Simply Explaining Insurance

This episode is sort of a mashup of what kind of things are covered on a homeowners policy when things are damaged or people are hurt due to animals.

I had a few questions this week about damage that was sustained by a hornets nest in a wall of a house. Also, there was an incident where some rodents caused damage in a crawlspace.

We had a question about what if someone is hurt riding their own horses on a trail. What about a dog bite? All of this is covered in this episode.

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Music by Roger Clyne and the Peacemakers

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The post Simply Explaining Insurance #94- Bees and dogs and mice and horses appeared first on Dietz Agency.

The post Simply Explaining Insurance #94- Bees and dogs and mice and horses appeared first on Dietz Agency.

This is exciting! This will also undo some of the information from earlier episodes. There are always exclusions to homeowners policies. Wear and tear is one of them. Also neglect and faulty instillation are two other big ones. Slow leaks were not covered on most homeowners policies either.

It seems as though slow leaks might become a more common covered loss. Starting July of 2019, my company will be offering limited coverage on slow leaks on their new homeowners policy. This is a huge addition to our policy.

It is an optional coverage that may be added for a price. Our policy offers. $5,000, $10,000 and $25,000 worth of coverage and is eligible on houses newer than 20 years old. There is also a 30 day waiting period on this coverage.

I have been wanting to see something like this for a long time. As an agent, I have seen many losses go uncovered because of this exclusion and it is frustrating to explain to clients. I am looking forward to seeing these types of losses covered moving forward.

As always, consult your agent or your company to inquire about coverage. Insurance policies are different from state to state and company to company.

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #92- Slow Leaks appeared first on Dietz Agency.

The post Simply Explaining Insurance #92- Slow Leaks appeared first on Dietz Agency.

Parking lot accidents are zero fun. I had a client go through an experience recently that was excactly that. Zero fun.

My client claimed to have barely touched the other’s vehicle. There wasn’t even a mark on her car. The person she hit, claimed that she struck him so hard that it caused his car to leak oil, and it was not drivable.

These are tough situations where I recommend getting claims involved. My client was willing to try and settle this without insurance which I applauded. If it was indeed a scratch and both parties agreed on the damage, handling it on their own is absolutely ok.

When there is such a gaping chasm between one story and another, file a claim. Claims adjustors are trained to be able to tell how much damage was done in an accident and can tell if prior damage is present. If the kid had a leaky engine before the fender bender, the insurance wouldn’t cover that. We would buff out the scratch and that would be that.

It’s best to call your agent and in cases like this, file a claim.

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #91- “You hit me”. “No, I didn’t” appeared first on Dietz Agency.

The post Simply Explaining Insurance #91- “You hit me”. “No, I didn’t” appeared first on Dietz Agency.

How does insurance work if you strike a car you own, with another car you own? How about if you accidentally run into your garage door? Or some property you own in your garage or driveway?

Good news is, there will most likely be coverage for you. What you need to know about these scenarios, is that you cannot be liable to yourself. Every auto policy has a coverage called liability. Liability covers medical and property damage TO OTHERS.

What this means is the liability on the auto you are driving, will not extend to property you own. As long as the vehicle you struck, has collision coverage on it, you can file a claim on vehicle number two, to repair it. If there is damage to both vehicles, it will require two claims to be filed. One claim on each auto policy.

It works similarly if you damage your house or property. You would have to file two claims as well though. One on the car, if it is damaged. One on the homeowners policy. Two deductibles would need to be collected and the insurance company would pay for the rest.

I suggest always consulting your agent to explain the process to you. Sometimes, if the damage is minimal, it can be better just to pay for the repairs out of pocket instead of filing a claim.

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #90- Hitting your own car or house. appeared first on Dietz Agency.

The post Simply Explaining Insurance #90- Hitting your own car or house. appeared first on Dietz Agency.

This strategy isn’t for everybody. It takes some understanding and some discipline. If you can pull it off and start using this concept, it can be quite eye-opening. Listen to the basics of the strategy here.

This episode explains what it is like when you borrow money from your permanent life insurance policy. In order to properly do this, you have to first fund it, which takes time and patience. What do I mean by patience? It can take 10 years.

Once you have money in the policy to borrow, the magic happens when you start paying the debt back. When you pay a “normal” debt back, you are paying back a financial institution until the debt is paid off.

What about when you pay yourself back? The payment you make then, not only lowers the debt, but it ups your cash value as well. It is lowering your debt and upping your cash at the same time. That is where the power of this strategy is.

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #89- Paying yourself back appeared first on Dietz Agency.

The post Simply Explaining Insurance #89- Paying yourself back appeared first on Dietz Agency.

This episode explains how insurance companies see vacant properties. Always consult your insurance agent or company as policies differ from company to company and state to state. Let’s say a property is vacant for more than 30 days, many insurance companies will exclude coverage for theft and vandalism.

If you are trying to insure a property that is vacant, you may need to write a vacancy policy which very few insurance carriers offer. If you have a property that has become vacant it is important to understand the new limitations of your policy.

There is also a difference between vacant and unoccupied. An unoccupied property may be a secondary residence, or it may be between tenants. It generally means that the property isn’t going long periods of time between checked on.

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Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

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The post Simply Explaining Insurance #88- Vacant Properties appeared first on Dietz Agency.

The post Simply Explaining Insurance #88- Vacant Properties appeared first on Dietz Agency.

This episode is about a little trick you can do if you are planning on selling your car and canceling your insurance. If you do this and will be purchasing auto insurance in the future, you will be losing an important discount (for lack of a better term) called “prior insurance”

Prior insurance is a rating factor that is used when you are getting quoted for an auto insurance policy. If you have no lapse in your coverage, you will be welcomed by a preferred insurance company and pay lower premiums.

Let’s say you have a lapse in your coverage. You will have to go to a non-preferred company and pay more premium for 6 months before being eligible for a preferred company. If you are intentionally canceling your insurance policy because you are moving overseas, going on a mission of sorts, or traveling for an extended period of time, you can purchase a “non-owner auto policy”

This is an insurance policy you buy when you have no vehicle. It is used if you need to drive for work but have to borrow a car for example. Or if you have to carry an SR-22.

You can purchase one of these for a fraction of the cost of a traditional auto policy, just so that you can keep insurance place. When you return and get a quote on your new auto policy, it will show that you have no lapse in coverage and be eligible in a preferred company saving you $$.

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #87- Nonowner auto insurance appeared first on Dietz Agency.

The post Simply Explaining Insurance #87- Nonowner auto insurance appeared first on Dietz Agency.