Show Your Pride of Ownership

Show Your Pride of Ownership

My father would nicely have to say to our clients for many years, “your insurance policy is not a maintenance policy”.

Always be sure to show your pride of ownership on all of your property to avoid future headaches and also claims by being diligent in your maintenance plans. Here are some helpful tips:

Auto:

● Be sure defrosters work

● Ice scraper available

● Snow tires

● Test battery life at a local mechanic.

Homes:

● Clear leaves from gutters

● Fireplace cleaned & serviced by a professional

● Turn off exterior spigots & remove garden hoses

● Power wash to remove moss from siding

● Insulate pipes/keep cabinets open under sinks

● Trim branches near or above home

● Locate your water cut off valve

● Seal up skirting on homes- avoid unwanted critters from living below

Higher Deductibles

Higher Deductibles

Higher deductibles and cost sharing becoming a possible new normal in the insurance industry.

Higher deductibles encourage policyholders to be more cautious and proactive in preventing claims. When people have financial stake in the game, they are often more diligent in risk management, which leads to fewer claims and lower costs long term on both sides of the fence. Do not always react and call in a claim until you have some time to discuss it over with your Agent.

On the Homeowners side, the introduction of the ½ % and 1% deductibles was rolled out years ago and we may find ourselves seeing more of this trend throughout the industry. Some carry $1,000.00 for their collision deductible on the auto insurance for a $30,000 vehicle all while also carrying a deductible of $1000 for a $300,000 home. This is no longer sustainable. This is where the industry is going to shift to the 1%, meaning if your home is Insured for $300,000, you will then have a $3000 deductible. They believe this is in alignment with clients’ financial capacity.

So be aware of your deductible and remember that this will be your out of pocket cost if a claim occurred, so choose wisely for your future self!

Increasing Insurance Rates

Increasing Insurance Rates

Heads up neighbors!

During the first six months of 2023, $40 of the $53 billion paid claims were in the US. As you may have seen on the news, some large Insurance Companies are losing profitability and either shutting down operations altogether in some States or placing mandates on accepting any new business.

Instead, they are just looking to just ride out the inflation that is impacting payouts on both auto & home claims. It is an especially tough time for Kia & Hyundai owners and the Companies that insure them due to the high thefts recently with those vehicles & millions of paid claims.

It’s best right now to prepare for premiums across both auto & home to be on the rise for an extended period of time. Higher claims costs to companies mean higher premiums to you. With inflation impacting most all lines of insurance, hang on tight and be sure to maximize those discounts. Joanne Winkler lives in Fairview and is the owner of ESCO Insurance Agency.

Flood Insurance: Guarding Against Nature’s Unpredictability

Flood Insurance: Guarding Against Nature's Unpredictability

Unlike standard homeowners policies, Flood Insurance specifically covers damages caused by flooding, including storm surges, heavy rains, and overflowing rivers.

By definition, this protection is picked up whenever water comes into the home from an outside source. This is not the same as plumbing or water back up.

Investing in flood insurance becomes mandatory if a risk is located in a flood zone and there is a loan on the property. Forcing the owner to purchase both home and flood insurance coverage. But beyond repairing structural damages, this specialized coverage often includes compensation for personal belongings and temporary living expenses.

Don’t wait for the next downpour—act now and fortify your property against the unexpected

Non-Profit

Non-Profit

Running and/or volunteering for a nonprofit takes on responsibility, sometimes from the likes of volunteers. Did you know insurance is available to protect the nonprofit group and its board members?

Directors and Officers (D&O) Insurance is a crucial protective measure for nonprofits, shielding their leaders from potential financial and legal repercussions. This insurance extends coverage to directors, officers, managers, and even volunteers, safeguarding personal assets in the face of lawsuits stemming from alleged mismanagement, neglect, or breach of duty. Without insurance, the personal assets of board members may be at stake.

Premiums for D&O insurance often start at less than $1,000, covering legal defense costs, employment practices liability, fiduciary liability, and even cyber/privacy liability. Nonprofits, regardless of size, should prioritize D&O insurance to protect their leadership and mission from potential setbacks, ensuring their noble endeavors remain resilient in the face of challenges. Call ESCO to discuss protecting your nonprofit.

Proper Coverage

Proper Coverage

It is always important to discuss with a professional to ensure you are properly covering your assets at all times.

Most consumers use the forbidden term in our industry “full coverage” but aren’t sure what that even means. North Carolina law requires that all registered vehicles must carry at least a minimum state requirement known as 30/60/25. This means that if you are found at fault for an accident that causes injuries, $30,000 would be the maximum paid out by your insurance company per person, with a maximum of $60,000 paid by your insurance company in total.

Many agents refuse to sell State Minimums. This is because if the injuries exceed the limits listed on your policy, you are then held responsible to cover the difference. This can mean personal lawsuits and/or garnishing of wages. Liability limits can range from State Minimum up to $1 million and are not a one-size-fits-all coverage. Best to always discuss with a professional to ensure you are properly covering your assets at all times.