insurance

Do I Need A Personal Umbrella Policy?

Posted under Uncategorized.

The more your earning power and assets increase, the more you have at risk, and therefore, the more you need to protect. Kansas homeowners and automobile insurance provides a minimum limit of liability coverage.  An Umbrella policy from PlatinumOne Insurance Agency provides coverage above the limits of your “primary” home and auto policies.

Many people are unsure what an Umbrella policy is or what it covers. When you are outside and there is a light rain or breeze you generally don’t need or want an Umbrella. However, if it is pouring down rain with high winds, you need your umbrella. An Umbrella Insurance policy works much the same way. Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an Umbrella protects you from heavy rain, an Umbrella Insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. A clear advantage of an Umbrella policy for Kansas residents is the coverage’s ability to “drop down” and fill in the gaps in underlying policies.

Certain lifestyle pursuits such as volunteering for nonprofits can increase your risk of being sued, necessitating the need for higher personal liability limits. Also if you own a boat, RV, motorcycle, or have a pool, you may way to consider higher limits. If you have a high net worth it is advisable to protect your assets with a personal Umbrella policy. The cost for a $1,000,000 or $5,000,000 is reasonable and well worth it.

Kansas Umbrella insurance policies provide broad coverage beyond traditional home and auto. They provide additional liability coverage above the limits of your Kansas homeowner’s, Kansas auto, and Kansas RV, or boat insurance policies.

insurance

What Is Trending In The Insurance World

Posted under Uncategorized.

Every so often, we think it is a good idea to talk about what may be happening regarding business insurance, personal insurance, and risk management. We review many different insurance publications, insurance company bulletins, and other professionals’ opinions to analyze these trends.

We hope you will consider these as part of your personal and business insurance review process.

Insurance and risk management trends to watch

With the recent cyber breaches, cyber liability is a hot issue. More firms are buying cyber coverage. Cyber threat is a hot, high-profile issue these days throughout the business and the insurance industry. The threat is real, and the economic exposure is potentially catastrophic. Basically, a company is liable for any damage, real or possible, caused by computer-based theft or vandalism. If attacked, a business is legally responsible for notification (ongoing communications with every individual whose records were possibly compromised) and it is liable for any legal action regarding identity theft.

There are more insurers entering the marketplace. While this can be a good thing, some of these insurers are not financially strong, which might lead to issues at a later date. We always recommend using stable and financially strong insurers.

Increased reliance on technology will lead to better-run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers’ focus on claim reduction and potentially lead to increased investments in loss control.

Term life insurance continues to be very competitive. This will continue to allow more and more people to have an interest in life insurance.

Mobile applications are one of the fastest-growing areas of insurance. People are managing their insurance on-line, including premium payments.

Health insurance will cost more for most of Americans.

Retirement income innovations.  A groundswell of consumer interest in ensuring sufficient income in retirement has led to many innovative products for those planning retirement.

Let PlatinumOne Insurance Agency can provide you with an insurance check-up to make sure you have the best possible coverage. We have access to a number of different markets and can save you even more if you combine your home and auto together.  

The Traits of A Good Insurance Agent

Posted under Auto Insurance, Commercial Insurance, Homeowner’s Insurance, Personal Insurance.

1. Honesty

Selling insurance is about giving customers, businesses, and individuals solutions to their risk issues. Misrepresenting the facts, or trying to sell a policy, does more harm than good to their customers. A good agent will not try to sell anything; they will listen and become a problem solver first. Then and only then might insurance solutions or options be provided.

2. Responsive Client Service

When clients phones or emails, a timely answer is essential because they need the information to make decisions. When a client spends their money, they have a right to feel secure and content during the course of the business relationship. Through actively listening to and empathizing with our valued clients, agents can find success

3. Industry Knowledge

Selling a policy is only one aspect of what it means to be an insurance agent. Agents must be able to provide a thorough understanding of all facets of the products and services they sell, as well as how each client’s situation may be addressed. The agent should be trained in all aspects of the risk management process.

4. Community Involvement

Being a respectable member of the community is a must for running a successful insurance agency. We believe in fostering relationships and giving our neighbors access to resources because we are local leaders. To make the neighborhood a better and safer place to live, we collaborate with customers and businesses.

How To Stop Porch Pirates?

Posted under Homeowner’s Insurance, Personal Insurance, Safety.

The holiday season is filled with fun, parties, food, gifts, overeating, and, unfortunately, some risk. One of the fasted growing risks for many people is stolen packages by porch pirates. More than 25 million Americans have their packages stolen right from their doorsteps by porch pirates each year, don’t be one of them.

Your homeowners or renter’s insurance generally may not cover this loss as it tends to be under your deductible. There could be covered if you have personal property off-premises insurance..

Call our office for a review of your homeowner’s insurance, as each policy is unique to your circumstances.

Things To Do

  • Delivery confirmation is a good way to prove the package was delivered.
  • Thieves will follow delivery trucks, waiting for the perfect target.
  • These thieves commonly strike during working hours as many homes are empty at that time.
  • You can insure your packages.
  • Consider having a person there when the delivery is scheduled.
  • Install a security camera.

What To Do If A Package Is Stolen

  • Track your package. Check the delivery confirmation and tracking number.
  • Make sure a neighbor did not pick it up for you.
  • Contact the seller. Different retailers have different policies and processes for handling stolen items, but usually, you are entitled to a refund or a replacement item.
  • File a claim with the shipping company.
  • Check your Credit Cards for Purchase Protection.

Call our office for a review of your homeowner’s insurance, as each policy is unique to your circumstances. We are happy to help you through your claim and help you determine the best course of action.

Questions You Should Ask Yourself About Your Personal Insurance

Posted under Uncategorized.

Everyone needs some level of personal insurance. Most purchase, auto insurance, homeowners or renters insurance, life insurance, and maybe personal umbrella coverage. There are many choices that at times you may wonder which is best for you and your family.  We put together a list of questions you might think about as you consider your personal insurance. We always recommend you review your personal insurance annually to make sure it is still meeting your needs. 

Do Agents Offer Something Different?

We would answer that as a yes because agents have access to different kinds of insurance companies; they offer you a choice and work to provide the best possible combination of coverage price and service. Agents are a small businesses whose goal is to look out after their clients.

If I Rent, Do I Still Need Insurance?

Renters should purchase renters insurance to protect their personal property like; furniture, guns, electronics, and clothes. Your apartment owner may also require liability coverage, which can be included in renters insurance. Renters’ insurance is very affordable and can be an effective way to make sure you are covered in the event of a loss.

Does The Type Of Vehicle Affect My Auto Premiums?

Yes. The make and model of the car you drive play a factor in your car insurance rates. The cost of your vehicle also makes a big difference; the more it costs to repair or replace your vehicle, the more you will pay to insure it.

Are There Auto Insurance Discounts?

Many insurance carriers offer lower rates to good students, military personnel, and people with excellent credit. Ask your agent what discounts are available.

Will a Parking Ticket Affect My Auto Insurance Premiums?

Not usually. You can generally have one ticket on your history without it adversely affecting your premium.

When Should I Consider Life Insurance?

Life insurance is something you might consider when you get married or start having children. Some employers offer a small amount of life insurance, but these plans generally are not enough. Life insurance can provide peace of mind to loved ones in the event of an untimely death of a breadwinner. Life insurance proceeds can be used to fund college, pay for outstanding bills, to supplement lost income for a period of time.

Life insurance premiums are at all-time lows so it can be a very cost-effective financial planning tool.

Is A Personal umbrella Policy important?

Most of us engage in daily activities that put us in danger. Your danger of being sued simply increases if you own a car or an automobile. Many Americans only purchase vehicle liability insurance for $300,000 and homeowners’ liability insurance for no more than $300,000. A personal umbrella policy can give you an extra $1 million in liability protection. 

I Am Remolding My Home. Do I Need To Adjust My Insurance?

If your insurance is written on a replacement cost basis, there may be no need to make adjustments, but we always recommend you contact your agent to review this question. The answer depends on the kind of work you are doing. For example, if you are replacing your carpet with a similar product, you may not need to make any changes in your policy. But if you are adding a 500-foot addition on to your home, then this would definitely require adjustments in the value of your home.

For example, say your insurance valuation is based on a kitchen with laminate countertops and generic cabinets. But then you spend $60,000 on granite countertops, custom cabinets, and top-of-the-line appliances. Would your existing coverage be sufficient to rebuild your remodeled kitchen after a loss? Most likely, you would have an issue.

Before you enter into any renovation project, contact your agent, and they can help you identify which areas may require insurance updates.

I Have A Home-Based Business. Should I Get Additional Insurance?

Homeowners or renters’ insurance policies do not cover any business risks. If you run a business out of your home, we recommend you purchase a business insurance policy. If you have customers in your home for business purposes, your home insurance does not provide any coverage.  Depending on the type of business, coverage may be added to your existing homeowner’s policy through a rider or endorsement.

I Just Bought A Personal Watercraft. Is That Covered?

Unlike small boats, personal watercraft are not generally covered by your homeowners This would include; bodily injury to you that is caused by an uninsured watercraft operator. The legal costs if you’re sued due to an accident.  And any damage to the personal watercraft you own.

insurance

Why Are My Insurance Premiums Going Up?

Posted under Auto Insurance, Commercial Insurance, Homeowner’s Insurance, News and Announcements, Personal Insurance.

It can be unpleasant to open your insurance bill to pay your premium only to discover that your premium payments have increased upon renewal.  We know that most people who carry insurance policies on their homes, cars, and businesses may be unfamiliar with how insurance policies are developed and changed.  So, we thought we might help you understand the why.

Insurers base their policy prices on several variables.  These cost components fluctuate up and down.  Premiums are currently rising in many states.  Remember, insurance companies are competing for your business, so they try to keep their rates competitive.

To help us through the process, we wanted to break it down between home and auto insurance.

Home Insurance

  • The increased cost of construction materials and labor to repair or replace the damage to your home. Even though you did not have a claim, this impacts all insurance rates.
  • Storms and other natural disasters. Hurricanes, floods, droughts, wildfires, and other severe weather events have become more frequent, destructive, and costly. In 2021 alone, the United States sustained 20 weather events with losses exceeding $1 billion.
  • The older your home, the higher the insurance cost will be.
  • Lawsuit frequency has increased, and settlements are at an all-time high.
  • Supply chain in the production and delivery of appliances, materials, tools, and other key construction elements added to delays and cost hikes.

Auto Insurance 

  • Inflation hits the cost of buying and repairing vehicles.
  • Lawsuit frequency has increased, and settlements are at an all-time high.
  • After COVID, accident rates increased, causing insurers to pay more for claims.
  • Increased healthcare costs. Medical costs have increased for accident-related injuries.
  • Crime has caused more auto thefts and break-ins, affecting all drivers’ rates. There is a 20% increase nationally in stolen vehicles between 2020 and 2021.
  • Your driving record may be accident-free, but if you have tickets or other violations, these will impact your premiums.

Proven Ways To Help Keep Insurance Costs Down

  • Keep your home well maintained
  • Be a safe driver
  • Pay premiums annually
  • Ask about discounts offered by insurers
  • Bundle your home and auto together
  • Increase your deductibles
  • Have your agent review your insurance program and market your coverage the right insurer.
halloween

Halloween Safety

Posted under Homeowner’s Insurance, Personal Insurance, Safety.

The annual appearance of frightening skeletons, broomstick-riding witches, and carved pumpkins is a strong indicator that autumn has here.  Second, only Christmas surpasses Halloween in terms of consumer spending on decorations.  Americans of all ages appear to like celebrating Halloween.  However, according to the National Highway Traffic Safety Administration (NHTSA), Halloween can be a dangerous period with an increase in motor vehicle accidents.  The reason for this is a combination of factors such as increased foot traffic on Halloween, reduced visibility owing to costumes and masks, and the amount of alcohol ingested by partygoers.

  • Always keep a flashlight with you
  • Walk, not run
  • Only approach houses that are lit
  • Make certain that the costumes do not drag on the ground
  • Stay in known areas
  • Decorate with the flow of traffic in mind.  Place them so that they don’t fall over, blow away, or become a tripping hazard.
  • Do not overload electrical sockets when plugging in your frightening indoor decorations.
  • Avoid cutting across yards or driveways
  • Only bring flexible knives, swords, or other props
  • Follow traffic signal
  • Allow for appropriate floor and exit lighting when hosting a haunted house.  Keep exits clear to avoid tripping.
  • Walk on the left side of the road, facing traffic, if there is no sidewalk
  • Dress in clothing that has reflective markings or tape
  • Avoid unfamiliar animals and do not pet them
  • Stay on the sidewalks

Purchase additional protection.  If the notion of having to rein in a Halloween celebration dampens your spirits, it may be time to consider obtaining supplementary insurance to cover the event.  Homeowners might contact their insurance agent to determine the cost of increasing their liability limits to cover the increased holiday exposure.

insurance

Things That Increase Your Homeowner’s Insurance Risk

Posted under Homeowner’s Insurance, News and Announcements, Personal Insurance.

Everyone is looking to reduce homeowner’s insurance premiums. Most people think the only way to reduce your homeowner’s premiums is to shop for the best price. While that is always a good idea (our agency represents many fine and stable insurers that we can select from), lowering your risk is a big factor in obtaining lower insurance rates.  By improving your homeowner’s risk you will attract better insurers and obtain the best possible price for your risk.

Here are factors that will increase your risk factors (and your premiums) in the mind of the insurance company:

  1. Pets and farm animals. Not all pets are going to increase premiums, but owning a German Shepherd, Great Dane, Siberian Husky, Doberman, Rottweiler, Pit Bull, or any other dog that could be considered aggressive, could raise insurance rates.
  2. Owning a trampoline will increase your rates. Trampolines result in approximately 92,000 hospital visits each year.
  3. Claim Frequency. Multiple claims may be seen as a larger risk and charged accordingly. On the same property, damage from a burst pipe, a tree that falls on the roof, or a kitchen fire will raise a red flag and cause insurers to take a closer look.
  4. Swimming pools (both above and in-ground) will increase your homeowner’s insurance rates.  Over 1,000 people die each year as a result of pool accidents.
  5. Condition of your home. Keep up on basic home maintenance. Keep your roof in good repair.
  6. Fire Concerns. When it comes to fire stations, location is also important. Living too far away from a fire station or hydrant may result in higher insurance costs. Of course, a neighbor’s pool, as well as a nearby pond, could be a source of water in an emergency. Or living in an area where wild fire are a regular event will increase tire premiums.
  7. Location. The location of the home, much like in real estate, is quite important. Homeowners who live in Tornado Alley, along the coast of Florida (or any coast), in a hurricane-prone state, or in a sinkhole-prone area can expect to pay extra for homeowners insurance.

Home Insurance

According to a recent research, 69 percent of homeowners are underinsured. Unfortunately, many homeowners believe they are completely insured and are surprised to learn, after a loss, that their coverage is inadequate.

Choosing the best homeowners insurance coverage for your home and belongings is dependent on a variety of factors, including local crime rates, flood risk, and wildfire threats, as well as the specific personal property coverage and deductibles that make the most sense for your household.

A Homeowners Insurance Policy Will Generally Cover The Following:

  • The structure of your home
  • Replacement cost
  • Personal possessions (up to a set limit)
  • Living expenses in case of a disaster
  • Liability
  • Renters insurance (duplex, apartment)

We also understand that you want your claims covered and you want outstanding customer service. Unlike some faceless internet company, we will always work more than “7 minutes” to find you the best possible combination of price, coverage and service for your insurance needs.

insurance

How Often Should I Review My Insurance Program?

Posted under Uncategorized.

Most Homeowners insurance companies will send out a reminder for a renewal of your home insurance policy when the end of the year is up for your insurance coverage. Many will also automatically renew your policy unless you call and let them know that you want to change or cancel that policy. This makes it easy for many homeowners to begin sending in the next set of payments for another year without reviewing the policy to make sure it adequately reflects their needs for the year.

Your life and circumstances can change on a regular basis, so you want and deserve insurance products that will respond to your changing needs. Personal insurance policies can change with your circumstances, but it is important to make updates and changes when your situation requires it.

Reasons to Review Your Personal Insurance

Changes in Your Circumstances. This can include a move, remodel of your home, marital status, or purchase of a boat or other high-value item.

New Insurers and Discounts.  Often, you make changes, and if we know about them, we can offer discounts. For example, if you install a home security system, there are discounts for that. In addition, new insurers frequently come on the market offering competitive homeowner insurance options. If we review your insurance, we can offer different options to you that may save you money.

The easiest way to guarantee you have adequate coverage is to evaluate your insurance policies on a regular basis. You may ensure that you and your home are appropriately insured by evaluating your policy.

If you have any concerns about your home insurance policy or would like a quote, please get in touch with us; our team of knowledgeable agents is always delighted to assist.

risk

We Know And Understand Insurance

Posted under Uncategorized.

The leading trends in insurance today

We live in a new age, and that means insurance professionals need to be prepared to meet the new demands of the insurance buyer.  Home and auto insurance buyers have changed the way they select insurance companies and their agents. One thing that has not changed is that everyone needs home and auto insurance, and business owners need commercial insurance.

We know and understand your needs

Here is what our clients are telling us they need from us in order to meet their changing needs.

  • We offer coverage for Uber and Lyft drivers.
  • Our home insurance products can be designed to include coverage if you rent your home to third parties, or if you own a vacation rental.
  • Our web page is constantly being updated to reflect the buying habits of all generations.
  • For the environmentally conscious buyers we offer insurance products that include premium discounts for homes that meet stringent efficiency and sustainability standards, discounts for using eco-friendly building materials, and even unique “pay as you go” auto policies so you only pay for the miles you drive.
  • Filing a claim has never been easier.  Most of our insurers have online reporting, but we are always here to help manage your claim if needed.
  • We understand how the technology of a “connected home” works and the importance of proper homeowner’s coverage.
  • There is new technology that can be added to your vehicle that monitors your driving and provides discounts for safe drivers.
  • You want, and deserve, more choices and personalization concerning your insurance program.  Our friendly team is always ready to serve you.