Comprehensive Auto Insurance–What Can It Cover?

 

Comprehensive Insurance

Comprehensive insurance is a coverage that is part of your overall auto insurance program. Comprehensive is an optional coverage that protects you for losses that are not accident related. Some people opt to remove comprehensive coverage on old vehicles. While there may be some premium savings for doing this, we hope you will consider these points before making the decision to remove comprehensive coverage from your auto policy.

Comprehensive Insurance Covers Losses that Are “Other” Than Collision

You may not have thought of these losses that are covered under comprehensive insurance:

  • Fire – If your car catches fire, comprehensive coverage provides protection; this would include a defect in design.
  • Animals – If your vehicle hits a deer you would be covered. If any kind of animal causes damage, comprehensive coverage would apply.
  • Theft – If your car is stolen or someone breaks into your car and causes damage, comprehensive coverage would apply.
  • Windshield damage is covered under comprehensive. Not only is such damage covered by your comprehensive policy, but also many companies offer the option of no-deductible coverage for glass damage specifically.
  • Community riot – If your car is parked and a group of activists decide to trash your car; you would be covered under comprehensive coverage.
  • Falling object – If a tree falls on your car comprehensive insurance would cover that. (This also includes baseballs, airplane parts and more).

 

We have the ability to customize your insurance coverage. Collision, towing, and rental car coverage are a few additional coverage’s you might consider.

Comprehensive Car Insurance Doesn’t Cover It All…But It Does Cover A Lot.

If you have any concerns about hitting an animal, theft, vandalism, or glass damage, consider adding comprehensive coverage to your car insurance policy.

Does Bundling My Personal Insurance Make Sense?

Take a look at these insurance buying tips for bundling your home and auto insurance policies to ensure you get the best deal!

When you have multiple types of insurance plans with the same insurance company, you have a “bundle” of policies. When you get a discount for bundling your policies with one insurance provider, it’s called an insurance bundle discount.

Policies You Might Bundle

  • Home
  • Auto
  • Motorcycle
  • Boat
  • Personal Umbrella

Things To Consider When Bundling

Bundling your insurance could provide several advantages. Although these advantages will likely fluctuate by the carrier, the money you save on your policies and the time you save managing your policies are two of the most typical perks of bundling.

Getting numerous separate policies from the same insurer can save you a lot of money. While particular savings are dependent on the insurer as well as the types and number of insurance purchased.

Purchasing multiple policies (home, auto, or motorcycle) from the same insurer can be more convenient than purchasing multiple policies from other companies. Multiple policies can often be handled or obtained from the same insurance agent using the same online account.

How To Get Started

Contacting your insurance agent is an excellent place to start if you’re interested in bundling your coverage. Your agent should be able to assist you in finding the ideal policy combination to meet your coverage and financial requirements.

While saving money on insurance premiums is a desirable thing, the ultimate goal should be to find an insurer that delivers on that promise.

Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.

Is Your Cyber Liability Risk Growing?

Cyber Liability Risk

Every business is at risk for a cyber breach. Even the White House has experienced a cyber breach. Cyber breaches are now a fact of life, and every state now has mandatory requirements for data breach notification. Statistics show 41% of all cyber incidents affect businesses with fewer than 100 employees. If you store data, including private information on computers, use   e-mail, generate revenue online, or use your computer to control production, manufacturing, or inventory, your company is at risk!

Best Practices For Cyber Risk

While cyber liability insurance should be considered by every business, in addition, we also recommend specific procedures and defensive programs to limit or reduce your risk.

  • Make sure you comply with all state and federal laws
  • Have a written cyber breach policy
  • Follow all HIPAA laws
  • Hire an IT Director, or make one person responsible for network security
  • Focus on using long passwords (longer than 13 characters) and change frequently
  • Develop notification procedures
  • Do not open emails or open attachments from email addresses you do not recognize
  • Train employees on the use of laptops and out of office access
  • Invest in the latest anti cyber software
  • Verify that all your vendors comply with laws and statutes

Cyber Liability Insurance

Most business large and small now purchase cyber liability insurance which is designed to cover the costs of investigations, notification, and credit monitoring for affected individuals, regulatory compliance, defending lawsuits, and payment of any resulting judgments or settlements. The level of coverage your business needs is based on your individual operations and can vary depending on your range of exposure.

Consider This When Hiring A Contractor

Spring is the time when many homeowners start to think about and plan for, various home remodeling projects. If you are thinking about updating your kitchen, putting on that new roof, or even landscape projects, it pays to do some pre-planning. Whatever the project, you need to protect yourself from the financial risks and hazards associated with a home remodel project.

  • What’s your project? Are you looking to remodel one room or make minor updates to a small space? The type of project determines whether you’ll need a general contractor or someone more specialized.
  • Check-in with your local homebuilders’ association. You’ll be able to search contractors within your area and put together a list of potentials.
  • Get referrals. Ask your friends, family, and coworkers who they’ve worked within the past. They may have a great contractor you haven’t heard of — or know of a few you should stay away from.
  • Prepare ahead. Compile a list of reputable contractors before you need one. The stress of an emergency repair might impair your judgment.
  • Get multiple estimates. If the price is a big concern, checking with only one contractor won’t guarantee you the best price. But the cheapest estimate also doesn’t ensure the best work. If you have the time, try and get a second or third quote.

If you plan on hiring a contractor, you should consider these tips to help make sure your project is completed the way you want.

  • Plan on permit costs from your local government.
  • Ask contractors about their experience with your specific project.
  • Make sure the contractor is licensed. You can usually go to the State Contractors Board for this information.
  • Provide the contractor with guidelines for working in and around your home.
  • Check local directories for recommendations. Yelp can be a good resource.
  • Be specific in your project; this would include type of products used and even brands you desire.
  • It is ok to get more than one bid.
  • The lowest price may not be the best quality.
  • Always have a written agreement with your contractor. It should include a timeline and competition date.
  • Never pay 100% upfront. It is customary to pay one third down, one third as you go and one third upon completion.
  • Go visit other homes on which the contractor has worked.
  • Make sure the contractor has liability and worker’s compensation insurance. Your homeowner’s insurance will not cover the contractor or his work. If the contractor causes damage to your home, you will want their insurance to provide restoration. Ask for a certificate of insurance.

When you buy insurance, whether it’s for your home, your car or your business, you want an advocate who will properly assess the risks you face and give you an objective analysis of the marketplace, it’s up to you to make the final choice.

Our team of agents continually pursues additional professional education and certifications. It is our goal to ‘wow’ you with the best service every time you call.

Managing Personal Insurance Through COVID-19

 

COVID-19 will impact the way we manage our lives through most of 2021. This includes your personal insurance. We understand that you may be struggling at this time.

Homeowners Insurance

COVID-19 should not impact your homeowner’s insurance too much, but there are a few coverages that could be impacted because of the temporary lifestyle change. The changing circumstances definitely highlight the need for existing components in your policy like liability coverage, in addition to      coverage enhancements like a home business coverage endorsement if you moved your business to your house. You could be liable if someone gets COVID-19 while in your home.

Auto Insurance

U.S. insurers began to offer discounts and refunds on their customers’ auto insurance premiums. Now,       despite the fact that drivers have returned to the roads in many parts of the country, the pandemic’s reverberations on vehicle usage and insurance cover will likely continue into the future.

Life insurance

There has been no evidence of life insurers pulling out of the market, premiums have remained steady, and COVID-related claims are already being paid. Your policy will cover you if you pass away due to COVID-19. Life insurance companies cannot change the terms of coverage for active policies, so anyone who was     covered remains covered.

Oakwood Insurance 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.

This information in to be considered general in nature. All claims will be settled based on your actual policy terms and conditions. 

 

Top Business Insurance Risks For 2021

 

While these are responses from large corporations, we take away many   applications for medium and small businesses. Here are some of the risk   issues for 2021. According to a recent AMEX survey, 92% of businesses  pivoted last year, and 76% of small businesses believe they will need to       pivot again in 2021.

Employee Safety– Making sure your business follows all COIVD compliance protocols will be a top priority.

Remote workers– In 2021, remote working and safety measures should become more routine. How            businesses recruit, onboard, train, and terminate employees has changed, some say permanently. How      businesses are dealing with employee burnout, talent management, and allocating will need to be addressed.

IT security– Remote workers will require new IT protocols.

Slow economic recovery– Businesses will need to do planning to manage the recovery in 2021.

Government mandates and regulations – There continues to be increased oversight from the government in healthcare and financial reporting that creates new risk and liability for businesses.

Political and Civil Issues – As seen in 2020, political and civil issues have a direct impact on many small          businesses. Having the right kind of business insurance is important to protect your business in the event of civil riots.

Business Interruption – If your business has a loss and you are unable to operate for a period of time, you will need financial resources in order to get back in operation.

Class actions and COVID-19 Cases- This year has also seen the first class-action lawsuits directly related to COVID-19. Examples include lawsuits against cruise lines that suffered coronavirus outbreaks,

Oakwood Insurance 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.

 

December Can Be A Dangerous Month

Are you dashing through the snow to grandma’s house?  Do silver bells keep ringing in your ear?  If you are getting into the Christmas spirit,       remember your homeowner’s insurance can play an important role in  helping keep your home a warm and safe place for the Holidays.  With a little preventive action and a solid home insurance policy, those risks can fade into the background, allowing you to enjoy these next few weeks to the fullest.

Now is a good time to review your personal insurance policies, making sure they’re up to date. While many of your risks are probably covered, a few might not be as explained below.

Here are some examples of some crazy Holiday related insurance claims:

  • A man was going to clean his pool for a Holiday party, and carried the bleach from the front of his home to the back. He did not realize the lid was partially open and bleach dripped all over the carpet.
  • The Smith family put up a nice big Christmas tree in their family room. They instructed their daughter to water the tree every day.  Their daughter did just that, but there was a hole in the Christmas tree stand and the water leaked all over their hardwood floors.
  • Parents wanted to surprise their kids with a 65-inch TV. They hid it in the garage with a tarp over it.  One of the kids accidentally put the car in drive instead of reverse and ran into the hidden TV.
  • A family tied their fresh Christmas tree to the top of the car and headed home. A short while later, the tree came loose and hit the car behind them.
  • A local family decided to use a deep fryer to cook the Christmas turkey. The men all gathered in the garage and dropped the frozen bird in hot grease. The result was a totally destroyed garage an ruined Holiday.

Oakwood Insurance 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.

 

How To Get Flood Insurance

Did you know that floods are the most common form of a natural disaster? Floods cause over 4 billion dollars in damages every year. Here is another amazing fact; the average homeowner has a 1 in 4 chance of having flood damage during the timeframe of a 30-year mortgage.

If your home is in a flood zone, you must buy flood insurance if you want the government to help you after a flood. If you wait until after the flood, you won’t be able to obtain the insurance.

Many mortgage companies are now requiring flood insurance as part of their loan package. A standard homeowner’s and renter’s insurance policy does not cover flood damage. Flood damage is excluded under standard homeowner’s policies

Flood Insurance

Flood insurance is one of the smartest decisions you can make for your home, family, and financial security. Even if you live outside a flood hazard area, your home, family, and belongings could still be at risk.

Flood insurance is available through the National Flood Insurance Program (NFIP) run by the Federal Emergency Management Agency (FEMA). A few private insurers offer excess flood insurance. In general, a policy does not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area and you go to purchase coverage, it’s already too late. You will not be insured if you buy a policy a few days before a flood.

What Flood Insurance Does Not Cover

As with all insurance, there are certain things flood insurance does not cover. These include broken pipes, water damaged from sewer back-up, broken toilets, and landscaping runoff.

How To obtain Flood Insurance?

Call our office, and we can provide you with a free quote. Remember, your homeowner’s policy does not cover flood.

 

Safe Driving Tips for Your Teen Driver

Driving can be challenging—even for the most experienced drivers.  However, for young, inexperienced teenage drivers, the road can be especially dangerous.

We are available and happy to help find the right insurance for your teenage driver.  Clients choose our insurance agency to insure their cars and other vehicles because of our competitive prices and personal customer service, but we offer so much more.  We also provide:

  • Highest levels of customer service for auto policyholders
  • Over 30 extra car insurance policy features
  • Flexibility to customize your car insurance policy
  • Stability that ranks at the top of the auto insurance industry

The first years that teenagers spend driving are very risky.  Sadly, motor vehicle crashes are the leading cause of death among 15- to 20-year-olds.  Research shows that more than half of teens who die in crashes are passengers, most of whom are not wearing a seatbelt.

Safe Teen Driver Checklist

  • Always have your license with you
  • Check all gauges
  • Limit engagement with passengers
  • Obey the speed limit
  • Pay attention to road signs
  • No cell phone use
  • Make sure mirrors are in the right position
  • Always wear your seat belt

 

 

Social Distancing and Summer Fun

Social Distancing and Summer Fun

We are living in a new world, and it requires a new way of thinking about summer activities.  Many large events have been cancelled, and vacation plans have changed, but you can still have a great time with your family and friends this summer.

Social Distancing Fun:

  • Camp in your own back yard
  • Travel to the beach if it is open
  • Take a hike
  • Take a picnic to a lake
  • Enjoy an outside movie night
  • Host a virtual game night
  • Go fishing
  • Update your backyard
  • Complete home improvement projects

Remember To:

  • Wear a mask if it required
  • Wash your hands
  • Maintain social distance. As you go about your life and errands, do your best to keep a distance of 6 feet

Who knows how long we will have to practice social distancing during the pandemic, but at least with these suggestions, you can still have fun while maintaining your six-foot bubble.