What Should I Do at The Scene of An Auto Accident 2.0?

I’ve written on this subject previously, but I’m revisiting the question to add a few points where technology comes into play.  Today, most people have smart phones or tablets that can be used to document critical facts and information following an auto accident.  The following are a few additional FAQs you should know to be prepared to utilize technology at the scene of an auto accident:

1.  How should I record information at the scene of an auto accident?  You should leverage the use of your smart phone or table to record information at the scene of an accident.  Use the camera feature of your phone to take photos of the other parties’ driver’s licenses and insurance cards.  You should also take photos of the vehicles involved, the location of the vehicles at the scene and the street signs at the location of the incident.  

2.   How can technology help my insurer investigate losses and why should I help?  Technology, such as Google Earth, helps insurance adjusters confirm details of disputed accidents, such as the road design and traffic controls at the location of the accident.  You should help record the location of the loss to help “paint the picture” for the adjuster that will be deciding the liability on disputed claims. 

3.  How can technology hurt my case in a disputed claim?  Distracted driving is becoming more and more prevalent today.  Using your phone or other electronic devices while driving is causing an increase in the frequency of auto accidents.  If it’s determined that you were on your phone at the time of the accident, you will most likely be held liable for the resulting damages/injuries caused as a result. 

If you have additional questions regarding auto accidents and how it affects your auto insurance premium, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, Texas 75071

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I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

Top 3 Things Homowners Shoud Do to Reduce Home Insurance Claims

Home Insurance premiums are on the rise in McKinney and the state of Texas for consumers.  The frequency and severity of home insurance claims is one of the primary factors in rising home insurance premiums.  My clients often ask for ways they can help reduce their potential for home losses and mitigate the costs of any future losses they may have.  The following are a few steps you can take to reduce the frequency and/or severity of home insurance claims: 

1. Have your roof inspected annually by a reputable roofing professional.  Performing annual inspections and maintenance to your home’s roof is important to avoid costly home insurance claims in the future.  A properly maintained roof will stand up better to wind and hail damage, which may help keep any interior damage from developing when storms do occur. 
2. Inspect your washing machine hoses frequently.  Water damage from worn washing machine hoses is one of the top drivers of home insurance claims.  Check your washing machine hoses for wear and tear frequently.  Replace any rubber hoses with steel-braided ones to further reduce the chance of a hose failing and causing a water incident.
3. Clean your dryer vents frequently.  Lint build up in dryer vents increases the likelihood of a fire starting in your home.  Check dryer vents and hoses for lint build up and have your vents professionally cleaned to reduce this risk. 

If you have additional questions regarding home maintenance tips or your home insurance rates, please stop by my offices in McKinney, TX or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, TX 75071

 

Have some tips or comments to share on home maintenance or home insurance claims? Share your thoughts in the comment section below. Or share your insight by following us on Facebook or Twitter!

 

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

What is User-Based Insurance and How Does it Lower My Auto Rates?

User-Based Insurance (UBI) is a concept where auto insurance consumers allow their insurance company to monitor their driving behavior to determine auto rates.  Typically, insurers utilize a device that drivers plug into their car or a mobile application that drivers download on their smart phone.  Insurance consumers often ask for auto insurance rates to be tailored more specifically to individual driving habits and UBI makes this possible.  The following are a few FAQs you should know about User-Based Insurance:

1. What driving habits are monitored by User-Based Insurance?  UBI generally monitors mileage driven, vehicle speed, hard-braking, distracted driving (e.g. driving while texting, talking on the phone or using online applications).
2. What benefits do insurance companies get for using User-Based Insurance?  Insurers benefit by acquiring more driver data, which helps develop auto insurance rates more accurately.  Insurers also benefit from auto driver’s operating vehicles more safely, which decreases the number of auto accidents.
3. What benefits do auto insurance consumers get for using User-Based Insurance?  Most insurance companies offer a discount to consumers for utilizing UBI, so lower auto insurance rates are a major benefit.  Additionally, all auto drivers benefit from UBI from the increased awareness of driving safely, which reduces the number and severity of auto accidents. 

If you have additional questions regarding User-Based Insurance or your auto insurance rates, please stop by my offices in McKinney, TX or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, TX 75071

 

Have some tips or comments to share on UBI?  Share your thoughts in the comment section below or share your insight by following us on Facebook or Twitter!

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

 

What's Replacement Cost Coverage in Home Insurance and Do I Need It?

“Replacement Cost Coverage” is an insurance term that designates how property will be adjusted in a claim.  Replacement cost is the amount it would take to replace damaged property at today’s prices and without deducting for depreciation.  In homeowner’s insurance, replacement cost is most relevant in the adjustment of roofs in weather related claims and personal property in fire and water related claims.  The following are a few FAQs you should know about your homeowner’s insurance coverage:

1. What does replacement cost coverage in homeowner’s insurance mean?  Replacement cost coverage means that should you have a covered claim, your policy will pay the cost to replace your damaged property at today’s prices, without deducting for depreciation. 
    
2. When do I need to have replacement cost coverage?  Replacement cost coverage is required by most banks when there is a mortgage on the home. 
    
3. How is replacement cost coverage calculated?  Replacement cost coverage is calculated based on material and labor costs, and city/county fees.  It also may include the cost of debris removal (e.g. the cost of clearing the foundation of damaged material after a fire).  In short, it is the cost to rebuild your home if it were destroyed. 
    
4. Should I ever consider not having replacement cost coverage on my policy?  I counsel clients to consider not having replacement cost coverage when they have older homes and/or homes that are lower in value.  In these cases, the homes won’t have mortgages and the clients desire reduced coverage in exchange for lower premiums.    
    
   If you have additional questions regarding your coverage choices and how it affects your home insurance premium, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.
    
   Stan Polk, CPCU – Agency Owner
   6951 Virginia Parkway, Suite 316
   McKinney, Texas 75071

Starting a Small Business: What Kind of Insurance Do I Need?

As a small business owner myself, there are hundreds of things on your “to do” list to get your business off the ground and running smoothly.  One of those things should be to have the right business insurance in place to handle losses that could potentially put you out of business.  Having proper coverage limits for general liability and business personal property is always important.  Here are a few other important coverages to consider:

1.  Professional Liability – Does your business/profession put you at risk for claims by your clients from your alleged faulty advice or defective product/services?  Professional liability is otherwise known as errors & omissions (E&O).  This coverage may also provide the cost of defending you in court and cover damages awarded in a civil lawsuit. 

2.  General Liability – What if you cause an accident during the operation of your business and cause property damage and/or bodily injuries to others?  General liability coverage provides coverage for damages and injuries to others as a result of your negligent acts. 

3.  Cyber Liability – This is a relatively new coverage offered by many insurers.  This covers a business’ liability for data breach from hackers where customer data has been compromised or other similar cyber threats.  This type of coverage can help businesses minimize the impact to their reputation by providing breach notification and credit monitoring services to customers.  It may also provide the cost to defend you in court if you are sued under the allegation of data breach. 

These three coverages are important; however, there are multiple other coverages offered by insurers that may be beneficial to your small business.  Sit down with an insurance professional that you trust and have a discussion to tailor coverage that is specific to your small business. 

If you have questions regarding business insurance, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.

Stan Polk, CPCU - Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, TX 75071

Have some tips or comments to share on Business Insurance? Share your thoughts in the comment section below. Or share your insight by following us on Facebook or Twitter!

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

 

Why Are My Auto Insurance Rates Going Up And How Do I Lower Them?

Auto insurance rates for drivers in Texas and across the nation are increasing.  Consumers want to know why this is the case and how they can maintain or reduce their rates.  This is particularly the case for auto insurance in McKinney, Texas and the surrounding Dallas-Fort Worth metroplex.  The following are a few FAQs you should know about auto insurance rates:

1. Why do auto insurance rates increase?  Auto insurance rates can increase due to an increase in the cost of auto claims paid by insurers.  These increased costs can be attributed to more auto accidents, increased parts and labor costs and increased costs of auto injury settlements. 
2. I haven’t had any tickets or accidents – why are my auto rates increasing?  When you insure your auto with an insurance company, you are pooling your risk along with all other people insured with that same company.  If the losses for the whole group are increasing, that could cause your rates to increase as well. 
3. How can I lower my auto insurance rates?  You should check with your insurer to determine if you have all of the discounts applied to your policy that you are qualified to receive.  Discounts vary by insurer, but generally, you may receive discounts for insuring multiple autos and combining multiple policies (e.g. auto/home/life) with one company.  Also, you may be eligible for discounts based on your occupation or college degrees that you have.  Insurers also may give discounts based on how you choose to pay your premium, such as paying in full or setting up your premium on automatic monthly drafts.   

If you have additional questions regarding your auto insurance, please stop by my offices in McKinney, TX or give me a call at (972) 727-9111.

Stan Polk, CPCU - Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, TX 75071

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

What Is Personal Umbrella Insurance and Do I Need It?

“Personal Umbrella Insurance” is a policy that provides an additional layer of liability coverage over and above your underlying home and auto liability coverage limits.  Personal Umbrella coverage can protect your assets and future income in the event of a catastrophic loss.  The following are a few FAQs you should know about Personal Umbrella coverage:

1.    What is Personal Umbrella Insurance?  Personal Umbrella is a coverage that provides an additional layer of liability coverage (typically starting at $1 million in coverage limits) for claims that exceed your underlying home and auto liability insurance limits.

2.    Why should I consider Personal Umbrella coverage?  I recommend considering adding a Personal Umbrella policy when you have unique exposures (e.g. owning a swimming pool) and/or when you have assets and future income to protect from tort claims, lawsuits and/or judgments.   

3.    When might a Personal Umbrella policy offer coverage?   If you are sued or have a third-party claim against you and your home or auto liability limits are exhausted, a Personal Umbrella can cover you up to its coverage limits. 

4.    What are the requirements for purchasing a Personal Umbrella?  Typically, most insurers require that your underlying home and auto liability insurance limits be a minimum of $300,000 to $500,000 before you can qualify for a $1,000,000 umbrella policy limit.    

5.    Will a Personal Umbrella policy cover liability exposures other than home and auto?  Yes.  Generally, a Personal Umbrella policy will coverage exposures from your use of boats, motorcycles or recreational vehicles as long as those exposures have underlying liability coverage and those policies are listed on the Personal Umbrella.      

If you have additional questions regarding Personal Umbrella Insurance, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, Texas 75071

Have some tips or comments to share on Personal Umbrella Insurance? Share your thoughts in the comment section below. Or share your insight by following us on Facebook or Twitter!

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.