Using Ride Services to Your Holiday Party Can Save You Thousands

Using Ride Services to Your Holiday Party Can Save You Thousands

With the widespread availability of ride services, such as Lyft and Uber, there is no reason to drive to your holiday party, especially if you drink. Nowadays, with lower limits on blood alcohol levels than in the past, driving while being above the threshold doesn't take much. The cost of driving under the influence can be well over $10,000, and it can also cost you your career. Worse yet, if you seriously injure or kill someone, you can spend time in jail. It's just not worth it-the cost of a ride or taxi service is a drop in the bucket compared to what an alcohol-related conviction can cost you.

Ride sharing services are easy to use if you have a smartphone. All you need to do is download the apps for Lyft or Uber or an app that dispatches to taxi companies. You need to program your credit card information, which makes the system efficient, as no money changes hands and your credit card is billed. You then program in your home or location address and your destination address, and with a push of a button, the first nearby driver to respond will pick you up. The apps typically will tell you about how many minutes it will take for the driver to arrive, and you should get a text message when your driver is approaching. Most systems are transparent; they provide you with your route map and total cost. It also will be difficult for a driver to manipulate the system to charge more. You are also prompted to rate your driver; drivers with low ratings will, in most cases, lose their contract.

There are additional benefits: there is no need to park your car, pay for parking, or park at a distance; these services take you to the front door. In some cases, you can choose to upgrade to a black car or an SUV, such as with Uber; these services typically cost more, but if you want to go in style or have a number of people in your party and need a bigger vehicle, this may be an option. In some locations, these apps offer a car pool system where you share the ride with another party. These are typically limited to two people per party and two parties per car; they use the service to match parties who are picked up nearby and are going to nearby destinations. Those who choose this car pool option pay a fraction of what the actual ride cost due to sharing the vehicle.

With the availability of these services, it is unwise to even think of drinking and driving. At some point, drinking and driving will catch up with you. You already purchased your smartphone; you can now use it to your advantage to safely enjoy yourself, stay out of serious trouble, and easily get around. 

12 Fire Prevention & Safety Tips for the Holiday Season

The two most common days for home fires in the United States are Christmas and Christmas Eve. Fire officials encourage everyone to make safety a top priority during the entire holiday season.
One of the primary causes of holiday house fires is cooking. Heating comes in second place. The increased use of candles on Christmas and New Year's Eve, increase the risk of fire even further.
Some additional helpful tips to stay safe this holiday season:

1. Turn all lights off. When using any decorative lights in or around the house or tree, be sure they are turned off when no one is in the room. If you are using older strings of lights, consider switching to newer LED lights. LED lights are not only more energy efficient they also don't get as hot as older lights can.
2. Install sufficient smoke alarms and make sure they are working. Every level of the home should have a working smoke detector. Ideally there should be one in each common room and bedroom. At a minimum, be sure they are placed strategically so occupants can hear them regardless of where they may be in the house. Alarms older than 10 years should be replaced.
3. Water fresh trees every day. A fresh tree should be watered daily to ensure it does not dry out and become a fire hazard. Both artificial and fresh trees should be kept away from candles, heaters and fireplaces.
4. Use carbon monoxide detectors. Carbon monoxide is invisible and odorless, so it is considered a silent killer. Carbon monoxide detectors seven years of age should be replaced.
5. Make a fire escape plan. The fire escape plan should include two separate exit options. Designate an area outside of the home, a safe distance away, where occupants should meet. In case of fire, remember to stay outside and call 911 immediately from a neighbor's phone or a cell phone. Do not go back into the house for any reason.
6. Do not leave candles unattended. Before leaving a room or going to sleep, make sure all candles have been blown out. Maintain a one-foot clear area around lit candles, and make sure they are placed on flat and steady surfaces.
7. Use extension cords with care. Do not overload extension cords or power strips. Avoid putting cords under rugs to lower the risk of fire.
8. Use space heaters cautiously. Never leave a space heater running when the room is not occupied. Heaters should be at least three feet from any item or wall. Do not use old space heaters that are not UL approved.
9. Do not leave burners unattended. Watch all cooking food closely. When baking, set a timer and keep it within reach. If pan does catch on fire, put a lid on it to smother the fire. Turn the heat off immediately.
10. Be responsible when drinking. Alcohol plays a part in many fatal fires, so watch out for guests or hosts around open flames when drinking is a part of the celebration. Alcohol and fire don't mix.
11. Smoke outdoors. Make sure all guests know to smoke outdoors, and provide ash trays so they do not toss cigarette butts in areas where they could cause fires.
12. Keep lighters and matches safe. If there will be children present, make sure lighters and matches are kept out of their reach.

How Homeowner's Insurance Values Your Property

How Homeowner's Insurance Values Your Property

The first time you see the value your homeowner's insurance has placed on your home, it might shock you a little.  That's because the number is probably nowhere near what you paid for your home, or what it is worth on the market.  There is a very good reason for this, and it can be a little confusing at first.  Before you panic, take a look at how an insurance company values your home.

Reconstruction Cost Only

Your homeowner's insurance covers the actual physical building that is your home, along with everything that is in it.  The purpose of homeowner's insurance is to make sure that if the worst were to happen, your home would be restored to the same level as before the incident.  So, if your home were to burn to the ground, homeowner's insurance would pay to completely rebuild the structure and replace everything inside it.

The value that is placed on your home is based on a complicated system of calculations used to determine what it would cost to rebuild your home from the ground up.  Things like the price of building materials and cost of labor are all taken into consideration.  What isn't included in this amount is the value of your land.

Why Isn't Land Included?

Even if your house were to burn completely to the ground, you would still have your land.  You don't lose that, nor do you lose the value of the land.  In many cases, the land on which the home sits is more valuable than the structure itself, especially in high in-demand areas.  When calculating the value of your home, you insurance company does not add in the cost of purchasing the land, because you don't need to pay for that again.

What About Market Value?

Homeowner's insurance isn't really concerned with market value, because so much of it is wrapped up in things like the land, the location, and the state of the real estate market.  All your insurance company is worried about is what it would cost to recreate your home exactly as it was in that same spot.  So, market value and reconstruction cost really have very little bearing on each other, except for the connection between pricey areas and the cost of building materials which can be correlated.

The bottom line is, as long as your insurance company has the most accurate information about your home-square footage, building materials used, and all the important features-they can calculate an accurate amount of insurance coverage for you.  This reconstruction cost usually also has an extra allowance of about 25%, just in case the calculations are off.  In almost all cases, this is more than enough.

Please contact us if you feel you need to review your coverage!

Who Should Get Life Insurance?

September is Life Insurance Awareness month, and I chose this day, the last day of September, to write this blog.  

You might be asking yourself if life insurance is really necessary for you.  No one really likes to think about life insurance.  And that's perfectly understandable.  But it is even less pleasant to think about what can happen to your loved ones if you don't have life insurance.  The truth of the matter is that life insurance offers a number of benefits that you may not have previously considered. 

Some of these benefits include:

Replacing the income (after the death of a wage earner) that a family will need to survive

Paying off loans (including mortgages, personal or business debts)

The creation of a fund for the education of children in the family

Coverage of final expenses, such as funeral costs/taxes

The creation of an emergency fund which can serve to support family members in times of crisis 

Life insurance can be just the thing you need to ensure security and comfort for your family.  As your agent, we don't intend to sell you something you can't afford or that won't be beneficial to you.  We just want to present you with your best options-the decision to buy is up to you!

I have made a few points to help guide you to answer the burning question "Do I really need life insurance."

Types of Life Insurance

Generally, there are 2 types of life insurance policies...Term Insurance and Whole Life (or Permanent) Insurance.  

Term insurance is similar to renting an apartment.  You pay into it, and when the contract time is expired, you can renew it at a different rate or rent/purchase a different one at that time.  

Whole Life (Permanent) Insurance is like owning a house.  You pay for it, and it is yours until you no longer make payments or sell (surrender) it.  In the meantime, over a period of time, you can accumulate an investment on it to use toward other life circumstances.

Pekin Insurance has a new product called Transitional Life Insurance.  This policy combines both, term and whole life together.  You choose the benefit amount and the Term of the policy that you make payments on (10, 20, 30 years or term to age 65).  Once the term is up, the policy benefit drops down to a specified amount, and you carry that benefit for life.  The policy continues to accumulate a cash value.  This policy is ideal for those who have purchased a house and want more coverage until they are debt free, but would still like final expenses for their loved ones.

Plan Ahead

I was fortunate enough to grow up with my father, Dale Fair...president of DF Insurance Agency, educating me on the importance of insurance.  So, I was able to place a whole life policy at a young age, that made it very affordable then and now.

One of the main purposes for life insurance is to have final expense costs and debt  covered in the instance that we leave this world before our loved ones.  We don't want them to carry the burden of debt/expenses we leave behind.  

By planning your financial goals, you are likely decide if a Term Policy, Permanent Policy or a Transitional policy would be a best fit for you!  

The younger you are the better the rates.  So, parents can start a life policy on their children as babies, and by the time they are off to college, they can be done paying for their life insurance, and their children will have that coverage for them for their lifetime.

In an ideal situation, you may just need life insurance for a certain amount of time...you know until your house is paid off, you become debt free, you have a savings, retirement and final expense costs in a savings.  Then, at that point, you may not need or want a life policy.  However, life happens, and plans that we strive for doesn't always fall in place the way we planned it.

The most popular response we get when asking about life insurance is, "I have great coverage through work."  That is great!  We are very happy to know that SOMETHING is in place.  However, for most of us, we may lose that job or are forced into an early retirement long before we are debt free with final expense costs are put back into savings.  Unfortunately, most life insurance policies you get through work will terminate when your job does.  At that point, trying to purchase a life policy may be more expensive in your 50s than it would have been in your 30s.

Read up on your employer's life insurance program to see if your life insurance would terminate if you no longer hold a position with the company, or if it is transferable to you.  You can always get an affordable small whole life policy to cover final expenses even if you do have a policy with your employer.

Choose a Policy That Fits Your Needs

It can be difficult deciding which policy may be right for you.  Talk with your insurance agent about your life insurance needs and financial goals.  We are happy to help anyone with any questions.  We will list out different quotes and scenarios to help guide you to the product to fit your needs.  Each person is in a different stage of life with different needs, and we do our best to accommodate to those needs.  Once again, we do not want to sell you something you can not afford or wouldn't need.  

You Already Have Final Expenses Saved?  Great!  How Much Do You Make On The Savings?

You did a great job saving up for your final expenses, and you have $15,000 sitting in savings.  Did you know that you can take that $15,000 and invest it in a life policy and accumulate cash value?  For example, if a 64 year old healthy female decides to get a whole life policy with the $15,000 that she has in savings.  That $15,000 would get her a whole life policy with a $29,849 death benefit...AND...by the end of the 7th year, her $15,000 would turn in to $16,158!  *this is a quote, and subject to change 

Life Insurance Is More Affordable Than You Think

I did a few different quotes to illustrate how affordable life insurance is!

AGE 64                     MALE                      FEMALE
$15k whole life                $51.12/mo                    $42.46/mo
$50k 15year Term           $78.43/mo                    $52.16/mo

AGE 20                     MALE                      FEMALE
$25k whole life                $15.44/mo                    $13.68/mo
$50k Term to 65              $12.75/mo                    $11.22/mo
Transitional Life               $17.70/mo                    $15.54/mo
to age 65 
$60k (age 20-65)
-$10k(age 65 on)
                                   

Life Insurance Is Not Just For You...

It is for the loved ones you leave behind.  It can give you a peace of mind knowing that you did all that you could do to lift the financial burden during a grieving time.

I hope that you were able to learn more about life insurance possibilities!  Please feel free to email us at:  customerservice@dfagency.com
call us at:  317-887-9886
for an insurance review, questions, quotes or advice...we would love to hear from you!

Life Happens...Danica Patrick

What better way to start of Life Insurance Awareness Month, than with Danica Patrick, the 2016 spokesperson for Life Insurance Awareness Month. She has a special message for you!

 

Busting Myths...

Common Insurance Myths You Should be Aware Of
Two of the most common myths about insurance are that red cars cost more and that houses should be insured for their real market values. However, red cars do not cost more, and houses should be insured based on how much it would cost to reconstruct them. This cost could vary greatly from one area of the country to another, which means some homeowners are significantly under-insured or even over-insured.

Researchers recently conducted a survey with 2,000 participants to test policyholders' knowledge about insurance myths. To do this, they read each person 10 statements that were all false. Their research showed that men were more likely to believe insurance myths. However, the one exception was that women were more likely to believe that red cars were more expensive to insure. One of the biggest disparities in believing a myth was the myth that speeding tickets do not follow a person home if they are received out of state. More than 65 percent of men believed this myth was true, and less than 35 percent of women believed it. The following are additional myths, truths and statistics gathered.

Myth: Insurance coverage should be purchased for a home based on real market value. As mentioned before, the cost to reconstruct the home is the amount that should be insured. This amount should include both materials and labor. Of those surveyed, 55 percent of men believed it and 45 percent of women did as well.

Myth: An auto insurance company can cancel a policy if the policyholder causes a crash with extensive damages. When insurers drop policyholders because of the amount of claims, they wait to do so until the end of the policy's period. Half of all men and women surveyed believed this myth.

Myth: It is cheaper to insure a small car. Both mid-size and small minivans or SUVs are usually cheaper to insure. Since inexperienced drivers often select small cars, they are actually not the cheapest to insure due to a higher amount of claims. About 40 percent of women believed this, and nearly 60 percent of men believed it.

Myth: The Affordable Care Act means health insurance rates are based on preexisting conditions. The ACA actually prohibits insurers from increasing rates based on preexisting conditions. However, 40 percent of women and 60 percent of men believed this myth.

Myth: Comprehensive auto coverage includes everything. There are limitations with this type of coverage. It only covers smaller areas of certain incidents such as theft, animal collisions, vandalism and storm damage. About 30 percent of women and 60 percent of men believed this myth.

Myth: Thieves prefer stealing new vehicles. Thieves are more likely to steal older cars to sell for parts. About 40 percent of women and 60 percent of men believed this myth.

Myth: If a policyholder loans his or her car to a friend who crashes it, the friend's insurance company will cover the damage. Whenever someone else crashes a policyholder's car, the policyholder and his or her insurer must pay for the damage. Slightly less than 50 percent of women and slightly more than 50 percent of men believed this myth.

Myth: The ACA requires people to take advantage of employer-sponsored plans. Americans must have insurance, but there are no laws stating where they must buy it from. About 40 percent of women and 60 percent of men believed this myth.

Experts say that all of these misconceptions can lead to financial losses. It is important to always ask questions. To learn more, discuss concerns with an agent.

Life Insurance Matters!

September is Life Insurance Awareness Month, and is around the corner!  Now is a great time to review your current policy, or speak to your agent about Life Insurance!

Insuring Jewelry: How to Know if Your Coverage is Enough

Extra Jewelry Coverage Helps Protect Your Most Valuable Pieces

A ring from a loved one. A bracelet handed down through generations. A watch or necklace marking a special occasion.

Every reason why you treasure a piece of fine jewelry is a reason why it should be insured.

However, calling it “jewelry insurance” may be a stretch. You don’t need a separate policy to insure your jewelry. You just need to ensure you have the right personal property coverage from your homeowners insurance,condo insurance or renters insurance.

Jewelry coverage helps protect the investment you’ve made in your favorite pieces by helping you replace them if you experience a loss that’s covered by your policy. But, the coverage is only for certain instances and set dollar amounts, so double check what coverage you have and learn more about insuring jewelry below.

Know What Your Existing Insurance Policy Covers

If you already have personal property coverage as part of a homeowners policy, renters policy or condo policy, you likely already have some form of protection for your jewelry. The typical insurance policy will cover you, up to your policy limit, for jewelry that’s stolen or damaged in certain incidents, such as a fire at your home. However, the typical policy will not cover everyday damage, such as a stone falling out of its setting.

In addition to knowing when you’re covered and when you’re not, it’s also important to know how much you’re covered for. Your insurance policy may cover each individual piece of jewelry at a set amount, such as $1,000 per piece. Or, it may cover your jewelry collection as a whole, such as $3,000 for all pieces. Check your policy or schedule an insurance review with a local agent to better understand what kind of jewelry coverage you have.

Calculate the Value of Your Jewelry Collection in Today’s Dollars

To determine whether you have enough jewelry insurance, you need to know how much your pieces are worth. Keep in mind that your pieces may be worth more now than when you bought them. The value of precious metals and precious stones can increase over time, so have your pieces appraised about every three years.

Use these appraisals, as well as receipts for recently purchased items, to add up the value of your collection. Then compare it to how much jewelry replacement coverage you have on your homeowners insurance, condo insurance or renters insurance.

Decide Which Items Require Additional Coverage

If the jewelry coverage on your policy is lower than the value of your collection, you’ll likely want to purchase additional coverage. For example, you may have a $2,000 pair of diamond earrings, a $7,500 engagement ring and an insurance policy that covers jewelry loss – no matter how many pieces – at $3,000. If both pieces are lost in a single incident, you’re short $6,500 of coverage.

To fill this gap, you can insure high-value items individually, as part of your homeowners insurance, condo insurance or renters insurance. This is known as “scheduling valuables” or adding a “rider” or “endorsement” to your policy. To do so, you will likely need a recent receipt or appraisal establishing the value of each item.

Once scheduled, if an item is damaged or lost in a covered incident, you’ll be covered for the full scheduled amount. Typically, scheduling an item also gives you broader coverage. A lost stone that isn’t covered under your homeowners policy, for example, is likely covered under a policy rider.

Catalog Your Jewelry in a Home Inventory

Once you arrange coverage for your high-value jewelry, it’s important to create a home inventory or update an existing one to catalog your valuable belongings. This isn’t as important for your scheduled pieces because your insurance company has a record of their value. However, for any unscheduled pieces that are lost or stolen, you’ll want a record of their worth.

Ideally, your home inventory will include photos, receipts, appraisals, descriptions, brand names, etc. of all valuable personal property, not just your jewelry. That way, if there’s a loss, you’ll already have the documentation needed for a personal property claim in place.

A home inventory can be as simple as a Word document (save it to the cloud or a flash drive in case your computer is damaged or stolen). Or use a Web program or mobile phone app, such as the Liberty Mutual Home Gallery app from Safeco’s parent company, to help you catalog your belongings.

Insuring jewelry is easy and affordable, so talk to an agent or carrier. You may pay as little as $10 a year for each $1,000 of coverage. So, if you get something special for Valentine’s Day this year, in addition to flashing it to your friends, think about protecting it, too.

 http://www.safeco.com/blog-detail/insuring-jewelry/1240026586948

Things to keep in mind about life insurance.

Here are 5 things you may not know about life insurance. 

In 30 seconds, you’ll be that much smarter!

Contact Us for More Information

Choose Choice...Why choose an Independent Agent?

Let us tailor your insurance needs to fit you and your life!

REVEALED! Home and Auto Discounts You May Not Know About!

Ok, I am letting some "secrets" out here!  Actually, they aren't secrets, just some savings tips that you may not be aware of!

Here at DF Insurance Agency, we try our best to maximize any discounts that you could be eligible for.  Below I listed a few!

1.  Probably the most common discount is "bundling"!  By insuring your home and auto insurance with the same company, you can save up to 20% just on your home!  That is the good thing about having an independent agent.  We can shop different companies and bundle packages to see which can be the best fit for you!

2.  Alarm discount!  If you have a fire and/or burglar alarm, let your agent know.  Both alarms can add up to 10% in discounts!

3.  Did you recently replace the roof on your home?  Some companies will give you a discount if you have recently replaced your roof.  Even if you don't get a discount, you should still let your agent/insurance company know.

4.  On the flip side of a new roof, if you have a older roof, you can add an ACV (Actual Cash Value) endorsement on the roof instead of a Replacement cost.  Talk to your agent to see if this may or may not be the best option for you.

5.  Do you live in a Gated Community?  This may also give you an additional discount on your homeowners insurance!

6.  You can save on your auto insurance if you have an alarm or anti-theft system.

7.  Have youthful drivers still in school?  Did you know that if they have a B average on their report cards, you may be eligible for a Good Student Discount?  They can, just check in with your agent and find out how much you can save!

8.  Having no claims or violations also gives you a discount!

9.  Has your credit score improved in the past 3 years?  Ask your agent/insurance company if they can check your insurance score.  If it has improved, your rate can decrease!  Most companies will run it about every 3 years on your renewal.

10.  Early quote discount.  That's right, if you quote and submit an auto policy within 8 days (for most companies) of the effective date, you can get a discount for that as well.

11.  Payment plans can also affect your rate.  Pay in Full, usually always has a discount.  Don't worry, if you can't pay the premium in full, paying by EFT (electronic funds transfer) will also give you a discount!  Also, choosing to have electronic delivery over having your policy mailed to you can offer a discount with some companies.

There are other discounts as well, that I'm sure I am looking over.  However, keep in mind that your payment history, claim history and credit score all have an affect on your rates as well!  Stay tuned for more helpful tips!

Let us know if you have any questions or concerns, we are happy to help with any questions!

6 Reasons A Single Person Needs Life Insurance

If no one depends on you financially, your path to financial security may be smoother than most.  However, it also means that if the unforseen were to happen, you may not have someone to rely on for support - financial or otherwise.  That's why there are certain considerations to take into account.




 Jessi Burch - A Single Mom's Gift to Her Daughter 

A Single Mom’s Gift to Her Daughter It’s not easy being a single parent, but Lauri Turnes faced more hurdles than most. A school bus driver in southern Virginia, Lauri suffered severe injuries from a car accident that left her barely able to walk and unable to work. In addition, her daughter, Jessi, was battling a life-threatening kidney ailment. 

When financial strains became severe, Lauri would sometimes turn to the whole life insurance policy she had purchased years earlier. By withdrawing funds from the policy’s accumulated dividends, she could make ends meet when money was especially tight. But by the time Lauri needed to buy a new car for herself the dividends were exhausted. 

Lauri considered cashing in the policy to make that purchase, but insurance professional, Lynne Crittenden, counseled against it. Knowing that the coverage was still needed to safeguard Jessi’s financial future, Lynne instead arranged for Lauri to borrow money from the policy, which allowed it to remain in force.* 

Not long afterward, while driving alone on a rain-slicked road one Saturday afternoon, Lauri lost control of her new car and struck a tree. She died at the scene. 

Today, Jessi lives with her grandparents and is studying nursing at a local community college. She is in good health, thanks to a kidney donation from her half-sister. Lauri’s life insurance policy and a death benefit from her auto insurance policy have provided Jessi with a financial cushion that can help pay college expenses. “Lauri is an example of someone who struggled financially but was able to take care of her daughter,” says Lynne.

 *Withdrawing or borrowing funds from your policy will reduce its cash value and death benefit if not repaid, and may result in a tax liability if the policy terminates before the death of the insured.

What are “named perils”?

You may have heard the term "named perils" when going over your property insurance policy(s), but do you know what it means?

Named Perils (Named Perils Coverage), Also known as a Broad Form/HO-3  is a property insurance term referring to policies that provide coverage only for losses caused by the Perils specifically listed, such as fire, wind, hail, etc.  The other type of policy coverage is known as  All Risk/Open Perils coverage, also known as Special Form/HO-5.  All Risk Coverage covers losses from all causes on a policy unless it is specifically excluded, such as home maintenance, unusual hazards,etc.

Coverage on your contents is on a Named Perils basis under a standard HO-3 policy,  However, the HO-5 policy also provides the Open Perils coverage on contents, which can make it a better policy if available.

There is a price difference between the Named Perils and Open Perils policies, as you can imagine.  However, most companies now provide endorsements to add on to a Named Perils policy to provide "All Risk" coverage on certain contents.

Follow up with your agent, or give us a call to review your policy and ensure that you have the right coverage to fit your needs.

www.dfagency.com