What Should I Do at The Scene of An Auto Accident 2.0?

I’ve written on this subject previously, but I’m revisiting the question to add a few points where technology comes into play.  Today, most people have smart phones or tablets that can be used to document critical facts and information following an auto accident.  The following are a few additional FAQs you should know to be prepared to utilize technology at the scene of an auto accident:

1.  How should I record information at the scene of an auto accident?  You should leverage the use of your smart phone or table to record information at the scene of an accident.  Use the camera feature of your phone to take photos of the other parties’ driver’s licenses and insurance cards.  You should also take photos of the vehicles involved, the location of the vehicles at the scene and the street signs at the location of the incident.  

2.   How can technology help my insurer investigate losses and why should I help?  Technology, such as Google Earth, helps insurance adjusters confirm details of disputed accidents, such as the road design and traffic controls at the location of the accident.  You should help record the location of the loss to help “paint the picture” for the adjuster that will be deciding the liability on disputed claims. 

3.  How can technology hurt my case in a disputed claim?  Distracted driving is becoming more and more prevalent today.  Using your phone or other electronic devices while driving is causing an increase in the frequency of auto accidents.  If it’s determined that you were on your phone at the time of the accident, you will most likely be held liable for the resulting damages/injuries caused as a result. 

If you have additional questions regarding auto accidents and how it affects your auto insurance premium, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, Texas 75071

Have some tips or comments to share on what to do after an auto accident? Share your thoughts in the comment section below. Or share your insight by following us on Facebook or Twitter!

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

Top 3 Things Homowners Shoud Do to Reduce Home Insurance Claims

Home Insurance premiums are on the rise in McKinney and the state of Texas for consumers.  The frequency and severity of home insurance claims is one of the primary factors in rising home insurance premiums.  My clients often ask for ways they can help reduce their potential for home losses and mitigate the costs of any future losses they may have.  The following are a few steps you can take to reduce the frequency and/or severity of home insurance claims: 

1. Have your roof inspected annually by a reputable roofing professional.  Performing annual inspections and maintenance to your home’s roof is important to avoid costly home insurance claims in the future.  A properly maintained roof will stand up better to wind and hail damage, which may help keep any interior damage from developing when storms do occur. 
2. Inspect your washing machine hoses frequently.  Water damage from worn washing machine hoses is one of the top drivers of home insurance claims.  Check your washing machine hoses for wear and tear frequently.  Replace any rubber hoses with steel-braided ones to further reduce the chance of a hose failing and causing a water incident.
3. Clean your dryer vents frequently.  Lint build up in dryer vents increases the likelihood of a fire starting in your home.  Check dryer vents and hoses for lint build up and have your vents professionally cleaned to reduce this risk. 

If you have additional questions regarding home maintenance tips or your home insurance rates, please stop by my offices in McKinney, TX or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, TX 75071

 

Have some tips or comments to share on home maintenance or home insurance claims? Share your thoughts in the comment section below. Or share your insight by following us on Facebook or Twitter!

 

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

What is User-Based Insurance and How Does it Lower My Auto Rates?

User-Based Insurance (UBI) is a concept where auto insurance consumers allow their insurance company to monitor their driving behavior to determine auto rates.  Typically, insurers utilize a device that drivers plug into their car or a mobile application that drivers download on their smart phone.  Insurance consumers often ask for auto insurance rates to be tailored more specifically to individual driving habits and UBI makes this possible.  The following are a few FAQs you should know about User-Based Insurance:

1. What driving habits are monitored by User-Based Insurance?  UBI generally monitors mileage driven, vehicle speed, hard-braking, distracted driving (e.g. driving while texting, talking on the phone or using online applications).
2. What benefits do insurance companies get for using User-Based Insurance?  Insurers benefit by acquiring more driver data, which helps develop auto insurance rates more accurately.  Insurers also benefit from auto driver’s operating vehicles more safely, which decreases the number of auto accidents.
3. What benefits do auto insurance consumers get for using User-Based Insurance?  Most insurance companies offer a discount to consumers for utilizing UBI, so lower auto insurance rates are a major benefit.  Additionally, all auto drivers benefit from UBI from the increased awareness of driving safely, which reduces the number and severity of auto accidents. 

If you have additional questions regarding User-Based Insurance or your auto insurance rates, please stop by my offices in McKinney, TX or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, TX 75071

 

Have some tips or comments to share on UBI?  Share your thoughts in the comment section below or share your insight by following us on Facebook or Twitter!

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

 

What's Replacement Cost Coverage in Home Insurance and Do I Need It?

“Replacement Cost Coverage” is an insurance term that designates how property will be adjusted in a claim.  Replacement cost is the amount it would take to replace damaged property at today’s prices and without deducting for depreciation.  In homeowner’s insurance, replacement cost is most relevant in the adjustment of roofs in weather related claims and personal property in fire and water related claims.  The following are a few FAQs you should know about your homeowner’s insurance coverage:

1. What does replacement cost coverage in homeowner’s insurance mean?  Replacement cost coverage means that should you have a covered claim, your policy will pay the cost to replace your damaged property at today’s prices, without deducting for depreciation. 
    
2. When do I need to have replacement cost coverage?  Replacement cost coverage is required by most banks when there is a mortgage on the home. 
    
3. How is replacement cost coverage calculated?  Replacement cost coverage is calculated based on material and labor costs, and city/county fees.  It also may include the cost of debris removal (e.g. the cost of clearing the foundation of damaged material after a fire).  In short, it is the cost to rebuild your home if it were destroyed. 
    
4. Should I ever consider not having replacement cost coverage on my policy?  I counsel clients to consider not having replacement cost coverage when they have older homes and/or homes that are lower in value.  In these cases, the homes won’t have mortgages and the clients desire reduced coverage in exchange for lower premiums.    
    
   If you have additional questions regarding your coverage choices and how it affects your home insurance premium, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.
    
   Stan Polk, CPCU – Agency Owner
   6951 Virginia Parkway, Suite 316
   McKinney, Texas 75071

Starting a Small Business: What Kind of Insurance Do I Need?

As a small business owner myself, there are hundreds of things on your “to do” list to get your business off the ground and running smoothly.  One of those things should be to have the right business insurance in place to handle losses that could potentially put you out of business.  Having proper coverage limits for general liability and business personal property is always important.  Here are a few other important coverages to consider:

1.  Professional Liability – Does your business/profession put you at risk for claims by your clients from your alleged faulty advice or defective product/services?  Professional liability is otherwise known as errors & omissions (E&O).  This coverage may also provide the cost of defending you in court and cover damages awarded in a civil lawsuit. 

2.  General Liability – What if you cause an accident during the operation of your business and cause property damage and/or bodily injuries to others?  General liability coverage provides coverage for damages and injuries to others as a result of your negligent acts. 

3.  Cyber Liability – This is a relatively new coverage offered by many insurers.  This covers a business’ liability for data breach from hackers where customer data has been compromised or other similar cyber threats.  This type of coverage can help businesses minimize the impact to their reputation by providing breach notification and credit monitoring services to customers.  It may also provide the cost to defend you in court if you are sued under the allegation of data breach. 

These three coverages are important; however, there are multiple other coverages offered by insurers that may be beneficial to your small business.  Sit down with an insurance professional that you trust and have a discussion to tailor coverage that is specific to your small business. 

If you have questions regarding business insurance, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.

Stan Polk, CPCU - Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, TX 75071

Have some tips or comments to share on Business Insurance? Share your thoughts in the comment section below. Or share your insight by following us on Facebook or Twitter!

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

 

Why Are My Auto Insurance Rates Going Up And How Do I Lower Them?

Auto insurance rates for drivers in Texas and across the nation are increasing.  Consumers want to know why this is the case and how they can maintain or reduce their rates.  This is particularly the case for auto insurance in McKinney, Texas and the surrounding Dallas-Fort Worth metroplex.  The following are a few FAQs you should know about auto insurance rates:

1. Why do auto insurance rates increase?  Auto insurance rates can increase due to an increase in the cost of auto claims paid by insurers.  These increased costs can be attributed to more auto accidents, increased parts and labor costs and increased costs of auto injury settlements. 
2. I haven’t had any tickets or accidents – why are my auto rates increasing?  When you insure your auto with an insurance company, you are pooling your risk along with all other people insured with that same company.  If the losses for the whole group are increasing, that could cause your rates to increase as well. 
3. How can I lower my auto insurance rates?  You should check with your insurer to determine if you have all of the discounts applied to your policy that you are qualified to receive.  Discounts vary by insurer, but generally, you may receive discounts for insuring multiple autos and combining multiple policies (e.g. auto/home/life) with one company.  Also, you may be eligible for discounts based on your occupation or college degrees that you have.  Insurers also may give discounts based on how you choose to pay your premium, such as paying in full or setting up your premium on automatic monthly drafts.   

If you have additional questions regarding your auto insurance, please stop by my offices in McKinney, TX or give me a call at (972) 727-9111.

Stan Polk, CPCU - Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, TX 75071

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

What Is Personal Umbrella Insurance and Do I Need It?

“Personal Umbrella Insurance” is a policy that provides an additional layer of liability coverage over and above your underlying home and auto liability coverage limits.  Personal Umbrella coverage can protect your assets and future income in the event of a catastrophic loss.  The following are a few FAQs you should know about Personal Umbrella coverage:

1.    What is Personal Umbrella Insurance?  Personal Umbrella is a coverage that provides an additional layer of liability coverage (typically starting at $1 million in coverage limits) for claims that exceed your underlying home and auto liability insurance limits.

2.    Why should I consider Personal Umbrella coverage?  I recommend considering adding a Personal Umbrella policy when you have unique exposures (e.g. owning a swimming pool) and/or when you have assets and future income to protect from tort claims, lawsuits and/or judgments.   

3.    When might a Personal Umbrella policy offer coverage?   If you are sued or have a third-party claim against you and your home or auto liability limits are exhausted, a Personal Umbrella can cover you up to its coverage limits. 

4.    What are the requirements for purchasing a Personal Umbrella?  Typically, most insurers require that your underlying home and auto liability insurance limits be a minimum of $300,000 to $500,000 before you can qualify for a $1,000,000 umbrella policy limit.    

5.    Will a Personal Umbrella policy cover liability exposures other than home and auto?  Yes.  Generally, a Personal Umbrella policy will coverage exposures from your use of boats, motorcycles or recreational vehicles as long as those exposures have underlying liability coverage and those policies are listed on the Personal Umbrella.      

If you have additional questions regarding Personal Umbrella Insurance, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, Texas 75071

Have some tips or comments to share on Personal Umbrella Insurance? Share your thoughts in the comment section below. Or share your insight by following us on Facebook or Twitter!

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

“Life Insurance” is a subject that many people tend not to want to discuss.  The loss of a loved one and the ensuing transition for the remaining family members is a difficult process.  Having adequate Life Insurance coverage in place can help ease the financial burden of making this life stage transition easier.  Clients often don’t know where to start when considering how much coverage they need for their family.  The following acronym lists some areas you should consider when evaluating how much Life Insurance coverage your family needs:

L. I. F. E.

1.      Loans – How much debt do you currently have?  How much of that debt would you want fully paid and not left for your family to manage?  This category typically comprises of mortgages, credit card debt and other types of revolving credit accounts. 

2.      Income – How many years of your current income would you like for your family to have in the event of your untimely passing?  Life Insurance can provide a solution for replacing future income for your family.   

3.      Final Expenses – The average funeral costs approximately $10,000.  This cost can be more or less expensive depending upon the services you choose and your geographical location.     

4.      Education – If you have children that plan to go to college, future education expenses can be a consideration in evaluating how much coverage you need.  Do you plan to send your children to public or private universities?  There are many resources you can utilize to research and estimate the cost for attending college.  One resource for college planning is www.collegeboard.org.  

If you have additional questions regarding how to evaluate how much coverage your family needs, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, Texas 75071

Have some tips or comments to share on choosing the right amount of Life Insurance coverage for your family? Share your thoughts in the comment section below. Or share your insight by following us on Facebook or Twitter!

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

What Should I Do At The Scene Of An Auto Accident?

Clients often ask me what they should do if they have an auto accident.  There are various things to consider when you are at the scene.  The following are a few FAQs you should know to be prepared at the scene of an auto accident:

1.  What is the first thing I should do after an accident?  The first thing you should do is to assess if anyone is injured, render aid and call 911 for medical assistance, if necessary.

2.   Should I call the police to report the accident?  You should always call the police to report the accident.  The police will make the determination if they will send an officer to take a report or not.  You should report it even if the other person(s) objects to calling the police. 

3.  What information should I get from the other person(s) involved in the accident?  You should collect the other person’s driver’s license, insurance card, and phone numbers.  The best way to collect this information is to take a photo of the documents with your smart phone.  You should also collect the vehicle information – year, make, model, color and license plate number. 

4.  What should I do if I’m not at fault in the accident?  If you believe you are not at fault in the accident, you should report the loss to the other person’s insurance carrier (you should have the information if you were able to obtain the other person’s insurance card).   You should also report the loss to your insurance carrier, so that your carrier can conduct a timely investigation on your behalf.   

If you have additional questions regarding auto accidents and how it affects your auto insurance premium, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, Texas 75071

Have some tips or comments to share on what to do after an auto accident? Share your thoughts in the comment section below. Or share your insight by following us on Facebook or Twitter!

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

3 Ways You can Prepare for Unexpected Storms

Dogs may be able to predict summer storms, but will they plan for it? That’s where humans come in.

 

Severe thunderstorms often occur in the spring and summer, and since pets can’t read calendars, it’s up to you to prepare. The National Severe Storms Laboratory warns that rainfall from thunderstorms can start flash floods, which cause more deaths annually than lightning, tornadoes, or hurricanes combined. How can you insure yourself from potential danger? It’s easier than you think.

 

One of the most basic precautionary steps you can take for the inevitable summer storm is to keep candles around the house. This isn’t your mom talking. It’s common sense. Candles, flashlights, and spare batteries all become as invaluable to a person in a blackout as quarters to a laundry-depraved college student. Keep them together so you won’t wander blindly in search of a flashlight when all you have are batteries.

 

Speaking of electronics, how useful is a weather radio during severe storms? As long as it carries the Public Alert logo, it will broadcast one of 7 VHF frequencies brought to you by the National Weather Radio (NWR): 162.400; 162.425; 162.450; 262.457; 162.500; 162.525; 162.550. Each frequency notifies listeners of impending storms. Better write those down, because you won’t be able to Google anything in a blackout.

 

Lastly, animals can’t be forgotten in a storm. My dog knows when it’s storm season, the anti-anxiety vest is coming out. A vest for pets isn’t a fashion tip as much as it’s a tool to keep dogs calm. Some dogs act like babies during thundershowers or hailstorms, so why not treat them like one? An anti-anxiety vest gently applies constant pressure to a pet, like a parent swaddling a baby.  One may look silly, but a vest saves your furniture from destruction and your wallet from weeks of obedience school.

 

Planning ahead is the best way to insure yourself, your home, and your family (pets included!) from storm season. Have some tips to help us weather the storm? Share your thoughts in the comment section below. Or share your insight by following us on Facebook or Twitter!

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

What is Full Coverage Auto Insurance and Do I Need It?

“Full Coverage Auto Insurance” is a term people often state they want when discussing their auto coverage.  Full coverage is a misnomer when it comes to auto insurance, because the auto policy is not design to cover all risks that an auto owner may experience.  The following are a few FAQs you should know about your auto insurance coverage:

1.      What does full coverage in auto insurance actually mean?  Full coverage auto insurance generally means that the policy covers Bodily Injury and Property Damage (aka, Liability) and Physical Damage (aka, Comprehensive and Collision).  All other coverage options on the auto policy are optional.

2.      When do I need to have full coverage?  Full coverage is required by most banks when there is a lien on the vehicle (e.g. the car is financed).  Also, Liability coverage is mandatory in most states, so that coverage is required. 

3.      Is rental car coverage and roadside assistance included on all auto policies?  No.  Rental car coverage and roadside assistance are optional coverages. 

4.      When should I drop physical damage coverage from my policy?  I counsel clients to consider dropping physical damage from their auto policy when their vehicles approach 12-15 years of age.  Most likely, the vehicle won’t have a lien on it at that age.  Also, the market value of the vehicle may not be enough to justify the cost of the coverage. 

5.      Is Uninsured/Underinsured Motoristcoverage good to have on my policy?  The Insurance Information Institute completed a study in 2012 that estimates 12.6% of drivers in the United States are uninsured.  I counsel my clients to consider this coverage because it addresses the risk of being injured by an uninsured driver. 

  

If you have additional questions regarding your coverage choices and how it affects your auto insurance premium, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.

Stan Polk, CPCU – Agency Owner

6951 Virginia Parkway, Suite 316

McKinney, Texas 75071

Attention Homeowners: It's Time for a New Roof - Now What?

The spring storm season is right around the corner in Texas.  For homeowners in McKinney, Allen, Frisco and the surrounding communities, replacing your roof may be a necessity due to storm damage or recommended as part of renovations to your home.  The good news is that a new roof may qualify you to receive a new roof discount from your insurance company.  Here are some points to consider when deciding on a roof replacement:

1.      Do I need a new roof? 

There are multiple factors to consider when deciding on a new roof replacement.  Some factors include the age and condition of the roof, whether the new roof is taking care of existing wind/hail damage or is deterring the possibility of damage from future wind/hail storms. 

2.      How Do I Find a Reputable Contractor?

Hiring a reliable, reputable contractor can seem like a daunting task.   There are many sources of information you can leverage in your search.  Check online sites like Angie’s List, Yellow/White Pages and the Better Business Bureau.  You can also check with your local Chamber of Commerce to identify local contractors in your area.  Finally, personal referrals are a great way to get first hand feedback on contractors before you make your hiring decision.

 

3.      What Roofing Materials Should I Choose?

In McKinney, Frisco, Allen and the surrounding areas, composition asphalt shingles are used on the majority of homes.  This is primarily due to the cost effectiveness of this particular style of shingle.  You can also choose other types of roofing materials, such as metal, clay tile, wood shake and slate roofing.  These types of materials are more expensive than composition asphalt, in most cases, but they offer more durability and resistance to hail damage. 

4.      How Long Will the Work Take?

The length of the job depends on the size of your roof, the availability of materials, the weather conditions and the size of the crew performing the work.  Generally speaking, professional installation by a roofing contractor can run as little a couple of days.  This includes the preparation time of ordering the materials, removing the old roofing material, installing flashing and water-barring materials, making any necessary repairs to the roof decking and installing the new roofing material. 

If you have additional questions regarding roofing, new roof discounts and how it may impact your home insurance premium, please stop by my offices in McKinney,Texas or give me a call at (972) 727-9111. 

Stan Polk, CPCU

6951 Virginia Parkway, Ste. 316

McKinney, Texas 75071

Do You Have Enough Coverage on Your Home?

Reconstruction Cost And Your Coverage A (Dwelling) Amount

Do you know how much your home insurance policy will pay in the event your home is totally destroyed by a covered cause of loss?  Reconstruction cost is the amount it would cost to rebuild your home if it were destroyed.  It includes costs like materials, labor and municipal fees.  It does not include the cost or value of land.  That amount is used to set your Coverage A (Dwelling) limit, which is most your policy will pay to rebuild your home if it were destroyed by a covered cause of loss.

It's important to understand that reconstruction cost is not related to market values of homes.

Market value is the price a a buyer would pay to purchase the home, including the land and property, in its current condition.  It takes into account changes in the housing market and economy.  It does not take into account the cost to rebuild the home.

Ultimately, it is the consumer's responsibility to make sure they have purchased the sufficient amount of insurance coverage to rebuild their home and replace their personal property.  I am happy to assist in educating on the process of deciding how much coverage is right for you!

Please give my team a call to help you with your insurance needs today!

Stan Polk, CPCU
(972) 727-9111
www.farmersagent.com/spolk