How to Save Money on Homeowners Insurance – P.J. Miller Discusses Strategies With TheStreet

P.J. Miller

Insurance for a home protects homeowners and their personal items in case of damage caused from a storm or theft to more major issues such as a fire. Partner P.J. Miller spoke to TheStreet to share ways homeowners can save money on their insurance premium. 

1.     Increase Your Deductible 

“While a $500 deductible sounds more affordable, increasing it to $1,000 will trigger a rate reduction,” said P.J. “Be aware that you'll need to cover more of the cost in the instance of a claim, so be sure to set aside money, just in case.”

2.     Combine Your Coverage

Check with your insurance provider if bundling your auto coverage with your home or renters' insurance policy can yield additional savings. “Showing your loyalty to one insurer could help you land a discount, especially if you have multiple policies,” P.J. said. “Renew your plan early and you could get a discount as well.”

3. Maintain a Good Credit Score

Most insurance carriers use credit as a portion of the rate-setting process in states where it is permitted. “While it is supposed to be a ‘portion’ of the rate calculation, most believe it plays a significant role in determining price,” P.J. commented.

4. Reduce Your Exposure to Perils by Upgrading Your Home

Install a security system, replace outdated plumbing and electrical systems, or install a new roof or energy efficient windows. “Speak with your insurer to confirm the upgrades make financial sense in comparison to the discount you'll be receiving,” P.J. said. 

5. Speak With an Independent Insurance Agent 

“Independent insurance agencies work with a range of carriers and can ‘shop around’ for homeowners to find a variety of insurance options,” P.J. commented. “There are often discounts and credits available within certain coverages and an agent could help you take advantage of these savings.”

Continue reading the full article to learn additional ways to save on your home insurance.

Questions about homeowners insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Dayton Business Journal Ranks Wallace & Turner Among Top Property & Casualty Insurance Agencies

Wallace & Turner was once again recognized on Dayton Business Journal’s annual list of top Dayton-area Property & Casualty insurance agencies for 2020. Operating locally in Springfield, Ohio since 1870, Wallace & Turner is one of the oldest independent insurance agencies in the state. We provide personal insurance, commercial insurance and life & health coverage. 

View the full list (requires subscription).

Dayton-area Insurance Agencies Become Key Resource in Pandemic – Wallace & Turner Featured in Dayton Business Journal

P.J. Miller

Dayton Business Journal (DBJ) spoke to top local executives at insurance agencies to learn more about how the COVID-19 pandemic has impacted their industry. DBJ noted that Wallace & Turner has been busy with car purchases and refinances due to low interest rates and good deals on vehicles.

Lisa Miller

Lisa Miller, property and casualty agency operations manager and commercial and personal lines account manager, said Wallace & Turner has “also received many calls about the auto credits that most insurance companies are offering due to people not driving as much.”

The firm has adapted quickly to virtual business operations, due to its already established virtual services. It also hasn't experienced any furloughs and budget cuts.

"Our outlook looks good," Lisa said. "We are just as busy as we were pre-COVID-19, and more so in some ways. We realize that everything has changed and some of these changes may have led to new ways of working that we never truly considered."

Wallace & Turner Inc. ranks No. 7 on DBJ’s 2020 property and casualty insurance agencies list with 16 agents. View the list (requires subscription).

View the full story (requires subscription). 

Questions about the impact of COVID-19 on your insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Is Home Insurance Worth It? – P.J. Miller Discusses Reasons You Should Have a Homeowners Policy with ChatterSource

P.J. Miller

Buying a home is a huge step for many people and there are numerous expenses that go along with the purchase. It can be difficult for homeowners to know what to buy or not. Is a home warranty worth it? Should you get home insurance and what amount? ChatterSource spoke with partner P.J. Miller to discuss reasons you should get homeowners insurance.

“There are also situations you may not have thought of when your homeowners insurance will kick in. For example, if you have a child that is a student living in a campus dorm room, if they experience a burglary or similar type of loss, most homeowner policies will extend liability and personal property protection – this is considered ‘off premise’ coverage.”  

He added: “The type of coverage you need will depend on the value of your home, personal property, unique or expensive items, and personal liability to determine the right homeowners policy. An insurance agent can customize a policy, so be prepared to provide extensive information so they can quote the best rate for a policy.”  

While home insurance can seem like an additional expense, there are many ways that you can save money by having a homeowner’s policy. Bundling with your car insurance will often allow you to get a discount, either on your home or car insurance.  

Continue reading the full article. 

Questions about homeowners insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Super Bowl Parties and Social-Host Liability Laws – P.J. Miller Discusses Homeowner Insurance Coverage with InsuranceQuotes

Throwing a party on Super Bowl Sunday is one of America’s most enduring social traditions. According to a report from Statista, it is the second-largest day for food and alcohol consumption behind Thanksgiving. But what happens when your partygoers have a little too much fun? The combination of food, alcohol, and fan passion can sometimes lead to unintended calamities, which can include everything from damaged personal possessions to drunk-driving accidents. In addition to knowing the legal ins and outs of throwing a Super Bowl party, hosts should also know what their insurance may or may not cover in the event of an accident, either in the home or after someone leaves.

What about accidents caused by those who are legally allowed to drink alcohol? In an interview with InsuranceQuotes, Partner P.J. Miller said this is where things “get a little stickier.”

“The first thing a host needs to check are his or her homeowner insurance liability limits, which typically fall between $100,000 and $300,000, although I would strongly urge all homeowners to carry $500,000 at a minimum,” he commented. “After considering the value of your home and other assets, consider increasing the liability limit well before hosting a large event like a Super Bowl party.

What’s more, homeowners can also purchase an umbrella policy, which offers additional financial protection if the host maxes out his or her standard liability limit.

“Homeowner policies—and hopefully the personal umbrella that you have—should provide ‘Host Liquor Liability,’ which means you didn’t sell the beer to your guests, you merely provided it,” said Miller. “Keep in mind that gross negligence can not only be an insurance claim, it can also carry with it some civil and criminal implications. A personal umbrella policy would offer broader coverage and would also give you coverage for renting a location to hold a party where the homeowner’s policy coverage would be very limited.”

Of course, there are myriad non-alcohol-related accidents that may arise before, during, or after a Super Bowl party, in which case Miller says a typical homeowner policy should provide adequate coverage.

“For example, someone might trip and fall on an icy sidewalk leading to your house, guests might choke on food, or there might be fights between guests resulting in broken items. Typically, homeowner policies offer some protection for these types of non-alcohol induced accidents, but you might want to carefully review your policy just to be sure.”

He added: “None of this should scare you off from hosting a party, but be sure to review your homeowner’s policy to understand what it will and will not cover in the instance of an accident.”

Read the full article at InsuranceQuotes.

Questions about your insurance liability when hosting a party? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

P.J. Miller Discusses Why Businesses Need Inland Marine Insurance Coverage with FitSmallBusiness

P.J. Miller

Inland marine insurance is a type of business insurance that covers products, equipment, and valuable goods as they are transported over land or stored at an off-site location. Unlike commercial property insurance, inland marine covers property while it is away from your main premises. Inland marine can also cover property owned by others that is in your possession. This may include cargo you are transporting, or others’ property being held on your premises.

There is a greater risk for accidents and theft when things are on trucks or trains, and standard business insurance policies don’t automatically include inland marine coverage. This creates a coverage gap for many small businesses that don’t always keep products or equipment in their main business location. 

In the FitSmallBusiness article “Inland Marine Insurance: Cost, Features & Providers,” Partner P.J. Miller discusses common instances in the normal course of business operations in which items are not covered.

“Mailing or shipping through a common carrier (e.g., FedEx, UPS) may or may not be insured through the cargo carrier. If equipment is leased or rented from a supplier, the renter business might need its own coverage on the equipment. If property is damaged while it’s being repaired, whether working on your own property or working on someone else’s property, it’s usually not covered by property or general liability.” 

Read the full article.

Questions about business insurance? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

Springfield News-Sun Reports on New Office: Longtime Springfield insurance agency opens location in Urbana

Thanks to Springfield News-Sun for getting the word out about our new Urbana office opening at 113 Scioto St. Urbana, Ohio 43078 on October 14th, and ribbon-cutting ceremony on October 11th. Click here to read the article.

Wallace & Turner Insurance to Open New Urbana Office

URBANA, OHIO – Wallace & Turner Insurance, Springfield's largest, locally owned independent insurance agency, has announced the opening of a second location at 113 Scioto St. Urbana, Ohio 43078, the site of the historic Hotel Sowles. A ribbon-cutting ceremony will be held on Friday, October 11th at 12:30 pm in partnership with the Champaign County Chamber of Commerce, and doors will officially open on Monday, October 14th.

“Wallace & Turner has always had a large customer base in Urbana and it continues to grow, so it was a natural decision to open a second location there,” commented partner Patrick Field. “We want to make the insurance process as simple as possible for clients and having a physical presence will make it even more convenient for them to stop in and ask questions or update their policy.”

“The office addition demonstrates Wallace & Turner’s continued commitment to providing the best services we can to our surrounding communities,” said partner P.J. Miller. “Our agency is deeply invested in supporting our clients, their families and businesses, and we look forward to expanding our relationships throughout Urbana.”  

Wallace & Turner has operated locally in Springfield, Ohio since 1870, providing personal and commercial coverage, including auto, home, umbrella, business, life & health, and farm and ranch insurance. As an independent agency, Wallace & Turner works with a range of top-rated carriers which means clients receive comprehensive and cost-effective insurance options tailored to their needs. The agency is a long-standing member of Associated Risk Managers International, Keystone Insurers Group, Trusted Choice, Ohio Insurance Agents Association and Independent Insurance Agents Association, both in Ohio and nationally.  

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WALLACE & TURNER INSURANCE

Springfield Office

Kissell Center
30 Warder Street, Suite 200

Springfield, Ohio 45504

Phone: (937) 324-8492

Urbana Office

113 Scioto Street

Urbana, Ohio 43078

Phone: (937) 652-8492 

www.WTins.com

Fundera Turns to P.J. Miller for Insights on Business Interruption Insurance Coverage

P.J. Miller

Partner P.J. Miller was interviewed by Fundera for the article “Business Interruption Insurance: What It Covers and Where to Get It” and discussed business interruption insurance coverage for online and in-home businesses.

Business interruption insurance is a very specific type of coverage designed to keep a business on its feet when it’s recovering from a disaster or unexpected situation. Business interruption insurance covers lost income and operating expenses when a disaster forces a business to slow operations or temporarily close down. Coverage can be purchased as part of a business owner’s policy or added on to a commercial property policy. 

If you have a brick-and-mortar business, you’re most in need of business interruption insurance because you heavily depend on your store and the physical assets inside it. If you need to close down a portion or all of your shop, you clearly lose potential customers. Home-based and online business owners have less of a need for business interruption insurance, but should still consider their situation. Most homeowners policies won’t cover lost business income. And although online businesses might have their own physical assets, business interruption insurance can still help if a supplier in your supply chain is affected by a disaster.

According to P.J. Miller, partner, vice president and chairman of the board at Wallace & Turner Insurance, “Online and, to a lesser degree, in-home businesses could actually be dependent on off-premises, non-owned locations being insured, whether it’s a storage unit or out of state from a company that supplies or ships the goods you’re selling. There’s business interruption insurance if, for example, your loss is due to the fire that destroyed the warehouse/manufacturing plant that is possibly your sole supplier.” 

View the full article.

If you have questions regarding business interruption insurance, please contact Wallace & Turner Insurance at (937) 324-8492 or info@wtins.com.