Vote to Help On-The-Rise Win $3,000 - Wallace & Turner Named Liberty Mutual/Safeco Change Agent Finalist

We are thrilled to announce that we've been named a Liberty Mutual Insurance and Safeco Insurance Change Agents finalist for our volunteer work with On-The-Rise! Change Agents recognizes volunteer efforts of all sizes through awareness raising in five cause areas and awards nonprofit donations up to $3,000.

Please help us win $3,000 for On-The-Rise by voting from October 5 – 9 here:

https://www.agentgiving.com/wallace-turner 

On-The-Rise is a uniquely structured farm program that serves at-risk youth, ages 10 – 14, throughout Clark County. This year-round program helps students work on their goals during the school year and helps them continue progressing during the summer. On-The-Rise works to develop the life skills, social skills, and employment skills of youth. Students learn responsibility by caring for goats and chickens, doing farm chores, and running the brown egg business while also enhancing their academic abilities by working with tutors on areas of struggle.

A New Role for Critical-Illness Insurance in the Coronavirus Era – Colleen Corrigan Provides Insight to Society for Human Resource Management

Colleen Corrigan - Life & Health Agent

As the COVID-19 pandemic continues, employers and employees should consider the role critical-illness insurance can play in an effective employee benefits package. Critical-illness policies issued before the pandemic struck may pay benefits for conditions the virus causes (e.g., major organ failure, heart attack or stroke) rather than for the virus itself—unless the policy specifically covers infectious diseases.

Critical-illness insurance can be added without cost to employers and offered on a voluntary basis. Premiums have remained steady and even decreased over the past ten years, Life & Health Insurance Agent, Colleen Corrigan, told the Society for Human Resource Management. “Rates in Ohio, for example, can be as low as $10 per month,” she said. Experience in the market has helped to keep costs from climbing.

Click here to read the full article (subscription may be required).

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

4 Tips for Purchasing Renters Insurance

Myles Trempe

The advantage of renting an apartment or home is that your landlord is responsible for insuring the building and taking on the cost of making repairs. But as a tenant, you should know that your landlord won’t cover everything. If your possessions are destroyed in a storm or fire, or items are stolen in a burglary, your landlord’s insurance won’t pay to replace your belongings. Renters insurance can help protect you financially in the instance of a disaster or other loss.

Below are a few tips if you are purchasing renters insurance for the first time.

1. Talk with an insurance agent. An agent can help advise on policy language, coverage offerings, exclusions and financial information pertaining to the insurance company you may be working with. Most renters insurance policies typically offer similar coverages and an agent can speak on firsthand knowledge of which coverages may best fit your situation and budget. Down the road, the client/agent relationship allows for a more comfortable transaction if a claim or peril presents itself.

2. Understand what your policy covers and does not cover. Many tenants assume it is the responsibility of the landlord to protect their property if something happens to the building. This is not the case and the reason why you need renters insurance. Renters insurance covers most specifically your personal property (your belongings) and your personal liability. It is always important to take inventory and have an idea of how much contents coverage you should have if a loss destroyed it all. With personal property coverage, your agent should explain if those contents are covered on replacement cost or actual cash value. Actual cash value policies are generally less expensive, but your personal property is depreciated, therefore, leaving you unable to replace some items.

3. Be aware of your personal liability exposures. Talk with your agent regarding which limit of liability should be on the policy. Many policies have exclusions to personal liability as well; review those exclusions with your agent to make certain you have coverage if the claim arises. For example, certain dog breeds are excluded for liability if a dog bite occurs. If you have a dog or plan to purchase/adopt one, make that call to your agent. 

4. Be aware of what is excluded. Floods and earthquakes are not covered by your renters policy. Depending on where you live, these are two coverages that you may want to have as well. An agent can add those specific coverages to your policy for additional cost, but also additional peace of mind. 

When you purchase renters insurance, your hope is that you will never need to use it. If the day comes and you do, that relationship you built with your agent will make the process all the better. Depending on the claim and its severity, you should always make your landlord aware, contact the police if necessary, call your agent, document your loss (what belongings were damaged), and be available to the company and agent. Realize the more quickly you file your claim and more thoroughly you document, the faster the claim will be processed.

When you call your agent, be ready to provide your policy number and all the information you currently have about the incident. Your agent can verify the time limit for filing your claim, your coverage, and whether the amount of your claim will be higher than your deductible.

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

Insurance for Riots and Looting – P.J. Miller Interviewed by Forbes

P.J. Miller

Many small businesses have seen damage and looting over the past months. The reality of trying to rebuild and reestablish operations has become a major hardship, and financial pressures pushed some to reduce their coverage.

In an interview with Forbes, partner P.J. Miller noted that some business owners called to review their insurance during the pandemic shutdown, however, without the proper coverage, business owners may fall short of what is needed to resume operations.

If the cuts included business interruption insurance and, on reopening, the company found itself in a riot, that could be a problem. Time out of business means lost revenue. No coverage, no money coming in when it’s impossible to operate.

Many small businesses opt for 30, 60, or 90 days of interruption insurance, P.J. said. However, serious damage could push recovery times far past those limits.

Read the full Forbes article.

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

150 Years of Insurance Services in Springfield – Wallace & Turner Profiled in Independent Agent Magazine

Lisa Miller, P.J. Miller, Patrick Field

With 150 years of doing business in Springfield, Ohio and beyond, Wallace & Turner serves its community through far more than insurance. 

“Take care of the community, and they'll take care of you," said Patrick Field, partner and third-generation team member. 

Partner and vice president P.J. Miller started in the industry working for his father's agency, which was acquired by Wallace & Turner. He and Lisa Miller, operations and commercial lines manager, are married and have the insurance industry to thank for the beginning of their love story. 

“We have great relationships not only with companies but with our customers. People know who we are, that we can get the job done, and that they can rely on us,” commented Lisa Miller, Operations Manager and Commercial Lines Account Manager.

“An aspect that makes Wallace & Turner unique is using an agency bill as opposed to a direct bill. Clients come in to discuss their insurance and bill, and that leads to interactions and relationship-building. It's almost unheard of these days to have an agency bill, but there's a long history of it here,” said P.J. 

Patrick added: “Both P.J. and I were raised in philanthropic families, and that's continued at Wallace & Turner. We represent most of the nonprofits in our area. Both personally and corporately, we are all very involved in our community.” 

Read the full Independent Agent article.

Learn more about our 150th anniversary.

Calendar Photo Contest – Deadline September 30

Want your original photo to be featured in the Wallace & Turner 2021 calendar? Submit a high resolution image taken in Clark or Champaign County and we’ll pick our favorites for each month of the year. Please read the guidelines below and good luck! 

The deadline for submission is September 30, 2020. Please submit to bethmillerpr@gmail.com with subject line “WT Calendar Submission.” 

• You may submit as many photos as you’d like for consideration.

• Photos must be high resolution and landscape (not portrait). Most cell phone photos should be fine; do not reduce the size when you submit the photo.

• Please include a caption with the photo describing where the photo was taken and/or what is taking place in the photo.

• Photos with signatures, watermarks or logos are not permitted.

• By submitting the image to Wallace & Turner, you warrant that:

  • You are the sole copyright owner and creator of the photo(s).

  • Any person depicted in the photograph has granted permission to be portrayed as shown, and has the right to grant that permission.

  • The photo does not infringe upon the copyrights, trademarks, contract rights, or any other intellectual property rights of any third person or entity, or violate any person’s rights of privacy or publicity.

• Any photo used by Wallace & Turner shall carry a credit line of the photographer.

• All entrants agree that all photo(s) submitted to the competition may be reproduced (with photo copyright credit) and used to conduct and promote Wallace & Turner’s calendar competition on our website, social media and other platforms. You hereby grant Wallace & Turner with the right to use submitted photographs in the framework of such promotional activities.

• Wallace & Turner will contact winners via the email address that submitted the photo. We also plan to announce the winners on social media.

9 Must-Have Types of Insurance Policies

Raise your hand if you like paying for insurance. We’re guessing not many hands are up. Insurance is tricky because it’s an intangible product, but it’s also security in the instance you suffer a financial loss. Now raise your hand if you would be able to come out of pocket to pay for your totaled car and personal injuries, if your house burned down in a fire, or if someone hacked into your computer and stole $10,000 from your bank account. Again, it’s likely not many hands are up. Paying a nominal amount now for insurance, can save you a lot in the long-run and even prevent you from financial ruin.

While there are a range of insurance coverage options that may be needed based on your individual situation, we’ve broken down the nine must-have policies.

1. Auto Insurance

2. Homeowners/Renters Insurance

3. Flood Insurance

4. Umbrella Policy

5. Health Insurance

6. Long-Term Disability Insurance

7. Term Life Insurance

8. Long-Term Care Insurance

9. Identity Theft Protection

Auto Insurance

According to the Insurance Information Institute, the average loss per claim on cars is around $4,900. That’s a substantial amount of money to pay if you don’t have car insurance coverage.

We should also point out that it’s illegal to drive uninsured, so at a minimum, you need to follow Ohio’s (or your state’s) insurance requirements.

In Ohio, the state requires drivers to purchase Bodily Injury Liability Coverage as well as Property Damage Liability Coverage. The required minimum for Bodily Injury Liability Coverage is currently $25,000 per person injured in any one accident and $50,000 for all persons injured in any one accident. The required minimum for Property Damage Liability Coverage is $25,000 for injury to or destruction of property of others in any one accident.

Keep in mind that the above is the minimum required, and you should consider what you may have to lose if you cause an accident. If you don’t have adequate auto insurance coverage, the victim may take any of your assets to cover the cost of damages. It’s best to talk with your independent insurance agent to determine the level of coverage you should have to protect yourself.

Homeowners and Renters Insurance

Ohio is the 24th least expensive state in the country for home insurance. A standard homeowners policy includes coverage for:

• Dwelling: This pertains to the cost of repairing or rebuilding your home in the event of a loss caused by a covered peril such as wind, hail, lightning or fire.

• Liability: If you're sued by a visitor in your home following an accident, this will cover legal expenses whether you’re found responsible or not. In certain situations, it may help cover damages that stem from an accident that happens when you're away from home. Liability will also cover costs for damage to your neighbor’s property.

• Medical payments: If a guest in your home or on your property is injured, this will help pay for their medical expenses.

If you’re a renter, it’s important to purchase insurance to cover your belongings if they are lost in a fire, burglary or other disaster, and never assume your property or expenses will be protected by your landlord’s insurance. Renters insurance can also extend to personal belongings stolen or damaged from your car, or even a storage unit you rent.

The amount and type of homeowners or renters coverage you need will depend on the value of your home, personal property, unique or expensive items, and personal liability to determine the right policy.

Flood Insurance

Flooding is the largest natural catastrophe, and largest single event natural catastrophe, that ever occurs. Two-thirds of flood activity occurs in areas that are not high flood zones, i.e. it's flooding in places that may have never flooded before. Moreover, it’s reported that only seven percent of homeowners have flood insurance! It can take only an inch of water to cause thousands of dollars in damage to your home.  

Floods are not covered in homeowners or renters insurance, but anyone can get coverage as a supplement to their policy. 

Personal Umbrella Insurance

An umbrella policy covers claims in excess of your homeowners or auto insurance coverage. It’s an added layer of protection if you cause injury or damage to another person or their property.

For example, if you run a red light and cause a multi-vehicle accident, the cost of car repairs and medical expenses, not to mention any lawsuits you may face, could quickly add up well beyond your auto coverage. Without an umbrella policy, your assets, including your home and future wages, could be used to pay for the losses. This is a scary thought for most. Ask your insurance agent about increasing your liability coverage with a personal umbrella policy to safeguard you and your family.

Health Insurance

As reported by CNBC in 2019, 66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills, research found. It’s evident that most families don’t have enough saved for a simple emergency, let alone thousands of dollars in unexpected medical costs.

Even if you are healthy or don’t visit the doctor often, it’s critical to have some level of health insurance in place, otherwise, you’re leaving yourself exposed to potential financial catastrophe. At a minimum, consider a high-deductible plan where you pay more up-front medical costs, but have a lower monthly premium. 

Long-Term Disability Insurance

No one anticipates a life-impacting injury or illness happening to them. Unfortunately, the U.S. Social Security Administration says that approximately one in four 20-year-olds will become disabled before they retire. That’s a scary statistic, but by purchasing long-term disability insurance (LTD), you can protect yourself and your family if you’re unable to work for several years or even decades.

If your employer doesn’t offer an LTD policy, you can take out a supplemental policy. Expect to undergo a medical exam and be aware that any pre-existing conditions you have, could affect your coverage. The more complex your health history is, the longer it could take to approve coverage.

Term Life Insurance

If you have a spouse and/or children that depend on you financially or your death would be a financial burden for them, purchase a term life insurance policy. This type of policy guarantees payment if the covered person dies during a specified term – typically 10, 20 or 30 years. If the policy expires before your death, there is no payout. The policyholder can then choose to renew for another term, convert to permanent coverage or simply terminate the policy.

In comparison to permanent life coverage, term life insurance is less expensive but has no cash value or savings component. Term life premiums are based on a person’s age, health, and life expectancy. 

Long-Term Care Insurance

The U.S. Department of Health and Human Services reports that 70 percent of those turning age 65 today will need some type of long-term care, e.g. nursing home, assisted living or in-home care. Long-term care will cost you $140,000 on average if you pay out of pocket. These expenses will quickly deplete the savings of most individuals and/or their family.

Don’t think that you can rely on Medicare to cover long-term care costs – it doesn’t. Medicaid, the government’s program for people who don’t have money to cover these costs, isn’t a reliable fallback either. Throughout the U.S., doctors are reducing the number of Medicaid patients they accept.

Long-term care policies can be expensive and complex. Be sure to work with an insurance professional that can explain your options and help you find the best price based on your particular situation, age, health, etc. 

Identity Theft Insurance

Victims of identity theft may face lower credit scores, difficulty obtaining credit or loans, and even finding employment. This is an especially stressful and frustrating situation that can take months or years to recover from. Your homeowners or renters policy provides limited coverage for loss of this nature, so it’s smart to protect yourself with a dedicated policy.

An identity theft policy is designed to help victims recoup costs related to reclaiming their financial identities and repairing credit reports. This can include replacing documents such as a driver’s license and passport, notarizing affidavits, obtaining credit reports or paying for fees charged by an attorney for necessary legal action. 

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

Empty Bowls Virtual Fundraiser – Wallace & Turner Sponsors Second Harvest Food Bank Event to Help Fight Hunger

The Second Harvest Food Bank of Clark, Champaign and Logan Counties annual Empty Bowls fundraiser is going virtual! From September 24th - October 1st, the online store will offer beautifully crafted individual and sets of bowls, an opportunity to donate and raffle tickets with the chance to win a really great monthly subscription box. Wallace & Turner is proud to sponsor this event to help fight food insecurities in our community.

SHOP HERE: https://www.theshfb.org/shop

5 Ways to Save on Car Insurance – P.J. Miller Interviewed by CNET

P.J. Miller

One of the consequences of the COVID-19 pandemic has been a dramatic reduction in transportation of all kinds. Many insurers are taking a proactive stance and reducing premiums and offering discounts for car insurance. Now is a good time to take a look at your auto insurance policy to determine if you have the right coverage and if you could be saving money. 

“Insurance carriers recognize that this is a difficult time, and in response, many have offered a credit, refund, premium adjustment or premium reduction, for a current and specified time period,” said partner P.J. Miller.

Some discounts and offers were delivered automatically to policyholders, but it's worth double-checking to make sure you received all available help. 

Read the full CNET article to learn additional ways you can save on auto insurance.

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

What Medicare covers and what it doesn’t? – Colleen Corrigan discusses with Insure.com

Colleen Corrigan

Medicare has multiple parts, coverage, rules and choices. What Medicare covers and what it doesn’t can be confusing. 

Life & Health Agent, Colleen Corrigan, spoke with Insure.com to discuss Medicare Parts A, B, C, and D, and how you can make a more informed decision about your options. 

What does Medicare Part A cover and not cover? 

Part A covers inpatient hospital, hospice and home health care. And it helps pay a stay in a skilled nursing facility like a nursing home, but only for up to 100 days.

As long as someone or their spouse has worked and paid taxes for 40 quarters, or 10 years, they will receive Medicare Part A at no charge.

“Otherwise, you could pay a premium as high as $458 a month,” said Colleen. 

What does Medicare Part B cover and not cover? 

Part B will pay for doctor visits, lab tests, diagnostic screening, mental health, outpatient care at hospitals and clinics, emergency care, durable medical equipment and associated expenses. But first, you have to pay a $198 annual deductible.

"After the deductible is met, you typically pay 20% of the Medicare-approved amount," Colleen commented.

Part B also carries a monthly premium.

What does Medicare Part C (Medicare Advantage) cover and not cover?

Medicare Advantage plans are typically structured as either a health maintenance organization (HMO) or preferred provider organization (PPO) plan. Medicare Advantage plans have a maximum out-of-pocket cost of $6,700 for in-network services, but this amount doesn’t include prescription drug costs. Most Medicare Advantage plans include prescription drug coverage.

What does Medicare Part D cover and not cover?

Part D, a prescription drug plan, is available separately if you're enrolled in Parts A and/or B. Part D plans are provided via private companies.

Your deductible can range from $0 to $435; once that amount is reached, you pay a copay or coinsurance for each medication. If what you've paid out of pocket for drugs plus what your Part D plan has paid totals $4,020, your out-of-pocket amount equates to 25% of the prescription cost. This period is called the coverage gap "donut hole," when brand-name prescriptions can get pricey.

Part D doesn’t cover:

• Over-the-counter drugs

• Drugs sold outside of the United States

• Drugs not approved by the Food and Drug Administration

• Drugs not used for a medically accepted reason

Medigap plans can help Original Medicare beneficiaries 

If you have Original Medicare, you may want to look into a Medigap plan to help pay for your care.

"Medigap fills in the gaps that Original Medicare does not pay for," said Colleen. "For instance, when you visit the doctor, Parts A and B will only pay for its part of the covered costs. But a Medigap plan will pick up at least some of the remaining medical cost."

Read the full article at Insure.com.

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

Why Are Insurance Policies Impossible To Read? – Forbes Interviews P.J. Miller

P.J. Miller

Many policyholders believe insurance contracts are a nearly impossible-to-solve puzzle for the average person. So, what makes them so hard to understand?

An insurance policy is a legal document that has to hold up in court. That’s why you see lots of legalese and specialized terms in an insurance contract.

“Simple language opens things up to ambiguity,” said partner P.J. Miller. “And ambiguous contracts are prone to be torn apart by attorneys. In court, ambiguous policy language can work in favor of the consumer.”

Miller added: “Years ago, insurance contracts were easier to understand. But over time, new laws, regulations, court cases and differing opinions started to add complexity to the contracts.”

In other words, insurance contracts are complicated because they have to cover all their bases in case of a lawsuit or a large claim. Increased regulation has pushed insurance companies to make the contracts denser, making them difficult to read for the average policyholder.

Before you pay for any insurance policy, be sure to take the time to read and understand it. Get help if needed, so that you know what coverage you are—and aren’t—paying for. 

Read the full Forbes article.

Questions about purchasing an insurance policy, or understanding your current one? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Ohio insurance agency marks 150th anniversary; lauds local community – Wallace & Turner featured in Insurance Business America

Patrick Field

Partners Patrick Field and P.J. Miller were interviewed by Insurance Business America to discuss the agency reaching the 150-year milestone, an accomplishment few independent insurance agencies can tout. As noted in the article, Wallace & Turner has solidified itself as a hallmark business in Springfield, enjoying decades of community involvement and growth.

P.J. Miller

“The agency has a long history of being very active and supportive in the local community, both in terms of dollars and in terms of time,” Patrick told Insurance Business. “I was raised on the theory that Wallace & Turner will only do as well as the community it works and does business in. Anything we can do to help the community certainly helps us as well. Most of our people currently sit on a local non-profit board or have sat on a non-profit board in the past, and we certainly encourage all employees to get involved in local community initiatives.”

Wallace & Turner’s community-centric culture has been critical in the agency’s long lifespan. P.J. explained: “A lot of our clients are good friends of ours, and a lot of them have been with us for 30, 40, 50, even 60-years. Just as Patrick and I are generationally involved with Wallace & Turner, so are a lot of our clients. It’s been really exciting to watch our local clients transition, like us, through time and generation.” 

The Ohio agency’s 150th anniversary is even more impressive considering the huge uptick in agency consolidation over the past few years. Given the agency’s strong financial stability, consistency in service, range of products (the agency is approximately 50:50 for personal and commercial lines, with a separate life & health department), and its consistent clientele, it could be considered a prime target for acquisition. However, both Field and Miller said this is not on the cards. 

“[L]ocal servicing doesn’t exactly fit the big broker business model. The people here expect local service, they expect camaraderie, and they expect friendship – all things we’ve been able to provide at Wallace & Turner,” Patrick said.

Read the full Insurance Business America article.

Springfield Arts Council “Lawn Chair Lounge” – Wallace & Turner Sponsors NATURALLY 7 Concert

In lieu of the annual in-person Summer Arts Festival, Springfield Arts Council hosted a series of virtual events to enjoy online throughout the summer, dubbed “Summer Arts Festival’s Lawn Chair Lounge.” Wallace & Turner served as a sponsor of the final installment of “Lawn Chair Lounge” with a concert starring the talented NATURALLY 7, bringing their remarkable music to living rooms and patios.

World-renowned NATURALLY 7 guest-starred on three world tours with Michael Buble, a world tour with Coldplay, and won Best Vocal Group on CBS-TV’s prime time World’s Best with James Corden. Performing a mix of pop, rock, and R&B tunes, they stunningly recreate the sound of a full band using just their voices! More than a tightly orchestrated collection of great singers, they transform their voices into actual human instruments, effortlessly producing music of any genre. Their vocal choreography is so perfectly interwoven that they compelled the musical maestro himself, Quincy Jones, to declare that “NATURALLY 7 is the future of vocal music!!” 

Watch the concert here and catch cameos by partners Patrick Field and P.J. Miller!

With the cancellation of the 2020 Summer Arts Festival due to COVID-19, the Springfield Arts Council may experience a meaningful, financial challenge as an organization, and needs your support now more than ever. Please consider making a gift to the Springfield Arts Council.  

Wallace & Turner Supports Junior Achievement of Mad River as Golf Classic Sponsor

How many golfers does it take to impact Clark County youth? FORE! Wallace & Turner is serving as a sponsor of the Junior Achievement Golf Classic on Friday, September 25, 2020 at Reid Golf Course. The fun-filled afternoon will include a foursomes golf tournament, boxed lunch and networking in support of Junior Achievement programming. 

Junior Achievement’s mission is to inspire and prepare students to succeed in a global economy by teaching entrepreneurship, work readiness and financial literacy. 

Register for the Golf Classic.

Wallace & Turner Sponsors Clark County Fair 2020

Wallace & Turner is proud to once again sponsor the Clark County Fair, being held July 25 – 29, 2020 at the fairgrounds located on South Charleston Pike in Springfield. Due to the pandemic, the fair has been shortened from eight days to five days, featuring a Junior Fair with 4-H and FFA livestock shows only, with fourteen food vendors. Livestock shows are being livestreamed here.

View photos from the 2020 Clark County Fair.

9 Things You Didn’t Know About Car Insurance (But Should) – P.J. Miller Interviewed by The Simple Dollar

P.J. Miller

Purchasing an auto insurance policy can be confusing if it’s your first time, or if you don’t have an agent guiding you through the process. Partner P.J. Miller spoke with The Simple Dollar to demystify car insurance and answer common questions about premiums, discounts and more.

How does your job impact your car insurance premium?

Do you use your vehicle to deliver people, products or services? If so, you’ll need to be specific about that usage added to your personal auto policy. Depending on the usage and your insurance company’s stipulations, you might need a business auto policy (also known as Commercial Auto insurance). Think pizza delivery, courier service, Uber-type or other transportation network ride-share arrangements. 

Why do insurers care about your zip code?

Insurance carriers are fine-tuning their sweet spots and that includes by location and that could be a good thing for you if claims are relatively low in your specific zip code. They’re also after such things as median income, home values (yes, even home values can impact auto insurance rates if a carrier wants to focus on high net worth prospects. Zip codes can sort out specific sections of a county or city, for example, and they can refine their pricing to target exactly who they want to insure. 

What are the auto insurance discounts everyone should know about?

Increase your deductible. For example, from $500 to $1,000. But be aware that you’ll need to cover these initial costs in the instance of a claim, so be sure to set aside money, just in case.

Combine your coverage: Bundle your auto coverage with your home or renters’ insurance policy. Showing your loyalty to one insurer could help you land a discount, especially if you have multiple policies. Renew your plan early, and you could get a discount.

Eliminate coverage when you don’t need it: Older cars might not need collision coverage. If you haven’t already removed the physical damage coverage (comprehensive or collision) to reduce your cost, it can be a consideration.

Slow down: Speeding tickets can dramatically impact your rates. Being a safe driver can lower your car insurance by approximately 5%. Just because there are fewer cars on the road right now, doesn’t mean you should speed or disregard traffic laws.

Maintain a good credit score: Most carriers use credit as a portion of the rate-setting process, where permitted by law. While it is supposed to be a “portion” of the rate calculation, most believe it plays a significant role in determining a price.

How much can someone really save by comparing rates?

It depends on how much “shopping” you want to do, as rates can differ by a few dollars to a few hundred – in some cases, it can be a thousand or more but that probably means you’re paying several thousand already. The bottom line is, you have to find the company that gives the biggest discounts for your situation, such as excellent credit, low mileage, “clean” driving records, possibly college degree(s) and a skilled or professional job.

How could a policy become more expensive over time?

Increased age of the driver(s) – many carriers are increasing the rate on senior citizens, including pricing changes to age bands, such as at 70, 80 and over. Loss of discounts that applied when the policy was written but have faded over time. Poor continued claim experience (losses) for a specific insurance company or companies, in a given territory, zip code, state, or town/city.

What is a deductible? How do you choose one?

When choosing your deductible amount, there are various considerations: the value of your vehicle, your risk for having a claim and others, but a priority is how much you’re willing to pay if you are in an accident. If you have a $1,000 deductible but can’t afford this in the instance of a claim, it’s not going to be helpful to you.

How have car insurance industries adapted to the coronavirus?

Many carriers are providing flexibility for payments, and have suspended cancellations and late fees for auto insurance premiums. For example, Nationwide, Progressive and Allstate have all offered some sort of relief in response to COVID-19. Typically, no action is required on the policyholder’s part to receive these discounts or policy adjustments, but it’s best to confirm with your carrier, so you’re aware of their terms, as they do vary.

What long-term implications do you think the coronavirus will have on the industry?

For the future of Virus coverage, it’s way too soon to tell what might happen, but suffice it to say, the exclusion will remain in the policies until the “pre-existing condition” of the preceding year wears off. Until then, this will cause a lag in any insurance companies testing the waters and daring to jump in — which begs the question, how much would it cost in premium dollars and how many property owners will actually buy the coverage? This isn’t the tornado that leaves the damage in its wake and then is gone; this is potentially a year-round disaster without an accurate projection of when it will go away – an insurance company’s nightmare.

Read the full article at The Simple Dollar.

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

Turning 150 During a Pandemic – Wallace & Turner Featured in Insurance Journal

Insurance Journal interviewed partners Patrick Field and P.J. Miller to discuss the agency’s 150th anniversary, deep roots in the Springfield, Ohio community, some of the unusual coverages they have written, and even their mutual love of fishing.

When asked about the secret to a business’ longevity, Patrick said, “At the end of the day you take care of your clientele, you provide the best expertise you can, and you do it with the absolute utmost integrity and put their interests first.”

The coronavirus pandemic put a damper on any big plans the agency had to celebrate its sesquicentennial milestone, but in some ways, it has created growth opportunities for Wallace & Turner, Field said. “There’s a lot of people whose businesses have been very adversely affected. … Businesses have shut down … people have had time to analyze their own financials, pay more attention to them, look at their expense. Insurance is in the top five of expense, so I think it’s created for us opportunities for additional unseen growth.”

Those 150 years of hard work are not being ignored, however. The agency has always been a big supporter of arts organizations and other nonprofits in the community, and that tradition is being incorporated into the recognition of the agency’s anniversary.

“We’re going to take inventory of those organizations that we regularly annually contribute to, so we’re going to keep up with our donations and contributions in that way,” Miller said.

In that vein, the agency also is giving each of its employees $150 to contribute to the nonprofit or charitable organization of their choice.

Through their forebears, Field and Miller have deep insurance roots. Their fathers, and in Field’s case, grandfather as well, were in the insurance business. Their fathers were leaders in the agency that is now Wallace & Turner, and Field’s grandfather was one of the founders of Cincinnati Insurance Company. The agency retains a strong relationship with that company today, Miller said.

Including Field and Miller, Wallace & Turner has 17 employees. In addition to its Springfield office, the agency has an office in the nearby town of Urbana, Ohio, a location it opened last year. Urbana is an agricultural community that also has a significant manufacturing presence, Field said. “We’ve always done business there and it was a great opportunity for us to grow.”

Continue reading the full article at Insurance Journal.

Insurance Policies That Can Help Businesses with COVID-19 Losses - P.J. Miller Interviewed by Insurance Support World

P.J. Miller

Businesses are going through a period full of difficulties due to COVID-19 and are looking to insurers for adequate financial support. Partner P.J. Miller spoke with Insurance Support World about the benefit of a cyber and data liability policy to help recover a variety of expenses.

P.J. commented “COVID-19 is not covered by business interruption coverage. Exclusions to business interruption coverage specifically include pandemics, viruses (even the flu), and similar circumstances. This is being examined at the legislative level because businesses are turning to their congressperson or senator to question why they have business interruption coverage, but insurers aren’t covering loss related to COVID-19.

Law firms are also getting involved and pressing the issue. Some states have politicians putting bills together in hopes of passing legislation to require private insurance companies to cover business interruption related to COVID-19/viruses, and/or make it a federal requirement that the federal government covers business interruption for COVID-19/viruses. If COVID-19 has resurgence this coming winter and businesses are forced to shut down again, having a “virus protection plan” will allow for coverage to be triggered and send money to those impacted businesses.

A pandemic or virus doesn’t currently have an actuarial rating – what would insurers have to charge to cover the premium – but there is a potential we will see this in the future.

Cyber & Data Liability

In regards to cyber liability and data breaches, the COVID-19 outbreak is creating the perfect storm for these types of attacks to flourish. A cyber and data liability policy can help businesses recover a variety of expenses associated with data breaches, including:

• Notifying customers about a data breach.

• Credit monitoring.

• Restoring personal identities of impacted customers.

• Recovering compromised data.

• Costs to defend claims by state regulators.

• Fines and penalties.

• Repairing damaged computer systems.

Click here to read the full article.

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

COVID-19 & The Insurance Industry – P.J. Miller Discusses the Biggest Challenges with Insurance Support World

P.J. Miller

Coronavirus is having a massive impact worldwide, including in the insurance industry. Partner P.J. Miller spoke with Insurance Support World about pandemic/virus “claims” and the potential for financial devastation if insurance policies had to pay out for such coverage.

P.J. commented, “Being in the insurance industry (as an Independent Agency Owner), I’ve learned, or should I say had it reaffirmed, that while most commercial insurance buyers understood the fact that Pandemic/Virus “claims” are basically not covered, some see it as an attempt by insurance companies to not cover claims, “just because.” Technically, all property policies exclude (do not cover) such claims, and there’s not another source or method to buy the coverage. The same exclusionary language exists for flood, and yet flood is almost always available and usually reasonably priced; however, the number of flood policies purchased each year falls woefully short.

So, which calamity would you have bet on to wreak havoc in the U.S.? If you were offered Pandemic/Virus coverage last year, would you have laughed it off like being offered Volcano coverage?

While there aren’t many reports out yet to determine the dollar value of what would be considered covered Pandemic/Virus claims, most guesses are that it would have eclipsed the trillions that the Federal Government expended and would have caused widespread bankruptcies in the insurance industry. 

The premiums currently and historically charged for property coverage contemplates known perils (fire, wind, etc.) and without calculating and charging for the potential expense of paying an excluded item such as Pandemic/Virus, it would cause the widespread, if not total devastation, in the insurance and financial markets.” 

Click here to read the full article. 

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

Evaluate Your Insurance Coverage & Assess Your Risk - National Insurance Awareness Day

National Insurance Awareness Day falls on June 28th each year, reminding us that it’s a good idea to regularly review our insurance policies. Did you buy a new home or make upgrades to your existing home? Is a child heading off to college? Are you covered in the instance of a flood? Have you considered data and cyber insurance for your business? As life changes, so should your insurance coverage. Contact your insurance agent to evaluate your coverage and assess your risk.