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Renting Cars or Trucks?

December 29, 2018 By Prog Rammer

Renting Cars Or Trucks?

Renting Cars?

Summer is here—finally. I wanted to take the time to give you some information about renting cars and trucks over the summer.  Some folks rent a car or van for a summer trip rather than using their own car. It’s ok to do that, but here are some little known facts:

  1. Most insurance companies cover your rental car if you have full coverage. Full coverage includes bodily injury, property damage, a comprehensive deductible, and a collision deductible.
  2. If you have never rented a vehicle before, ask your insurance professional what the rules are for your insurance company. Unfortunately, this is one of those areas where every company can be different.
  3. If you get into a car accident, insurance companies cover your vehicle and any other vehicles involved in the accident up to your insurance limit in most states. That is only true if you have full coverage. What is not known is that if your car was in an accident and was damaged, most insurance companies do not cover the rental fees for the time that the rental car is being repaired. That expense is yours.
  4. If you do get into an accident and you are unharmed and you can safely walk around the crash area, take pictures of the accident.  A picture can sometimes be worth a thousand words.

 Renting A Truck To Move

If you are going to rent a van or a truck to move this summer and you are trying to decide if you should purchase the rental companies insurance for that vehicle… I am going to say the answer to that question in most cases is yes! Here’s why:

  1. As a general rule of thumb, vehicles that have 6 wheels do not qualify as an insurable rental vehicle on your personal automobile policy. Those vehicles are considered commercial vehicles.
  2. Certain vehicles can be disqualified because of the weight of the vehicle. After a certain weight, some vehicles automatically qualify as commercial vehicles.

In general, remember to treat the vehicle that you are renting as good as you would your own vehicle. I know that this goes without saying, but please remember that your driving record goes with you no matter what vehicle you are in. So, please be careful out there and enjoy this summer.

 

 

What To Do Before You Buy That Next New Car!

This may seem counter- intuitive, but I recommend that you (my clients) call me before you go out and shop for a vehicle. Why?

With the use of the internet today you can get actual Vehicle Identification Numbers (VIN) for pretty much the exact vehicle you want to purchase. Many dealers provide that information so that you can shop for the insurance ahead of time. I help you use that information as a tool for your car buying decision making process.

I can plug that information into your current policy and we can get a good estimate of what it will take for you to get into your new car and drive it off the lot with insurance coverage. If you have several different types of vehicles that you are looking at, it may helpful in narrowing down your choices. I am not going to say that you should not get a particular vehicle. I am going to say that this is what it’s going to take to protect this particular vehicle.

Anecdotally, some companies seem to be more sensitive to some vehicles over others. Just like people have unique experiences with vehicles, so do insurance companies. If a particular vehicle has been consistently costly to that particular insurance company, you are going to pay more to insure that vehicle.

So what I like to do is give you the insurance information upfront so that you can shop for your new vehicle in an educated fashion.

Shopping for a new vehicle is exciting as it is sometimes stressful. I want to lessen the stressful part for you so that you can enjoy the purchasing process as well as enjoy the ride in your new vehicle.

 

 

Insurance Records To Keep

 

Keeping Good Records For Insurance

You have homeowner’s insurance to protect your home and everything in it. It is supposed to cover you from an accidental and unexpected incident that causes a major loss. If something catastrophic like a fire should occur, you will be called upon to provide a list of everything that was in the house, and in some cases, even proof. To protect the insurance company from paying out fraudulent claims, an insured may be asked for photographic or other evidence of valuable possessions. Here are some easy ways to be sure you keep good records of your home and its contents.

Documented Evidence

For expensive and valuable possessions, it’s a good idea to keep purchase receipts and appraisals where appropriate. These things, being paper, won’t survive something like a fire, so purchase a fireproof box in which to keep them or arrange for storage off-site. Ask a friend or relative to hold onto them for you, or place them in a safety deposit box if you have one. Some insurance companies will also scan these items for you and keep them in their computer system for future reference.

Photographic Evidence

One of the most popular ways to keep records of your personal property is to take photographs, and again, keep them somewhere safe. When taking photos of your items, be sure they are clear and where possible get close-up shots of model and serial numbers, especially on electronics. Digital cameras have made it easier than ever to store large numbers of photographs. You can back up your photos to a server where they can be kept safe in case they are needed and the original files have been lost or destroyed.

Photographs can also be used to document the features of your home so that should it need to be rebuilt, you can return it back to its original state.

Video Evidence

Video cameras are also a popular choice for documenting your home, as you don’t need to snap a picture of each individual item, but can pan the room, zoom in where necessary, and just keep one file with all of the evidence you need. Again, digital video makes it easy to store the files in a safe place where even a total loss of your home won’t damage it.

A good record of the things inside and outside of your home helps your insurance company to restore you to your position prior to the loss. The more information they have, the easier it will be to reconstruct your home and replace your possessions. It’s up to you to create and store this evidence, so take the time to make sure the records are created and kept safe. One of the resources that I have recommended to my clients is Insurance Information Institute’s Know Your Stuff Home Inventory. It is a free online resource that will take you through the process from beginning to end on what information needs to be store. Additionally, it allows your to store that information online and can be accessed from anywhere. And of course, if you are my client, I will be happy to help. Call me at 513-223-6947 or click the Contact Form and send me a message.

 

 

Insurance – How Much Do You Need For Your Home?

 

How Much Home Insurance Do I Really Need?

Home Insurance is an essential part of home ownership. It is a cost usually considered as part of the regular maintenance and protection of your home. In most places it is also required by your mortgage lender, but how much home insurance do you really need? The minimum coverage may suit some homeowners, but most need additional types of coverage that the minimum polices do not include. So what are the types of coverages home insurance policies typically provide, and how do you determine how much home insurance you really need?

 

Do I Need Disaster Insurance?

While disaster insurance that covers natural occurrences such as floods, earthquakes, and hurricanes can be expensive, if you live in an area where these types of events occur frequently the cost of replacing your home will certainly far exceed the cost of the insurance. In the case of disaster insurance it is a matter of balancing risk, financial situation, and peace of mind.

 

Do I Need Additional Content Insurance?

While most basic homeowner’s policies include content coverage, the amount of this coverage and the cost of the deductible may not be appropriate for your particular situation. If you have a number of valuables, such as jewelry or rare items such as antiques, your basic coverage will not protect these in case of theft or damage. On the other hand, if you have few belongings, choosing a policy with a high deductible to save money may not be worth it, as the value of your items may not be much more than the deductible itself.

 

Do I Need Theft Protection?

Again, most basic home insurance plans do not offer extensive coverage for loss from theft or damage due to a break-in. If having the peace of mind that comes with this kind of protection is important to you, then this additional coverage will definitely be worth the cost.

 

Do I Need Liability Coverage?

If you have a home-based business or own a condo, having homeowner’s liability insurance is important. If a client had an accident on your property or your negligence caused damage to a fellow condo owner’s property, liability coverage would protect you from the potential costs associated with this, including legal costs.

Call my office as I can help you determine how much home insurance you really need.  I can be reached by phone at 513-223-6947 or you can click on my Contact Form and I will call you.

 

Filed Under: Automobile Insurance, Homeowners Insurance, Insurance

“Thank you for using my site for your insurance needs…”

Hi, my name is Todd. If you decide to use me for your insurance needs, I will work for you to find the most competitive rates. I want your business long-term. So, I find the companies and policies that will fit your specific needs. If I am not able to do that, I will be honest enough to tell you. When I do recommend something that you have not thought about before, I will educate you, so that you can make the final decision yourself. Because at the end of the day--I work for you.

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Which flood insurance agency is the most helpful when it comes to really helping me with my flood insurance policy?

The Todd D. Tucker Agency. Please call 513-223-6947.

 

 

What is Flood Insurance versus Water Sewer Backup Coverage?

Water Sewer Backup coverage covers the backup of a sewer line, a sump pump, or a toilet. It is a separate mini policy that you purchase within your homeowners insurance policy. It cannot be purchased standalone. If you do not have this coverage and any of the above occurs, your homeowner’s policy will not cover that loss.
Flood insurance covers water coming into your home in all other ways. An example of one of the most common ways that I see is when water comes in to the basement via the basement garage.

 

 

What is the difference between a standard and a preferred risk policy?

If you are at low to moderate risk the National Flood Insurance Program’s (NFIP) Preferred Risk Policy (PRP) provides lower-cost protection for homes and apartments. The areas that are considered low risk are floodplains B, C, or X, zones on a Flood Insurance Rate Map.
A standard or high-risk area is an area that has at least a 1 in 4 chance of flooding during a 30-year mortgage. If you own a home own a business in an area with mortgages from federally regulated or insured lenders, you are required to buy flood insurance. They are shown on the flood maps as zones beginning with the letters A or V.

 

 

What is the Community Rating System (CRS)?

The National Flood Insurance Program’s (NFIP) Community Rating System (CRS) is a voluntary incentive program that recognizes and encourages community floodplain management activities that exceed the minimum NFIP requirements.
As a result, flood insurance premium rates are discounted to reflect the reduced flood risk resulting from the community actions meeting the three goals of the CRS:
1. Reduce flood damage to insurable property;
2. Strengthen and support the insurance aspects of the NFIP, and
3. Encourage a comprehensive approach to floodplain management.

 

 

How to I find out if my community is part of the NFIP Community Rating System (CRS)?

Click here to see if your community is part of the rating system.

 

 

If I have commercial property, what is covered?

At a high level, if there is physical damage to your commercial building or personal property “directly” caused by a flood, it is covered by your flood insurance policy. For example, damages caused by a sewer backup are covered if the backup is a direct result of flooding. As stated in an earlier answer, if the backup is caused by some other problem, that is considered water sewer backup coverage. Click here to get more detail on Flood Insurance Coverage on commercial property an NFIP standpoint.

 

 

What is the technical definition of a flood?

  • Flood is defined as a general or temporary condition of partial or complete inundation
  • Two or more acres of normally dry land area or
  • Two or more properties (at least one of which is the flood policy holder’s property) from:
  • Overflow of inland or tidal waters
    or Unusual and rapid accumulation or runoff of surface waters from any source
    or Mud-flow or Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels.

 

 

How do I pay for a flood insurance policy?

In general, FEMA requires that you pay for the policy in full up front. However, since most policies are written through insurance companies, you pay using the following options:
Note: Some options may vary by insurance carrier.
• American Express
• Diners Club
• Discover Card
• Master Card
• Visa
• Electronic check
• Paper check in the mail
• Money order in the mail
• Your premium may be paid through an escrow account established by your mortgage lender, at your lender’s discretion. If your lender requires you to buy flood insurance and escrows for other types of insurance or taxes, they are required to also escrow flood insurance premium payments.
• If you are a large commercial enterprise seeking payment options, please call 513-223-6947.

 

 

If a lender is requiring that I get flood insurance, what should I do?

Please remember that a lender always had the option of requiring flood insurance. Under federal law, the purchase of flood insurance is mandatory for all federal or federally related financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs). If the property is not in a high-risk area, but instead in a moderate-to-low risk area, federal law does not require flood insurance, but the lender can still require it. If you think that your property is in a low risk zone and the lender believes that it is in a high risk zone, call our office at 513-223-6947.

 

 

What is the difference between replacement cost (RC) and actual cost value (ACV)?

Your property will be reimbursed in one of two ways – RC or ACV. RC is simply putting your building back the way that it was at the time of the loss with the same like kind and quality. Actual cash value is the amount equal to the replacement cost minus depreciation of a damaged property at the time of the loss. It is the actual value for which the property could be sold, which is always less than what it would cost to replace it. If your property is reimbursed via RC, that means that at the time of the contract you agreed to purchase 80 percent or more of the replacement cost value of the property. For example, let’s say that the replacement cost of your home is $250,000. You would have to get a flood policy for $200,000 or more to get replacement cost coverage for your home. However, if at the time of the contract, you decided that it cost too much to buy $200,000 worth of insurance or more or you just could not afford it; instead, you bought $180,000 worth of coverage, then your property would be reimbursed at ACV. If you have other buildings on your property, they are reimbursed at ACV. All personal property is reimbursed at ACV. Most agents will ask you to sign a waiver stating that you understand that you were purchasing less than 80 percent of the value in today’s changing climate.

An Alternative To The NFIP

Plan Highlights

  • Streamlined with only 6 underwriting questions

  • No elevation certificate required

  • No photographs required

  • Lender accepted*

  • A+ rated financial backing

  • Competitively priced

  • No waiting period**

  • Available in all states except AK, DC, HI and KY

  • Available in any ‘A’ Flood zone***

Eligibility

  • Single-family residential homes
  • Must be located in any ‘A’ flood zone
* Insured should confirm with the lender prior to canceling an NFIP policy and/or in advance of a home closing transaction.
** Designed for single family residential homes – no waiting period when purchased at the same time as the homeowner’s policy or for a loan closing.
*** Geographic limitations may apply

Why buy Private Flood Insurance?

  • Higher limits

  • Potential price savings

  • Does not follow FEMA’s recent rate increases and new policy fees,

  • Hassle-free policy issuance

  • Immediate issuance of policy

  • Flood insurance that is easier to buy than ever before.

https://www.todddtuckeragency.com/wp-content/uploads/2016/05/FloodSmart_video_bertie_midgett.mp4

 

You might think that a flood could never happen to you.
In fact, flooding is the most common and costly natural disaster in the United States. And you don’t need to live in a high-risk area to be threatened by flooding. From coastal storms, to rain-swollen rivers, to backup from clogged storm drains—water finds its own path and can reach you regardless of where you live.

Without flood insurance, you could be out tens of thousands of dollars.
A flood can destroy your home and your financial security. From 2010 to 2014, the National Flood Insurance Program paid out an average of more than $42,000 per claim. But flood damage doesn’t have to drain your bank account. Flood insurance can offer you financial protection and peace of mind knowing that you’re covered by a flood insurance policy.

Protect what matters with flood insurance before the next storm.
Floods can happen in a matter of hours, and typically there’s a 30-day waiting period for a flood insurance policy to take effect. Act now and get flood insurance before it’s too late.

Contact me today at 513-223-6947 or click here to request a free quote, and let’s talk about your flood insurance needs. Don’t let a flood wash away your financial future.

FLOOD

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