When These Life Events Occur, You Need an Insurance Checkup

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Personal Insurance Update

We often get asked the question, “When should I have my personal insurance reviewed?”  Remember, if you bought your personal insurance online, you do not get a review, you are on your own.  Most of us know that major life events can make it necessary to update our insurance coverage.  However, did you know that even subtle changes could have an impact on your financial needs and plans?  Call our office today, and we can help you find the right combination of coverage and price.

Many life events might trigger a call to your personal insurance agent.  It does not matter if you own or rent, these life situations require a change or update to your personal insurance.

  • Have you bought or sold a car?
  • Has your marital status changed?
  • Is a parent now living with you?
  • Do you work from home?
  • Did you buy a boat, RV, or ATV?
  • Did you change your address?
  • Always let your insurance agent know if you install a pool or trampoline.
  • Have you welcomed a new baby into the family?
  • Did you acquire a dog that may be on the insurers watch list?
  • Have you remodeled your home in a way that may increase your home value?
  • Have you received a major inheritance?
  • Do you have a new teen driver in the family?

 

 

Life Insurance, Do You Have Enough?

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According to the latest information, most people do not have enough life insurance. Only six out of ten people have even considered life insurance, and many who do have life insurance don’t think they have enough. 70% of households with children say they are just barely meeting their needs. But what would happen to those families if a portion or all of their income was lost due to the death of a spouse?

Life Insurance Realities

The key to purchasing the right amount of life insurance is to purchase enough to meet the needs of your family.

Healthy people get better rates on life insurance. You will be asked to pay a higher rate if you smoke, take medications regularly, are overweight, or have a bad driving record.

If you’ve been putting off purchasing life insurance because you don’t want to pay the premiums, you may be doing yourself a disservice in the long run. If you are in good health, buy it now.

You’ll want to make sure that a major life event such as the birth of a child, marriage, divorce or perhaps that the children are grown, won’t leave you underinsured or overinsured.

You will be paying more for your life insurance if you pay your premium in monthly installments.

Don’t rely solely on the life insurance offered by your employer. Many employers offer their employees some sort of group life insurance. But this amount of coverage is usually not enough, and group life insurance policies are not portable, meaning that if you leave your job, you can’t take your life insurance coverage with you.

 

Why It’s Important to Get Life Insurance Before It’s Too Late

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Life insurance is one of those things many people know they need but often put off for “later.” However, waiting too long to get life insurance can have significant financial consequences for you and your loved ones. Whether you’re starting a family, nearing retirement, or building your wealth, securing life insurance sooner rather than later can provide peace of mind and financial security. Here’s why it’s essential not to delay.

Life Insurance Protects Your Loved Ones

The primary purpose of life insurance is to provide financial protection for your family in the event of your untimely passing. If you are the primary breadwinner, or even if you share financial responsibilities with a partner, your death could place a significant financial burden on those left behind. Life insurance helps cover funeral costs, outstanding debts, mortgage payments, and everyday living expenses.

Without it, your loved ones may struggle to maintain their lifestyle or be forced to make difficult financial decisions in your absence.

Rates Increase as You Age

One of the main reasons to purchase life insurance early is the cost factor. Premiums are typically lower when you’re younger and healthier. As you age, the risk of health problems increases, making life insurance more expensive. Additionally, if you develop a medical condition, it may become more difficult to qualify for life insurance, or you may face higher premiums due to your health status.

By securing a life insurance policy now, you lock in lower rates and avoid the higher costs that come with age.

You Never Know What the Future Holds

No one can predict the future, and life can change in an instant. While it’s uncomfortable to think about, accidents, illnesses, and unexpected events can happen to anyone at any time. Waiting to get life insurance until you “need” it could leave you unprotected when it’s most crucial.

Getting life insurance while you’re still healthy ensures that your loved ones will be financially protected no matter what life throws your way.

The Sooner You Start, the More You Save

The earlier you start, the more cost-effective life insurance becomes over time. For example, purchasing a 30-year term life insurance policy in your 20s or 30s can give you affordable protection throughout most of your working years. Waiting until your 40s or 50s may result in shorter term lengths or higher premiums for the same coverage.

In addition, some types of life insurance, such as whole life or universal life policies, build cash value over time. The earlier you start, the more you can accumulate in tax-advantaged savings.

Life Insurance Is Not Just for Parents

Many people mistakenly believe that life insurance is only necessary if you have dependents. While it’s true that parents need life insurance to provide for their children, anyone with financial responsibilities can benefit from having coverage. Whether you’re married, single, or even a business owner, life insurance can help cover debts, funeral expenses, and provide financial support for those who rely on you.

If you’re single, you may still want life insurance to help cover end-of-life costs or leave a legacy to your loved ones or a charity.

Don’t Leave It Too Late

The reality is that we often delay things until it’s too late, and life insurance is one of those areas where procrastination can have long-lasting consequences. If you wait until your health deteriorates, you may be unable to obtain coverage, leaving your family financially vulnerable.

Getting life insurance early means you’re taking proactive steps to safeguard your loved ones, even if you don’t feel an immediate need for it today.

Life insurance provides critical financial protection for you and your family, and the best time to get it is before it’s too late. By securing coverage while you’re young and healthy, you lock in lower rates and ensure peace of mind, knowing your loved ones will be cared for in the future. Don’t wait until life throws you a curveball—speak with your insurance agent today about getting the right policy in place.

 

How To Insure Your Short Term Rentals

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With firms like Airbnb and VRBO these days, short-term rentals offer a lot of chances to make extra money. And, like other businesses, there is always some danger. Whether your property is stand-alone, garage, or basement, you need to be aware of how to safeguard your assets.

These five tips will help you understand insuring a short-term rental:

One should not presume that the insurance coverage of your house will cover a temporary rental.

Depending on the percentage of the year a house is rented, some homeowners’ policies might cover a temporary rental. Most won not. To completely know what is and is not covered, go over your policy with insurance representative. Either a stand-alone insurance or a short-term rental endorsement could be fit for your homeowners’ policy.

Know the offerings of the host company.

Certain host businesses, such as VRBO and Airbnb, might have their own insurance or refund policies. For instance, Airbnb offers a host protection program whereby a renter’s property damage is reimbursed up to $1 million to a host. Airbnb notes that this is not insurance; it does not cover cash or stocks, collectibles, artwork, jewelry, pets or personal liability.

Think about raising your liability protection using an umbrella policy.

Obviously, a short-term rental raises your responsibility risk. It could be advised to raise your liability protection with an umbrella insurance or your limit with an existing policy.

Short-term rental claims are not covered by a standard landlord policy the same way.

Typical landlord policies address long-term leases and rents. They also demand that the tenant carry a rental insurance policy that shifts some of the responsibility to them. Under a landlord policy, for instance, your renter is liable for the claim should they slip and fall in the shower. Should someone renting your short-term rental slip fall in your shower, you can be liable.

See your agent to get the best answer for you.

The type of property, length of rental duration, host firm you are dealing with, and other variables define any short-term rental scenario. You run risk even if you are letting friends or relatives stay at your house for $0. Knowing the best choices open to you for safeguarding your asset and reducing your risk depends on you talking about your particular circumstances with your agent.

Three Things To Look For In A Home And Auto Insurer

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Choosing the right insurer for your home and auto coverage is crucial for ensuring that you are adequately protected while also receiving excellent service and value for your money. With so many options available, it can be challenging to know where to start. Here are three essential things to look for when selecting a home and auto insurer:

  1. Financial Stability and Reputation

Financial Strength: One of the most important factors to consider when choosing an insurer is their financial stability. You want to ensure that the company you select has the financial resources to pay out claims, even in the event of widespread disasters. Look for insurers with high ratings from independent rating agencies such as A.M. Best, Standard & Poor’s, or Moody’s. These ratings reflect the company’s ability to meet its financial obligations.

Reputation: The reputation of an insurer can give you insight into their reliability and customer service. Research customer reviews, testimonials, and ratings on platforms like the Better Business Bureau (BBB) and Consumer Reports. A company with a strong reputation for handling claims efficiently and providing excellent customer service is more likely to meet your needs and expectations.

  1. Comprehensive Coverage Options and Discounts

Coverage Options: Ensure that the insurer offers comprehensive coverage options that meet your specific needs for both home and auto insurance. For home insurance, this includes dwelling coverage, personal property coverage, liability protection, and additional living expenses. For auto insurance, look for liability coverage, collision coverage, comprehensive coverage, and optional coverages like uninsured/underinsured motorist protection and roadside assistance.

Customization: A good insurer should offer customizable policies that allow you to tailor your coverage to fit your unique situation. This might include adding endorsements or riders for valuable items, natural disaster coverage, or specific circumstances like a home office or custom auto parts.

Discounts: Many insurers offer discounts that can help lower your premiums. Look for bundling discounts if you purchase both home and auto insurance from the same company. Other common discounts include safe driver discounts, multi-policy discounts, home safety feature discounts (like alarms and smoke detectors), and loyalty discounts. Make sure to ask about all available discounts and how you can qualify for them.

  1. Customer Service and Claims Handling

Customer Service: Excellent customer service is a vital aspect of a good insurer. You want a company that is easy to contact, responsive, and helpful. Test their customer service by calling with questions or using online chat features to see how quickly and effectively they respond. Check if they offer 24/7 customer support, which can be particularly important in emergencies.

Claims Process: The true test of an insurance company is how they handle claims. A smooth, efficient claims process can make a significant difference during stressful times. Look for insurers that offer multiple ways to file a claim (online, by phone, or through an app) and provide clear guidance on what to expect during the claims process. Reading customer reviews specifically about claims experiences can provide valuable insights.

Technology and Tools: In today’s digital age, having access to user-friendly technology and tools can enhance your experience. Many insurers offer mobile apps and online portals where you can manage your policies, file claims, and access important documents. These tools can make it easier to interact with your insurer and keep track of your coverage.

Selecting the right home and auto insurer involves careful consideration of their financial stability and reputation, comprehensive coverage options and discounts, and the quality of their customer service and claims handling. By prioritizing these three factors, you can find an insurer that not only meets your needs but also provides peace of mind knowing that you are well-protected. Take the time to research and compare different insurers to make an informed decision that will benefit you in the long run.

Reasons You Need A Personal Umbrella Policy

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You have worked hard to earn your lifestyle. One accident or claim can ruin all your financial planning. A Personal Umbrella Liability coverage added to your other policies can protect you, your spouse, and any relatives living in your home.

Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an umbrella protects you from heavy rain, an umbrella insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. Umbrella insurance can provide limits above your business insurance, personal auto, and home policies. Umbrella insurance provides broad insurance beyond traditional insurance. It provides additional liability coverage above the limits of your primary insurance policies. It can also provide coverage for claims that may be excluded by the primary policies.

Actual Claim Examples

A babysitter left a 5-month-old infant unattended in a walker. The infant toppled the walker, struck her head on the floor, and suffered brain damage. The parents of the infant sued the teenage babysitter and her parents. The court awarded the infant’s parents $11,000,000.

A teenager, who was destined for greatness as a softball player, filed a $700,000 lawsuit against her former coach, alleging his “incorrect” teaching style ruined her chances for an athletic scholarship.

A 28-year old engineer dove into friends above ground swimming pool struck his head on the bottom and, as a result, became a quadriplegic. He sued both the homeowner and the pool manufacturer. The court found the homeowner to be 60 percent responsible and the pool manufacturer to be 40 percent responsible and awarded $10,000,000.

Oakwood operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals.  Our competitive advantage comes from the objective and professional service that we provide our access to a wide range of carriers and our extensive knowledge of the insurance marketplace.

 

What To Do After An Auto Accident

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What To Do After An Auto Accident

Don’t Let an Auto Accident be a Pain

Automobile accidents happen every. Although no one wants to experience an auto accident, knowing what to do in case one happens to you could soften the impact on your life in the days and weeks to follow. You purchase auto insurance to help you through accidents when, or if, they happen.  If you have an auto accident, we are here to help you.  You may always call us to help you through the process.

  • If you are involved in an accident, think about your safety and those around you before thinking about insurance. The first priority is to check for injuries at the scene. Call 911 for medical help if anyone at the scene is injured. Notify the police as soon as possible.
  • Try to protect the scene; don’t move vehicles unless the police instruct you to.
  • Obtain the names, addresses, and telephone numbers of all persons involved, including passengers and witnesses. It is a good idea to look at drivers licenses. Record the license plate numbers of all cars involved. Get complete Insurance information, including policy numbers. Having the agents name and number is also beneficial.
  • Never admit an accident was your fault, even if you think it was. An apology can be construed as an admission of fault. Let the authorities determine who was responsible. Auto accidents can be disorienting even if you are not physically injured. You may not be aware of all factors leading up to the crash.
  • Contact our office, we are here to; help. Contact your insurance company as soon as possible, even if damages are minor.
  • You have the right to take your car to the repair shop of your choice. It can be beneficial to get two quotes as pricing and quality vary.
  • Use your smart phone to take pictures before vehicles are moved. It provides documentation.

We are here to help you with your auto insurance needs. We have access to many insurance products and can provide you with competitive premiums. We offer auto liability, auto collision and auto comprehensive coverage.

In 1989, Oakwood’s founder, Bruce L. Sogn, set out to establish a business that would give him the opportunity to serve the community and to fulfill a need in the marketplace. Today as an independent insurance agency, Oakwood does just that.

After researching the insurance industry, he found that by becoming an independent insurance agent, he could offer a comprehensive range of insurance products and services to his clients. By maintaining focus on competitive products, Oakwood has kept its commitment to service, professionalism, and the highest integrity.

 

Summer Vacation Home Rentals: What to Watch For

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As the summer season approaches, we are eager to escape to a beautiful vacation home. Whether you’re heading to the beach, mountains, or countryside, renting a summer vacation home can be a great way to relax and unwind. However, it’s essential to be aware of some potential pitfalls to ensure your dream vacation doesn’t turn into a nightmare.

  1. Accurate Property Listings

When browsing online listings, be cautious of misleading or outdated information. Make sure the property description accurately reflects the home’s condition, amenities, and location.

  1. Thorough Inspections

Before signing a rental agreement, inspect the property thoroughly. Check for any damage, wear, and tear, and ensure all appliances and systems are functioning properly.

  1. Clear Rental Agreements

Carefully review the rental agreement to understand your responsibilities, boundaries, and expectations. Clarify any questions or concerns with the landlord or property manager.

  1. Adequate Insurance Coverage

Verify that the rental property has sufficient insurance coverage. If you’re unsure, consider purchasing additional coverage to protect yourself and your belongings.

  1. Safety First

Ensure the property meets basic safety standards. Check for working smoke detectors, secure locks, and a fire extinguisher. Also, familiarize yourself with emergency evacuation procedures.

  1. Neighborhood Nuances

Research the neighborhood to avoid any potential issues. Look into local noise ordinances, parking restrictions, and nearby construction projects.

  1. Reviews and Referrals

Read reviews from previous renters and ask for referrals from friends or family members who have rented in the area.

  1. Local Support

Find out if the landlord or property manager has a local presence or a reliable support system in case of emergencies or issues.

  1. Clear Communication

Establish open and clear communication with the landlord or property manager. Make sure you have their contact information and can reach them easily.

  1. Reviews and Ratings

Check the landlord’s or property manager’s ratings and reviews on reputable platforms like VRBO, Airbnb, or HomeAway.

By being aware of these potential pitfalls, you can enjoy a stress-free and memorable summer vacation in your rental home. Remember always to prioritize safety, clarity, and open communication.

 

What Is Your Insurance Agent Doing For You?

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Engaging in any business requires the support of professionals who can guide you through the complexities and challenges of your industry. One such professional is an agent. They play a critical role in ensuring your success. However, not all agents are created equal. It’s important to know what your agent should be doing for you to ensure that they are providing the best service possible.

Educating You

Knowledge is power, especially in business. Your agent should be a source of knowledge and education for you. They should be able to explain the different aspects of your business, the market, and the industry as a whole. It’s their responsibility to ensure that you are well-informed and understand the details of your business. This not only helps you make informed decisions but also increases your confidence in your business operations.

Connecting with You

Communication is key in any relationship, and the one between you and your agent is no different. Your agent should be proactive in reaching out to you, keeping you updated, and being responsive to your inquiries. They should be available to answer any questions, concerns, or ideas you may have. The more connected you are with your agent, the better they can serve your needs.

Reviewing Your Risk

Every business comes with its own set of risks, and it’s your agent’s job to help you understand and manage them. They should be able to review your business operations and identify potential risks that could affect your business. They should also offer solutions or strategies to mitigate these risks. By doing so, they can help protect your business and ensure its longevity.

Looking for the Right Combination of Coverage and Price

One of the critical roles of an agent is to help you find the right insurance coverage for your business at the best price. They should be able to navigate the complex insurance market and find a policy that fits your needs and budget. It’s their duty to ensure that your business is adequately protected without overpaying for coverage.

Responding to Questions

Your agent should always be ready and willing to answer your questions. No question is too small or too big for them to handle. Whether you’re asking about policy details, claims, or changes in the market, your agent should provide clear, accurate, and timely answers. This not only helps you understand your business better but also builds trust between you and your agent.

Providing Great Customer Service

Last but not least, your agent should provide exceptional customer service. They should be friendly, approachable, and professional. They should also be proactive in addressing your needs and resolving any issues that may arise. Great customer service not only makes your business interactions more pleasant but also fosters a strong, long-lasting relationship between you and your agent.

An agent plays a crucial role in the success of your business. They should be educating you, connecting with you, reviewing your risk, looking for the right combination of coverage and price, responding to questions, and providing excellent customer service. They should be a partner in your success and not just a service provider. So, make sure to choose your agent carefully and hold them to these standards.

Ways to Reduce Home and Auto Insurance Premiums

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As an insurance agent, I understand that my clients are always looking for ways to save money on their insurance premiums. Fortunately, there are several ways to reduce home and auto insurance costs without sacrificing coverage.

  1. Bundle Your Policies

Save up to 15%: Bundling your home and auto insurance policies with the same insurance company can lead to significant discounts. This is because insurance companies offer multi-policy discounts to loyal customers.

  1. Increase Your Deductible

Save up to 10%: Raising your deductible can lower your insurance premiums. However, make sure you have enough savings to cover the higher deductible in case of a claim.

  1. Improve Your Credit Score

Save up to 10%: Many insurance companies use credit scores to determine premiums. A good credit score can lead to lower insurance premiums, so make sure to monitor and improve your credit score.

  1. Install Safety Features

Save up to 5%: Installing safety features like security systems, smoke detectors, and deadbolt locks can qualify you for discounts on your home insurance.

Save up to 10%: Installing safety features like anti-theft devices, lane departure warning systems, and blind-spot monitoring can qualify you for discounts on your auto insurance.

  1. Have Your Agent Compare Rates

Save up to 20%: Comparing rates from different insurance companies can help you find the best deal. Make sure to compare policies with similar coverage and limits to ensure you’re getting the best rate.

Additional Tips

Drop unnecessary coverage: Reassess your coverage limits and drop unnecessary coverage to lower your premiums.

Take advantage of low-mileage discounts: If you drive less than a certain number of miles per year, you may qualify for low-mileage discounts.

Ask about other discounts: Some insurance companies offer discounts for things like being a non-smoker, having a college degree, or being a member of a certain organization.

By implementing these five tips, you can reduce your home and auto insurance premiums and save money without sacrificing coverage. Remember to always review your policies and adjust your coverage as needed to ensure you’re getting the best rate possible.

I hope this helps! Let me know if you have any questions or need further assistance.