Factors That Impact Your Home Insurance Rate – P.J. Miller Interviewed by Bankrate

P.J. Miller - Partner

Homeowners insurance premiums vary from state to state in the U.S., so what impacts the rates? Partner P.J. Miller spoke with Bankrate to examine the various factors that determine home insurance premiums.

Credit history

Like bank lenders, many insurers check homeowners’ credit in assessing the level of risk they are taking on.

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

Claims history

Insurance companies often base decisions on patterns of behavior. When a homeowner files a claim, the homeowners insurance company assumes that he or she is more likely to file additional claims in the future.

P.J. went on to explain how the type and number of claims you make could influence rates. “Even if claims were made in a previous home, this history will follow you,” he said.

Age of home

If you live in an older home or one that would likely need a lot of improvements if rebuilt, you will likely pay a higher home insurance premium.

P.J. explained that age and location are important factors in determining the cost to rebuild a home. “Insurers will assess the difficulty to replace or repair your home to determine rates,” Miller said. He added that home improvements such as roof replacement, upgrades to your electrical, heating or plumbing system and the installation of a security system “can all positively impact your rate as the likelihood of a loss declines.”

P.J. noted that your insurance agent should be notified of any upgrades to your home.

Deductible

A homeowners insurance deductible sets the amount that you will pay out of pocket. Agreeing to a higher deductible will decrease your premium, but it could also cost you more in the event of a claim.

“Many insurers also offer disappearing deductibles, which means they reduce your deductible if you don’t have any claims over a certain time period,” P.J. said.

The above are just a few of the factors that may be considered in your homeowners insurance. Click here to read the full article and learn more.  

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

Working From Home? Check Your Insurance Policy

It’s often said that purchasing a home is the biggest investment that one will make in their lives. Many homeowners (smartly) choose to protect that investment with home insurance. And now that COVID-19 has swept the globe, you may be using your home as an office space, as well.

Did you know that working from home may affect your insurance policy? You may be:

• Working from home temporarily due to COVID-19

• Running a new business out of your house

• Self-employed

Depending on your situation, you may require a different policy. Here are a few variables that could impact your coverage:

You May Not Be Covered for Damages

Before the pandemic, you may not have had expensive computer equipment in your home. As such, your insurance policy might not offer coverage for these additional electronics. Most policies have a limit for the amount that they’ll cover, and the computer and related accessories that you purchased for work may exceed it.

In some circumstances, your employer may have provided you with a work computer to take home. Their commercial insurance policy should cover any damages to the equipment, so you might not need to worry if any damage occurs. However, it’s best to check with your employer to determine if this is the case.

What About Liability?

Before the pandemic, your house was your personal residence, and that was it. Now, it’s also a place of business.

Although many of us are reducing social contact to prevent the spread of the virus, you may need to receive visitors in your home for a business-related reason. Client meetings may require face-to-face interaction. But if any damages are incurred by the guest during their visit (like a slip on an icy doorstep or bite from a dog), you may be held liable to cover them.

When you registered for home insurance, you may never have anticipated that one day, you’d be working from home. It’s important to review what types of claims your policy actually covers.

No one wants to be held liable for a claim that they believed they had coverage for. Ask your insurance provider about liability insurance for these situations.

Have You Considered Home-Based Business Insurance?

Many people’s employment statuses have changed since the start of the pandemic. You may have decided to start your own business rather than work for a company. This is a bit different than working from home temporarily. For this arrangement, you’ll need a home business insurance policy that covers home-based business assets and expenses.

Think about some of the business equipment that you’ll store in your home, which varies depending on your industry. You may have items like:

• Power tools

• A computer, printer or other office supplies

• Inventory such as clothing and apparel

The costs of replacing these items will add up. If they were to be damaged in any way, not only would it cost you to replace them, but it would impede the daily operations of your company. A standard home insurance policy won’t cover expenses that are related to a business. You may need to extend your coverage to include business assets.

Business Interruption Insurance

This policy is relevant to those working out of their home. If your office is damaged in a fire or other natural disaster, you won’t be able to carry out business as usual. With business interruption insurance, you will be covered for replacing damaged equipment or losses in revenue.

When you’re just starting a business, a setback can be devastating. Talk with your independent insurance agent about business interruption insurance.

Pro Tip: Get a Handle on Rising Electricity Costs

If you’ve been working at home for a year, you may have noticed that your energy bill has steadily increased. Instead of spending 40 hours a week out of the house, you now spend that time using your home office.

We have a few energy saving tips for when you’re at home that will bring down electricity costs:

• Use a drying rack or clothesline instead of your dryer

• Set up power bars and turn off unused electronics

• Replace any incandescent bulbs with LEDs

When you lower your energy bills, you can use those savings to pay for more comprehensive homeowners insurance.

The bottom line is that every homeowners insurance policy is different. In all likelihood, you will need to expand your coverage to properly maintain your home office. When you’re working from home, be sure to inform your insurance agent and ask if any additional coverage is required.

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

Wallace & Turner Sponsors New Carlisle Farmers Market

Wallace & Turner is serving as a Leadership Sponsor for the New Carlisle Farmers Market throughout the summer and into the fall to help provide the community with local healthy foods, baked goods, arts, and crafts. The Farmers Market will be open Saturdays from 10am to 2pm, beginning June 19 thru October 16.

Combating Hunger in Our Communities — Wallace & Turner Volunteers with Second Harvest Foodbank of Clark, Champaign, & Logan Counties

In an effort to combat hunger in our surrounding communities, Operations Manager & Commercial Lines Account Manager, Lisa Miller, and Commercial Lines Analyst/Accounting Assistant, Zach Vaughn, volunteered with Second Harvest Food Bank of Clark, Champaign & Logan Counties. The mission of the Ohio Tri County Food Alliance/Second Harvest Food bank is to alleviate hunger in Clark, Champaign, and Logan Counties by sourcing and distributing nutritious food to people in need, building community partnerships, and mobilizing the public to support hunger relief. Learn more: https://www.theshfb.org

Operation Adopt-A-Drop: Wallace & Turner Adopts Recycling Site in Springfield

The Clark County Solid Waste District introduced a new program “Operation Adopt-A-Drop” to improve the recycling experience for residents. The program invites residents or groups to become stewards of the county’s recycling sites, and is aimed at creating a pleasant recycling experience by having volunteers clean up those sites. Residents or groups that decide to adopt a recycling site are expected to clean-up their adopted site at least once a month.

Wallace & Turner has adopted the 525 East Home Road location in Springfield. Additional recycling locations can be found at 1620 West Main St. in Springfield, 5467 Selma Pike in Green Twp., 1539 Student Ave. in Northridge, 7952 Dayton-Springfield Road in Mad River Twp., and at the corner of Old Columbus Road and State Route 54 in Pleasant Twp. 

Learn more about Operation Adopt-A-Drop here.

How to File a Home Insurance Claim – Ben Galbreath Interviewed by Insurance.com

Ben Galbreath - Producer

Many homeowners have questions about what's involved with the homeowners insurance claims process: How do home insurance claims work? How are homeowners insurance claims paid? And how long do homeowners insurance claims stay on your record? Producer Ben Galbreath addressed home insurance claim topics in an interview with Insurance.com.

Can you keep your home insurance claims money? 

Technically, if you are paid for a claim by your insurance company, you aren't required to spend the money on repairs, remediation or replacement if you own your home outright. But if you pay a mortgage, your lender may require you to use the money to fix or rebuild your home. 

Even if you own your home outright or your lender doesn't obligate you to use the claim payout for repairs, think twice before choosing to pocket the money.

"Say you choose to take the claims money, not repair the damage and instead buy a car, for example. If so, your insurance company has every right to amend your policy, exclude damaged property they've already paid out for or even cancel or non-renew the policy altogether. If you do elect to keep the funds and not make repairs, the replacement cost clause becomes null and void," cautioned Ben. "When you sign the application for a standard homeowners insurance policy, you are agreeing to transfer the risk of financial loss to repair or replace any damage to your home and put it back to its original status before the loss or better."

How long does a home insurance claim stay on your record?

Typically, an insurance claim related to a recorded loss remains on your record for three to seven years. If you file one or more claims within this period, your premiums may increase or you could be excluded from coverage. 

"Insurance companies tend to look at the frequency and severity of claims. If there is a high frequency - meaning high number of claims - they may increase your deductible, force you to purchase specific coverage elsewhere, change the way losses are evaluated from replacement cost to actual cash value, or cancel your policy entirely," Ben said.

Read the full article here.

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

What to Know About Boat Insurance – Ben Galbreath Provides Insight to The Family Handyman

Ben Galbreath - Producer

If your boat has a motor, it probably needs boat insurance. In an interview with The Family Handyman, Producer Ben Galbreath explained what you need to know about boat insurance, including how much it costs to cover damages, loss and liability.

Do you need boat insurance?

If you have any kind of motorized watercraft, whether it’s a small fishing boat or an expensive ocean-going vessel, you almost certainly need boat insurance.

“If it has a motor, you need to consider at least liability coverage. The larger the motor, the more risk you will take on legally,” Ben said. “If you are financing a new boat, your lender will require that it be insured.”

Ben noted that if the boat is stored in a marina or other privately owned location, the owners will almost certainly require the boat be insured.

And while non-motorized boats such as canoes and kayaks usually don’t require an insurance policy, Galbreath added, they should at least be added to an existing homeowner’s policy. That’s especially true if you keep the boat at a cabin or holiday home. “If you are loaning out the canoe or kayak to someone,” he says, “you’ll need liability coverage, at a minimum.”

How does boat insurance protect you?

Standard options typically include: physical damage, liability, personal property, towing and assistance, and theft.

Two areas that may or may not be covered, but are definitely worth asking about:

• Uninsured boater. “If you get hit by another boater that doesn’t have enough insurance or any insurance,” said Ben, “uninsured boater coverage will kick in to pay for damage or injuries.”

• Hurricane coverage. If you live in the eastern/southeastern U.S. or anywhere with the possibility of hurricanes, ask if your boat is covered for storm-related loss or damage.

Types of boat insurance

Damage reimbursement and liability are two sides of the same coin with boat insurance. Ben said liability requirements depend on state laws, as well as lender requirements if you have a mortgage or loan on the boat.

“Another variable for coverage,” he commented, “is if the boat will be out on a private lake, on a state lake or reservoir, a river or tributary, or on open water or the ocean.” The greater the risks of adverse weather, theft or unfortunate encounters with other boaters, the more detailed the policy will be.

Average Cost Ranges of Boat Insurance

Boat insurance premiums range from low to costly, Ben commented, and some small motorboats may be endorsed (added) onto an existing homeowner’s policy for little extra cost. However, he said there are limits in the policy for the boat’s length, motor horsepower and maximum speed. “You should consider separate coverage if you have a large, fast boat,” he says. “And the faster and larger you go, the higher the cost.”

Read the full article here.

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

The Open Annual Leadership Clark County Golf Outing – Wallace & Turner Serves as Sponsor

One of the first local golf outings of the year, the Leadership Clark County event brings together past graduates, community leaders and other supporters to raise money over a round of golf for the nonprofit. Wallace & Turner is serving as a hole and team sponsor.

The event will be held on Friday, May 7, 2021 at Windy Knoll Golf Club. Contests include longest putt, longest drive, closest to the pin and the orange ball competition.

Learn more.

How to Protect Your Home from Spring Flooding

It’s finally springtime, and you’ve just woken up to the sound of chirping songbirds. The sun streams through your window and you can breathe a sigh of relief that winter is over. You couldn’t be happier—until you walk downstairs and notice that your basement has become a swimming pool.

Spring floods can mean bad news for your home. They’re often the cause of mold growth, structural weaknesses and extensive water damage to your belongings. Even if you’ve got the proper home insurance coverage and flood insurance protection, it’s still a huge hassle to remedy.

If your home has flooded in the past, it’s more at risk for a flood in the future. You’ll need to take extra precautions. Make sure that your spring cleaning doesn’t involve a watery mess by protecting your home with these tips:

Inspect the Foundation

Water will find any cracks or gaps in your home and quickly pour inside. It will turn your brand new laminate floors into a soggy mess. For this step, you may want to contact a home inspector. They can survey your property and find any weaknesses in the structure of your house.

Cracks in your home’s foundation can be dangerous. Along with causing floods, they can allow insects and radon gas to seep into your home. If you spot a crack, you can patch it up using grout or concrete, depending on the size of it.

Upgrade Your Sump Pump

When your home floods, it often starts in the basement. That’s why these rooms have sump pumps, a mechanism designed to prevent water overflows.

A sump pump redirects water away from your home, which keeps your basement dry. Prevent water in your home by installing and maintaining a sump pump. It may be worth installing a back-up battery, as well, so that the sump pump will still function during a storm.

Check on the sump pump annually to ensure it’s in working order. If you’re handy, you can inspect it yourself. Even so, you may want to call a plumber to do the job, just to be safe.

A sewage backup is one of the worst issues that can happen to a homeowner. A backflow valve can provide your home with added protection against floods; it ensures that the water doesn’t flow into your home if there’s a backup.

Invest in Flood Insurance

When you’re choosing an insurance policy, talk to your independent insurance agent about what it offers for flood protection. Not all standard plans offer coverage for this type of incident. Flood protection plans can grant you peace of mind that you will be insured if there is a disaster.

Even though home insurance is another monthly expense, it will pay for itself in the event of a flood, fire or theft.

Clean your Gutters

We hardly think about our eavestroughs, but they play an important role in protecting our homes against water damage.

However, they’re not very effective at redirecting water if they’re clogged with leaves, twigs and other debris. Schedule an eavestroughs cleaning so that your gutters can handle the wetness that’s on its way.

You should also check where the downspouts are redirecting water. Make sure that it falls at least several feet away from your home.

Check your Window Wells

If you have windows in your basement, you know they aren’t as strong as a standard wall. To protect them from groundwater, window wells are usually installed. However, these wells can become built up with debris over time, diminishing their effectiveness.

Give any window wells on your home a thorough cleaning. If they’re blocked, water will collect near them and eventually seep into your home.

Inspect Your Roofing System and Plumbing

A small leak in your roof or pipes will result in a torrential downpour the next time it rains. Maintaining a healthy pipe and roof system is one of the most effective ways to prevent an indoor flood.

If you suspect that your roof is leaking, call a contractor who’s experienced with that type of roof. Similarly, contact a trusted local plumber to have a look at your home’s pipes. Detecting these issues early can save you a major headache (and repair bill) down the line.

We know what you’re thinking: the cost of preventative maintenance really adds up! It might be expensive to fix these issues with your home, but once you consider the cost of water damage, the upgrades pay for themselves.

April showers don’t need to come with a flooded basement. Make these preventive measures a part of routine maintenance for your home.

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

When to Update Your Homeowners Insurance

Being a homeowner comes with great responsibility. You are responsible for the property itself, your family who lives in the house, and your personal belongings. That is why having a comprehensive homeowners insurance policy is essential. It gives you the protection needed in case you face a loss and financial difficulties.  

As life is full of unexpected circumstances, be sure to update your policy accordingly to protect your property from weather, non-weather, and accidental incidents. If you are wondering when to update your homeowners insurance, read about some of the changes that will affect your policy below. These life events may impact any future claims, so pay attention to the terms and conditions.

Buying a new home

If you currently own a home and are buying a new one, unfortunately, you can't just transfer the policy. Your new home will likely have different risks and needs, which means you need different coverage.

If you’re setting out to buy your first home, know that homeowners insurance will protect your property, people, and the belongings inside from incidents that include, but are not limited to:

• Storms, wind, lightning

• Fire

• Freezing, weight of ice and snow

• Theft, vandalism

• Riots

• Aircraft and vehicles

• Water from plumbing

• Heating and cooling system tearing

Usually, this type of insurance is renewed once a year or when you have new coverage needs. The cost will depend on many things, but know that prices vary based on many factors such as square footage and additional structures such as an “accessory dwelling unit” (ADU), or the materials used to build the home. Therefore, it is best to consult with your agent, who has the expertise and the know-how to answer all of your questions and ensure you have proper coverage.

Your family is growing 

If you are expecting a new member of the family, you should be thinking of updating your homeowners policy. You might wonder what the relation between your new baby and insurance coverage on your house is. One aspect of homeowners insurance is content coverage, and with a new baby comes a lot of new “stuff” – furniture, electronics, strollers, etc. You want to be sure these purchases don’t put you over your current coverage limits. Contact your insurance agent to discuss your current policy and if it needs to be updated. It’s also helpful to keep a running home inventory in the instance of a loss; this will make the claims process much easier.  

Your family may also be growing with the addition of a four-legged member. Let your insurance agent know about this immediately, as potential claims such as a dog bite will not be covered if the dog is not listed.

Working on a home improvement project

You might decide to update your bathroom or remodel your kitchen. When you finish your home improvement project, be sure to let your insurance agent know. These additions and improvements to your property will affect your insurance policy. In the case of making a claim, you will need additional coverage for the upgrade costs.

If your kitchen remodel or the bathroom upgrade is making your home inadequate for living, you may think about staying with friends or relatives. During construction, you can even relocate to an apartment if your budget allows you to. In this case, you would also want to protect your property during relocation, especially if you own items of value. That way, you will have complete coverage and, most importantly, peace of mind. 

You are going to retire soon

If you plan to retire and will likely be spending more time at home, you may be eligible for insurance discounts. There will be a reduced chance of theft since you are home, and accidental incidents like a fire will be less likely to occur.

If you have plans to travel now that you are retired, you should also check if it will impact your homeowners insurance. Suppose you travel for extended periods, the house will be empty, so you might need extra coverage. Even if you don't leave your home vacant but rather rent it to someone, you should talk policy updates with your agent. 

Check if there is something your policy does not cover

Even with the adjustments and updates to your homeowners policy, it will not cover certain liabilities. Standard homeowners insurance does not cover flooding. You can purchase insurance covering flooding from heavy rain, snow, or hurricanes as a supplement to your homeowners insurance. As flooding is one of the most common natural disasters, it's advisable to consider purchasing this type of insurance as well. If you live in an area where the chances of heavy rain or snow floods are more significant than average, don't hesitate to talk this over with your independent insurance agent. Your agent will simplify the complexity of this insurance and any additional policies you might want or need. No one knows what the future brings, but one thing is for sure, you want your property and your family to be secure and your financial prospects intact.

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

Wallace & Turner Sponsors Junior Achievement Superhero Bowl-A-Thon

In support of Junior Achievement’s mission to inspire and prepare young people to succeed, Wallace & Turner sponsored the Mad River Region’s superhero themed Bowl-A-Thon on February 27 at Victory Lanes. With the bowlers and sponsors, we were able to raise more than $42,000 to support Junior Achievement programs in our region! WT was also recognized with the Best Costumes award!

Junior Achievement’s proven lessons in financial literacy, work and career readiness, and entrepreneurship are shown to positively impact the lives of young people. These lessons align with national and state educational standards and are delivered to millions of students across the country with the help of our education partners and volunteers from the local community. Research shows that JA Alumni are more likely to have a college degree, feel confident managing money, have career success, and have started a business as an adult.

Roadside Assistance Plans: P.J. Miller Interviewed by NextAdvisor on What You Should Know Before You Get One

P.J. Miller

Roadside assistance is one of those things that’s easy not to think about — until you’re stuck on the side of the road somewhere or your car won’t start. It’s different from your car insurance coverage because it provides relief for a temporary situation when your car is undrivable. It is usually much less expensive than your annual auto insurance premiums, or possibly without any additional cost to you.

If you drive a newer car, review the manufacturer’s roadside assistance plan first, since it’s likely included at no additional cost. “Check what benefits your new car includes, then compare to others,” commented partner P.J. Miller.

Additionally, most insurance carriers offer or include roadside assistance plans with your auto insurance coverage. But don’t assume your roadside assistance plan is tied to a large network of service providers simply because you receive it through your insurance carrier. Some carriers use the reimbursement model, which means you’d have to pay out of pocket if the need arises.

Continue reading the full article to learn more about roadside assistance plan options.

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

Patrick Field Named Springfield’s 2021 Alignable Local Business Person Of The Year

Partner Patrick Field has been voted Alignable’s 2021 Local Business Person Of The Year in Springfield based on his incredible contributions to Wallace & Turner and the community in the COVID era. During the month-long contest, Alignable invited its 6 million+ members to vote for their favorite peers. Alignable amassed 86,000+ votes and recommendations about hometown business heroes in its third annual competition.

About Alignable

Alignable.com is the largest online referral network for small businesses in the U.S. and Canada. With 6 million+ members across 35,000+ local communities, Alignable is the network where small business owners drive leads and prospects, generate referrals, land new business, build trusted relationships, and share great advice. 

What to Do Next When Your Car Is Totaled – P.J. Miller Offers Insurance Insight to NextAdvisor

P.J. Miller - Partner

A total car loss is what happens when the insurance carrier determines it costs more to repair the damage than to fix your vehicle. It’s not necessarily because of a serious accident; your car may be totaled because of a natural event, for example. Partner P.J. Miller spoke with NextAdvisor about what to do when your car is totaled and what to expect when dealing with your insurance agent.  

When the Insurance Company Determines Your Car Is a Total Loss

“When the estimate reaches about 70% to 80% of the value of the vehicle, most likely it will be considered a total loss,” said P.J.

How Much Is a Totaled Car Insurance Payout?

Once the adjuster determines whether a car is totaled, the work begins to determine the payout. The payout is based on the fair market value, or Actual Cash Value (ACV).

ACV is simply a term for what was once called the “book value” of the car, P.J. explained — or the value of your vehicle when accounting for the depreciation that all cars begin sustaining as soon as they leave the lot. 

If you have New Car Replacement Coverage with your auto insurance policy, you may think you’re 100% covered. But “your car can’t be older than one or two years to qualify for that replacement,” P.J. warned, which further complicates how much money you receive for an insurance payout.

What Happens if You Owe More on Your Loan or Lease Than Insurance Pays Out?

“If you haven’t made payments, or are upside down or late, now there is a gap [between] what you owe and what you’re getting paid,” P.J. said. You are responsible for the shortfall, but if you have gap insurance with your auto policy, this is where it kicks in. 

Click here to continue reading the full article and learn practical steps to help you stay focused on getting back on the road safely, and perhaps with a new vehicle.

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

Health Insurance Coverage Special Enrollment Period: February 15 - May 15, 2021

The Department of Health and Human Services will open a Special Enrollment Period for Marketplace health insurance coverage for individuals under age 65 from February 15, 2021 - May 15, 2021. You can read the full fact sheet from the White House here.

Here are two things to know about this enrollment:

• Anyone eligible for Marketplace coverage can enroll or change plans.

• You can enroll any time during the month and receive a coverage effective date that is the first day of the following month.

Marketplace coverage includes the following essential services, and more:

• Free preventative care

• Prescription drugs

• Laboratory

• Mental health

• Hospitalization

• Pregnancy

• Maternity

• Pediatric

• Birth control

• Breastfeeding

With Marketplace health insurance, you can enroll in quality coverage at a fraction of the price! Wallace & Turner can assist you with analyzing options that will suit your individual needs. Contact Colleen Corrigan at 937-324-8492 x131 or ccorrigan@wtins.com.

Westfield Insurance Foundation Awards $5,000 to Second Harvest Foodbank of Clark, Champaign & Logan Counties Through Nomination by Wallace & Turner

Second Harvest Foodbank of Clark, Champaign & Logan Counties (SHFB) will be able to provide more food and supplies to those in need as the $5,000 winner of Westfield Insurance Foundation’s #SolveIt award. The award celebrates the efforts of businesses, insurance agents, food pantries, hot meal sites and food delivery programs that are helping their local communities overcome challenges and eliminate hunger.  

Wallace & Turner nominated SHFB for the organization’s extraordinary response in addressing community needs throughout the pandemic. The threat of COVID-19 changed many aspects of society, but not the mission of the food bank. The main goal is to make sure that no one is going hungry, and SHFB identified different avenues and resources to reach people in various ways.

SHFB served nearly a year’s worth of customers from January through May 2020 alone, as nearly 12,000 households representing nearly 35,000 people sought SHFB’s services either directly or through one of its partners. That was an increase of 66 percent over the same period a year ago, and nearly 20,000 of the people served, had never used the food bank before, an increase of 132 percent.

Additionally, with the help of local schools and community organizations, SHFB provided children from ages 1 to 18 with free healthy meals throughout the summer. Each child received five breakfast and five lunch meals per week. In total, the facility served over 20,000 meals to children per week. 

About Westfield and Feeding America’s Partnership 

As the pandemic continues, Feeding America® projects it will need an additional $1.8 billion to feed Americans who are newly food insecure. In fact, 40 percent of the people in need today have never needed help before. Because of the exponential need, Westfield increased its annual giving by $500,000 to partner with Feeding America. Together, they will support communities across the country to create solutions that help their neighbors put food on the table. 

What Most Homeowners Don't Know About Homeowners Insurance

P.J. Miller - Partner

Homeowners insurance protects more than just your property, it also covers the people in it and your personal belongings.

Typical homeowners coverage includes incidents related to:

• Weather: Storms, fire, wind, hail, lightning, freezing, weight of ice, snow or sleet

• Non-weather: Theft, vandalism, riots, aircraft and vehicles

• Sudden/accidental: Water from plumbing, tearing/bulging of heating or cooling systems, artificially generated electrical current

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.

What isn’t covered by a homeowners policy? 

Of course there are a range of losses not covered by a standard homeowners policy, but probably the most important to know is flooding is not covered. Flood insurance must be purchased as a separate policy to protect against damage caused by heavy rains, hurricanes, snow and flash floods.

With the increase natural disasters as of late, homeowners insurance is becoming harder to get in high-risk areas for flooding or wildfires. As new business to the insurance carriers or renewals; applications ask the underwriting questions as to those two perils, wildfire and flood.  Flood is somewhat of an exception since it’s NFIP/FEMA-based underwriting but they still analyze location as to proximity of water and also wind velocity. Flood Zones A/AE are subject to significant annual rate increases, typically 25% annually.

What are ways to get better coverage that people don't know about?

• Combine your homeowners policy with your auto policy to save money.

• 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, as well.

It can be advantageous to work with an independent insurance agent versus a national carrier. Independent insurance agencies work with a range of carriers which means they can offer a variety of insurance options tailored to your personal needs. Insurance coverage can be complex and an independent agent can provide personalized attention to make sure you understand all aspects of your policy. There are often discounts and credits available within certain coverages, and they’re able to help you take advantage of these savings. Moreover, you will have one point of contact for all of your insurance needs.

What to avoid that people don't know about?

Avoid online quoting tools. A first-time buyer, unless well-versed in homeowners insurance, should have an agent or broker explain the complexities of an auto insurance policy, rather than using an online quote. These tools are only as good as the information provided and often don't provide a complete quote for coverage that will actually be needed. 

Avoid overlooking flood insurance. Flooding is the largest natural catastrophe and largest single event natural catastrophe that ever occurs. There are some places that would say earthquakes, but from the standpoint of frequency and severity, flooding is more predominant over every other natural catastrophe. The largest negative is that you wouldn't have any coverage for the damage of your house or its contents if you don’t have flood insurance. 

If you are in an area where you should have had flood coverage because it's a high flood risk zone, and if it is a repetitive loss situation, the government (FEMA and NFIP) may not cover assistance or loans due to the repetitive nature of the floods in your area. 

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

The Severe Cold Weather Survival Guide for Homeowners - Infographic

It's critical to stay ahead of deep freeze disasters during winter weather. While a standard homeowners insurance policy will cover most cold weather damage, is best to minimize risks. Here are a few tips to avoid potential hazards inside and outside your home.

6 Proven Ways to Lower Your Car Insurance Premium – P.J. Miller Interviewed by FOX Business

P.J. Miller - Partner

Car insurance is a necessary cost for any car owner but having a good auto insurance policy doesn’t have to mean paying sky-high premiums. Partner P.J. Miller spoke with FOX Business to offer six ways you can lower your car insurance premium.

1.     Review your policy frequently. Auto insurance isn’t something you should set and forget. When your situation changes — even slightly — you’ll want to let your insurance agent know to make sure you’re getting the best rate and have the right amount of coverage.

“Rates can differ by a few dollars to a few hundred,” said P.J. If you have several cars and higher-risk drivers, the difference could be in the thousands, he said.

2.     Don’t pay for insurance you don’t need. “Eliminate coverage when you don’t need it,” P.J. said. “Older cars might not need collision coverage. If you haven’t already removed the physical damage coverage — comprehensive and collision — to reduce your cost, it can be a consideration.”

3.     Bundle your insurance plans. Most insurers offer discounts if you have several policies with them. “Combine your coverage,” Miller explained. “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.” 

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

5.     Raise your deductible. An easy way to reduce any insurance premium (car, home, rental, etc.) is to increase your deductible — or the amount you pay per claim before your insurance kicks in their portion. Generally speaking, the higher your deductible — meaning the more you pay out of pocket — the lower your premium will go.

6.     Be a good driver. Many insurers offer premium reductions for claim-free periods — sometimes significant ones, too. According to P.J., “being a safe driver can lower your car insurance by approximately 5%.”

Because claims and tickets send premiums rising, smart driving habits also protect the rate you already have. “Slow down,” P.J. cautioned. “Speeding tickets can dramatically impact your rates.”

Read the full article at FOX Business.

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

6 Reasons Every Tenant Should Have Renter's Insurance

If you've moved out on your own for the first time and are looking forward to renting an apartment, condo or home, you need to get prepared. Don't let your excitement blind you to the potential risks of renting. To be able to enjoy your independence fully, consider purchasing renter's insurance to protect your possessions in the instance of an accident.

1. Renter’s insurance is actually affordable

One of the biggest mistakes renters make is thinking they'll see significant savings by ignoring added expenses. What you should know is that renter's insurance is affordable – so much so that it typically pays off even if you need to use it only once. While it can be tempting to save money now or think you’ll never need renter’s insurance, unforeseen accidents from fire, smoke, covered water damage, wind, theft, vandalism and more, can often be devastating to your wallet. With this in mind, it’s beneficial to spend a reasonable amount on coverage to prevent coming out of pocket for thousands of dollars down the road.

This kind of protection is one of the must-have types of insurance policies, tailored to suit renters wherever they live. While versatility and affordability of renter's insurance plans seem to be the most important traits to those who live on a tight budget, they are not the only reasons to get this kind of coverage.

2. Injury liability coverage protects your visitors

This kind of injury liability coverage pertains only to people visiting, and not residing in your home. It means that should your guest get injured while on your rented property, your renter's insurance policy will cover their medical costs. On the other hand, should you get hurt in the same manner, your only safety net would be your own medical insurance plan.

3. You're covered even if you accidentally cause damage to your rented property

Accidents happen, but that doesn't mean you're on your own if you unintentionally cause damage to your rented property. Even in such situations, when you need to conduct repairs or renovations, your renter's insurance will bear the burden. However, bear in mind that damage you have caused by negligence and deliberately harmful actions will not get covered by any tenant's insurance plan.

4. Renters' belongings are not covered by the landlord's insurance

This is the first and foremost reason to have renter's insurance. Your landlord's insurance covers the building itself, but that doesn't include your items. It is not the landlord’s responsibility to protect your belongings. Look at renter’s insurance as an investment as well as buying peace of mind. This kind of third-party insurance also allows you to be worry-free when storing your belongings at an offsite facility, for example, in your car or storage unit. There are numerous occasions on which you might need to rely on external storage capacities. You may be moving between homes, traveling abroad for a few months, studying in another state, remodeling your home, etc.

5. You are safe from (most) losses to your personal property

The list of all events causing losses or damage to your property is rather long, but it doesn't include everything. This is why it's crucial to understand your renter's insurance policy and work with your independent insurance agent to tailor it to your needs.

A few of the most common situations included in renter's coverage are:

• theft

• explosion, fire or lightning damage

• riots, civil commotion or vandalism

On the other hand, a standard renter’s policy doesn't cover:

• earthquakes

• flooding

• wind (hurricane) damage

You might want to consider additional policies for the above depending on where you live and if the area is prone to certain natural disasters. Your insurance agent will be able to guide you through all of the options.

6. Some renter's insurance policies cover additional living expenses

Let's say that the worst happened and you need to leave your rented home due to fire damage. With the right renter's insurance policy, you are entitled to receive a reimbursement of the expenses while you live elsewhere. Of course, there are certain limits to this. Be sure to clarify with your insurance agent which living expenses are covered by the policy and for how long. Most often, temporary lodging is covered for several months.

Understanding compensation for loss

To understand what you will get in compensation for the losses, you should know the difference between two offered types of reimbursement: Actual Cash Value (ACV) and Replacement Value (RV). Knowing which type to choose makes all the difference later.

Actual cash value returns the replacement cost of the product reduced for the accumulated depreciation. In other words, if you lost a 10-year-old camera, you will get enough cash back to buy another 10-year-old camera. Replacement value equals the market value of the lost item minus the deductible. Sometimes, you can even get the full market value of the item. While this kind of coverage costs more, it is incredibly beneficial when it comes to insurance of electronics and other valuable items. Thus, it makes purchasing renter's insurance an investment well worth considering. ACV coverage is better if applied to less expensive items that you can replace from your own pocket.

Bottom line

In the event of total damage to your possessions, the financial blow can be truly disastrous. The cost of renter's coverage is can be split into nominal monthly payments, making it quite affordable. At the same time, it saves you from an unexpected loss that can set you back for years to come. The best course of action is to discuss available insurance policy plans with your insurance company. Choose the one that offers the best balance between the insurance plan price and coverage options.

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