Posts Tagged ‘personal lines’
Do terms like liability, comprehensive coverage, and underinsured seem like a foreign language to you? If so, you are not alone.
Julie Turner, wife of Ross, loves to tell the story of when Ross first reviewed her auto insurance policy back in 1989. Both were single at the time, and Julie’s insurance bill was due. Ross looked at the policy and couldn’t believe his eyes.
Julie had the minimum limits and very little coverage – on her brand new 1988 Honda Accord! When he asked her why, she said she had called an 800 number and asked for the best price. She had no idea that her policy would not have paid enough if she had been in an accident. Suffice it to say, Ross eventually became her insurance agent and her husband… and in that order!
It’s important to understand your automobile insurance coverage, even though it can seem complicated. Take a moment to review these key auto insurance terms:
Liability Insurance – Reimburses others for injury, damages or losses caused by your driving or your car. There are two types:
*Bodily Injury Liability – In a car crash where you’re at fault, bodily injury liability will provide compensation for pain and suffering, lost earnings and related expenses resulting from injury or death. We can help you determine the right amount of coverage, based on whether you own a home and other substantial assets that could be at risk in a lawsuit.
*Property Damage Liability – This coverage will pay to repair or replace things you damage in an accident other than your own car. Again, it’s best to consider your personal situation.
Collision Insurance – Covers the replacement or repair of your car, regardless of who is at fault in the accident, even if you are hit while parked or hit by an unknown car or object. If you have a car loan, you are required to have collision protection. On the other hand, if your older car’s value rises and falls based on the gas in its tank, you may consider dropping collision coverage.
Comprehensive Insurance – Protects against damage to your car that does not involve a collision. For example, fire, theft, hail, flood, windstorm, flying objects or animals. It’s likely required if you’re paying a car loan, but optional if you own an older car that’s not worth much.
Medical Payments Coverage – Pays for physicians, hospital bills, continuing care, funeral costs and compensation for you and your passengers, regardless of who is at fault. If you have adequate health insurance, you may not need this optional coverage, but it can pay expenses your health insurance may not cover.
Uninsured and Underinsured Coverage – Covers you, and members of your household, for losses in an accident with a hit-and-run driver or a driver who has no car insurance or not enough car insurance.
And remember, we love questions! We are happy to walk through and explain your policy at any time.
You may have noticed an increase in your homeowner’s insurance premiums. You’re not alone – increases are happening across the country.
Why the increase? In a word: weather. Catastrophic weather events in the second quarter (April, May, and June) of 2011 exceeded $15 billion countrywide.
Consider the following:
- Hurricane Irene caused record losses in the eastern United States
- Wind and hail caused over 20,000 severe weather reports in just the first half of 2011
- Tornado outbreaks this spring, most significantly in Joplin, Missouri and Tuscaloosa, Alabama.
- Wildfires in Arizona, New Mexico, and Texas destroyed over 2,000 homes and losses are estimated to exceed $250 million
- Ice and snow from Texas to New England!
- Earthquakes in various places, with the most significant occurring in Virginia
These catastrophic events have also put a demand on the building industry for labor and materials, driving up reconstruction and repair costs.
So while the market value – the amount you could expect someone to pay to buy your home – may have dropped, the cost to rebuild your home at the same location with similar materials – the replacement cost – has increased.
Because you insure your home to the replacement cost, not the market value, the amount of coverage you need to be fully protected, and thus your premiums, are going up. So what can you do?
There are several ways you can lower your insurance premiums.
Ask us about…
- Increasing your deductibles. If you assume a greater part of the risk by increasing your deductible, you can lower your premiums.
- Insuring your auto and home with the same company if you don’t already.
- Don’t move your coverage from company to company. Many companies will give you loyalty credit for staying with them!
- Protecting your home. Install fire, burglar, and smoke alarms in your home – discounts are available in most states.
An insurance policy is a promise…a promise to help you recover from your losses. Part of this promise is assuring that we will have the resources available to help you when you need us. While we hope you never experience a loss, be assured we will be here for you with outstanding claims service and the financial stability to help you recover quickly.
Please contact us with your questions or comments or to learn more about the benefits your homeowners policy provides you and your family.
by Denise Long, Personal Lines
Several of The Turner Agency employees have been working with trainer Graham Sesler as part of the Ultra Fit Program and have achieved great success thus far! Graham Sesler is offering a special for anyone who donates to Susan G. Komen of Greenville. Here are the details:
RECEIVE FOUR ULTRA FIT, WORLD-CLASS PERSONAL TRAINING SESSIONS WHEN YOU DONATE $75 OR MORE TO SUSAN G. KOMEN OF GREENVILLE!
A ll you need to do is see Stephanie Miller at the local Greenville chapter, specify that you are teaming up with Ultra Fit, donate, and ask for a receipt. Then call Graham to set up your sessions!
Here’s the address and contact info for Susan G. Komen of Greenville:
301 Halton Road, Suite D-2, Greenville, SC 29607
Phone: 864-234-5035 · Fax: 864-234-5036
Email: info@komenscmm. org
Graham also encourages you to check out Ultra Fit on his website.
Graham has helped over 300 people in this area to lose 100 lbs. or more! That’s not including the thousands who have lost 99 lbs. or less. He also specializes in body sculpting and can help you lose those last few pesky pounds in order to get in the absolute best shape of your life!
From The Personal Lines Team
Sixty years ago, when the 1950 census data was released, it showed that 8 in 10 households were occupied by married couples. Fifty years later, the 2000 census data showed that number had declined to just over 50%, signifying a change in the typical American household. Almost half of households were occupied by a single individual, roommates or unmarried couples (the 2010 census data is still in the process of being made public).
If you are in the “living together but not married” category, you should pay close attention to the language in your home and auto insurance policies that specifies which individuals are covered—in insurance terms, the “insureds.”
Most standard home insurance policies restrict coverage to a “named insured”—the individual person(s) named on the policy and his or her resident spouse. The policy then extends coverage to “resident relatives,” a term referring to individuals related to the named insured by blood, marriage or adoption (or someone under 21 in your care, such as a foster child) who are residents of the named insured’s household.
This means that a home insurance company has no obligation to cover a non-insured’s liability or to defend that person in a lawsuit alleging liability.
Consider this scenario: A girlfriend and her teenage son move in with the woman’s boyfriend. The son seriously injures another child in a tackle football game at the park down the street. That child’s parents file a suit against the mother/girlfriend.
Unless she has her own separate insurance policy (such as a “renters” insurance policy) or has been added as a named insured on the home insurance policy (which most insurance companies won’t do if she isn’t a relative), she has no coverage.
The problem doesn’t stop with liability. Chances are the girlfriend and her son will also move some of their personal property in with them, but clothes, electronics, school supplies and whatever else belongs to them may not be covered by the homeowner’s insurance policy either. Most policies exclude coverage for personal property that is owned by roomers, boarders or tenants. This personal property exclusion is another reason why a renter’s insurance policy is essential for non-insured roommates.
The auto policy also has a “named insured” which includes the individual listed on the policy and his or her spouse. The insured on an auto policy varies depending on the coverage. For example, liability, medical payments, and uninsured motorist coverage each have their own definitions of “insured.”
Say an adult boyfriend and girlfriend each have a car and their own personal auto insurance policies. One has high limits of liability on their policy, maybe $100,000, and the other has lower limits, like $25,000.
Let’s look at liability coverage in this scenario. This section of the policy covers the “named insured” and “family members” for liability arising out of the use of any auto. It also considers any other person an “insured” while that person is occupying a car (with permission) that is insured under your policy.
Dig deeper, however, and you’ll see that the policy excludes coverage while the “named insured” or “family member” is operating a vehicle that is furnished or available for regular use.
If the girlfriend is driving the boyfriend’s car and gets into an accident causing injuries, his auto insurer would pay up to the policy limits—in this case, $25,000. Unfortunately this may not be enough money to cover the full liability if the injuries are severe, and the liability policy with $100,000 limit might not be available as a fallback, even though it covers the driver for the use of any auto. That’s because the driver’s insurer can argue that this car is available for the driver’s regular use since the car owner and driver live together and that, under that circumstance, coverage is excluded by the policy language.
The good news is that these scenarios have solutions that we are ready to discuss with you. Call us today!
The designation of Certified Insurance Service Representative (CISR) has been conferred upon both Denise Long and Deidra Ranew, Account Managers at The Turner Agency in Greenville, SC. This achievement was awarded after their successful completion of five courses covering all areas of insurance risks and exposures, followed by extensive examinations.
Denise has been an associate of The Turner Agency for four years, and serves as an Account Manager on the Personal Lines team of The Turner Agency. Deidra is an integral part of the Commercial Lines team at The Turner Agency, and has also been with the agency for four years.
The CISR Program, available to insurance professionals in all 50 states and Puerto Rico, is distinguished from other programs of its kind by an annual continuing education requirement, which ensures that designees stay current on the important policy changes and trends within the industry.
The Turner Agency believes strongly in education. Both Denise and Deidra are to be commended on their dedication to professionalism as evidenced by the completion of the CISR designation and their commitment to continuing education.
The CISR designation is awarded by the Society of CISR, a not-for-profit organization and member of The National Alliance for Insurance Education & Research, the nation’s premier provider of insurance and risk management education. This year, the Society of CISR celebrates its 20th anniversary with over 71,000 participants in the Program and more than 24,000 individuals holding the CISR designation. The Turner Agency has served the insurance needs of the Upstate since 1962. Located on Halton Road, The Turner Agency is a Trusted Choice independent insurance agency offering a complete line of services, including but not limited to home, automobile, business. life, and employee benefits.
Welcome! We look forward to reviewing your current coverage and assisting you with all of your insurance needs. We offer complete insurance coverage at affordable rates. We will look for every advantage and discount available for you. Most of our companies offer discounts for more than one policy with their company, which offers even more of an advantage to you.
We represent a variety of companies, each with varying areas of expertise. Visit our Partners page to see some of these companies.
To get started, click on one of the quote forms below to send us the information needed to quote your coverage. Or, click the contact us button on the right and give us some general information so we can contact you.
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