pictures. The claim was denied.
The simple lesson here is at the very least, if there is damage, take pictures. I would also recommend if you want to use your insurance, determine if there might be coverage and then file the claim. The insurance companies have an entire process lined up to help clients fix whatever is damaged.
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Workers compensation is a policy that offers coverage for W2 employees who are injured while on the clock. The policy is designed to pay for medical expenses that accrue for the injury. It will also cover lost wages if the employee missed work.
There is a waiting period for lost wages. This waiting period varies from state to state. For example, Idaho’s waiting period is 5 days and the amount covered is 67% of the wages lost.
Check with your agent or contact the governing body who oversees workers compensation for your state to find the details of this coverage.
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In Idaho, we are having an influx of people moving here from out of state. Many of them are renting Uhauls to transport their belongings to their new home. Do they need to buy the coverage from the rental truck facility when the pick up the truck?
My best and simplest answer to that is “yes”. Most auto insurance policies from most carriers will transfer to a rental vehicle if the vehicle is of like size. This is based on gross vehicle weight and if you dig into the policy, you will likely find an actual maximum weight that is allowable on the policy.
The types of trucks rented to move generally are heavier than the maximum allowable weight on a personal auto policy. Therefore coverage would not be transferrable to the truck.
As always, it is smart to call your agent to verify as policies vary from company to company and state to state.
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It continues to amaze me how after 15 years, I am still running into situations that are new. I have actually been asked this question in the past but never had a client go through it. In episode 70, we talked about this happening and almost a year later, it did.
I had a client whose neighbor had a tree drop a large branch onto their roof causing damage. The situation played out exactly as I was told. His homeowners policy will cover the damage. He wanted to used his neighbor’s policy because he felt she was negligent.
He had multiple conversations over the past few years about trimming this tree back. The missing piece here is proof. He couldn’t prove that he has spoken to her. There was no paper trail or emails to reference. That is ultimately what the insurance company is going to need to see to prove negligence.
Tom Cruise understands my point.
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I had a client call in this week and inform me that they put a new roof on their house and I am glad they did. This allowed me to update the information of their home in our system and it actually lowered their premium.
If you have made any major changes or upgrades to your home, you will want to let your insurance agent know. Things like a new roof, new electrical, new plumbing, if you upgraded your kitchen, put on new siding, installed new floors, added solar panels to your roof, etc are all things to let us know about.
In some instances, these upgrades will lower the cost to insure your house. At the same time, the value of your home may have been increased and we will want that reflected in the amount of coverage we have on your house. If the house is going to now cost more to rebuild or fix, it will need to be shown in the policy.
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Many people believe that their toys (motorcycles, boats, 4 wheelers) are covered on their homeowners policy in the event of a fire of theft. This is rarely the case.
If you want these covered properly, you can purchase a policy for any of these to cover if they are stolen or damaged while in storage. Of course, if they are involved in an at-fault accident, these policies also include liability to pay for anyone who is injured.
As always, contact your insurance agent to make sure that your assets are covered properly.
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This episode is to help families pick the proper contingent beneficiary for a life insurance policy. It is common for a husband or wife to list their spouse as a primary beneficiary. What about a contingent beneficiary?
If the husband and wife die at the same time, the money will go to whoever is listed as a contingent beneficiary. Some parents think it is natural to just list their kids as contingent beneficiaries. If the kids are minors, there could be some issues. The money could get caught up in probate, and it may take years for the money to serve its true purpose.
The best way to do it is to have a trust created by a family attorney. The trust is essentially an account where the money will go, with instructions on how the money is to be used. The parents choose a trustee, who manages the trust and makes sure the money is used as instructed.
You could list the contingent beneficiary to be whoever is going to be caring for your kids in the event of both parents dying. The risk you run there is they can spend the money however they want without any checks or balances or anyone monitoring the money. This is why the trust is the best way to go.
Make sure you consult an attorney to have the trust created properly.
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This episode is sort of a mashup of what kind of things are covered on a homeowners policy when things are damaged or people are hurt due to animals.
I had a few questions this week about damage that was sustained by a hornets nest in a wall of a house. Also, there was an incident where some rodents caused damage in a crawlspace.
We had a question about what if someone is hurt riding their own horses on a trail. What about a dog bite? All of this is covered in this episode.
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What kind of insurance agent works best with the Millennial generation? There are few things to look at for the best fit.
All the research shows that Millennials like things quickly. They like things now. An agency that is quick to respond and has the technology to do so is important. For example, can they text your office? Can then message you on Instagram or Facebook messenger? Can they find you on social channels? Can they esign documents? Can the agency fulfill a need in a quick easy transaction? These are all things that they will be looking for.
The other thing the research shows, is they want to align with an expert. Someone who they can not only reach quickly but someone who will give them sound, solid advice. Someone who will offer them the right policies to fulfill their immediate need. It took me, as an insurance agency owner about a decade to become a true expert in my field.
A real professional relationship is important as well. They want to be able to call up and talk to the same people. They want people who know who they are. What their needs are and can pivot to those needs quickly. An agency with low turnover in staff and an agent who is present in the day to day operations is also attractive to this generation.
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This is exciting! This will also undo some of the information from earlier episodes. There are always exclusions to homeowners policies. Wear and tear is one of them. Also neglect and faulty instillation are two other big ones. Slow leaks were not covered on most homeowners policies either.
It seems as though slow leaks might become a more common covered loss. Starting July of 2019, my company will be offering limited coverage on slow leaks on their new homeowners policy. This is a huge addition to our policy.
It is an optional coverage that may be added for a price. Our policy offers. $5,000, $10,000 and $25,000 worth of coverage and is eligible on houses newer than 20 years old. There is also a 30 day waiting period on this coverage.
I have been wanting to see something like this for a long time. As an agent, I have seen many losses go uncovered because of this exclusion and it is frustrating to explain to clients. I am looking forward to seeing these types of losses covered moving forward.
As always, consult your agent or your company to inquire about coverage. Insurance policies are different from state to state and company to company.
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Parking lot accidents are zero fun. I had a client go through an experience recently that was excactly that. Zero fun.
My client claimed to have barely touched the other’s vehicle. There wasn’t even a mark on her car. The person she hit, claimed that she struck him so hard that it caused his car to leak oil, and it was not drivable.
These are tough situations where I recommend getting claims involved. My client was willing to try and settle this without insurance which I applauded. If it was indeed a scratch and both parties agreed on the damage, handling it on their own is absolutely ok.
When there is such a gaping chasm between one story and another, file a claim. Claims adjustors are trained to be able to tell how much damage was done in an accident and can tell if prior damage is present. If the kid had a leaky engine before the fender bender, the insurance wouldn’t cover that. We would buff out the scratch and that would be that.
It’s best to call your agent and in cases like this, file a claim.
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How does insurance work if you strike a car you own, with another car you own? How about if you accidentally run into your garage door? Or some property you own in your garage or driveway?
Good news is, there will most likely be coverage for you. What you need to know about these scenarios, is that you cannot be liable to yourself. Every auto policy has a coverage called liability. Liability covers medical and property damage TO OTHERS.
What this means is the liability on the auto you are driving, will not extend to property you own. As long as the vehicle you struck, has collision coverage on it, you can file a claim on vehicle number two, to repair it. If there is damage to both vehicles, it will require two claims to be filed. One claim on each auto policy.
It works similarly if you damage your house or property. You would have to file two claims as well though. One on the car, if it is damaged. One on the homeowners policy. Two deductibles would need to be collected and the insurance company would pay for the rest.
I suggest always consulting your agent to explain the process to you. Sometimes, if the damage is minimal, it can be better just to pay for the repairs out of pocket instead of filing a claim.
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This strategy isn’t for everybody. It takes some understanding and some discipline. If you can pull it off and start using this concept, it can be quite eye-opening. Listen to the basics of the strategy here.
This episode explains what it is like when you borrow money from your permanent life insurance policy. In order to properly do this, you have to first fund it, which takes time and patience. What do I mean by patience? It can take 10 years.
Once you have money in the policy to borrow, the magic happens when you start paying the debt back. When you pay a “normal” debt back, you are paying back a financial institution until the debt is paid off.
What about when you pay yourself back? The payment you make then, not only lowers the debt, but it ups your cash value as well. It is lowering your debt and upping your cash at the same time. That is where the power of this strategy is.
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This episode explains how insurance companies see vacant properties. Always consult your insurance agent or company as policies differ from company to company and state to state. Let’s say a property is vacant for more than 30 days, many insurance companies will exclude coverage for theft and vandalism.
If you are trying to insure a property that is vacant, you may need to write a vacancy policy which very few insurance carriers offer. If you have a property that has become vacant it is important to understand the new limitations of your policy.
There is also a difference between vacant and unoccupied. An unoccupied property may be a secondary residence, or it may be between tenants. It generally means that the property isn’t going long periods of time between checked on.
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This episode is about a little trick you can do if you are planning on selling your car and canceling your insurance. If you do this and will be purchasing auto insurance in the future, you will be losing an important discount (for lack of a better term) called “prior insurance”
Prior insurance is a rating factor that is used when you are getting quoted for an auto insurance policy. If you have no lapse in your coverage, you will be welcomed by a preferred insurance company and pay lower premiums.
Let’s say you have a lapse in your coverage. You will have to go to a non-preferred company and pay more premium for 6 months before being eligible for a preferred company. If you are intentionally canceling your insurance policy because you are moving overseas, going on a mission of sorts, or traveling for an extended period of time, you can purchase a “non-owner auto policy”
This is an insurance policy you buy when you have no vehicle. It is used if you need to drive for work but have to borrow a car for example. Or if you have to carry an SR-22.
You can purchase one of these for a fraction of the cost of a traditional auto policy, just so that you can keep insurance place. When you return and get a quote on your new auto policy, it will show that you have no lapse in coverage and be eligible in a preferred company saving you $$.
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There is a particular way to make sure your jewelry is covered properly on your insurance policy. If you have a small amount, many times it is covered in the base home policy. For example, the policy I offer can come with $5000 total, up to $1500 per piece.
Anything over that amount, you want to have scheduled on the policy using a jewelry floater. Imagine a diamond ring having its very own policy. Inside of that policy, you can decide if you want the ring covered for replacement cost, or an agreed upon value. What’s the difference?
If you choose replacement cost, we will replace the jewelry to the exact specs that we have on the appraisal. You will get that piece of jewelry back. We have relationships with jewelry wholesalers though, where we can get the jewelry back at a lower cost. So if you paid, $10,000 for a ring, we can get it for say $7,500.
If you choose agreed upon value, we will get you the $10,000 back and you can repurchase the piece of jewelry on your own.
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The post Simply Explaining Insurance #86- Agreed Upon Value appeared first on Dietz Agency.
There is a coverage that is available as an endorsement on your homeowners policy called, “Sewer and Drain”. What does it cover?
Honestly, it’s a deceptively named endorsement. This will help cover any damage done by a backup or overflow, into your house from a blockage that is off premises. So if there is a clog down the street from you, that causes water to back up in your home there may be coverage.
Or if there is flooding on your street which causes the backup of water or sewage into your home. These are the types of events that you may find coverage for with the Sewer and Drain endorsement.
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I had two conversations with clients last week regarding the difference between 1099 contractors and W2 employees when it comes to insurance. This is an important distinction to get right for a number of reasons.
Many new business owners want to hire 1099 contractors for one main reason. It’s cheaper. They don’t have to pay payroll taxes, and they don’t need a workers comp policy. This is absolutely true. The issue is, not everyone can be a 1099 contractor.
In order for someone to qualify to be 1099, the business owner cannot train them on how to do their job. They also cannot when to do their job or them how to do their job. There are more qualifications, but these are the big three that most people would fail on. Here is what the IRS says on it.
The other thing is, when someone is hired to do a job, there needs to be some sort of workers compensation coverage in place. If you are a business owners with W2 employees, by law you need a workers comp policy to protect these employees if they get hurt on the job. If you hire a 1099 contractor, you are not obligated to have a WC policy, but the contractor is and you have to collect proof of that to have on file.
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The post Simply Explaining Insurance #84- W2 vs. 1099 appeared first on Dietz Agency.
If you are a business owner and you have a partner, a buy sell agreement should be an important part of your business plan.
A buy-sell agreement in its simplest terms is a life insurance policy that the business owns in the event of the untimely death of one of the partners.
When a business partner dies, the shares of the deceased generally will go to the surviving spouse. Now the spouse is part owner of the business. This life insurance policy is owned by the company, and its beneficiary is the surviving partner. That money is used to buy out the spouses portion of the business.
It’s important to have this all laid out in your partnership agreement put together by a lawyer. The value of the business needs to be predetermined in the agreement. From that value, it is easy to come up with the face amount on the life insurance policy.
This policy can be a term policy which would be a business expense, or it can be a permanent policy and grow into a company asset. As always, it’s important to meet with a licensed insurance professional to walk you through the process.
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The carrier that I work for just added two exciting endorsements to our latest homeowners policy. If there was ever such a thing as an exciting endorsement to a homeowners policy, this is it.
This first one is a service line endorsement. It covers things like, the main water line running to the house from the street. If that sucker springs a leak, this endorsement will cover the excavation and repair of said pipe. Many homeowners policies do not have this coverage. You can add this on our policy for a whopping $25 month.
We are also adding an equipment breakdown coverage which covers what I call the “guts” of your house. Things like your HVAC system, your water heater, appliances, etc. This is close to an aftermarket home warranty program. If your furnace goes down, there may be coverage. If a power short affects your appliances and they are damaged, there is coverage. This is all for $35 year.
I have had instances in the past where clients have called up and asked about specific scenarios that did not end up being covered on their homeowner policy. A main water line leak and a power surge. I had to tell my clients that I was sorry there is no coverage. Now there is!
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The post Simply Explaining Insurance #82- Service lines and Equip. Breakdown appeared first on Dietz Agency.
Are you are in the business of flipping houses? It is important for you to understand how to insure this risk.
A house that is being purchased, remodeled and resold, requires a different policy than you average homeowners policy or landlord policy. It’s a completely different risk. You may have to write a vacant property policy that allows for a remodel.
If you are doing a complete gut job, you may need to write what is called a builders risk policy. These policies are most commonly written for new construction and are in place while the house is being built. After it’s finished, the policy would transition to a homeowners or landlord policy.
What if you are having someone doing the work for you and hire a general contractor? It’s vital that the GC has a general liability policy in force while they are doing the work. In this case, you may need a vacant policy and the general contractor has their liability policy and you have the coverage you need for the project.
As always, consult with an agent who has experience with these situations. They can build a proper protection plan for you.
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The world has changed a great deal in the last 10 years. The iphone launched, apps were invented and almost everything we do, is different.
You want a taxi? Order one up on your phone. You want a place to stay in Manhattan? Select a place on your phone and book it. This has also changed the way insurance companies insure.
These are new risks with limited data to dig into. Insurance companies love lots and lots of data. It is still unclear on how much more of a risk it is to rent out a room in your house to a stranger. Or how much more of a risk it is to turn your car into a weekend taxi.
What this means for you is, you need to make a phone call to your agent to make sure you are covered. Every company works at its own speed. Some have “rideshare endoresements” that will cover a gap in insurance that is found if you are an Uber or Lyft driver. Other don’t have that endorsement yet.
Some companies have endorsements if you are starting to Air BNB. There are also different kind of Air BNB’s. Do you rent your primary home out? Or do you rent just a room in your house? Do you rent a separate structure out and live in the main house? All of these are different risks and some companies won’t cover any of it, and some may cover all of them.
It is ultimately up to you, if you are choosing to take place in the shared economy, to make sure you have the proper coverage in place.
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“I’m an excellent driver”. I hear this all the time. Now, you can prove it and pay less for your insurance. Driver tracking technology isn’t new and it has been around for a decade or so. It is getting more sophisticated though.
The tech that I am familiar with is called the Signal App and it lives on your smartphone. It scores your driving a number of different ways. The most important portion of this app, is it scores how often you drive distracted.
It also will track, how fast you accelerate, how hard you break, when you drive and how much you drive. At the end of the day, you get a score for how safe you drive.
This is something that parents of teenage drives should be drooling over. Many parents already have apps put on their kids phone to monitor this. Many pay a monthly fee for it. This app pays you! You get a discount on your insurance for using it.
Call your agent, see if your company offers something like this to you. If not, and it’s something you want to try, hit me up!
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Let’s say that you were involved in an auto accident and your vehicle sustained a substantial amount of damage. To repair that damage, it would cost more than the vehicle is worth. What are your options.
You have 2 options. Your first option is to give the car to the insurance company. They will salvage it and they will pay you actual cash value for your car. Actual cash value is determined by a third party vendor who does a thorough assessment of the vehicle gives a value for your car.
Your second option is to keep the car. The insurance company will give you a percentage (% varies by state) of the actual cash value of the vehicle. If you choose this option, the title of the vehicle will change to a salvaged title. A vehicle with a salvaged title can be more expensive to insure and the vehicle can be worth less than the same vehicle with a clean title.
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Claims can tough. I get calls every week from clients telling me that there is damage somewhere and asking if there is coverage. Unfortunately, that question is never easily answered.
What I help a client with, is determining the source of loss. If there is water damage, where did the water come from? Was it sudden and accidental or did it happen over time? The roof is leaking. What caused the roof to leak? Was it a bad storm or ice dam or did the roofer make a mistake upon installation?
It is only when these questions are answered, can we determine if there is coverage in your policy. Remember, neglect, wear and tear, and faulty installation are excluded from most homeowners policies. We suggest doing what you need to do to prevent further damage.
Next, have an expert in the proper field, come out and determine what caused the damage. Relay that information to your agent and an educated decision can be made on whether to file the claim or not.
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The post Simply Explaining Insurance #77-Source of Damage appeared first on Dietz Agency.
My agency gets asked these questions often. “How are my things covered when I am moving”? Or, “Are my things covered in Storage?” If you have a homeowners policy in place, the simple answer is “yes.”
There is situation where your belongings may only covered up to 10% of what your homeowners policy says. It does not apply to storage facilities or moving. If you have belongings in a secondary residence, and that residence does not have a policy on it (my claims supervisor calls this the “cabin rule”), only 10% of your belongings will covered from your primary homeowners policy.
Should you buy the coverage that the moving company is going to offer to you when you move? If you have no homeowners policy or renters policy in force, I would urge you to buy what they offer. If you do have one in force, I think it’s still worth considering. In the event that something does happen during transit, you will avoid a claim on your policy and paying out your deductible. Plus if something breaks or gets damaged, it might not be something you would want to claim on your homeowners policy. The cost to fix or replace may be below your deductible.
See how much it costs to have the moving company cover your stuff, and do what feels right to you.
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The post Simply Explaining Insuance #76- Moving and Storage appeared first on Dietz Agency.
The agreement you have with an insurance company to insure your autos or home is a two sided mutually agreed upon situation. If either side wants to bow out, they have the right to do so.
We see this more often on the consumer side when a client chooses to change companies. It can be also be done by the company. I recently had a situation where a client was non-renewed because it was discovered through a claim, that his roof was rotting out.
The claim wasn’t covered (see dryrot podcast episode) and the company recognized this was no longer an acceptable risk and non renewed them . By law, the company has to give a proper amount of time to find another policy and in this case it was 8 weeks.
It is the responsibility of the homeowner to do their best to keep their home safe. If it is neglected or regular wear and tear isn’t repaired, the company can walk away. Statistically, homes with existing damage are the source of more claims. It’s a business decision, not personal.
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Deductibles are a part of just about every type of insurance policy. It is what you will pay in the event of a claim and the higher your deductible, the lower your premium.
I think it’s smart to look at your options and run the numbers. In some cases, raising a deductible on your auto from $500 to $1500 could save hundreds of dollars per year on your insurance.
You could carry a very high deductible on your home. I had a conversation with a client who wanted me to run some different deductible options on her house. We have a ton of options. $500, $1000, $1500, $2500, $5000, $7500, $10000. We also have percent deductibles. You can pick a 1%-5% deductible. This means your deductible would be 1% of the building coverage of your home.
If your house is covered for $500,000 and carried a 1% deductible, you would have $5000 deductible. You could carry a 5% deductible which would make it a $25,000 deductible. This could lower your premium 70%.
You can also carry split deductibles. For example, $1000 deductible but $2500 for wind and hail. All kinds of fun options are available for you out there!
It’s a good idea to talk to your agent and calculate which package is right for you!
The post Simply Explaining Insurance #74- Deductibles appeared first on Dietz Agency.
The insurance industry pours billions of dollars a year into advertising and their ads are unavoidable. The issue I have with these ads, is while they are undeniably entertaining, they have no caloric value.
While they are entertaining, I think they are a little misleading. Companies saying it’s easy to get a quote and a policy online. Almost every company is capable of this.
Companies saying 15 minutes can save you 15%. The key word in that ad is “can”. They can also be 15% higher.
Companies saying that if you have cut rate insurance, you might not have coverage. Auto insurance doesn’t vary much AT ALL between companies. Even “cut rate” companies.
I am on a crusade to have people understand how their insurance really works and these ads don’t do anything to help the general public achieve that. It’s why you have a good agent who is there for you from the beginning and when the sh*t hits the fan.
The post Simply Explaining Insurance #73- Insurance Commercials appeared first on Dietz Agency.
The individual health insurance space is a confusing landscape to navigate. It’s important to consult a licensed professional when discussing options and plans. On this podcast I talk about a health plan that is available that many are unaware of. Short term health insurance.
These plans offer really nice coverage at an affordable price. They aren’t designed to replace the plans available that are compliant with the Affordable Care Act (ACA) or Obamacare, but that isn’t stopping some families for looking at this as an option.
All plans are going to differ from state to state and I can only speak to the ones that I am familiar with her in Idaho. The short term plans available in Idaho, are good for as little as one month and as long as 10 months. The deductibles are as low as $500. Some offer prescription coverage, and they are generally 80/20 plans. This means the insurance will pay for 80% of health expenses after deductible.
The main difference between these plans and plans on the ACA, is that these do not cover pre existing conditions. They also have a $1,000,000 lifetime max benefit.
Before considering purchasing a plan like this, I urge you to consult a licensed insurance professional and go over all of the benefits of the plan.
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Tis the season for health insurance and I have had a number of very good conversations with clients. When most people think of health insurance, they think of three things:
- How much does it cost?
- What is the deductible?
- What are the co pays?
These are good questions to ask, but there is one part of all of these plans that aren’t discussed enough. What is the Maximum out of pocket? This is the maximum amount of money you will spend in a 12 month period on your health care, not including premiums (as long as your care is in network and it’s in your network, blah blah blah). Also Maximum out of pocket coverage is about the same regardless of what plan you have.
Let’s break this down. There are three levels of coverage on most health plans.
- Deductible . (what you have to pay to access coverage from your plan
- coinsurnace (a percentage the insurance company pays once you hit your deductible)
- Max out of pocket (after you hit this number, insurance covers 100% ((as long as your care is in network and it’s in your network, blah blah blah).
Example. You have a $50,000 hospital bill. Your deductible is $3000 (pretty low these days), Co insurance is 30%. Maximum out of pocket it $8000. You would pay $3000 to reach your deductible. This leaves a balance of $47,000. Insurance will cover 70% of that or, $32,900. Which leave you a bill of $14,100. But your max out of pocket is $8000 so that is all you would pay. You will pay $8000 for that $50,000 bill.
Let’s look at example #2. Lets say you carry a high deductible, $7500! And your co insurance is 40%, your Max out of pocket is $8000 and you have the same hospital bill. What will you pay? You will pay your deductible which will leave $42,500 left over. Insurance will pay 60% of that or $25,500. Which leave you a balance of $17,000. BUT your Out of pocket max is $8000 so that is what you would pay.
What I am getting at here- is in situations where you are staring at a large medical bill, you will end up paying the same amount out of pocket regardless of what plan you have. That lower deductible plan may be costing you $3000 more in premium every year. Does that make sense for your health needs?
There are some plans where people need to pay more and you have to look at more than just this factor. Prescription cost can play a huge role in what plan you choose. I am just saying that this part of the conversation is overlooked.
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If your tree falls on your neighbors house and no one hears it, is it covered?
I jest a little, but this question gets asked regularly in my agency. I did some research with a claims supervisor and found out that trees falling on houses, are considered an act of god. Acts of god are covered on your homeowners policy much like a wind storm or hail storm.
Whosoever house is damaged is whose policy is used. If your neighbors tree falls on your house, it’s your policy that is used to fix the damage. I am sure you are wondering, what if the tree was dead and my neighbor is negligent? You would need to prove with a paper trail, that this topic has been discussed between you and your neighbor. Then you would have to show that nothing was done to rectify a potential hazard.
I discuss a few more scenarios in this 7 minute podcast, including, public trees, trees damaging cars, and how to cover trees on your policy from wind and hail.
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If your garage door closed on your car and smashes the rear window of your car is this covered as a
- Homeowners Claim?
- Comprehensive claim on the auto policy?
- Collision claim on the auto policy?
Ill bet you’re wrong. Find the answer in the podcast or audio embedded in the blog below.
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The post Simply Explaining Insurance #69- Comprehensive vs. collision appeared first on Dietz Agency.
In this episode I talk about the repercussions of filing an auto insurance claim. I have had a few instances in my career where a client had filed a claim, or had one filed against them and they wanted it withdrawn.
This is the rub of my business. Everyone is paying for a product they don’t want to use. The fact is, filling an at fault claim can impact what you pay because the insurance company charges you by how risky they think you are using numerous metrics. If you are filing claims you are statistically more likely to file another one and your premiums will go up.
It’s really that simple. This problem is, if a claim is filed and a customer decides to withdraw it and take care of it themselves, they can’t. Why not Matt? Why can’t they pay for it themselves? They actually can pay for it and have a $0 payout on a claim. BUT, the insurance company knows the act of the at fault accident happened and you cannot unring that bell.
Once the cat is out of the bag, it changes the way the insurance company measures your risk and your premiums may increase. Your policy may have accident forgiveness on it in which case there wouldn’t be an increase. Or, some insurance companies won’t trigger a premium increase unless they pay out more than $800 on a claim.
In any case, it’s wise to get the full picture before filing a claim and that should start with calling your agent.
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The post Simply Explaining Insurance #68- Withdrawing Claims appeared first on Dietz Agency.
Cyber crime has become yet another thing for business owners to worry about. Good news is there is a product called cyberliability to ease some of that worry. Business owners can add this to some existing policies, or purchase a stand alone policy that will protect them from such acts.
If your company stores sensitive information like social security numbers or credit card numbers and you get hacked, you may be responsible for a number of things. 1. You may need to reach out and alert all of your clients that their information might be compromised. 2. You may need to offer all of them one year worth of credit monitoring.
These two things come with an expense that could really sting a business. The more clients you have the more expensive this could be.
As a business owner, I would do an audit on your cyber security. Make sure your passwords are strong on your accounts, encrypt your hard drives using something like bitlocker, and lock up your sensitive documents. Cyber liability insurance is there for you in the event they get through your defenses. It will cover the cost of reaching out to your clients and cover the expense of all of those new credit monitoring accounts for your clients.
Reach out to your agent to see if cyberliability is something that is necessary for you and how it can be added to your policy.
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This episode is for those who are buying a home. Purchasing a house is a lot of work and there are a mountain of hoops to jump through and tons forms to fill out. One of the most important forms is the property disclosure form.
A question on that form, is “Have you filed any claims on this house?”. Most people are honest, and will fill this part out properly. Some people may flat out forget about the little claim they filed 2 1/2 years ago. Some may not say yes because a claim was filed but not covered. Others may flat out lie.
As a homebuyer, you want to know if there has been any claims filed on the house you are considering. Such a report does exist. It’s called a CLUE report. When you get a quote from an insurance company on a house you are considering buying, this report gets pulled and becomes a formal part of the quoting process. Think of is as a Carfax for the house.
A CLUE report brings in any claims that YOU filed on your current house AND and claims filed on the property that you are purchasing. It paints a picture of your history and the house’s history to best price the policy.
I recommend getting a quote on the house you are considering and asking the insurance agent to tell you if there are any claims tied to this property . If you are selling a home, it’s not a bad idea to call up your insurance agent and ask if you have filed any claims on your house so that you can disclose them properly.
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Bike vs. car. You read that right. Not car vs. bike. I recently had a claim filed where the cyclist hit the car (no serious injuries thank God), and not only that, the cyclist was TICKETED for failure to yield.
The cyclist did have some minor injuries. The car was damaged and the person driving the car did seek some medical attention. There are ALOT of insurance implications here. Where does the coverage come from to fix the car? What about coverage for medical for the driver, and the cyclist?
You would be surprised to know that there were two claims filed to take care of this incident. The AUTO policy for the cyclist, used the medical coverage to take care of cyclist’s injuries. This coverage kicks in if you are in your car OR a pedestrian.
The cyclist HOMEOWNERS policy was used to fix the car. WHAT? There is a line a liability in every homeowners policy that will cover you anywhere in the world. Since the cyclist was clearly liable (remember, he was holding the failure to yield ticket) his liability was used.
Also, liability and medical, generally comes with no deductible so the cyclist had nothing to pay out.
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I had a conversation with a client that wasn’t pleasant due to a denied claim. This is a battle that I will continue to fight and it is one of the main reasons I write on this blog and record podcasts and videos. My industry does a terrible job of educating our clients on how these products work.
“I have been paying my premiums for 30 years and never filed a claim.” “Why isn’t this covered”? “This is why I have insurance”. “Why do I even have insurance”? These are the conversations I have found myself in over the years and it sucks.
These policies are binary. There either is coverage or there isn’t. In my latest situation, I had a client who called me and told me he thought there was damage done to his room from ice dams 20 months ago.
You can go back and file a claim for something like that and I will ask the questions to determine if I think there will be coverage. I asked him a very important question. “Has there been any leaking”. He said there wasn’t .
He was mistaken. I am sure it genuine as well! Some of this stuff is hard to identify and locate. The fact is, his roof had been leaking for 20 months and there was dryrot that formed and that is a hard exclusion from any homeowners policy.
If he had filed the claim 19 months ago while the wood was still wet, it would’ve been covered. We covered many claims just like that. Those claims we covered, prevented the damage would’ve occurred later.
I’ve written it before and I will write it again. Neglect, faulty installation and wear and tear are excluded from insurance policies. Please contact your agent when you have any questions regarding how these policies work.
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The post Simply Explaining Insurance #64- Dryrot appeared first on Dietz Agency.
I get calls in my office once in awhile from clients who want to know how their pricing on auto insurance is determined. This simple question does not have an easy answer. There are dozens and dozens and dozens of factors that are taken into place to price a policy.
You know many of them. The age of the driver, the year make and model of vehicle, claims history, and driving record are ones that most people know about. There are many more that you undoubtedly don’t know about.
Credit is the one that people are becoming more accustomed to. Prior insurance is another you may not know about. Did you know your prior insurance limits play a role when you are shopping for a new policy? Whatever your liability limits were on your old policy, play a role in pricing a new policy.
Two other ones that affect premium are prior severe damage to a vehicle and salvaged titles. Vehicles that have been severely damaged statistically end up in more claims and costing the insurance companies more money.
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The post Simply Explaining Insurance #63 Auto Insurance Pricing appeared first on Dietz Agency.
I have been an agent since 2004 and every week, I get to learn something new. I continually get questions I haven’t heard before. The latest question I had to answer from a client, was “If my dog brings in a skunk and the skunk sprays inside the house, is there any coverage for that?”
This client had a renters policy in force. Listen to the episode to hear the answer!
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Many of your insurance policies have two lines of coverage called “medical” and “liability”. The coverage offered inside of these are similar, but they are triggered in different ways.
In this podcast I discuss the difference between the two. With medical, generally, fault does not come into play. With liability someone has to be liable.
I had a client recently who had her sister over and she fell and hurt her hip while in his house. Medical coverage would be available to her regardless of how she hurt herself. Liability would be available only if the homeowner was liable for her fall.
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The post Simply Explaining Insurance #61 Medical vs Liability appeared first on Dietz Agency.
One thing insurance companies care greatly about is who was at fault or who is liable. This comes into play in almost all types of claims, especially auto insurance claims. This podcast helps explains how fault is determined. I also discuss what steps you should take if you are in an accident on a public road and on private property, such as a parking lot.
There are 12 states that are considered “no-fault” states and I don’t do into that type of coverage here. Essentially, in those states, your own auto policy will pay for medical and property damage from your own policy.
In all other states, the insurance companies try to determine whose fault it was in accident, thus determining which insurance policy will pay out on the claim.
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The post Simply Explaining Insurance #60- Who’s at Fault? appeared first on Dietz Agency.
If you run a business, lease space and did a buildout, there is a specific way to make sure that buildout is covered. It all comes down to how it is dictated in the lease. If you did a buildout, who owns the buildout? It depends. The lease SHOULD tell you if the buildout is owned by the building owner upon completion, or upon termination your lease.
If the building owner doesn’t own the buildout until you vacate the space, you are responsible for covering it. There is a coverage called Tenants Improvements and Betterments that you can most likely add to your current general liability policy, OR you can purchase a standalone policy.
The cost of the buildout should be the amount of coverage you need. So if you did a $75,000 buildout, you would want to add $75,000 worth of Tenants Improvement and Betterments (TIB).
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I have had clients call me and ask if there is coverage on their homeowner policy if the water line going INTO their house springs a leak. Unfortunatly, the answer is almost always no. Your homeowners policy will cover damage done by water, from a sudden and unexpected release of water from a closed water system.
It doesn’t cover the land around the house, the cost of excavation or the cost to replace the water service line. BUT!!! There is coverage available through other sources. I received a letter in the mail recently from the company that provides water to my house and they offer a product through a company called HomeServe.
One of the coverages they offer is for Water Service Line Disruption. This coverage will set me back $42 a year and will cover the cost to excavate down to the water line, fix and repair the pipe.
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The post Simply Explaining Insurance #58 – Water Main Break appeared first on Dietz Agency.
.I have had some uncomfortable conversations with some clients regarding their life insurance. It has come from clients I have absorbed over time from other agencies. These clients weren’t counseled properly on how to fund their permanent life insurance policy.
Permanent life policies are a different animal and they require a small amount of constant work. What ends up happening, is the client funds this policy, but they underfund it. You can start these policies with a small monthly amount but over time, the cost of insurance in some of these (mainly universal policies) will increase.
These policies have a separate account for cash. That cash can grow over time. When the policy is funded properly, it can grow ALOT. If it is underfunded and you are just essentially taking care of the cost of insurance, it will never do what it is intended to do. If this is your strategy, term life insurance is the best way to go.
The best course of action, is to overfund these polices from the start so that the cash grows. As the cash grows, the magic of compounding interest kicks in, and the interest and earnings will greatly outpace the increase in insurance costs later in life. It is highly recommended that you get with your insurance agent regularly, to make sure that these polices are on pace to perform properly for you.
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The post Simply Explaining Insurance #57- The #1 Life insurance mistake appeared first on Dietz Agency.
If you own a camper or a trailer, it’s important to make sure you have it covered properly. There are a few ways you can do this. With my company, you can add it directly to an auto on your auto policy and add comprehensive or collision coverage to the camper or trailer. OR if you don’t want to add any coverage to it, that is fine as well. The liability from the auto will extend to the camper or trailer in the event of an accident.
You can also cover it on it’s own policy. When you do this, there are some additional options that are available. Coverage like, vacation liability, gap coverage, additional living expense and more are available. In some instances, it might even be less expensive to get a stand alone policy so it is wise to look at it both ways.
The one time you want to have it insured by itself and not attached to an auto policy, is if you are going to be staying in the camper for an extended period of time. Say more than 30 days.
Also, if you are going to loan your camper to a friend for the weekend, the coverage will come from your policy, not there’s. You are the one with insurable interest, meaning your friend has so financial attachment to the camper. You are assuming the risk by allowing them to borrow it.
In any event, get with your agent to discuss the proper options for covering your camper or trailer.
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The post Simply Explaining Insurance #56- Campers and Trailers appeared first on Dietz Agency.
When you purchase a new homeowners insurance policy, it is common for the insurance company to come out and take a lap around the outside of your house and inspect it. Why do they do this? To see if there are any existing issues that might lead to future claims. If they see certain things, they may decline the policy.
What do they look for? They look at the roof first. The roof is one of the most important things protecting a house. If there are any missing shingles, or lifting or curling shingles the insurance company may decline the policy.
They look for any wear and tear that hasn’t been fixed. Pealing paint for example is a sign of neglect and they may decline. Torn screens or broken windows are signs of neglect as well. Homes with pealing paint and broken screens/windows statistically have more claims files against them.
They will look for things that will lead to an existing liability claim. For example stairs leading up to the house without a railing. Unfenced trampolines or pools are also things that insurance companies don’t like. These things are called “attractive nuisances”. They might attract kids or teenagers to enter your property and hurting themselves.
It’s a good idea to be honest with your new agent and disclose this information before paying for a policy. If a main insurance carrier declines a risk, there are other companies that will take these risks, but they generally are more expensive.
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Should you carry a commercial auto insurance policy? This is a question you should ask yourself if you are self employed, or if you own a business.
A regular personal lines auto policy is there for an average daily use vehicle. It is for people who commute to and from work, run errands, take the kids to school and activities, going to social events, etc.
Anything on top of that, you want to have a conversation with your insurance agent. If you are driving your car for work to go to sales meetings there is a provision on some personal line policies called “business use”. This expands the coverage on the policy.
If you are taking clients in your car, like a realtor, you want to make sure that you have enough coverage on your policy, but your personal line policy, may still be right for you.
You should carry a commercial policy if the vehicle is owned by the business or if the vehicle is used by employees for the business. If you are going to and from job sites every day, or hauling equipment for the company, you should have a commercial policy.
Listen to the podcast to hear my thoughts on when to consider covering your vehicle on a commercial policy.
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This is an area where business owners have some confusion. How to handle workers compensation when you hire a 1099 subcontractor. There has to be workers comp in force whenever you are exchanging money for labor.
Employers can hire workers as an employee, or as a subcontractor. I would encourage you to consult an accountant when deciding how to pay for your labor. There are very specific qualification that need to be met if you are going to sub out work.
If you do hire a subcontractor, it’s your responsibility as a business owner to ensure there is workers comp in force at the time of a job. There are two ways to satisfy this.
- You can have the subcontractor provide proof of their own workers comp policy.
- You can provide the coverage for them
If you hire a sub, and they don’t have workers comp in force, this will be flushed out in your annual payroll audit. A question on the audit is, “Did you hire subcontractors”. If you say “yes”, you have to provide proof through certificates of insurance. If you can’t provide them, you will end up being charged for their payroll on your audit. This can be a heavy expense depending on your business and how much you paid them.
Make sure you get this one right. It’s a pricey lesson to learn if you misstep.
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The post Simply Explaining Insurance #53- Workers comp and subcontractors appeared first on Dietz Agency.
Slow leaks in a home are the worst. They generally not covered on most homeowners policies. Water is covered from when the loss is “sudden and unexpected” like a burst pipe. Things that are generally not covered are wear and tear and neglect.
As houses age, things break down. It is the obligation of the homeowner to do what is necessary to keep it safe. What are some things that can be done to locate slow leaks? Here is a great 6 minute video showing some thing you can do to see if you have a slow leak. Things like looking at your water meter, checking your water bill, stains on the ceiling or floor, checking your crawlspace for water and more.
This is a frustrating conversation for all parties involved if there is damage that isn’t covered so I wanted to share some things that you can do as a homeowner to prevent these things from happening.
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It’s important to have coverage for your stuff. Whether it is your personal property in your home, or your equipment for your business. I encourage everyone to evaluate their coverage amount and at the same time, make sure that coverage is there for you if you need it off your premises.
On a personal lines policy, you will want to know if your personal property is covered if you have your things stored in a storage facility or a second home.
In your business, there is an extra line of coverage called “off premises property”. Again, if you have you equipment stored off site, this coverage will need to be added and dialed in. Your base policy, will cover your belongings, but it will exclude coverage if you have things stored off site.
There is another coverage called “blanket” coverage if you have multiple locations for your business. If this options is selected, your equipment will be covered at any of the locations listed on the policy.
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The post Simply Explaining Insurance #51- Off Premises Property appeared first on Dietz Agency.
Most people understand why it is important to keep your auto insurance in force. It’s the law. That doesn’t scare 1 out of 7 people out there who are driving around uninsured. What you may not know, is there is a financial consequence to having a gap in your auto insurance.
People who have gaps in their auto insurance, file more claims. It’s a statistical fact. So if you let your insurance cancel, and go to get another policy, your premiums could be drastically different.
The length of the gap may be dependent on your state or your insurance company. I know with my company, if your insurance lapses with us, you have 30 days to reinstate the policy and keep it going. If you come to me with ANY gap from another company, I cannot write you in our preferred company. We have to place you with a higher risk carrier.
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There are two coverages inside of a commercial auto policies that you need to be aware of. Hired and non-owned auto will protect your business if you and/or your employees are in an accident.
Hired auto will cover you if you are renting a car for business. The liability from your policy will transfer over if you are in an at fault accident. There is another coverage available in some states called, “Hired physical damage” which will cover the car itself. It’s important to know if you have this on your policy.
Non-owned auto, will cover your employees if they are driving their car for business purposes. Their vehicle will not be covered but the liability from your business policy will transfer over to cover any medical expenses or property damage from the resulting at-fault accident your employee is in.
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The post Simply Explaining Insurance #49. Hired and Non owned Auto appeared first on Dietz Agency.
Workers compensation is a need for any company that has W2 employees. It is a policy to protect your employees if they are injured on the job. The pricing on a workers compensation policy can be confusing at first, but it’s really pretty simple when it is explained.
There is your payroll, your industry rate, and two options to earn discounts or surcharges. The first is called an experience mod. In the simplest terms, you can earn discounts if you don’t file many or any claims.
The second is called a schedule mod. This is the only opportunity the insurance company has to influence the rate. If they think you are run a safe business, they can drop your rate. They can also raise it if they think you are a higher than average risk.
There is a also a discount in some states called the drug and alcohol credit. If you have a written drug and alcohol policy stating the consequences to showing up to work drunk or high, you can get a discount on your WC premium.
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The post Simply Explaining Insurance #48 Saving on Workers Compensation appeared first on Dietz Agency.
What if you as a business owner are accused of something by an employee or ex employee for something that you didn’t do? What if you are accused of sexual harassment? Or wrongful termination? Or discrimination? What if this disgruntled employee hires a lawyer?
According to a 2015 Hiscox study, 1 in 5 businesses of 500 employees or less, will face employment charges with an average cost to defend of $125,000. This would be a huge hit to any small business.
What can a business owner do to protect themselves agains claims like these? There is a coverage called EPLI (Employment Practices Liability Insurance), which covers claims alleging:
- Wrongful termination
- Discrimination
- Harassment (including sexual harassment)
- Retaliation
This is a coverage that may be included in your current general liability policy, or you can purchase one that is stand alone. In any case, it might be a good time to get with your agent to review your policy to make sure you are adequately covered. Listen to this episode for more details.
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The post How to protect you and your business if you are accused of sexual harassment. appeared first on Dietz Agency.
Did you know statistically 1 out of every 8 drivers is uninsured? There is a coverage called uninsured motorists that is available on your auto policy, but did you know that covers your medical bills? What about your car? How is that covered? What if you have liability only on your vehicle? The answers lie within this short podcast.
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The post You were just hit by an uninsured motorist. Who pays for the repairs on your car? appeared first on Dietz Agency.
When you write an auto policy with an insurance carrier, the insurance company insures the vehicle for blue book value. If you make any additions to the vehicle, it’s important to let your insurance company know in order to make sure everything is covered.
For example, if you add a cover to your truck. It’s an aftermarket product that would not be covered in an accident or a break in, UNLESS you add it to your policy. If you have any questions, you can call your agent to make sure your vehicle is covered properly.
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The post Is your entire truck covered on your auto policy? appeared first on Dietz Agency.
Let’s say you just bought a spanking brand new car. It has all the new tech, all the bells and whistles and as your seat is warming up and you are figuring out how play a song on your radio, you rear end someone and total it.
You walk away unscathed other than your pride being bruised. Your pocketbook may take a big hit though if you didn’t protect your loan. If you totaled your new $40,000 car, it is worth less than that the moment you drive off the lot.
Let’s say you owe $39,000 on the car but when you total it, the bluebook value is $36,500. Insurance companies cover vehicles for actual cash value and will reimburse you for the amount the car is worth. In this case, you would be $2500 short.
There are a few ways to cover this gap through something called “gap coverage”. You can buy standalone coverage through the dealer which they will offer you when you are signing that mountain of paperwork.
Or, you can call your trusty insurance agent (if you have one) and have gap coverage added to your policy. It generally costs less than what you can get at the dealer and there is no additional paperwork or agreements to sign.
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The post Add gap insurance to your auto policy to save. appeared first on Dietz Agency.
This topic many don’t know about and many will not care about. BUT, I have had a number of conversations in my agency over the past year revolving around this topic so it was time to chat about it.
What are OEM parts? OEM stands for Original Equipment Manufacturer. This is an endorsement you can add to your auto insurance policy (assuming it is offered. Not all companies do) that will ensure that the parts put on your car while being repaired due to a covered loss, are from the company that built your car.
It ensures that your BMW will get BMW parts. Often, during the repair process after an accident, your car will get aftermarket parts put on. This is not a bad thing. In some cases, aftermarket parts are actually better than OEM parts.
If you have had an auto accident, odds are your car was fixed with aftermarket parts. This helps keep the cost of insurance down. If you want to make sure that your car gets OEM parts, call your agent and see if they can place that endorsement on your policy for an additional cost.
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I sat down with a friend recently so that she could share the story of the most difficult time of her life. Lisa lost her husband after a brutal bout of cancer. Dan was 49 years old.
Dan did a beautiful for Lisa years before. He purchased a life insurance plan for her and it has been a crucial part of her healing process. I really don’t want to write a lot on this, I just want Lisa to tell her story. Find it below, or on Itunes.
Links: Lisa’s blog
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Health insurance has gotten a little confusing and quite frustrating. This episode is to help break down how to get a plan that is proper for you. There are a number of ways to buy health insurance. You can go direct through the carrier, or buy a plan through an exchange. The exchange in Idaho is www.yourhealthidaho.org.
You have to go through the exchange if you are applying with Tax credits. The less money you make, the less your health insurance costs but you have to go through the proper channels to apply for and receive these credits.
Recently, health insurance has gotten more expensive and benefits are getting harder to access with higher deductibles. The other thing to pay close attention to, is make sure your primary Doctor is IN YOUR NETWORK. The insurance companies want to make sure the care you seek is in network and if it is not, the out of network deductibles, and out of network maximum out of pocket expense is ludicrous.
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The post Understanding Health Insurance appeared first on Dietz Agency.
Medicare options can be a confusing landscape to navigate. I wanted to take the time to simplify your options so you have the ability to choose the proper plan.
In this episode I discuss what traditional medicare parts A and B are. More importantly I discuss the two main options you have,to supplement the gaps that you have with parts A and B. I also discuss the proper ways to make sure you have proper prescription coverage.
It is very important that you are on the plan that fits you best and it comes down to trying to project costs. If you need more medical care, there is a plan you can buy that will provide you zero out of pocket costs. These plans come with a higher premium.
You can choose a plan that costs significantly less. You will have some predictable co-pays in the event you need medical services.
It’s important to make sure the plan you choose, will allow you to see your physician. Take 8 minutes and listen to the podcast and let me know how I can help.
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The health insurance landscape over the past few years has gotten very confusing. Ever since the Affordable Care Act (ACA) or “Obamacare”, business owners are scrambling to find out what they need to know. Luckily for you I have Kelly Madison on the show. Kelly has been offering health insurance plans for over 20 years and does an excellent job keeping up to date on what YOU need to know.
Employers with over 50 employees or FTE (full time equivalent) employees, by law, have to buy health insurance or face massive fines. We also discuss how to go through the process of securing a group health insurance plan.
This can be a confusing topic. If you surround yourself with the right team of professionals, you will be taken care of. Thank you to Kelly for coming in and sharing this valuable information with us!
Links: Find Kelly on Linkedin
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The post Group health insurance. What you should really know. appeared first on Dietz Agency.
There can be some confusion sometimes between what constitutes “full coverage” auto insurance and liability only. What full coverage means, is that you have liability AND coverage to repair your vehicle in the event of an at fault claim.
Other coverages are available on an auto policy, but they are optional and don’t automatically come with “full coverage”. This episode is about one of those optional coverages. It’s called rental reimbursement coverage and it will pay for some, or all of a rental car if you are in an at fault accident.
This option isn’t for everyone. It sounds like a nice idea, and is, under the right circumstances. Some people have no need for this coverage and I don’t believe should have it included on their policy. For example, If you have 3 cars and two drivers, you can save some money on by not including this in your policy.
Listen to the full explanation below or on iTunes. It’s all of 7 minutes.
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The post The auto insurance coverage you are paying for, but may not need. appeared first on Dietz Agency.
It’s a homeowners biggest nightmare. Picture yourself coming home from a long day of work to an empty house. Maybe you’ve been looking forward to sitting down with a glass of wine or an iced tea and a little time to decompress. You pull up and your driveway is wet. You open the garage and there is this nice steady stream of water coming out of the door that leads into your house. Upon opening the door you have 2-3 inches of water in your kitchen.
This episode is to walk you through what to expect next. I sat down with Doug Pill, who is the COO of Servicemaster Fire and Water Restoration by Johnny on the Spot. He and I help you understand some best practices on what a homeowner can do quickly to stop any further damage and how to begin the repair process.
This can be a trying time for a homeowner, but you will have a team of professionals working hard to get your home back to where it was before this event. Thanks to Doug for coming in and helping explain the procedure in clear and concise fashion.
Links: Servicemaster by Johnny on the Spot website
Servicemaster by Johnny on the Spot Facebook page
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The post What to do when your home is full of water. appeared first on Dietz Agency.
Your home is most likely only your biggest asset and it is crucial that you insure it properly. Odds are you have no idea what your home is insured for. Maybe your mortgage broker put it all together for you with an insurance agent. It’s time to dust off that policy and take a look at it.
There is a tool that insurance agents use to determine the proper value to rebuild your house. It is very useful and accurate but it’s not a bad idea to call your local agent to go through it with them to make sure your home has the proper amount of coverage.
I cover this in this short podcast episode. I also cover an important coverage called extended replacement cost and if you should cover a house for the purchase price or not.
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The post Learn how to choose the right amount insurance for your house in 5 minutes. appeared first on Dietz Agency.
Did you know that you can extend your liability from your homeowners policy to a plot of land? You can also extend it to watercraft like jetskis or boats. It is VERY inexpensive way to make sure you are adding that protection to things that need it. Take a few minutes and listen to this 4 minute podcast and learn how and why this can be important.
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There are two coverages that should be built into your auto policy. They are called Uninsured motorists and underinsured motorists. They protect you and anyone in your car if you are hit by someone who doesn’t have ANY insurance or if they don’t have enough insurance. These are an important defense to making sure you don’t find yourself in a situation where you may be stuck with unwanted medical expenses.
The coverage is generally very inexpensive and is something that my agency includes on EVERY auto insurance policy.
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This is a question I get once in awhile. “Why did my insurance go up, I have never even filed a claim?!”. When you have a true understanding on the mechanics behind how insurance works, I think you will see why rate increases occur.
When insurance is needed, it is used to pay for dozens of different things. It pays for medical bills, it pays to rebuild homes, it pays to replace property, it pays for lost rental income, it pays for a rental car if you need it, it pays for a towing company to help you out, it pays for lost wages if an employee is hurt on the job, to name a few. Insurance isn’t a stand alone product. It’s pricing is determined by the cost of other goods and services and all of these services, have increased in cost in the past few years and will continue to do so.
The average cost of a new car in 2016 is over $33,000. Every time there is a fender bender and a bumper has to be replaced you are looking at at least $1500. There are sensors and cameras in every car these days, so it’s not like they are taking an old bumper off and slapping on a new one.
The cost of medical has increased over the past 10 years so when you are in an accident and there are injuries, it’s the insurance from the at fault driver who pays those medical bills. These are a couple of factors that cause rate increases. Check out the short podcast below for more!
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I think it is amazing when a company offers group life insurance as part of their benefit package and if your company offers it, get as much as you can. There can be some shortcomings though if this is the only policy you have to protect your family.
For starters, most people have no idea how much life insurance they have from their employer. When they look an find out, they realize that they probably don’t have enough. Most employers offer 1-2x their annual salary. That’s great and all, but it is wildly short than what a family needs. What happens when that money runs out?
The other thing that people don’t consider, is that this group life insurance policy, isn’t theirs. It belongs to the employer. When you leave that employer, so does the insurance policy. Not only is that policy not enough, it’s not even yours.
According to the Bureau of Labor Statistics, the average tenure of an employee these days is 4.6 years. What if your next job doesn’t offer group life insurance?
As with health insurance, you don’t want gaps in your life insurance coverage, because you never know when you might need it. Most workers who get coverage through work don’t know where their life insurance will come from if they change jobs, are laid off, their employer goes out of business, or they switch from full-time to part-time status. You usually won’t be able to keep your policy in these scenarios. Lack of portability can be a problem if you aren’t going directly to another job with similar coverage and aren’t healthy enough to qualify for an individual policy. Some policies do allow you to convert your group policy to an individual one, but it will likely become much more expensive, as you’ll be converting your term policy to a costlier permanent policy. And if you’re losing your coverage because you were laid off, the premiums might be unaffordable.
Group life insurance plans should be secondary to a policy that you own. You can choose how much you actually need, or you can let a licensed professional help you figure that out. You can choose how long you want to have it, you can choose if you want term or permanent.
The last thing is, some people think they have life insurance plans through work, but they are flat out wrong. I have seen some people look at their policy only to realize they have an Accidental Death and dismemberment policy (AD&D). Or the policy dictates that it will cover them, but only if they die on the job.
Do yourself a favor and look at your policy you have at work. Find out how much you need. Use your employer’s policy as a secondary policy and protect your family properly.
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Music by Roger Clyne and the Peacemakers
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To steal a line from my childhood hero Ferris Bueller, “Things move pretty fast these days.” You can now order a cab from your phone using a rideshare service. I used Uber for the first time recently and was amazed at the entire process. The simplicy, the elegance of the app and the fact that you don’t need cash all added to the experience. Owning an insurance agency got me wondering how these drivers are insured so I did a little research. Turns out if you drive for a big company like Uber or Lyft, there is a serious gap in your insurance, UNLESS, you have the proper endorsement on your personal auto policy.
Some companies have evolved, and are providing coverage to fill this gap. Farmers is one of the few companies that currently offer this coverage. The gap occurs when the driver is “for hire” but hasn’t received a request for a ride yet. The company policy has very limited liability coverage at this time, and NO physical coverage for the driver’s vehicle.
Research shows that about 90% of rideshare drivers don’t have the proper coverage to fill this gap. If you are a driver for a rideshare company, call your agent and see if you have the proper endorsement on your policy.
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Short little tip here. If you have a car that you use seasonally and have it stored for months at a time, make sure you let your insurance agent know. They will strip all of the coverage off of it except for the coverage called “comprehensive”. This covers it if it is damaged while in storage, if it is damaged in a fire, or stolen. This coverage is super cheap and it will save you quite a bit of money.
Just don’t forget to call your agent before you take that car out of storage.
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Music by Roger Clyne and the Peacemakers
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Your house is one of the biggest investments you will ever make. I sat down with Brandon Wright who is the owner of Ultra Clean. He unloads, a ton of useful information to help us understand what to look for and how to prevent damage to our home.
Homes do not come with a user manual. I have been a homeowner now for 10 years and still don’t know everything that I should know about preventing certain things to my house. Brandon and I talk about what you should do seasonally to help out.
He also talks about what you should look for if you are are buying or selling a house. That can be a stressful time for all parties. Take some of the stress out of the process by learning what to do, and what to look for when buying and selling a house.
We also discuss what to do if you come home and your house is full of water. This is a common event which needs to be handled right away.
Thanks to Brandon Wright for sharing this information with us!
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Music by Roger Clyne and the Peacemakers
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This is a short and sweet podcast that explains some of the details on insurance billing. It isn’t the sexiest of topics, but I will teach you how to get the most out of your insurance dollar. Since you will be paying for insurance for the majority of your life, knowing this can save you thousands of dollars over a lifetime. Check it out….
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There are plenty of benefits for a renter to carry renters insurance, but did you know how it can protect you as the landlord?
The most important part of this policy for you the landlord, is the line of liability that is included. Most renters policies include liability that protects you against fire, smoke and explosion. If there is any of this type of damage to the rental unit it can be run through their renters policy and not your policy.
Also, if this type of damage occurs, they will need to live somewhere else for awhile while it’s being fixed. A renters policy will pay for those additional living expenses for the tenants.
This policy can really protect you against a tenant filing a lawsuit against you. Let’s say they don’t have a renters policy and a fire starts and it’s deemed to be due to faulty or old wiring. Your policy will have to be used to repair the damages, and they may sue you for the loss of their personal property and for not having a place to live. A renters policy covers ALL of that.
There is also a clause in many renters policies called the “good neighbor clause”. This would protect you again, if a tenant causes damage to another tenants property.
If you are going to have your tenants carry renters insurance, it’s a good idea to put it directly in their lease and should be added as an “Additional Interest”. This just means if the policy goes out of force, you will be notified. Check out the podcast below- It is all of 6 minutes long and will help you understand all of the benefits of having your tenants carry this coverage.
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The post How good landlords use renters insurance to protect their investment. appeared first on Dietz Agency.
The deductible you choose for your insurance, directly affects what you pay. The higher your deductible, you lower your premium. The question is, what is your cost threshold? How much are you willing to “self-insure” for? I have clients who are paying too much for their insurance because they have their’s set too low.
In this episode, I cover how to determine where you should set your deductible. It’s only 6 mintues long so check it out!
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If you have an son or daughter that is about to get their drivers licence, it’s an important time in all of your lives. I remember when I turned 16 and my father took me down to the DMV to get that little piece of plastic. It was one of the first times I felt like I was growing up. Driving is a massive responsibility and one that should not be taken lightly. This podcast gives 5 pieces of advice for parents and new drivers to hear.
- When should you add a youthful driver to the policy.
- I believe all drivers should understand how an auto insurance policy is built and how it protects you. What you need to know about your auto policy in 8 minutes.
- Teach new drivers what to do in the event of an accident.
- How much is this going to cost and how can I keep costs down?
- Look into an umbrella policy. You don’t have to be a millionaire to be sued like one.
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Music by Roger Clyne and the Peacemakers
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Identity fraud will continue to be a growing concern for us. There are ways to protect yourself out there and one of those ways can be through your insurance policy. Some insurance companies, including the one I am with, offer a rider on their homeowners policy or renters policy that offers active credit monitoring. Learn more about it in this 6 minute podcast.
Identity Sheild website
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Life insurance for kids sounds like a strange premise. It can also be a polarizing subject. I would only ask that you learn about the benefits of the product so that you can make an educated decision of if it is right for your family. Talk to a licensed insurance agent who offers the product and has sold it.
The benefits of purchasing a life insurance policy for your children are:
- Guaranteed Insurability
- A living benefit that can enjoy compounding interest for over 50 years
- A death benefit
Simply Explaining Insurance on Itunes.
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Most life insurance is medically underwritten and if you aren’t in perfect health, you will pay more or you may be declined altogether. There is another option for a very specific group of people who want life insurance but have been declined for health reasons.
It is an instant issue policy where you have to answer “no” to three simple questions. 1. Are you terminal? 2. Are in in a nursing home or assisted living? 3. Are you on oxygen? If you can answer “no” to those questions, there is a policy out there for you.
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Commercial insurance is a vital part of protecting your business and it isn’t something you should go out and buy like auto insurance. You really need to know how to protect your livelihood.
There are MANY different types of insurance for businesses including, general liability, workers compensation, E&O, professional liability, malpractice, EPLI and more. Each one of these have coverages inside of them which are important to understand.
In this podcast, we cover some of the very basics behind general liability coverage. We talk about what it covers, how it is priced, and what you can add to it. Don’t take these lightly and make sure that you do your due diligence and meet with a insurance professional who has been there before.
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Permanent life insurance can be a powerful tool if used and understood properly. What people need to understand, is that the money in the cash account, can be “borrowed”. Why is this important? Why not just cash out the money instead of take a loan? One simple, mind blowing answer. You can’t tax a loan.
If you have a permanent life insurance policy, you can get to that money without having to pay tax on it. You can sock away a lot of $$ in these policies too. If you want more control over your $$ and have the opportunity to keep more of your money, this strategy is very very strong. Listen to the podcast to learn more!
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Music by Roger Clyne and the Peacemakers
The post Using permanent life insurance to save on taxes appeared first on Dietz Agency.
Today’s podcast in on Workers Compensation. This is a vital part of your commercial line protection plan. The moment you hire a W2 employee you have to put this policy in force and it will pay for their medical expenses if they are hurt on the job.
This podcast covers: What the policy covers, how the policy premium is determined, the audit process, and the difference between protecting W2 employees and 1099 subcontractors.
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Music by Roger Clyne and the Peacemakers
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While Obama made healthcare available for everyone, he didn’t to the same for our pets. Don’t despair. You can get health insurance for your dog or cat. We have partnered up with a company called Pets Best to offer their insurance through my agency.
It is very affordable, and comes in three different levels. You can find coverage for accident, cancer, tests and x-rays and even routine medical care. Take a few minutes and listen to how it all breaks down and give my office a call (208-939-7123) so we can help you protect your pets, and protect you from those vet bills!
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The answer to this question. x/.05. There you have it. The explanation lies inside the podcast.
This is the most important insurance you have and you don’t want to get it wrong. Life insurance is all about easing the financial burden after losing a primary wage earner. If you get it wrong, you can put your surviving spouse in a very difficult financial situation moving forward.
People buy life insurance because they love someone. They buy it to take care of them if something happens before it should. My agency helps people find out how much they need, what they can afford and make those numbers work.
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I can’t make these titles up by myself you know. This podcast will help you protect your jewelry and firearms properly on your insurance policy. Your base homeowners policy isn’t always enough. You will learn when you need to add jewelry or gun coverage to your policy and how to do it.
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Music by Roger Clyne and the Peacemakers\
The post What if you lose your diamond ring in a bag of green beans? appeared first on Dietz Agency.
There is a great convenience to buying your insurance online. There are many things that an insurance agent can give you that an 800 number or website can’t. I highlight 4 important things you will get from a good agent.
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You have access to the same people who get to know you.
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They can be another resource to assist through the claims process
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They will help you write the proper level of coverage for you and your family
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They will help you keep your policy up to date.
Find the podcast on iTunes here
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Music by Roger Clyne and the Peacemakers
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The best time to buy a life insurance policy is today. There are two reasons for this. We are never younger than we are today, and we rarely get healthier as we age. These are the two main factors in rating for a life insurance policy.
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When is the last time you had an insurance review? Have you EVER had an insurance review? I would recommend you get in and see your agent (if you have one) to go over your policies. I believe that people don’t want to do this because they think the agent is just going to sell them something else. That isn’t the case. Your insurance agent wants to help you make sure you are covered properly and they know how to do it. Insurance can seem complicated, but a good agent will make it simple.
Here is why you should schedule a review with your agent.
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Music by Roger Clyne and the Peacemakers
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Have you ever been dropped by your insurance company? Insurance companies don’t drop clients for no reason, and while it might feel personal, it is definitely not.
I will explain the reasons insurance companies make these tough decisions.
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